The Time Limit on Non-Compliance

As we near the end of January 2025, the global regulatory landscape for digital assets is continuing to transform as new regulations come in and existing ones begin to be enforced.

The European Union's Markets in Crypto-Assets (MiCA) regulation, which came into full effect in January, mandates that all stablecoin issuers operating within the EU obtain proper authorization. The European Securities and Markets Authority (ESMA) has urged crypto asset service providers to restrict non-compliant stablecoins by January 31, 2025, allowing only "sell-only" services until the end of the first quarter.

In the UK, the Labour government is expected to bring in regulation for crypto assets sooner rather than later, and the US is waiting on the new president to push ahead with his crypto-friendly stance, and the choice of replacement of the SEC Chair Gary Gensler has already signalled a greater acceptance of crypto. The SEC has formed a dedicated task force to develop a clear regulatory framework for digital assets, moving away from the previous regulation by enforcement strategy of Gensler’s tenure.

On the one hand, many of these developments underscore a global trend toward more structured and enforced regulations in the digital asset space across much of the world, although a loosening of regulations in the US have the potential to lead to an environment where malicious actors are able to take advantage of people and businesses unless suitably handled.

This means that for businesses operating within this evolving landscape, compliance is not just a legal obligation in most cases, but a strategic imperative. To protect against legal issues and fraudsters alike, solutions like Blockpass, which offer streamlined compliance services, are becoming increasingly vital. By providing efficient and reliable Know Your Customer (KYC) and Anti-Money Laundering (AML) processes and more, Blockpass enables companies to navigate the complex regulatory environment and effectively avoid bad actors, ensuring adherence to new standards and fostering trust with regulators and customers alike.

Even when new legislation such as the Crypto Travel Rule regulations come into play, Blockpass is prepared to enable seamless compliance, and with the changes incoming, this ability to rapidly respond is now more important than ever.

About Blockpass

Ditch tedious onboarding and say hello to seamless compliance with Blockpass, the ultimate turnkey solution for KYC, KYB, and AML. Experience the market's most efficient and cost-effective compliance suite, built by seasoned compliance veterans and crypto-natives. Automate compliance processes, eradicate fraud, and onboard globally with confidence. Verify businesses worldwide, launch bank-grade verification for your organization, and instantly activate compliant KYC/AML for DeFi, exchanges, token launchpads, NFT mintings and beyond. Through Blockpass’ decentralized network of a million pre-verified crypto-enthusiasts and a thousand pre-verified businesses, you can expand your reach effortlessly. Leverage Advanced KYC BotTM for intelligent remediation, On-Chain KYC® for data-free anonymity, and Unhosted Wallet KYCTM to meet Crypto Travel Rule regulations. Join Animoca Brands, Cardano, Polygon, Chainlink, Delta Exchange, National Geographic, TinyTap, Seedify, ChainGPT, Iskra and many more in partnering with Blockpass for compliance you can trust, growth you can accelerate and an experience you can enjoy. Join the cutting edge of secure, streamlined onboardings.

Learn more and engage the Blockpass team via the following:

Website: http://www.blockpass.org

Email: [email protected]