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The Federal Reserve strikes hard at crypto-friendly banks. Is this a regulatory storm or a new opportunity for the industry?
Dear cryptocurrency friends, you must have heard the recent big news, right? The Federal Reserve issued a cease and desist order to United Texas Bank, which is a real blow! This is not just a warning to a bank, but more like a deterrent to the entire crypto-financial ecosystem. Let's take a deep look at this big news.
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Event Review
The Federal Reserve issued a cease and desist order against United Texas Bank for significant deficiencies in risk management, particularly with respect to cryptocurrency clients and foreign counterpart banking. The bank, known for its close ties to the cryptocurrency industry, was cited for issues with governance and oversight.
For in-depth news analysis, real-time coin price analysis and predictions, please visit: mlion.ai
Event Review
The Federal Reserve issued a cease and desist order against United Texas Bank for significant deficiencies in risk management, particularly with respect to cryptocurrency clients and foreign counterpart banking. The bank, known for its close ties to the cryptocurrency industry, was cited for issues with governance and oversight.
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Ahead of Hong Kong? A world first! European Parliament votes overwhelmingly to pass cryptocurrency regulations
On Thursday (April 20) local time, the European Parliament passed the first EU-wide cryptocurrency regulation MiCA with a vote of 517 in favor and 38 against. This is also the world's first comprehensive regulation of the crypto asset market. Stefan Berger, a member of the European Parliament, said: "This regulation brings a competitive advantage to the European Union. The regulatory transparency of the European crypto-asset industry does not exist in countries such as the United States." Berger pushed MiCA to be passed in the European Parliament.
Marid McGuinness, the European Commission's financial affairs commissioner, said on Wednesday that she expected MiCA to come into force in July next year after approval, and that specific requirements will gradually come into effect. For example, rules governing stablecoins will be implemented from July 2024. Begin to apply. McGuinness emphasized: “I hope our rules can become a model for other countries.” MiCA identifies and covers three types of crypto assets, namely asset-referenced tokens, electronic currency tokens money tokens) and utility tokens.
Marid McGuinness, the European Commission's financial affairs commissioner, said on Wednesday that she expected MiCA to come into force in July next year after approval, and that specific requirements will gradually come into effect. For example, rules governing stablecoins will be implemented from July 2024. Begin to apply. McGuinness emphasized: “I hope our rules can become a model for other countries.” MiCA identifies and covers three types of crypto assets, namely asset-referenced tokens, electronic currency tokens money tokens) and utility tokens.
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Will strict regulation make stablecoins a new payment method in the UK?
This article briefly:
·The UK FCA and Bank of England released a regulatory feedback document on stablecoins aimed at ensuring the security of future payment systems.
The FCA emphasized that stablecoin issuers should act in the best interests of customers, and the Bank of England is considering regulating the payment system.
The Bank of England warned banks to clearly mark stablecoin deposits and ensure measures are in place to combat money laundering, liquidity and terrorism financing.
The UK’s Financial Conduct Authority (FCA) and the Bank of England (Bank) have opened feedback on two papers discussing the regulation of stablecoins. These papers consider how these assets can be used securely and system-wide for future payment systems.
·The UK FCA and Bank of England released a regulatory feedback document on stablecoins aimed at ensuring the security of future payment systems.
The FCA emphasized that stablecoin issuers should act in the best interests of customers, and the Bank of England is considering regulating the payment system.
The Bank of England warned banks to clearly mark stablecoin deposits and ensure measures are in place to combat money laundering, liquidity and terrorism financing.
The UK’s Financial Conduct Authority (FCA) and the Bank of England (Bank) have opened feedback on two papers discussing the regulation of stablecoins. These papers consider how these assets can be used securely and system-wide for future payment systems.
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Three-quarters of countries fail to meet the standards for anti-money laundering of virtual assets? FATF issues a warning!
🌐 The latest revelation from the Financial Action Task Force (FATF) on anti-money laundering: 97 of the world's 130 jurisdictions fail to meet the standards for anti-money laundering of virtual assets! Is this a bit exaggerated? 🤯
🔍 Data shows that 60% of regions allow virtual asset service providers (VASPs) to operate, but 14% explicitly prohibit them. The most frightening thing is that FATF pointed out that stablecoins and those super-privacy cryptocurrencies have become the new favorites of terrorist organizations and "rogue states." You know, this is not a joke! 😱
📉 It seems that we still have a long way to go on the road of anti-money laundering of virtual assets. Countries really need to work harder and don't let these bad guys take advantage of the loopholes!
