Search Results for: Norges Bank

Norway’s central bank, Norges Bank, urges the country to develop a national crypto regulation strategy as the EU’s MiCA regulation approaches. Despite MiCA’s focus on consumer protection and market integrity, it lacks comprehensive decentralized finance regulation. Norges Bank emphasizes the importance of understanding the evolving crypto landscape to foster responsible growth and innovation.

Norway’s central bank, Norges Bank, questions the adequacy of international crypto asset regulations like MiCA for the country’s specific needs in its annual Financial Infrastructure Report. It suggests considering national regulations to address technological developments, decentralized finance shortcomings, and preventing private entities from influencing Norwegian policies.

Asian nations are increasingly regulating cryptocurrencies, with Japan enforcing stricter Anti-Money Laundering measures, South Korea mandating officials to report crypto holdings, and Hong Kong allowing licensed platforms to serve retail investors. Elsewhere, Beijing fosters Web3 technology innovation, and the International Organization of Securities Commissions pushes for global crypto regulatory frameworks.

In a recent financial infrastructure report, the Norwegian Central Bank urged its government to take a more proactive approach towards crypto regulation, stressing the need for an “international regulatory framework.” The bank also reiterated its interest in exploring the feasibility of a central bank digital currency (CBDC) and highlighted the importance of striking the right balance between technological innovation and regulation.