REGULATION
Cryptocurrencies are not issued by a monetary authority, are not controlled or regulated and their price is determined by the supply and demand of their market.
Coinbase to Boost European Derivatives Market Presence with MiFID II License Acquisition
Coinbase is set to expand in the EU derivatives market by acquiring a MiFID II licensed entity in Cyprus, targeting regulated derivatives offerings like futures and options in 2024.
South Korea Intensifies Measures Against Unlicensed Crypto Exchanges
South Korea's financial regulators are urging public disclosure of unlicensed crypto exchanges, as part of their efforts to regulate the digital asset market and safeguard investors.
Kazakhstan Blocks Coinbase, Citing Digital Asset Law
Kazakhstan's Ministry of Culture and Information has blocked Coinbase due to legal conflicts with digital asset regulations, revisiting previous restrictions on other financial platforms.
California Proposes Crypto ATM Regulations Amid Rising Fraud
California lawmakers propose regulations on cryptocurrency ATMs to combat escalating fraudulent activities. The bill, dubbed "Digital Financial Asset Transaction Kiosks," recommends a daily withdrawal limit of $1,000 and a cap on operators' fees, with implementation eyed for January 1, 2024. While some victims of ATM scams applaud the measure, crypto ATM operators express concerns over the potential adverse impact on small operators.
Enabling Innovation in Asset Management: SFC's Approach
Christina Choi of the SFC spoke at the Bloomberg Buy-Side Forum Hong Kong 2023, emphasizing the importance of balancing innovation with regulation in the asset management industry. She highlighted the SFC's ongoing work on guidelines for tokenization of investment products.
Taiwan Regulates Crypto Exchanges, Bans Unregistered Foreign Operators
Taiwan's FSC has released new guidelines for regulating Virtual Asset Service Providers (VASPs) in the country. The guidelines, effective from September 26, 2023, prohibit foreign VASPs from operating in Taiwan without proper registration and encourage self-regulation within the industry.
HK SFC Details JPEX Probe; CEO Affirms Hong Kong's Web3 Commitment
Hong Kong's SFC has provided a detailed timeline of its investigation into the fraudulent activities of the unlicensed virtual asset trading platform JPEX. Despite the ongoing case, SFC CEO Leung Fung-yee reaffirms that Hong Kong's commitment to developing a Web3 ecosystem will not waver.
South Korea Targets Crypto Major Shareholders with Proposed Financial Law Amendment
South Korea is taking steps to scrutinize the criminal records of major shareholders in cryptocurrency businesses. A proposed amendment to the Special Financial Information Law aims to bring the crypto market under a regulatory framework similar to traditional finance. If passed, the law would require existing crypto businesses to report details about their major shareholders within three months.
UK Legislators Advocate for Treating Crypto Trading Similar to Gambling Regulations
The report also calls for a shift in the regulatory approach towards unbacked cryptoassets, such as Bitcoin and Ether. Due to their volatility and lack of intrinsic value, the committee argues that these assets pose substantial risks to consumers, likening speculation in these assets to gambling.
Australian Crypto Community Remains Enthusiastic Despite Regulatory Concerns
Despite regulatory concerns dominating discussions at recent crypto conferences in the US and Australia, the crypto community remains enthusiastic about the potential of digital assets. Attendees are more focused on discussing intelligent questions around regulation and tax rather than the extravagances of past events. Interest in crypto remains high, and the rise in the price of Bitcoin is encouraging the crypto-curious to attend conferences and ask beginner-level questions.
Crypto Conferences Scale Back
Crypto conferences have toned down the extravagance in response to the extended crypto winter, with attendees focusing on discussing regulation and tax. The XRP Las Vegas conference for XRP enthusiasts and the “XRP Army” highlighted frustration over regulatory clarity in the United States. Meanwhile, regulation was the primary topic at a recent Binance Australia meetup event, where attendees asked intelligent questions despite the ongoing bear market. Interest in crypto remains strong, even as conferences scale back.
Japan Concerned About AI Chatbots
A new survey in Japan reveals that 69.4% of the population wants stricter regulation in the development of AI chatbots. This comes as Japanese officials consider integrating AI into their systems.
US Bank Regulators Confess Mistakes
US bank regulators have admitted to errors in supervision after high-profile bank failures, with the New York Department of Financial Services publishing its review of Signature Bank and the US Federal Reserve Board releasing its review of Silicon Valley Bank.
EU Drafts AI Bill to Address Copyright Concerns
The European Union has passed a draft bill that will classify AI tools according to their risk level and impose stricter transparency procedures for high-risk tools. The bill is part of the EU’s Artificial Intelligence Act and aims to address concerns around the use of copyrighted materials in AI training.
EU to Regulate AI Use of Copyrighted Material
The European Union has passed a draft bill to regulate AI use of copyrighted materials. AI tools will be classified according to their risk level, with high-risk tools subjected to stricter transparency procedures. The bill is part of the EU's Artificial Intelligence Act and aims to strike a balance between protecting citizens and fostering innovation.