EU Study Recommends Treating All Crypto Assets as Securities by Default and Granting Legal Status to DeFi Organizations. Lawmakers at the European Parliament have commissioned a study suggesting that all crypto assets should be considered as securities by default. The study also recommends granting legal recognition to decentralized finance (DeFi) organizations. This marks a significant…
Starting from September 1, 2023, the National Bank of Georgia will initiate mandatory supervision of virtual asset service providers. This move aims to strengthen regulatory oversight and ensure compliance with anti-money laundering measures in the cryptocurrency sector. The National Bank of Georgia is taking proactive steps to enhance the integrity and security of virtual asset…
The central banks of Hong Kong and the United Arab Emirates (UAE) are working together to align their financial sectors and collaborate on cryptocurrency regulations and fintech development. HKMA chief executive Eddie Yue (fifth right) and CBUAE governor H.E. Khaled Mohamed Balama (fifth left) pictured with Hong Kong and UAE bank executives. Source: HKMA On May 30, the Hong…
Washington Introduces Bills Addressing CBDCs and Crypto-Related Drug Trafficking As the deadline to raise the debt ceiling approaches, lawmakers are rushing to reach an agreement. Last week, two new bills with a focus on cryptocurrencies were introduced on Capitol Hill. Following several hearings that examined stablecoins, cryptocurrency classification, and regulatory oversight, members of the House…
Government Drops Plan for Crypto Exchange, Shifts to Using Exchanges for Global Payments Russia, after investing significant efforts in shaping its domestic cryptocurrency policy, is now focusing on implementing a new payment system that incorporates cryptocurrencies. As per reports from Izvestiya, the government has decided to forgo the idea of launching its own cryptocurrency exchange…
Russian Authorities Abandon Plans for National Crypto Exchange, Shift Focus to Establishing New Guidelines Recent reports indicate that the Russian authorities have decided against the implementation of a national cryptocurrency exchange. Instead, their focus has shifted towards the establishment of comprehensive regulations governing the development and operation of cryptocurrency exchange platforms. Anatoly Aksakov, the head…
South Africa’s Crypto Firms Required to Register or Face Severe Penalties In an effort to regulate the cryptocurrency industry, crypto companies in South Africa must now seek a license from the Financial Sector Conduct Authority (FSCA) within six months starting from June 1, 2023. Failure to register within this timeframe may lead to a penalty…
G7 countries to hold a meeting to talk about rules for AI and discuss issues with generative AI tools like ChatGPT. Japan will lead a meeting to discuss important topics like protecting ideas, dealing with false information, and managing the use of this technology. In the annual summit statement, it was mentioned that the relevant…
The European Securities and Markets Authority (ESMA) has advised cryptocurrency companies to clearly indicate that their cryptocurrencies are unregulated when offering them to investors. This is due to concerns regarding the protection of investors and potential financial risks. ESMA has recommended that cryptocurrency companies inform investors that their cryptocurrencies are not regulated to address investor…
Investment Firms Reminded by ESMA: Crypto to Remain Unregulated in Many Places Despite New Regulations. In a recent announcement, the European Securities and Markets Authority (ESMA) drew attention to crypto assets and emphasized to companies that although regulations are being developed, crypto will continue to lack regulation in many regions. ESMA conveyed the following message:…