Global Crypto Regulatory News - 1 July 2024

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.

• US Supreme Court Blunts SEC Power

Following back and forth between various powers in the US, the Supreme Court has recently overturned a forty-year-old case, removing some of the authority the SEC has over regulations.

https://www.coindesk.com/policy/2024/06/28/supreme-court-rules-to-overturn-the-chevron-doctrine-curbing-federal-agencies-power/

• New Jersey Bill to Focussed on Crypto

A new bill in New Jersey is aimed at classifying crypto which is issued and sold to institutional investors as securities, with definitions of digital assets and institutional investors laid out.

https://ocnjdaily.com/new-jerseys-crypto-legislation-major-shift-regulatory-framework/

• Louisiana Supports Bitcoin but Bans CBDCs

New regulations in Louisiana bring protection for bitcoin and support for bitcoin miners thanks to wide-ranging support in the state, but also prohibits the use of Central Bank Digital Currencies.

https://www.fxleaders.com/news/2024/06/26/new-legislation-in-louisiana-will-affect-cbdcs-and-bitcoin/

• Europe Braces for Regulation Effects

The long-awaited Markets in Crypto Assets law came into effect at the end of June, yet some are skeptical on whether the ecosystem is prepared for the changes.

https://www.euronews.com/my-europe/2024/06/24/cryptocurrency-law-coming-in-prepare-for-a-bumpy-ride

• India Clarifies Crypto Legality

A ruling made during a recent case by the Orissa High Court has determined that dealing in cryptocurrency is not illegal in India.

https://news.bitcoin.com/landmark-ruling-crypto-dealings-not-illegal-in-india-says-high-court/

• Draft Crypto Bill Seeks Australian Stablecoin Legislation

Proposals the Australian Securities and Investments Commission indicate a framework for stablecoin regulation and more stringent enforcement against those operating without license.

https://www.coindesk.com/policy/2024/06/13/australias-treasury-to-include-stablecoin-rules-in-crypto-bill-draft-asics-warning-for-crypto-entities/

• South Korea Reassessing Crypto and NFTs

The implementation of Virtual Asset User Protection Act has resulted in a reexamination of crypto in South Korea, including potentially classifying some NFTs as virtual assets.

https://www.businesskorea.co.kr/news/articleView.html?idxno=218815

• Turkey Votes to Regulate Crypto

Legislation has been passed by Turkey’s parliament that will see much greater regulatory oversight, and significant penalties for those that break the rules, if signed into law.

https://dailycoin.com/turkeys-crypto-regulation-bill-sails-through-parliament/

• Ethiopia Warm on Crypto

In approving a legal framework for a Central Bank Digital Currency and a push for bitcoin mining, Ethiopia seems to be positioning itself as a destination for crypto.

https://www.centralbanking.com/fintech/cbdc/7961494/ethiopia-approves-cbdc-law-as-it-pursues-bitcoin-mining-policies

• Bolivia Shifts Stance on Crypto

Bitcoin and crypto payments are no longer banned in Bolivia as the Banco Central de Bolivia reverses its previous decision and seeks to revolutionize its payment systems and economy.

https://cointelegraph.com/news/bolivia-legalizes-bitcoin-crypto-transactions

• Crypto Bill Coming to Vanuatu

The Vanuatu Financial Services Commission indicated that legislation to license and register VASPs in line with FATF standards should come this year, alongside Fintech Sandbox Utility.

https://cointelegraph.com/news/vanuatu-expects-passing-crypto-regulation-september