Bittrex CEO: Comprehensive framework for UK crypto regulation could be a policy move to end “chaos”
The UK government released its final rules on cryptocurrency assets and stablecoins on Monday. The report is the next step in the drafting of a bill that will compete with the EU's MiCA in regulating cryptocurrency assets. Oliver Linch, CEO of Bittrex Global Exchange, said the new framework could end the "chaos" of the country's policy initiatives, setting up guardrails for companies and lending platforms in terms of consumer protection, prudential requirements, information disclosure, and market abuse.
Marshall Islands further strengthens laws making DAO a legal entity
David Paul, a member of the Republic of Marshall Islands Parliament, and Adam Miller, CEO and co-founder of MIDAO, stated that the Marshall Islands Parliament passed legislation last week to further promote its already-perfected decentralized autonomous organization (DAO) laws. The original law stated that DAOs do not need a board of directors, do not require written or paper records if they are on the blockchain, and every member of the DAO, except for one person, can remain anonymous. Those who do not wish to remain anonymous do not need to be in the Marshall Islands but must provide detailed KYC information.
The revised law strengthens the advantages of the original law by providing faster registration times (up to 30 days). It also stipulates that DAOs will not be responsible for their use of open source software alone. In addition, the law stipulates that most governance tokens are not securities if they do not confer any economic rights. This move also makes the Marshall Islands the first country to legally incorporate DAO series limited liability companies.
Coinbase Chief Policy Officer: UK crypto-asset regulatory framework is setting a strong example for the United States and the world
Faryar Shirzad, Chief Policy Officer of Coinbase, stated on X platform that the UK's cryptocurrency regulatory framework is setting a strong example for the US and the world.
Mintable CEO: UK risks regulating NFTs in the wrong way
Zach Burks, CEO of Mintable, stated that the UK government is facing the danger of regulating NFTs in a way that does not align with the essence of emerging technologies. Burks believes that a recent report by the UK parliamentary committee greatly exaggerates the role of NFTs in copyright infringement and fails to recognize that they are more than just unstable digital images.
SEC Commissioner Hester Peirce slams SEC enforcement action against LBRY
Hester Peirce, a commissioner of the US Securities and Exchange Commission (SEC), issued a statement stating that the SEC has taken many disturbing cryptocurrency enforcement actions, but the LBRY, Inc. case is particularly disturbing and disappointing. Peirce stated that although the agency claims that the application of securities law to token projects is clear, this is not the case. She said that companies like LBRY have no way to enter and register their functional token products. Even if a company does successfully register its token issuance, this does not completely prevent SEC enforcement actions. Peirce added that compliance is important for investors.
On October 19, LBRY announced that it will shut down after the SEC charged the startup with selling unregistered securities.
Kraken to Share Data on Tens of Thousands of Users with IRS in Compliance with Court Order
Crypto exchange Kraken has announced that it will share data on tens of thousands of its users with the Internal Revenue Service (IRS) in compliance with a court order. The company will share information regarding cryptocurrency transactions above $20,000 made by Kraken customers between 2016 and 2020. The exchange is framing the matter as a victory for privacy advocates, as it fought the summons, which sought intrusive and unnecessary information about U.S. clients. Kraken plans to share the user information in early November.
Zodia Markets registered as virtual asset service provider by Central Bank of Ireland
Zodia Markets, a digital asset exchange and brokerage platform backed by Standard Chartered, has been registered as a virtual asset service provider by the Central Bank of Ireland. This registration will allow the company to enter the EU market, according to Zodia Markets Ireland CEO Michael Walsh. The approval will enable the firm to provide OTC trading and exchange services to institutional clients in the EU, and highlights the company's commitment to comply with European regulators. This move comes ahead of the implementation of the Markets in Cryptoassets Regulation in the EU, which will require the authorization and supervision of crypto asset service providers.
Australian police arrest seven linked to Chinese syndicate-run remittance company accused of laundering $144 million in fiat and crypto
Australian police have arrested seven people connected to a Chinese syndicate-controlled remittance company accused of laundering $144 million in fiat and cryptocurrency. The operation, called Avarus-Nightwolf, involved over 300 police officials carrying out 20 search warrants and seizing $32 million in property, luxury vehicles, and high-end goods. The Changjiang Currency Exchange, which moved over $6.3 billion in the past three financial years, is said to have been secretly operated by the Long River syndicate and linked to scams, trafficking of illegal goods, and violent crimes. The investigation was complex as the alleged syndicate was operating in plain sight with shopfronts across the country. The seven charged individuals are expected to appear in court on Thursday.
Mexican Senator Indira Kempis Pushes for Bitcoin to be Part of Political Agenda
Mexican Senator Indira Kempis is pushing for Bitcoin to become a part of her political agenda, after introducing a bill last year to create a central bank digital currency. Initially, the bill did not mention Bitcoin or decentralized assets, but Kempis modified it to include the cryptocurrency. Despite facing backlash from the crypto community, Kempis remains optimistic and hopes to communicate to the Mexican public where legislators stand on the bill. While Mexico has a blossoming tech scene and a tech-savvy population, the bill still has a long way to go before it becomes law.
Senator Warren’s bill to combat crypto-financing of terrorism wins support from the U.S. House of Representatives
US Congressman Sean Caste (Democrat from Illinois) stated that Hamas allegedly raised millions of dollars through cryptocurrency before the recent attacks on Israel. Therefore, he plans to propose a bill to strengthen the Bank Secrecy Act requirements for cryptocurrencies. Caste said, "We will discuss the bill that Senator Warren has already introduced in the Senate to achieve this goal." Caste did not specify which bill, but Warren reintroduced a bill in July that would crack down on money laundering and sanctions evasion using cryptocurrencies and expand the Bank Secrecy Act requirements to include digital asset wallet providers, miners, and other participants.
