A recent report by the People’s Bank of China highlights the increasing efforts of regulatory authorities worldwide to supervise crypto assets. The “China Financial Stability Report (2024)” reveals that 51 countries and regions have introduced bans on crypto assets, while others have adjusted their laws and regulations to mitigate potential risks to the financial system.

Enhanced Supervision and Regulation

Regulatory authorities in various countries are stepping up their supervision of crypto assets due to concerns about their potential impact on financial stability. The United States, for example, regulates crypto asset issuers who violate the Securities Act, while the European Union has approved the “Crypto-Asset Market Supervision Act”, establishing a comprehensive regulatory framework for virtual assets.

Country-Specific Regulations

* The United States has rejected over 20 spot Bitcoin ETF applications since 2018, with the SEC Chairman emphasizing the need for caution when investing in Bitcoin and related products. * The European Union’s “Crypto-Asset Market Supervision Act” will be implemented by the end of 2024, providing a clear regulatory framework for virtual assets. * The UK has accelerated its virtual asset legislation, bringing crypto assets under the regulatory scope of the “Financial Services and Markets Act”. * Singapore has released the “Stablecoin Regulatory Framework”, clarifying the scope of regulated stablecoins and issuer conditions. * Japan has enacted the “Funds Settlement Act”, limiting the issuers of stable coins to licensed banks, registered transfer agencies, and trust companies.

Hong Kong’s Unique Regulatory Approach

Hong Kong has implemented a “dual license” system for virtual asset trading platform operators, categorizing virtual assets into securitized and non-securitized financial assets. Institutions engaged in virtual asset business must apply for a registration license from regulatory authorities before operating. Large financial institutions, such as HSBC and Standard Chartered Bank, are required to include crypto asset exchanges in their daily customer supervision.

Source: [BlockBeats news](https://blockbeats.info/)

Source: M.theblockbeats.info

The post Global Cryptocurrency Regulation Tightens: 51 Countries Impose Bans appeared first on CoinBuzzFeed.