Search Results for: Financial Supervisory Service

“Margarita Delgado, the deputy governor of the Spanish central bank, addressed the potential of the digital euro in enhancing cross-border payments, reducing business costs, and filling the absence of private payment service providers (PSPs) in Europe. She believes there can be a co-existence of the digital euro and private payment solutions, creating new opportunities for financial services by the private sector.”

“Bity, a firm operating 45 Bitcoin ATMs in Switzerland, is challenging the Financial Market Supervisory Authority (FINMA) regulations requiring users to reveal their identity for transactions exceeding 1,000 Swiss francs. Bity started a crowdfunding campaign to assist in legal expenses, rallying supporters with a resolute slogan, “FINMA is fighting crypto! We are fighting back!” They argue against the new know-your-customer (KYC) rules as undemocratic and overbearing.”

Federal Reserve Governor Michelle Bowman warns about the “supervisory void” in the digital assets landscape, leaving financial institutions in uncertain territory. She urges global regulators to pay attention to novel banking activities and develop a clear regulatory framework. Lack of clarity risks pushing businesses towards crypto-friendly jurisdictions and may have serious consequences for financial institutions and stability of the digital asset market.

EBA Chair José Manuel Campa emphasizes the need for stablecoins to adhere to sensible guardrails, as central banks should have the right to veto if they threaten monetary policy or financial stability. MiCA’s introduction will regulate all crypto-related activities in the EU, ensuring stablecoin issuers comply with vital regulations while considering central banks’ role.

“A significant crypto scam in South Korea swindled approximately $651 million from nearly 8,000 people, highlighting the need for stringent regulatory measures. The scam promised enticing payouts through a cryptocurrency platform, leading to financial turmoil for investors. The incident underscores the potential dangers within the crypto arena and amplifies the call for robust legal framework surrounding cryptocurrencies.”

“South Korea strengthens the regulatory environment surrounding cryptocurrencies by setting up an interagency investigative unit to combat crypto-related crimes. However, as cryptocurrencies promise greater freedom, they also attract criticism for providing cover for potential fraud and other illicit activities.”

“South Korea firms issuing or owning cryptocurrency must disclose their holdings in financial statements by 2024, including quantity, characteristics, and related business models. This aims to enhance accounting transparency, recognizing crypto sales as profits once obligations to its cryptocurrency holders are fulfilled.”

“Taiwanese legislators are set to introduce the country’s first cryptocurrency regulatory bill in November 2023, aimed at overseeing cryptocurrency trading and related activities. The law is intended to prevent ‘regulatory arbitrage’ and protect investors from the challenges posed by rising foreign crypto operations.”

Taiwan plans to propose a special law to regulate emerging crypto businesses by November 2023, driven by concerns over offshore markets’ activities. There’s consensus on needing unique legislation for crypto, dissimilar to traditional financial instruments. Taiwan’s Financial Supervisory Commission is helping, releasing guidelines for investors’ protection, including complete segregation between exchange treasuries and customers’ assets. Critics argue that over-regulation might hinder organic growth and innovation.

“Belgian-based crypto market maker Keyrock achieved regulatory clearance from the Swiss Financial Services Standards Association after a thorough inspection confirmed compliance with antimoney laundering requirements. This endorsement, alongside expansion plans and a secured $72 million in funding, indicates Keyrock’s commitment to transparency, regulatory compliance, and the evolution of the crypto landscape.”

Taiwan’s Financial Supervisory Commission (FSC) introduces fresh directives for Virtual Asset Service Providers (VASPs) to improve cryptocurrency users’ security. Guidelines demand a clear separation of company and customer assets, increased transparency, fortified internal controls within crypto firms, and adherence to robust anti-money laundering mechanisms. These regulations aim to encourage self-regulation in the crypto industry.

Taiwan’s Financial Supervisory Commission (FSC) is implementing new regulations to improve safeguards for crypto investors. These regulations seek to control virtual asset service providers (VASPs) like Binance, Kraken, and ByBit, emphasizing asset safety, self-regulation, and legal operation in Taiwan. This overhaul coincides with local exchanges forming a regulatory body, and precedes FSC’s expected 2023 takeover as Taiwan’s primary crypto regulator.

