Crypto rules Financial News

Australia’s tax regulator has been unable to clarify confusing aspects of its new guidance that suggests capital gains tax (CGT) is payable on a slate of everyday decentralized finance transactions.

Turkey's new rules to regulate the crypto market are likely to focus on licensing and taxation, sector officials say, as the world's fourth-biggest crypto-trading country seeks to get off an international financial crime watchdog's «grey list». Ankara promised the regulations last month amidst a years-long boom in crypto trading, as soaring inflation and a plunging lira currency drives a demand for alternative assets.

Australian Securities and Investment Commission chairman Joe Longo punctured the crypto industry’s enthusiasm for federal regulation, warning it will take time to finalise licensing to avoid high-profile collapses like that of US crypto exchange FTX.

G20 finance ministers and central bank governors (FMCBG) agreed to «ambitious efforts» for substantially reforming and strengthening multilateral development banks (MDBs), including increasing their lending capacity. They also adopted a road map for the regulation of crypto assets, marking significant progress on India's G20 agenda. "...The G20 finance track saw key achievements in several areas of India's presidency year," said finance minister Nirmala Sitharaman on Friday, briefing reporters on the outcome of the fourth and last G20 FMCBG meeting under India's presidency. She listed progress on strengthening of MDBs, advancing financial inclusion and productivity gains through digital public infrastructure, crypto assets agenda, managing global debt vulnerabilities, and financing cities of tomorrow.

Malta’s Financial Services Authority (MFSA) has begun public consultation over changes in its crypto regulations in order to align with Europe’s Markets in Crypto-Assets (MICA) regulations set to take effect in December 2024. The public consultation period is open until Sept. 29.

NEW DELHI : The G20 Leaders’ Summit in New Delhi later this week will discuss the building blocks for cryptocurrency regulations, while a paper authored by the Financial Stability Board (FSB) and the International Monetary Fund (IMF) will offer nations a road map for regulating crypto assets, a person with direct knowledge of the matter said. India is seeking a consensus among G20 nations on crypto assets, the person said, adding that the government has prepared a presidential note on cryptocurrency, including a summary of the IMF and FSB reports.

While United States regulators such as Securities and Exchange Commission Chair Gary Gensler make bad-faith claims that “there’s been clarity for years” when it comes to cryptocurrency, the European Union took real action in April when it passed the Markets in Crypto-Assets (MiCA) regulatory framework. While imperfect, it was a crucial move in the right direction for our industry and a signal to the U.S. that it will be left behind if it continues to stand still and rely on antiquated regulations.

The Bank Policy Institute (BPI), an organization that advocates for the banking industry in the US, has publicly backed Senator Elizabeth Warren's efforts to tighten regulations for cryptocurrencies. 

The Indian Supreme Court on July 27 reprimanded the Union government for the lack of crypto regulations in the country, according to a report in a local media outlet. 

Hong Kong's financial regulator finally implemented its new regulatory framework for crypto on the first of June.

Hong Kong and the United Arab Emirates' (UAE) central banks are looking to collaborate on cryptocurrency regulations and financial technology development.

Lawmakers from South Korea are pushing to enshrine stricter regulation of digital assets in the wake of a gruesome murder case involving digital assets. 

European Union member states gave the final stamp of approval to a regulation on Markets in Crypto-Assets (MiCA), the world's first comprehensive set of cryptocurrency regulations.

The chair of the United States Securities and Exchange Commission (SEC) Gary Gensler has hit back at Coinbase’s petition compelling the agency to provide a clear stance on crypto regulation, arguing that there are already adequate laws in place.

The world's first comprehensive regulation for the crypto sector, MiCA requires firms in the sector to obtain a license in order to offer their services in the bloc and to meet money laundering and terrorist financing rules."Significant" service providers will also have to disclose their energy consumption in order to tackle the sector's carbon footprint.A separate vote of 529-29 waved through Transfer of Funds regulation, requiring crypto firms to identify their customers.MiCA will now be introduced in phases, beginning next July.EU financial services commissioner Mairead McGuinness called on other parts of the world to follow the EU's lead, adding: "We believe had FTX been captured under the EU's jurisdiction, many of its practices would not have been permissible under MiCA." Anna Carrier, legal consultant at Norton Rose Fulbright warns that firms will need to take swift action: "With a relatively short implementation timeframe and a need for technical secondary legislation to be developed before MiCA becomes applicable, the industry faces some busy months ahead."

The world's first comprehensive regulation for the crypto sector, MiCA requires firms in the sector to obtain a license in order to offer their services in the bloc and to meet money laundering and terrorist financing rules."Significant" service providers will also have to disclose their energy consumption in order to tackle the sector's carbon footprint.A separate vote of 529-29 waved through Transfer of Funds regulation, requiring crypto firms to identify their customers.MiCA will now be introduced in phases, beginning next July.EU financial services commissioner Mairead McGuinness called on other parts of the world to follow the EU's lead, adding: "We believe had FTX been captured under the EU's jurisdiction, many of its practices would not have been permissible under MiCA." Anna Carrier, legal consultant at Norton Rose Fulbright warns that firms will need to take swift action: "With a relatively short implementation timeframe and a need for technical secondary legislation to be developed before MiCA becomes applicable, the industry faces some busy months ahead."

The standards for Virtual Asset Service Providers (VASPs) in Hong Kong are set “incredibly high” as the Securities and Futures Commission (SFC) is wanting the crypto industry to match the same compliance standards as traditional financial firms.

Hong Kong’s securities regulator said cryptocurrency-trading companies would need to leave the city if they don’t plan on getting licenses and released proposed new rules seeking to better protect investors in the wake of the collapse of FTX.

Crypto firms in the UK could be banned from commingling client assets with their own and face minimum capital requirements if new government proposals go ahead.

Regulators in different jurisdictions should aim for a unified approach to their respective cryptocurrency rulebooks to prevent exploitation of regulatory loopholes between jurisdictions, the CFA Institute said.

Giant companies like Apple have made a fortune by centralizing their powers and profits and expanding their product and services network to be a part of people’s lives in as many ways as they can. Until recently, however, Apple had also demonstrated an ability to tunnel-focus its efforts to stay relevant and up to date with what consumers wanted, what mattered to them and what they needed most from the tech giants they rely on. It seems that this is not strictly true anymore, and that is a real shame.