💬 What do you think? Will this have a big impact on the cryptocurrency market? #FATF #反洗钱立法 #虚拟资产 #监管 #安全出金小常识 $BTC $ETH $BNB
🌐 The latest revelation from the Financial Action Task Force (FATF) on anti-money laundering: 97 of the world's 130 jurisdictions fail to meet the standards for anti-money laundering of virtual assets! Is this a bit exaggerated? 🤯
🔍 Data shows that 60% of regions allow virtual asset service providers (VASPs) to operate, but 14% explicitly prohibit them. The most frightening thing is that FATF pointed out that stablecoins and those super-privacy cryptocurrencies have become the new favorites of terrorist organizations and "rogue states." You know, this is not a joke! 😱
📉 It seems that we still have a long way to go on the road of anti-money laundering of virtual assets. Countries really need to work harder and don't let these bad guys take advantage of the loopholes!
💬 What do you think? Will this have a big impact on the cryptocurrency market? #FATF #反洗钱立法 #虚拟资产 #监管 #安全出金小常识 $BTC $ETH $BNB
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Crypto Regulation: CFTC Chairman Views Many Tokens as Commodities
CFTC Chairman Rostin Behnam has sparked a new debate over cryptocurrency regulation, saying many tokens are commodities.
In a recent CNBC Squawk Box interview, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam made an important statement regarding cryptocurrency regulation as it relates to the classification of tokens within the space. Contrary to the position of SEC Chairman Gary Gensler, Behnam claimed that “many tokens constitute commodities under current law.”
Different perspectives on cryptocurrency regulation
The disagreement between Behnam and Gensler on cryptocurrency regulation is noteworthy. Gensler has long advocated for cryptocurrency intermediaries to be treated as securities exchanges and insist on registration with the SEC.
In a recent CNBC Squawk Box interview, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam made an important statement regarding cryptocurrency regulation as it relates to the classification of tokens within the space. Contrary to the position of SEC Chairman Gary Gensler, Behnam claimed that “many tokens constitute commodities under current law.”
Different perspectives on cryptocurrency regulation
The disagreement between Behnam and Gensler on cryptocurrency regulation is noteworthy. Gensler has long advocated for cryptocurrency intermediaries to be treated as securities exchanges and insist on registration with the SEC.
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Uniswap Labs pushes back against SEC’s misguided move on DeFi regulation
In a blog post on May 20, Uniswap Labs responded strongly to the SEC's Wells Notice, expressing confidence that it will win in a possible lawsuit. The company believes that the SEC's regulatory attempts on DeFi are not only misguided, but also legally untenable. Uniswap Labs firmly believes that its work is in line with historical justice and believes that the SEC should not use public funds to fight them.
In the article, Uniswap Labs criticized the SEC's attempt to expand its jurisdiction over communication technology and digital markets, arguing that its legal arguments were weak and repeatedly refuted in court. The company emphasized that the SEC should support open source technology that improves outdated business and financial systems instead of trying to stifle it through litigation.
In the article, Uniswap Labs criticized the SEC's attempt to expand its jurisdiction over communication technology and digital markets, arguing that its legal arguments were weak and repeatedly refuted in court. The company emphasized that the SEC should support open source technology that improves outdated business and financial systems instead of trying to stifle it through litigation.
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Transatlantic collaboration: SEC Commissioner Hester Peirce proposes US-UK digital securities sandbox
On May 29, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce proposed the establishment of a shared digital securities sandbox between the United States and the United Kingdom.
The proposal aims to expand the Digital Securities Sandbox (DSS) jointly established by the Bank of England and the Financial Conduct Authority (FCA) to U.S. companies. The sandbox project was originally scheduled to start accepting applications from the UK this summer.
Digital Securities Sandbox Application Scenarios
Participants will be able to conduct sandbox activities under the same regulatory conditions in both countries, while the United States and the United Kingdom will reach an information-sharing agreement.
The proposal aims to expand the Digital Securities Sandbox (DSS) jointly established by the Bank of England and the Financial Conduct Authority (FCA) to U.S. companies. The sandbox project was originally scheduled to start accepting applications from the UK this summer.
