UK plan on digital securities sandbox laid before Parliament

The United Kingdom Financial Services and Markets Act’s provisions on a digital securities sandbox are scheduled to come into force in January 2024 after being presented to Parliament. In a Dec. 18 publication, the U.K. government announced the Digital Securities Sandbox (DSS) regulations of the 2023 Financial Services and Markets Act, which were laid before Parliament, paving the way for crypto firms to test products and services in the country. According to the government, the regulations will take effect on Jan. 8, with the Bank of England and the U.K.…

Member of Parliament Calls for the UK Government to do More for Blockchain

“Now, I want to see the U.K. doing more to harness the power of blockchain technologies, to be that leader, to mark that step change because it’s vital that industry and policymakers work together to advance understanding and the application of the technologies,” Elphicke said at an event in London hosted by the All Party Parliamentary Group on Blockchain Technologies she chairs. The blockchain APPG is a cross party group, similar to the crypto APPG. Source

German parliament member ’staunch opponent’ of digital euro, all in on Bitcoin

The European Union has been actively preparing for what it envisions as the future of money. In the past year, it finalized its landmark comprehensive crypto legislation, the Markets in Crypto-Assets Regulation (MiCA), which is due to take effect in 2024 after closing its second consultation in October.  It has also made progress in its plan to introduce a central bank digital currency (CBDC), which is coming to fruition as the “digital euro.” De Nederlandsche Bank, the central bank of the Netherlands, has described it simply as an “electronic form of…

Taiwan introduces crypto bill to parliament

On Oct. 25, Taiwanese legislators introduced the Virtual Asset Management Bill to the unicameral parliament, the Legislative Yuan. The bill aims to provide “better protection” for customers and “properly supervise” the industry. The 30-page bill appears moderate in its demands for the industry. It suggests some common-sense obligations for virtual asset service providers (VASPs), such as separating customer funds from the company’s reserve funds, establishing an internal control and audit system, and joining the local trade association. However, at this point, it doesn’t require stablecoin issuers to hold a 1:1…

UK Parliament Pass Bill to Ease Seizure of Crypto Linked to Crime, Terrorism

The Economic Crime and Corporate Transparency Bill covers a range of criminal activities from drug trafficking to cybercrime and is expected to get the King’s approval on Thursday that will put into force. Provisions in the bill give broader powers to local cops, and would let them seize crypto with criminal links without a conviction – something experts say would come in handy, particularly in time-sensitive cases. Source

EU Parliament research recommends non-EU nations tighten crypto regulation

The European Parliamentary Research Service (EPRS) highlighted the need for tighter oversight from non-European Union regulators to ensure greater stability and development in the global cryptocurrency market. MiCA implementation timeline. Source: esma.europa.eu As the Markets in Crypto-Assets Regulation (MiCA) Act continues on the road to implementation by December 2024, an EPRS report cited the need for establishing a tighter regulatory framework in non-EU jurisdictions: “There are yet several channels through which the EU’s financial system and autonomy is still at risk as it remains dependent on non-EU countries’ policy actions in the…

EU parliament votes overwhelmingly in support of DAC8 crypto tax reporting rule

Lawmakers in the European Union parliament voted overwhelmingly in support of the eighth iteration of the Directive on Administrative Cooperation (DAC8), a cryptocurrency tax reporting rule, in a plenary session on Sep. 13.  Held in Strasbourg, France, the session reportedly saw DAC8 receive overwhelming support in the form of 535 member votes for and just 57 against. The measure received 60 abstentions as well. Heads up: The European Parliament plenary adoption of the #DAC8 is happening today As a reminder: DAC8 is an instrumental legislation designed to further harmonise the…