Cryptoregulations
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๐ฆ๐ South Korea's Financial Intelligence Unit (FIU) plans to introduce a system to suspend the review of virtual asset business operators (VASPs) reports, aiming to streamline the virtual asset business review process. A 'Virtual Asset Business Report Review Committee' is being considered to be incorporated into the Enforcement Decree of the Virtual Asset User Protection Act. ๐ฐ๐ท๐ผ #Cryptoregulations
#SEC Crypto Regulation: The U.S. SEC may focus on regulating cryptocurrency custodians and decentralized exchanges (DEXs) in the coming year, potentially leading to an increase in enforcement cases against crypto firms. The CFTC is also considering measures to enhance consumer protection in cryptocurrency transactions. #Cryptoregulations ๐๐ผ
๐ฃ The Digital Asset Exchange Joint Association (DAXA) partners with the Financial Intelligence Unit (FIU) to accept reports on undeclared virtual asset businesses, targeting both domestic and foreign operators not complying with Article 7 of the Specific Financial Information Act. DAXA conducts initial reviews and shares findings with FIU. ๐ฅ๐ #Cryptoregulations
**EU Grants ECB Authority to Regulate Cryptocurrency Service Providers** ๐ช๐บ๐ผ: EU lawmakers have made regulatory updates, granting the European Central Bank (ECB) expanded authority in regulating cryptocurrency service providers affiliated with banks. This development reflects the growing importance of cryptocurrency regulation within the European Union. In addition to this, the ECB is tasked with monitoring lenders' plans to achieve a net-zero economy over the next 30 years, aligning with sustainability goals. Regulatory oversight in the crypto space continues to evolve. ๐ฆ๐ #Cryptoregulations #Europe #ECB
๐ Bloomberg analyst reports US SEC concerns over BTC spot ETF, citing worries about potential money laundering; emphasizes focus on the closed system of the proposed method. #Cryptoregulations ๐ต๏ธโโ๏ธ๐ผ
Coinbase mandates suitability assessments for UK users in compliance with FCA regulations; deadline extended to January 8th. Similar actions taken by OKX, per The Block. ๐ฌ๐ง๐ผ #Cryptoregulations
๐จ **Breaking News**: U.S. court rules in favor of SEC in the case against Terraform Labs and founder Dohyung Kwon for offering and selling unregistered securities ๐บ๐ธ๐๏ธ #Cryptoregulations ๐๐
๐ข Anthony Bassili, Coinbase's Head of Tokenization Technology, shares key amendment highlights: 1๏ธโฃ Large-scale crypto infrastructure and eligible orgs in sandboxes ๐๏ธ 2๏ธโฃ Public blockchains welcomed ๐ 3๏ธโฃ Inclusion of stablecoins and asset trading pairs ๐ฑ 4๏ธโฃ Funds and utility tokens permitted. #Cryptoregulations #coinbase
#cryptocurrency Regulations: Important Or Needless?
#Cryptoregulations #crypto2023
The International Organization of Securities Commissions (IOSCO), a global finance organization comprising securities regulators, has recently proposed a set of international regulations for crypto assets and digital tokens.
IOSCOโs proposal aims to create greater consistency across the cryptocurrency landscape, ensuring that similar activities are subject to the same regulatory outcomes. By implementing these recommendations, regulators hope to prevent conflicts of interest and ensure that customer assets are adequately protected. The principle of โsame activities, same risks, same regulatory outcomesโ underpins IOSCOโs approach, emphasizing the need for uniform cryptocurrency regulations across jurisdictions.
What are ur thoughts?
#Cryptoregulations #crypto2023
The International Organization of Securities Commissions (IOSCO), a global finance organization comprising securities regulators, has recently proposed a set of international regulations for crypto assets and digital tokens.
IOSCOโs proposal aims to create greater consistency across the cryptocurrency landscape, ensuring that similar activities are subject to the same regulatory outcomes. By implementing these recommendations, regulators hope to prevent conflicts of interest and ensure that customer assets are adequately protected. The principle of โsame activities, same risks, same regulatory outcomesโ underpins IOSCOโs approach, emphasizing the need for uniform cryptocurrency regulations across jurisdictions.
What are ur thoughts?