Digital Securities Sandbox Application Scenarios
Participants will be able to conduct sandbox activities under the same regulatory conditions in both countries, while the United States and the United Kingdom will reach an information-sharing agreement.
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New Trends in EU Cryptocurrency Regulation: ESMA Draft Classifies MEV as Market Abuse
The European Securities and Markets Authority (ESMA) has explicitly identified the Maximum Extractable Value (MEV) as a clear example of illegal market abuse in its proposed technical standards for the Markets in Crypto-Assets (MiCA) Regulation.
Patrick Hansen, a prominent commentator on crypto regulation, recently highlighted this development on X, noting the significant implications it will have for the crypto industry.
MEV Regulation
According to Patrick Hansen, a crypto regulation commentator, on social media, the European Securities and Markets Authority (ESMA) draft explicitly mentions the maximum extractable value (MEV) issue. The draft states that miners or validators use their authority to arbitrarily reorder transactions, preemptively execute certain transactions and profit from them, and this behavior clearly constitutes a market abuse.
Patrick Hansen, a prominent commentator on crypto regulation, recently highlighted this development on X, noting the significant implications it will have for the crypto industry.
MEV Regulation
According to Patrick Hansen, a crypto regulation commentator, on social media, the European Securities and Markets Authority (ESMA) draft explicitly mentions the maximum extractable value (MEV) issue. The draft states that miners or validators use their authority to arbitrarily reorder transactions, preemptively execute certain transactions and profit from them, and this behavior clearly constitutes a market abuse.
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$157 million evaporated! Indodax hacked, is your currency safe?
Dear cryptocurrency friends, another big hacker attack! This time it was Indodax, the largest cryptocurrency exchange in Indonesia, that lost $157 million! This reminds me of the nightmare of Mt. Gox's collapse in 2014 and the Bitfinex theft in 2016. History always repeats itself, but have we really learned our lesson?
For quick analysis, please visit: mlion.ai
Let’s analyze this incident in depth:
1. Severity of the security breach
This attack exposed the fatal weakness of centralized exchanges. Think about it, if even the largest exchange in Indonesia can be hacked, can other exchanges be spared? It's like a bank vault being pried open, who would dare to deposit money in it?
For quick analysis, please visit: mlion.ai
Let’s analyze this incident in depth:
1. Severity of the security breach
This attack exposed the fatal weakness of centralized exchanges. Think about it, if even the largest exchange in Indonesia can be hacked, can other exchanges be spared? It's like a bank vault being pried open, who would dare to deposit money in it?
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Tether’s USDT’s key role in the global financial system and its compliance prospects
Paolo Ardoino, CEO of Tether, recently highlighted the key role of its stablecoin USDT in increasing demand for the U.S. dollar in emerging markets. He pointed out that USDT not only fuels demand for U.S. public debt, but also provides financial services to more than 300 million users worldwide.
Ardoino’s comments were reportedly in response to an article that stated that dollar-backed stablecoins fueled demand for U.S. public debt.
More than 300 million people use USDT
Paolo Ardoino, CEO of Tether, revealed that more than 300 million people around the world use USDT as a digital dollar to provide basic financial services to communities in developing countries. This stablecoin bypasses the traditional financial system by improving the efficiency of fund transfer and storage, providing convenience for underserved populations that are usually excluded from banking services.
Ardoino’s comments were reportedly in response to an article that stated that dollar-backed stablecoins fueled demand for U.S. public debt.
More than 300 million people use USDT
Paolo Ardoino, CEO of Tether, revealed that more than 300 million people around the world use USDT as a digital dollar to provide basic financial services to communities in developing countries. This stablecoin bypasses the traditional financial system by improving the efficiency of fund transfer and storage, providing convenience for underserved populations that are usually excluded from banking services.
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Can the Bitcoin bull run continue? These 4 points will determine your investment fate!
Have you ever thought that Bitcoin has risen by nearly 60% this year? Do you feel like you have missed this wave of growth and are itching to get in? Don't worry, the key to whether the bull market can continue depends on these 4 points!
First of all, you have to know that Bitcoin has ushered in two major positive factors this year: one is that the Securities and Exchange Commission (SEC) approved the spot Bitcoin exchange-traded fund (ETF), allowing ordinary investors to easily get on board; the other is the Bitcoin "halving" event, which reduced the supply of new coins and the market applauded.
