Framework Financial News

The Monetary Authority of Singapore (MAS) has unveiled a comprehensive report introducing a framework for the design of open and interoperable networks for digital assets. The report, titled «Enabling Open & Interoperable Networks,» is a collaborative effort between MAS and subject matter experts from the Bank for International Settlements' Committee on Payments and Market Infrastructure (CPMI), with contributions from various financial institutions [1].

Italy’s top banking authority has called for a “robust, risk-based” regulatory framework for stablecoins, which could help prevent a worst case scenario — a “run” on stablecoins.

The Law Commission of England and Wales has recommended a national legal framework tailored to dealing with digital assets that addresses collateral arrangements using crypto to back loans.The commission, funded by the Ministry of Justice, noted that such collateral arrangements offer “various benefits” such as improving market liquidity and allowing investors to “extract” the value of otherwise “underutilized” assets. However, risks exist for borrowers providing such collateral if the lender they operate with goes bankrupt, in which case they may not have a claim on all of their funds.“If a collateral taker enters insolvency proceedings, a collateral provider would have only an unsecured claim for the amount constituting surplus proceeds, rather than a proprietary claim to the assets,” wrote the commission in a 304-page report published on Wednesday. 

Members of the United States House Financial Services Committees met to discuss clarity for the digital asset ecosystem, with some invoking recent legal action from the Securities and Exchange Commission (SEC) against crypto firms.

Despite the wave of market failures in 2022, the Philippines’ financial regulator has decided not to rush a legal framework on the crypto industry, initially planned to be published in late 2022. However, work on the guidelines is ongoing, and the results could be made public this year.

The European Union’s new Markets in Crypto-Assets (MiCA) rules were on Wednesday signed into law by European officials.

Officials with the European Union have signed the Markets in Crypto-Assets, or MiCA, bill into law following final approval from finance ministers.

The Securities and Futures Commission (SFC) of Hong Kong concluded a consultation period today, revealing the finalized regulatory requirements for operators of virtual asset trading platforms licensed by the SFC.

Venture capital giant Andreessen Horowitz, better known as a16z, has called for a “more nuanced” approach to crypto regulations in the UK, saying the current don’t distinguish between risky centralized crypto systems and less risky decentralized systems.

The deadline has come for comments on a consultation paper and call for evidence released by the United Kingdom’s HM Treasury on a proposed crypto asset regulatory framework. The long-awaited paper, published in February, drew detailed responses from a variety of cryptocurrency industry players.

Legislators in the European Union have pushed forward with a draft of a new bill designed to keep artificial intelligence technology in check. According to the bill, the high-risk tools will not be banned entirely, though they will be subjected to stricter transparency procedures. In particular, generative AI tools, including ChatGPT and Midjourney, will be obliged to disclose any use of copyrighted materials in AI training.

Researchers at Indiana University and the University of Maine recently published a study examining the current state of cryptocurrency tax law in the United States. The research concludes with recommendations for the Internal Revenue Service (IRS) that, if adopted, would prevent taxpayers from weighing crypto losses against other capital gains.

Lawmakers in the European Parliament have approved the world's first comprehensive package of rules aimed at regulating the cryptocurrency industry.

cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. Last year's episode of FTX's bankruptcy following a spat with Binance triggered a huge sell-off in the market and reduced liquidity. This event made the world realise the vulnerability of this asset class as they do not have any underlying value.

The G20 — an intergovernmental forum comprising 19 countries and the European Union — has planned to develop a common framework for helping all countries deal with risks associated with cryptocurrency investments.

A global framework to classify green equities has been agreed on by stock exchanges around the world.

It was announced on February 25 by the group of the 20 largest economies in the world, known collectively as the G20, that the Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) will deliver papers and recommendations establishing standards for a global crypto regulatory framework.

The Financial Stability Board (FSB), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS) will deliver papers and recommendations establishing standards for a global crypto regulatory framework, announced on Feb. 25 the group of the 20 biggest economies of the world, collectively known as G20. 

United States Treasury Secretary Janet Yellen stressed the importance of implementing a strong regulatory framework for cryptocurrencies during a G20 meeting on Feb. 25. 

The executive board of the International Monetary Fund (IMF) has assessed a paper on crypto asset policy published by the fund and expressed its agreement with its proposed policy framework. The paper, titled “Elements of Effective Policies for Crypto Assets,” developed a framework of nine policy principles that addressed macrofinancial, legal and regulatory, and international coordination issues. 

The Capital Market Authority (CMA), the regulator of Oman’s financial markets, looks to establish a new regulatory framework for the virtual asset industry in the Sultanate.