The Procedure Review Committee of the Hong Kong Securities and Futures Commission: Proposals to simplify the licensing procedures for virtual asset trading platforms
Hong Kong's Securities and Futures Commission's (SFC) Process Review Committee released its annual report, pointing out that the SFC took about 2.5 years to process a virtual asset trading platform license application. In order to promote the licensing process and facilitate the development of Hong Kong's financial technology, while maintaining investor protection, the SFC recommends simplifying the licensing process and strengthening market awareness of the new licensing system for virtual asset trading platforms, as well as enhancing industry education on the licensing system.
Revolut Temporarily Halts Crypto Services in UK Ahead of New Advertising Rules
Revolut, a fintech company offering online banking services, has temporarily suspended its crypto services for UK customers in preparation for upcoming advertising rule changes by the Financial Conduct Authority (FCA). Starting January 3, 2024, digital asset traders in the UK will no longer have access to Revolut's business platform. However, customers can still sell and store their crypto holdings on the platform without restrictions. Revolut's decision is in line with other companies, such as Bybit and Binance, who have also exited the UK market due to the new advertising laws.
The Central Bank of Brazil publicly solicits opinions on the formulation of rules for virtual asset service providers
The Central Bank of Brazil is preparing to release final rules for virtual asset service providers (VASPs) operating in the country. Based on feedback received after the approval and recognition of the Cryptocurrency Asset Law in December 2023, the institution has begun publicly soliciting opinions from market participants and individuals to develop rules that VASPs must comply with. The bank has launched a survey consisting of 38 questions that respondents can choose to answer in full or in part, and indicate the numbers and themes they would like to see addressed in their statements.
EY Global Blockchain Leader: 2024 will be the beginning of a new regulatory era for cryptocurrency and blockchain
Paul Brody, the global blockchain leader at EY, stated that from punishing bad actors to expanding the Ethereum network, 2023 is preparing for bigger things, and 2024 will mark the beginning of a new era of cryptocurrency and blockchain regulation. The US market will add ETFs, and Europe will open up regulated trading based on the MiCA legislation for the crypto asset market.
20% of US Senate supports Elizabeth Warren’s anti-crypto bill
According to legal expert John E. Deaton, 20% of the US Senate has agreed to support Senator Elizabeth Warren's bill to tighten regulations in the cryptocurrency industry. Deaton also noted that the danger lies in the national narrative regarding crypto that is being controlled and framed by the bill, rather than the bill itself. While none of Warren's bills related to crypto have passed in Congress since 2015, she has recently announced an expanded coalition of support for the Digital Asset Anti-Money Laundering Act. Ryan Selkis, CEO of Messari, warns that the crypto industry should not underestimate Warren's potential to harm the industry.
Taiwan’s Executive Yuan designated the Financial Supervisory Commission as the regulatory authority for virtual currencies and established the Fintech Bureau
Taiwan Executive Yuan designated the Financial Supervisory Commission (FSC) as the regulatory authority for virtual currencies. Taiwanese legislators suggested that in order to protect investors who invest in virtual currencies and other new financial technologies, the FSC should establish a financial technology bureau within the fifth division.
The Digital Asset Anti-Money Laundering Act sponsored by U.S. Senator Elizabeth Warren has five new senators supporting it
According to The Block, five new US senators have joined Senator Elizabeth Warren's Digital Asset Anti-Money Laundering Act. Three of the new members are also members of the Senate Banking Committee with Elizabeth Warren. The committee may play an important role in cryptocurrency legislation passed next year.The Digital Asset Anti-Money Laundering Act has been criticized by the cryptocurrency industry. The bill aims to expand the requirements of the Bank Secrecy Act to miners, validators, wallet providers, and KYC. Elizabeth Warren stated, "Cryptocurrency technology should be managed with the same transparency rules as traditional banks to protect Americans and help ensure it is not used to facilitate illegal activities for criminal enterprises and rogue states."
Binance faces unprecedented compliance regulatory pressure from U.S. regulators
According to John Reed Stark, former head of the Internet Enforcement Office at the US Securities and Exchange Commission (SEC), Binance has made a series of unprecedented compliance commitments in its plea agreement with the US Department of Justice (DOJ) and the Financial Crimes Enforcement Network (FinCEN). These commitments include establishing new procedures for handling policies, procedures and internal controls, customer and third-party relationships, anti-evasion controls, regular reviews, appropriate supervision and independence, training and guidance, comprehensive reporting and investigation, enforcement and discipline, and monitoring, testing and auditing.
The new bipartisan bill in the United States proposes to expand the Treasury Department’s sanctions powers and grant it more resources to address encryption issues
US Senators Mark Warne, Mike Rounds, and Mitt Romney introduced a bill today called the "Terrorist Financing Prevention Act," which will expand the Treasury Department's sanctioning power to cover more terrorist organizations, including Hamas, and provide them with more resources to address encryption issues.
Basel Committee plans consultation on stablecoin risk treatment
Basel Committee on Banking Standards, a global bank standard setter, plans to discuss potential revisions to stablecoin standards. This news was released after the committee evaluated the elements of the bank's cryptocurrency risk-prudent standards released in December last year.
