Blog
Global Crypto Regulatory News - 1 July 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.
- UN Calls for Faster Implementation of Travel Rule
Despite the rule being updated last year, the FATF found that fewer than half of UN jurisdictions have successfully implemented the Travel Rule.
https://cointelegraph.com/news/crypto-travel-rule-implementation-remains-poor-fatf
- US SEC Continues Fight Against Exchanges
The latest charges are against Coinbase, accused of being an unregistered national securities exchange, broker, and clearing agency, and failing to register for its crypto asset staking-as-a-service program.
https://www.sec.gov/news/press-release/2023-102
- Ripple Pulls Ahead in Battle Against SEC Ruling
In another ongoing case between crypto and the SEC, Ripple still hopes to be deemed a commodity.
https://seekingalpha.com/article/4608875-ripple-vs-sec-heres-whats-new
- US Lawmakers Opposed to SEC Crackdown
Some lawmakers in the US are attempting to provide clear regulatory guidelines for crypto and enable trading of coins deemed commodities by being ‘functional and decentralized’.
- US Ruling Sets Precedent for DAO
The Ooki Decentralized Autonomous Organization has been ordered to cease operations. Blockpass CEO Adam Vaziri posted on the ruling.
- EU Consider Labeling All Crypto as Securities
Following the introduction of the MiCA regulation, some EU lawmakers want to class all crypto as securities unless a national regulator deems otherwise.
- The UK’s FCA Introduces Laws on Promoting Cryptoassets
The new law includes bans on certain offers such as friend referrals and new-joiner bonuses, and sets rules down for what marketing is and isn’t allowed.
https://www.natlawreview.com/article/united-kingdom-introduces-new-rules-marketing-cryptoassets
- UK Set to Pass Financial Services and Markets Bill
Crypto would become a regulated activity when the law is passed and could lead to more specific guidance in the next year.
- Binance’s Woes Continue in France and Belgium
Binance has been ordered to cease trading in Belgium and is under investigation for alleged KYC/AML failures in France.
https://protos.com/binances-french-arm-says-money-laundering-raid-was-regulatory-obligation/
- Brazil Moves on Crypto
The President of Brazil has made the country’s central bank the regulator of crypto and a CBDC pilot is already underway.
https://fortune.com/crypto/2023/06/14/brazil-central-bank-crypto-regulations/
- Hong Kong Welcomes More Crypto
A Legislative Council member from Hong Kong has extended an invitation to virtual asset trading operators to apply for a license as the region moves towards becoming a crypto hub.
https://beincrypto.com/hong-kong-exchanges-regulatory-struggles/
- Indonesia Approves List of Crypto
501 cryptocurrencies have been approved for trade by the Commodity Futures Trading Regulatory Authority of Indonesia, highlighting its crypto-positive stance and how the country sees crypto as a commodity.
- Japan Implements Tax Exemption for Token Issuers
The revision of the law will be a relief for issuers with unrealized cryptocurrency gains who had previously had to pay 30% tax, with many leaving the country over the ruling.
https://crypto.news/japan-grants-tax-exemption-to-token-issuers/
- Ukraine Draft Law to Follow MiCA Guidance
If the law passes, starting in 2024, Ukraine aims to tax crypto profits at 18% and update its 2021 virtual assets law.