Tag: Regulation

Crypto Has Evolved From Being Seen as an ‘Anti-Establishment Rebellion Asset’ Says FCA Executive Director – Regulation Bitcoin News

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From being seen as a small “anti-establishment rebellion asset” more than ten years ago, crypto has grown to “become more widespread,” says Sarah Pritchard, an executive director at the United Kingdom’s Financial Conduct Authority (FCA). Pritchard said while the FCA has routinely warned consumers of risks associated with crypto, the watchdog has “always been open to innovation.” Few Customers Know About Crypto According to Sarah Pritchard, an executive director of markets at the Financial Conduct Authority, crypto has evolved from being seen as “an anti-establishment rebellion asset” more than ten…

House Republicans Release New Bill on Stablecoin Regulation

US lawmakers recently slammed SEC Chair Gary Gensler over “rushed” rulemaking on crypto. On Monday afternoon, Republicans on the House Financial Services Committee revealed a discussion draft of legislation to regulate stablecoin issuers. The new draft by Republicans may revive negotiations with Democrats. GOP aides refer to it as a “starting point” for conversations about stablecoin regulation with House Democrats, the Senate, and the White House. Last year, the House Financial Services Committee negotiated a bill that would subject stablecoin issuers to Federal Reserve oversight. Part of the aim is also to…

Russia Launching Payment System With ‘No Restrictions’ — Digital Currencies to Be Completely Unrestricted – Regulation Bitcoin News

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Russia is launching a new payment system that is “bound by no restrictions” where digital currencies could be used in cross-border payments, said Russian Finance Minister Anton Siluanov. “Two parties come to an agreement, make settlement payments, and no other country could step in and freeze such payments,” the top official explained. Digital Currency ‘Bound by No Restrictions’ in Russia’s New Payment System Russian Finance Minister Anton Siluanov said Monday that a new payment system will be launched where the use of digital currencies in international payments will be completely…

Pan-European crypto regulation is almost here: Law Decoded, Apr 17–24

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Last week, the Markets in Crypto-Assets Act, also known as MiCA, was finally passed by the European Parliament. While MiCA technically still has to be approved by the European Council, there’s little doubt that the world’s first comprehensive crypto framework will become a reality by 2024 or 2025. Despite its flaws, the regulation will establish guidelines for the operation, structure and governance of digital-asset issuers. MiCA is “a milestone for the crypto asset industry,” as its rapporteur, Member of the European Parliament Stefan Berger, put it. The crypto community welcomed…

New York regulator and Danish central bank governor discussed crypto regulation

New York State Department of Financial Services (NYDFS) superintendent, Adrienne Harris, met with a delegation led by Danmarks Nationalbank governor, Signe Krogstrup, earlier in the week. According to a tweet by the NYDFS, Adrienne Harris met with Danish central bank governor Signe Krogstrup to discuss global financial stability and ongoing coordination regarding virtual currency regulation. Not much was divulged about the content of the meeting, but it comes in the wake of the European Parliament passing the Markets in Cryptoassets (MiCA) regulations expected to govern cryptocurrencies and associated technologies and…

Ukraine to Adopt Europe’s Crypto Rules, Clarifies Taxation – Regulation Bitcoin News

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Officials have revealed that Ukraine intends to implement the crypto market rules approved by the European Parliament. While the government is already moving in that direction, the tax service has issued a clarification regarding the taxation of income resulting from cryptocurrency transactions. Ukraine Set to Incorporate EU Crypto Regulations Into National Law A regional leader in crypto adoption, Ukraine now plans to follow in the footsteps of the global leader in crypto regulation, the European Union. Statements in Kyiv have indicated that Ukrainian authorities are going to incorporate the new…

Korean Central Bank to Gain Right to Probe Virtual Asset Entities After Financial Regulator Drops Opposition – Regulation Bitcoin News

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The South Korean central bank is set to be granted the right to investigate virtual assets after the Financial Services Commission (FSC) dropped its opposition to the move. According to a report, the FSC dropped its opposition to the central bank’s bid after it was accused of seeking to make itself the country’s sole regulator of virtual assets. The Battle to Control and Regulate Virtual Assets The Bank of Korea (BOK) is set to be granted its wish to investigate virtual assets after the country’s Financial Services Commission reportedly dropped…

Ripple Sees Growth Potential in Europe’s Progressive Cryptocurrency Regulation

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Ripple (XRP), a blockchain-based payments platform, has expressed excitement about its continued growth in the European Union (EU) due to the bloc’s progressive approach to cryptocurrency regulation. This contrasts with the United States, where the focus remains on enforcement instead of clarity. According to a Twitter post by Susan Friedman, who is a policymaker in the house of Ripple, the EU has taken a big leap forward in providing a sensible and progressive regulatory framework for the crypto industry, and Ripple intends to take advantage of this positive environment to…