However, don’t be too happy too soon, as the bull market is not all smooth sailing. The Fed’s policies, regulatory uncertainty, the presidential election, and the subsequent momentum of spot ETFs will determine the future trend of Bitcoin.
First of all, you have to know that Bitcoin has ushered in two major positive factors this year: one is that the Securities and Exchange Commission (SEC) approved the spot Bitcoin exchange-traded fund (ETF), allowing ordinary investors to easily get on board; the other is the Bitcoin "halving" event, which reduced the supply of new coins and the market applauded.
However, don’t be too happy too soon, as the bull market is not all smooth sailing. The Fed’s policies, regulatory uncertainty, the presidential election, and the subsequent momentum of spot ETFs will determine the future trend of Bitcoin.
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New York Department of Financial Services Establishes New Guidelines for Crypto Firms to Improve Customer Service Standards
The new rules, which will take effect on November 1, reflect the New York Department of Financial Services’ expectations that crypto companies handle customer service requests and complaints promptly and fairly.
The New York State Department of Financial Services (NYDFS) released new guidelines on May 30 aimed at improving customer service standards for virtual currency entities (VCEs). The regulations will reportedly take effect on November 1.
Clear guidelines
NYDFS emphasized that the purpose of this new set of detailed guidelines is to ensure that virtual currency entities (VCEs) can establish a strong customer service system that will be able to promptly and effectively resolve customer issues. In addition, VCEs need to continuously update their customer service policies and ensure that these policies comply with all relevant laws and regulations.
The New York State Department of Financial Services (NYDFS) released new guidelines on May 30 aimed at improving customer service standards for virtual currency entities (VCEs). The regulations will reportedly take effect on November 1.
Clear guidelines
NYDFS emphasized that the purpose of this new set of detailed guidelines is to ensure that virtual currency entities (VCEs) can establish a strong customer service system that will be able to promptly and effectively resolve customer issues. In addition, VCEs need to continuously update their customer service policies and ensure that these policies comply with all relevant laws and regulations.
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CFTC formally launches investigation into Jump Crypto’s trading and investment activities
The United States Commodity Futures Trading Commission (CFTC) has launched an investigation into Jump Crypto’s trading and investment activities, Forbes reported on June 20.
The investigation is for undisclosed reasons, and the review itself does not mean that Jump Crypto has engaged in any wrongdoing.
CFTC Investigations
Sources revealed that the CFTC's investigation into Jump Crypto is part of a broader review of cryptocurrency businesses by federal agencies. Although neither the CFTC nor Jump Crypto has commented or made public statements on the investigation, the action reflects the regulator's increased attention to the cryptocurrency industry and its enforcement efforts.
The investigation is for undisclosed reasons, and the review itself does not mean that Jump Crypto has engaged in any wrongdoing.
CFTC Investigations
Sources revealed that the CFTC's investigation into Jump Crypto is part of a broader review of cryptocurrency businesses by federal agencies. Although neither the CFTC nor Jump Crypto has commented or made public statements on the investigation, the action reflects the regulator's increased attention to the cryptocurrency industry and its enforcement efforts.
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UK launches sandbox regulatory framework for digital securities
The UK has laid the foundation for digital asset innovation with comprehensive regulations for its Digital Securities Sandbox, which will come into effect on January 8, 2024.
The UK has taken a step forward in the digital asset space with the introduction of comprehensive regulations governing the Digital Securities Sandbox (DSS). The regulations will come into force on 8 January 2024 and form an important part of the Financial Services and Markets Act 2023. They aim to establish clear guidelines for the operation and regulation of DSS and mark a key moment in the development of digital finance in the UK.
Details of the Digital Sandbox Framework
The UK has taken a step forward in the digital asset space with the introduction of comprehensive regulations governing the Digital Securities Sandbox (DSS). The regulations will come into force on 8 January 2024 and form an important part of the Financial Services and Markets Act 2023. They aim to establish clear guidelines for the operation and regulation of DSS and mark a key moment in the development of digital finance in the UK.
