Blog
Global Crypto Regulatory News - 1 November 2023
November 06, 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.
- Crypto Info to be Shared with EU Tax Authorities
Customers’ crypto holdings will be required to be shared with tax authorities as a new law for crypto firms comes into effect in the EU.
https://forkast.news/eu-adopts-new-crypto-tax-rules-mandate-data-sharing-crypto-firms/
- US Considering Further Crypto Protection Laws
The Consumer Financial Protection Bureau has revealed it is considering implementing the Electronic Fund Transfer Act for crypto transfers in an attempt to cut down on fraud.
- New Crypto Licensing Bill for California
The Governor of California has signed a new bill that will see a regulatory framework for California’s crypto scene come into effect in July 2025.
https://news.bloomberglaw.com/crypto/gov-newsom-signs-crypto-licensing-bill-in-california
- UK Legislation Tackles Illicit Crypto Use
The Economic Crime and Corporate Transparency Bill will allow UK authorities to seize or freeze crypto assets which have been used in illegal or terrorist-related activities, further cementing the UK’s position as a crypto and regulatory hub.
https://cointelegraph.com/news/uk-bill-seize-bitcoin-passed
- Brazilian Watchdog Using Blockchain for Pilot
A tokenization pilot by the Securities and Exchange Commission of Brazil is aimed at improving transparency and lowering costs, and may progress to handling digital assets if regulation is clarified.
https://coingeek.com/brazil-securities-watchdog-schedules-tokenization-pilot-for-2024/
- Australia Shifts Regulatory Focus to Exchanges, not Crypto
A consultation paper shows the proposed financial services license requirements and minimum standards for exchanges, though not all see it as the right step.
- UAE Stablecoin and Digital Asset Regulation
The United Arab Emirates has introduced regulations for stablecoins and digital assets which stipulates such things as stablecoins pegged to the Emirati Dirham being under regulatory oversight of its central bank.
- Vietnam Improves Crypto AML Standards
As the legal status of cryptocurrencies in the country is still undefined, officials seek means to regulate its use in transactional circumstances.
https://vietnamnet.vn/en/refined-laws-required-to-combat-laundering-2198252.html
- Taiwan Pushes Ahead with Regulatory Framework
Building on self-regulatory measures, Taiwan has rapidly advanced crypto regulation over the past month, with the first reading of the draft act passing through parliament.
https://www.tronweekly.com/taiwans-crypto-revolution-lawmakers-forge-ahead/
- Crypto Firms Fight Back Against Dutch Regulators
In a legal dispute over excessive fees, crypto firms in the Netherlands have succeeded in part of their challenge that asserted the Dutch Central Bank exceeded their remit in regards to registration chargers for AML requirements.
https://www.pinsentmasons.com/out-law/news/dutch-court-blocks-national-bank-s-levies-for-crypto
- Marshall Islands Advance DAO Legal Entity Status
The Marshall Islands seek to become a global hub for DAO activity by improving its already-impressive stance towards DAOs with the reduction of registration times and stipulates that most governance tokens are not securities, amongst other measures.
- Cyprus to Meet FATF Standards
The Cypriot Ministry of Finance may be tightening up its AML standards to bring it in line with AML/CFT standards set by the Financial Action Task Force.
https://cointelegraph.com/news/crypto-regulations-cyprus-tightened-fatf