Taiwan’s crypto community is set to establish an operational group this October, designed to facilitate digital currency adoption and self-compliance. Spearheaded by nine local cryptocurrency exchanges, this initiative aims to foster a healthy industrial environment and ensure the industry’s robust wellbeing, ultimately propelling Taiwan onto the global cryptocurrency stage.

“Taiwan is crafting restrictions for offshore cryptocurrency exchanges operating within its domains. The Financial Supervisory Commission (FSC) is formulating a guidebook to help virtual asset services providers establish regulatory norms, focusing on information disclosure, virtual asset listing standards, and secure division of corporate and customer assets.”

Taiwan’s Financial Supervisory Commission plans to release guidelines for crypto companies to ensure safety and compliance with anti-money laundering laws. This move, affecting local and overseas firms, reflects Taiwan’s intent to regulate and embrace the crypto sector while balancing innovation and security.

“Taiwan drafts guidelines to regulate unregistered foreign virtual asset service providers (VASPs). The Financial Supervisory Commission (FSC) produced a draft of ten principles, aiming to protect the market from abusive practices while promoting transparency and differentiating custody of assets.”

Switzerland-based crypto bank, Seba, has received approval-in-principle from Hong Kong’s Securities and Futures Commission. This is an initial step towards gaining a full license for operations with cryptocurrency-related products and traditional securities. Seba’s move correlates with Hong Kong’s new regulatory measures aiming to attract companies into the region.

“The U.S. FDIC’s latest risk report indicates a shift from previously indifferent stance towards considering cryptocurrency as an area of concern. The 2023 Risk Review shows FDIC’s readiness to initiate discussions with banks about crypto-asset activities, echoing similar sentiments across U.S. banking agencies. Yet, it also reveals the complex balancing act required in integrating digital assets safely into the conventional banking system.”

Binance, a leading cryptocurrency exchange, has applied for registration in Taiwan under the jurisdiction’s Money Laundering Control Act and Financial Supervisory Commission compliance. This aligns with Taiwan’s efforts to implement Anti-Money Laundering laws for virtual asset service providers amidst a developing regulatory environment.

“Binance, the world’s largest digital currency exchange, is taking steps towards Anti-Money Laundering compliance in Taiwan as it navigates the emerging regulatory landscape. The Taiwanese cryptocurrency industry’s new AML guidelines are opening opportunities for Binance’s expansion, despite recent regulatory challenges in the United States and Europe.”

Binance, the world’s leading cryptocurrency exchange, revoked its licensing request a month after its application was rejected by Germany’s financial body, BaFin. Despite this, Binance remains committed to securing necessary licensing in Germany, and dealing resiliently with changing global market conditions, including regulation.

“Indonesia has launched its own digital assets stock market and clearing house, marking a significant leap in fostering a fair and secure crypto trading realm. Despite delays, this platform holds the potential to transform Indonesia’s crypto landscape. However, regulatory intricacies remain a challenge. Indonesia’s bold move has positioned it globally as a fast adopter of crypto assets, promoting cryptocurrency acceptance and making it an attractive hub for digital assets.”

“The European Banking Authority is urging an early adaptation of guidelines for managing stablecoins, ahead of mandatory regulations due next year. This includes understanding and implementing the EU-approved MiCAR framework’s measures for good governance and consumer protection. These preemptive actions are designed to reduce potential risks and facilitate effective consumer protection in the rapidly evolving stablecoin market.”

“Amid regulatory debates, Saxo Bank was compelled by the Danish Financial Supervisory Authority to divest from its crypto assets to maintain financial stability. However, the upcoming EU’s crypto regulatory framework, Markets for Cryptoassets regulation (MiCA), could reshape the crypto landscape post-2024.”

“Binance’s struggles with securing a crypto custody license from Germany’s financial watchdog highlight the increasing importance of regulatory compliance for cryptocurrency firms. Despite setbacks, Binance remains dedicated to achieving compliance, signaling a critical future trend for blockchain-based companies operating within international legal frameworks.”