Details of the Digital Sandbox Framework
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#热门话题 #BTC #监管 The largest Bitcoin seizure in UK history, involving $2.5 billion related to money laundering, is a major event in the ongoing fight against financial crime in the cryptocurrency space. This unprecedented seizure highlights several key points in the broader context of digital currencies and law enforcement:
The sheer size of the seizure highlights the extent to which cryptocurrencies can be used for illegal activities. It emphasized the urgent need to strengthen regulatory and monitoring frameworks to effectively combat money laundering.
This incident is likely to have a significant impact on the regulatory landscape in the UK and globally. This may lead to stricter regulatory and oversight mechanisms on cryptocurrency exchanges and wallet providers to prevent similar incidents from happening.
The successful identification and seizure of such a large amount of Bitcoin demonstrates the increasing capabilities of law enforcement agencies in tracking and combating cryptocurrency-related crime. It challenges the notion that digital currencies are completely anonymous and immune to legal jurisdiction.
While the seizure is primarily related to law enforcement and regulatory matters, it could also affect market sentiment. A large-scale crackdown on illegal activity can enhance the credibility of the cryptocurrency market by showing a commitment to cleaning up the space.
This incident set a precedent for handling similar cases in the future. It sends a strong message to those who use cryptocurrencies for illicit purposes, demonstrating that law enforcement agencies are becoming increasingly adept at tracking and seizing digital assets linked to criminal activity.
In summary, the UK’s record-breaking Bitcoin seizure is a landmark event that highlights the ongoing challenges and efforts in regulating and policing cryptocurrency markets. It emphasizes the need for continuous improvements in regulatory frameworks and enforcement techniques to ensure the security and integrity of the digital currency ecosystem. $BTC
The sheer size of the seizure highlights the extent to which cryptocurrencies can be used for illegal activities. It emphasized the urgent need to strengthen regulatory and monitoring frameworks to effectively combat money laundering.
This incident is likely to have a significant impact on the regulatory landscape in the UK and globally. This may lead to stricter regulatory and oversight mechanisms on cryptocurrency exchanges and wallet providers to prevent similar incidents from happening.
The successful identification and seizure of such a large amount of Bitcoin demonstrates the increasing capabilities of law enforcement agencies in tracking and combating cryptocurrency-related crime. It challenges the notion that digital currencies are completely anonymous and immune to legal jurisdiction.
While the seizure is primarily related to law enforcement and regulatory matters, it could also affect market sentiment. A large-scale crackdown on illegal activity can enhance the credibility of the cryptocurrency market by showing a commitment to cleaning up the space.
This incident set a precedent for handling similar cases in the future. It sends a strong message to those who use cryptocurrencies for illicit purposes, demonstrating that law enforcement agencies are becoming increasingly adept at tracking and seizing digital assets linked to criminal activity.
In summary, the UK’s record-breaking Bitcoin seizure is a landmark event that highlights the ongoing challenges and efforts in regulating and policing cryptocurrency markets. It emphasizes the need for continuous improvements in regulatory frameworks and enforcement techniques to ensure the security and integrity of the digital currency ecosystem. $BTC
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Cryptocurrency Regulation: An Overview of the Global Landscape
As of December 21, 2023, cryptocurrency regulation has become a complex and dynamic global issue. It continues to attract the attention of policymakers and regulators. The rapid growth and changing nature of crypto-assets are often poorly understood by those in power, making regulation a hot potato for policymakers.
The state of global cryptocurrency regulation
In 2023, many countries made progress in developing and implementing cryptocurrency regulations, a global trend that indicates that cryptocurrency market regulation is moving in a more structured direction.
The state of global cryptocurrency regulation
In 2023, many countries made progress in developing and implementing cryptocurrency regulations, a global trend that indicates that cryptocurrency market regulation is moving in a more structured direction.
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The U.S. House of Representatives passed the FIT21 bill, the dawn of a new era of cryptocurrency regulation
Supporters of the bill aim to end the U.S. Securities and Exchange Commission’s (SEC) “enforcement-style” approach to the crypto industry.
The bill's supporters seek to end the SEC's reliance on "enforcement-style regulation" strategy for the cryptocurrency industry. To achieve this goal, they supported a new legislation, the 21st Century Financial Innovation and Technology Act (FIT21), which was passed by the U.S. House of Representatives on Monday. The passage of the FIT21 bill marks a major step forward in the legal status of crypto assets, which will provide a clear legal framework for the classification, registration and custody of crypto assets, which has long been sought by the industry.
