Blog
Global Crypto Regulatory News - 1 June 2023
May 30, 2023
Whilst Blockpass monitors and adapts to regulatory changes around the world, we only cover some of the news and developments in articles on the Blockpass blog. However, to showcase more information around what is going on in the blockchain and crypto regulatory scene around the world, we’ve selected some prominent or interesting news and articles that feature relevant crypto regulatory and compliance developments.
- Joint House Committee Discusses Crypto Laws
As the SEC continues its back-and-forth clash with Coinbase in the courts, the US debates crypto laws.
https://beincrypto.com/us-lawmakers-advance-crypto-legislation/
- New York Attorney General Announces Tighter Crypto Regulation
Attorney General Letitia James reveals plans to cut fraud and dysfunction in the crypto industry and protect users.
- California District Court Ruling Impacts DAOs
New ruling could label the holders of DAO tokens as General Partners, affecting the DAO’s legal liability in certain cases.
- G7 Discusses Crypto Legislation
Central Bank Digital Currencies, the transfer of Crypto Assets and the Travel Rule were under discussion by the G7 in Japan this month.
- Japan Strengthens AML requirements
Following a FATF review, Japan implements stricter AML measures for crypto asset transactions, including the Travel Rule.
https://crypto.news/japan-to-impose-stricter-crypto-aml-measures-from-june/
- Brazil May Become Crypto Hub
Journalist Leo Schwartz shares his findings from meeting with Brazilian officials and crypto leaders.
https://fortune.com/crypto/2023/05/10/brazil-unlikely-bid-global-crypto-hub/
- Canada Cracks Down on Crypto Asset Trading Platforms
Changes designed to improve investor protection require more stringent requirements that have seen some unregistered trading platforms comply but others leave.
- China Sends Mixed Messages on Crypto Stance
On one hand Bitcoin mining and corporate cryptocurrency investments contracts are now invalid, but on the other crypto can now be used to settle debts.
https://fxdailyreport.com/china-invalidates-bitcoin-mining-and-corporate-crypto-contracts/
https://cryptodaily.co.uk/2023/05/chinas-supreme-court-approves-use-of-crypto-to-settle-debts
- Estonia Implements Improved AML
In a move to avoid money laundering and crypto scandals, Estonia’s embracing of improved regulation has seen hundreds of companies leave the country or fail to comply.
https://cryptoslate.com/new-law-pushes-around-400-crypto-firms-out-of-estonia/
https://www.baltictimes.com/estonian_finmin_preparing_new_regulation_of_crypto_assets/
- South Korea’s Crypto Regulation Continues to Evolve
In response to a number of issues and conflicts of interest, South Korea aims to tighten regulation, force lawmakers to disclose crypto holdings and to determine who governs crypto controls.
https://forkast.news/bank-of-korea-financial-regulator-war-over-crypto/
- Lichtenstein to Adopt Bitcoin Payments and Considers Tightening Laws
Following on from the EU passing the MiCA regulations and the FTX scandal, Lichtenstein investigates improving its crypto laws whilst the Prime Minister indicates Bitcoin payments are coming.
https://bitcoinik.com/liechtensteins-pm-says-the-bitcoin-payment-option-is-coming/
https://cointelegraph.com/news/liechtenstein-adapts-blockchain-laws-to-developing-crypto-landscape
- Pakistan Negative on Crypto
Despite considering a CBDC and adopting blockchain for KYC, Pakistan has followed FATF requirements and banned crypto in order to be removed from the FATF gray list.