“Cryptoassets have so far not reduced but rather amplified the financial risks in less developed economies,” the study, published by the Basel-based Bank for International Settlements (BIS), said, adding that regulating the sector would be preferable to a full ban, given the difficulties of enforcement and risks of curbing innovation. Source
While the cry for crypto regulation is becoming ever louder in much of the world, and regulation by enforcement is a controversy, a report prepared for the New Zealand Parliament has recommended a slow, agile approach. The report was commissioned by the Finance and Expenditure Committee of the New Zealand House of Representatives in 2021 and titled “Inquiry into the current and future nature, impact, and risks of cryptocurrencies.” Cowritten by a partner at the law firm MinterEllisonRuddWatts and a University of Auckland associate professor of commercial law, the 99-page…
However, as of late, the reaction from many in Congress has been one of increasing awareness and acknowledgment that the digital asset industry cannot simply be wished away. As cryptocurrencies and blockchain technology continue to gain traction and pose a practical and philosophical challenge to traditional financial systems, it becomes even more essential for regulators to craft intelligent, forward-thinking rules that foster innovation while ensuring consumer protection and financial stability. Source
Regulatory clarity has fueled crypto bull markets, demonstrated by Japan’s 2016 adoption of crypto as payment and OCC’s 2020 endorsement of crypto engagement. While global strides in clear crypto regulations are evident, particularly in Hong Kong, EU and UK, the US lags, emphasizing the need for enhanced regulatory certainty in the industry’s advancement. Source
Earlier this week, popular American payment giant Paypal unveiled the launch of its USD-pegged PYUSD stablecoins to investors. In response, Democrat congresswoman Maxine Waters has raised palpable concerns that may or may not threaten the stablecoin’s operations. Waters Raises Regulatory Concerns Reacting to the news of Paypal’s PYUSD stablecoin launch, congresswoman Maxine Waters noted that the launch comes at a time when there was no legislative mechanism to regulate these assets. She stated that “given PayPal’s size and reach, federal oversight and enforcement of its stablecoin operations is essential in…
10 August 2023 Warren Seddon is ICO Director of Freedom of Information and Transparency responsible for the ICO’s freedom of information (FOI) policy and guidance. Warren also oversees the handling of people’s complaints to the ICO over public authorities’ responses to requests for information under the FOI Act and Environmental Information Regulations (EIR). Just over a year ago, I announced that we had published our new Freedom of Information (FOI) regulatory manual, which set out our approach to more strategic enforcement of FOI in line with our statutory powers. Now,…
Despite Ukraine being the birthplace of numerous crypto startups, such as Bitfury, Hacken, Everstake, Matter Labs, GlobalLedger, and Crystal Blockchain, none of them are registered in Ukraine. The reason is simple: crypto companies cannot legally obtain authorization in the country, even if they desired to do so, because there is still no workable legal framework. Source
The Indian Supreme Court has ordered the Union government to explain its position on creating a federal body to handle criminal cases involving cryptocurrency. The court voiced its displeasure with the current crypto regulatory landscape, highlighting the necessity for a national specialised body to handle complicated enquiries in the public interest. The existing condition has been harshly criticised by Justices Surya Kant and Dipankar Datta. They noted that huge sums of money are being stolen from the nation via crypto scams, and that without a legal structure in place, it…
Senator Elizabeth Warren’s push for stricter regulations in the cryptocurrency ecosystem, particularly in the decentralized finance (defi) space, has gained support from bipartisan lawmakers. The “Digital Asset Market Structure and Investor Protection Act” was recently reintroduced to address cryptocurrency-related crimes through more stringent policies. The Bank Policy Institute (BPI), a trade group representing lenders, also supports the proposed bill. Regulating crypto like traditional banks On July 28, Senator Elizabeth Warren, a Bitcoin (BTC) critic, joined forces with fellow senators to reintroduce the bipartisan legislation. The bill mandates businesses to register with the…
“The team examines the required regulation, including regarding the corporate status, the taxation aspects and other aspects of DAO in order to create legal certainty, reduce the risk factors in the activity through DAO and realize the potential for the Israeli economy,” the notice said, adding that comments submitted by the public can be used to formulate the team’s policy recommendations. Source consultsDAOExaminationIsraelPublicRegulationSetsSpecialTeam CryptoX Portal