The bill's supporters seek to end the SEC's reliance on "enforcement-style regulation" strategy for the cryptocurrency industry. To achieve this goal, they supported a new legislation, the 21st Century Financial Innovation and Technology Act (FIT21), which was passed by the U.S. House of Representatives on Monday. The passage of the FIT21 bill marks a major step forward in the legal status of crypto assets, which will provide a clear legal framework for the classification, registration and custody of crypto assets, which has long been sought by the industry.
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SEC says courts, not juries, should determine security status of Terra crypto assets
The SEC believes that the issue at hand is a question of law, not fact, and therefore should be left to the courts.
The SEC submitted a letter to Judge Jed Rakoff in the ongoing case against Terraform Labs, making the argument that crypto assets should be classified as securities under the legal definition.
The letter, dated Dec. 4, outlines the regulator’s position and recommends that a court, rather than a jury, determine whether the tokens in the case are securities.
The SEC's letter referred to the Howey test, which originated in the 1946 Supreme Court case SEC v. W.J. Howey Co., to support its argument. The regulator said courts have always ruled on such issues as part of the law, without the involvement of juries.
The SEC submitted a letter to Judge Jed Rakoff in the ongoing case against Terraform Labs, making the argument that crypto assets should be classified as securities under the legal definition.
The letter, dated Dec. 4, outlines the regulator’s position and recommends that a court, rather than a jury, determine whether the tokens in the case are securities.
The SEC's letter referred to the Howey test, which originated in the 1946 Supreme Court case SEC v. W.J. Howey Co., to support its argument. The regulator said courts have always ruled on such issues as part of the law, without the involvement of juries.
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SEC Chairman Gensler: Crypto market needs to be more regulated, Ethereum ETF launch still needs time
In an interview with CNBC on June 5, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler responded to Jim Cramer’s question about potential exchange products beyond Bitcoin and Ethereum.
Gensler said that despite the approval of the relevant 19-4b document last month, the launch of the spot Ethereum ETF will "take some time." He pointed out that the ETF application is going through the normal process, which may take some time, but he remained vague about the specific launch timeline.
At the same time, the SEC chairman also criticized the bad behavior of crypto exchanges and said that the market is still rife with fraud and manipulation. He added that the SEC remains committed to ensuring the integrity of the market.
Gensler said that despite the approval of the relevant 19-4b document last month, the launch of the spot Ethereum ETF will "take some time." He pointed out that the ETF application is going through the normal process, which may take some time, but he remained vague about the specific launch timeline.
At the same time, the SEC chairman also criticized the bad behavior of crypto exchanges and said that the market is still rife with fraud and manipulation. He added that the SEC remains committed to ensuring the integrity of the market.
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Weekly News Recap: SEC Files Lawsuit Against Consensys, MiCA Regulation Implementation, and VanEck Launches First Solana ETF
In this quick look at last week’s cryptocurrency industry events, we’ll take you through a series of regulatory moves, market dynamics, and political headlines.
From the SEC's lawsuit against Consensys to the launch of MiCA regulations, to the shift in the flow of funds for Bitcoin ETFs, and the latest developments in the US political circle, the industry stories last week were rich and complex. Now, let's delve into the details behind these events and their possible impact on the future of the industry.
SEC files lawsuit against Consensys, MiCA regulation officially launched
Last week, the global cryptocurrency regulatory landscape was in turmoil. The Nigerian Securities and Exchange Commission took the lead by announcing a revision of the comprehensive rules for virtual asset service providers (VASPs) and gave VASPs a 30-day deadline to update their license applications to comply with the new regulatory requirements.
From the SEC's lawsuit against Consensys to the launch of MiCA regulations, to the shift in the flow of funds for Bitcoin ETFs, and the latest developments in the US political circle, the industry stories last week were rich and complex. Now, let's delve into the details behind these events and their possible impact on the future of the industry.
SEC files lawsuit against Consensys, MiCA regulation officially launched
Last week, the global cryptocurrency regulatory landscape was in turmoil. The Nigerian Securities and Exchange Commission took the lead by announcing a revision of the comprehensive rules for virtual asset service providers (VASPs) and gave VASPs a 30-day deadline to update their license applications to comply with the new regulatory requirements.