๐ฎ๐ฉ Indonesia's private cryptocurrency exchanges must register with CFX, the state-run exchange, and undergo regulatory review as per 2019 regulations. A local license, PFAK, is required for recognition as a legal business. CFX serves as a gateway for monitoring transactions for tax collection. There are currently 29 operating cryptocurrency exchanges, with the registration deadline set for August 17, 2024. ๐ผ๐ #Cryptoregulations
โ ๏ธ Texas Regulator Accuses GS Partners of Metaverse Fraud! ๐๏ธ The Texas State Securities Board alleges fraud against GS Partners, a German company selling Metaverse real estate ownership tokens. ๐ต๏ธโโ๏ธ GS Partners faces accusations of massive commissions, multi-level marketing tactics, and celebrity endorsements by Floyd Mayweather and Roberto Carlos. ๐ The token's value plummeted on Pancake Swap, leading to regulatory action in Texas and California. Stay informed as the case unfolds! #MetaverseFraud #GSpartners #Cryptoregulations
"Singapore Introduces Enhanced Crypto Regulations Covering Custody, Lending, and Staking Activities"
#WebGTR #Singapore #crypto #Cryptoregulations #Staking
#WebGTR #Singapore #crypto #Cryptoregulations #Staking
**FCA Warns Lykke for Operating Without License** ๐ซ: The UK's Financial Conduct Authority (FCA) has issued a warning that cryptocurrency exchange Lykke is operating without a license. The FCA stated that "Lykke is promoting financial services and products without the approval of the regulator." This follows a similar warning issued to Poloniex, a cryptocurrency exchange owned by Tron (TRX) founder Justin Sun, for operating without a license. Regulatory scrutiny in the crypto space continues. ๐ฌ๐ง๐ก๏ธ #Cryptoregulations
๐ต๐ญ The Philippine Securities and Exchange Commission (SEC) issues a warning, stating that individuals acting as brokers, dealers, salespersons, representatives, or influencers for Binance, an unregistered and unlicensed exchange, and promoting its use to Filipino users may face fines and imprisonment. They emphasize that Binance is not authorized to offer securities to Filipino citizens and conducting promotional campaigns targeting Filipinos is illegal and a violation of securities laws. ๐ซโ๏ธ #PhilippineSEC #binanceus #Cryptoregulations
๐ Coinbase CEO Brian Armstrong reveals the company's multiple meetings with SEC officials over 18 months, seeking feedback on asset classification, but receiving a lawsuit instead. โ๏ธ #Coinbase #SecurityBreach #Cryptoregulations
๐๐ The Digital Asset Exchange Association (DAXA) affirms the correctness of adhering to self-regulatory guidelines concerning Korbit's re-listing on Wemix. A DAXA official notes that the exchange decides the area of transaction support and that such details were not shared in advance but underscores their commitment to following guidelines. However, the principle of not disclosing the re-listing prohibition period for virtual assets remains unchanged. ๐๐ผ #DAXA #KorbitRelisting #Cryptoregulations
๐ Bloomberg analyst James Seyffart reveals that the US SEC held an additional meeting with Grayscale the day before, signaling ongoing regulatory discussions. ๐ค๐ฐ #Cryptoregulations
Top Banks Reluctant to Accept Crypto Clients Despite Pressure from Hong Kong Regulators
#Cryptoregulations NEWS :
The #HongKong Monetary Authority (HKMA) has been pressuring banks to accept cryptocurrency clients, but so far, most banks have been reluctant to do so.
The HKMA has said that it wants banks to provide services to crypto businesses in order to promote financial innovation. However, banks are concerned about the risks associated with crypto, such as money laundering and terrorist financing.
Some banks have also said that they are not yet ready to offer crypto services because they need to develop the necessary infrastructure.
The reluctance of banks to accept crypto clients is a setback for the crypto industry in Hong Kong. The city is a major financial center, and its banks are some of the most sophisticated in the world. If banks in Hong Kong do not offer crypto services, it will be difficult for crypto businesses to operate in the city.
The HKMA is expected to continue to pressure banks to accept #crypto2023 clients. It remains to be seen whether banks will eventually comply with the HKMA's demands.
In the meantime, crypto businesses in Hong Kong will need to find other ways to get access to banking services. This could include setting up their own bank accounts or using third-party payment processors.
The reluctance of banks to accept crypto clients is a reminder of the challenges that the crypto industry faces. However, the industry is still growing, and it is possible that banks will eventually come around to offering crypto services.
#BitcoinButton #ripple
$BTC $USDC $RNDR
The #HongKong Monetary Authority (HKMA) has been pressuring banks to accept cryptocurrency clients, but so far, most banks have been reluctant to do so.
The HKMA has said that it wants banks to provide services to crypto businesses in order to promote financial innovation. However, banks are concerned about the risks associated with crypto, such as money laundering and terrorist financing.
Some banks have also said that they are not yet ready to offer crypto services because they need to develop the necessary infrastructure.
The reluctance of banks to accept crypto clients is a setback for the crypto industry in Hong Kong. The city is a major financial center, and its banks are some of the most sophisticated in the world. If banks in Hong Kong do not offer crypto services, it will be difficult for crypto businesses to operate in the city.
The HKMA is expected to continue to pressure banks to accept #crypto2023 clients. It remains to be seen whether banks will eventually comply with the HKMA's demands.
In the meantime, crypto businesses in Hong Kong will need to find other ways to get access to banking services. This could include setting up their own bank accounts or using third-party payment processors.
The reluctance of banks to accept crypto clients is a reminder of the challenges that the crypto industry faces. However, the industry is still growing, and it is possible that banks will eventually come around to offering crypto services.
#BitcoinButton #ripple
$BTC $USDC $RNDR
๐ฐ๐ท๐ซ Vice Chairman Kim So-young of the Financial Services Commission reiterates the Korean government's stance against Bitcoin spot ETFs, citing concerns about financial companies owning virtual assets and potential violations of existing regulations. ๐๐๏ธ #Cryptoregulations
๐๐ญ๐ฐ The Hong Kong Securities and Futures Commission (SFC) mandates advance application by fund managers if cryptocurrencies make up over 10% of public fund portfolios, with approval and compliance on cryptocurrency platform trading. #Cryptoregulations #HongKong" ๐๐งพ