Tag: Issuers

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

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The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF.  Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments. Notably, in the past week, several of these firms have made crucial…

Canadian regulatory body clarifies stablecoin rules for exchanges and issuers

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The Canadian Securities Administrators (CSA) has provided guidance to exchanges and cryptocurrency issuers on its interim approach to what it calls value-referenced crypto assets, with a particular focus on stablecoins. On Oct. 5, the umbrella organization of Canada’s provincial and territorial securities regulators published a clarification saying it may allow trading of certain cryptocurrencies that reference the value of a single fiat currency, subject to terms and conditions. In February, the CSA reaffirmed its view that stablecoins “may constitute securities and/or derivatives” which Canadian crypto exchanges are prohibited from trading.…

European Union Stablecoin Issuers With Bank Assets Will Get Extra Regulation, Banking Authority Says

“Financial distress at one ART [asset-referenced token] or EMT [e-money token] issuer can materially increase the likelihood of distress at other issuers of crypto-assets or at other financial institutions given the network of contractual obligations in which issuers operate,” said the document, seen by CryptoX, referring to the two categories of stablecoin set out in MiCA whose value is tied to fiat currency or other assets. Source AssetsAuthorityBankBankingEuropeanExtraIssuersRegulationStablecoinUnion CryptoX Portal

Stablecoin issuers in Europe advised to start complying before 2024

As a proactive measure in anticipation of mandatory regulations due to be enforced in 2024, the European Union’s banking overseer has prompted stablecoin issuers to voluntarily adhere to “guiding principles” concerning risk management and consumer protection. On July 12, the European Banking Authority (EBA) unveiled its maiden collection of measures designed for public evaluation, aiming to demystify the Markets in Crypto-Assets regulation (MiCA) prerequisites for launching a stablecoin which is slated to come into effect on June 30, 2024. Key points within these measures encompass enduring redemption rights and complaint-handling guidelines. In May,…

Stablecoin Issuers Urged to Anticipate EU’s MiCA Rules by Banking Agency EBA

Issuers of e-money tokens tied to fiat currency and of asset-reference tokens linked to other products such as gold should start adhering to MiCA’s “high standards” of disclosure to potential users sooner rather than later, non-binding guidelines published by the Paris-based agency said, offering a template form for companies to voluntarily notify intentions to national regulators. Original Source agencyAnticipateBankingEBAEUsIssuersMiCARulesStablecoinUrged CryptoX Portal

Token issuers in Japan exempt from 30% crypto tax on paper gains

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Token issuers in Japan no longer have to pay corporate taxes on unrealized cryptocurrency gains, according to a law revision by the National Tax Agency on June 20.  The tax exemption goes into effect nearly six months after the Japanese government approved a proposal eliminating the requirement for crypto firms to pay taxes on paper gains on tokens they issued and held. Legislators in Japan have been discussing new crypto tax rules since last August as part of a broader tax reform for 2023, but the tax authority has only…