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The UK government has rejected proposals to regulate unbacked cryptoassets as gambling, voicing concerns about global misalignment. In contrast, Kuwait’s CMA has outright banned all crypto operations. Meanwhile, the FCA is launching a digital sandbox for crypto innovation. Globally, crypto-related crimes and regulations continue to evolve, with growing interest in Middle East expansion.

The Central Bank of Kuwait and other regulatory bodies have collectively moved to ban most cryptocurrency activities within their region, aiming to protect investors from potential risks. However, some exceptions were made for financial instruments regulated by the Central Bank itself.

Japan has exempted token issuers from a 30% corporate tax on unrealized crypto gains, an effort to attract companies to engage in token-related operations. This follows stricter Anti-Money Laundering measures and new stablecoin issuance regulations aimed at fostering responsible growth in the crypto sector.

Japan’s crypto exchanges seek to increase the permitted leverage for retail investors due to a significant drop in annual margin trading volume. They aim to propose leverages ranging from four to ten times. Updated leverage rules could promote industry growth and maintain investor protection, but exchanges must justify the increase while aligning with government objectives.

Australia’s crypto industry risks falling behind emerging markets like Bermuda, Mauritius, and Nigeria. In order to remain competitive, the country must develop and implement robust crypto regulations. Collaboration between industry, academia, policymakers, and government bodies is crucial for devising effective solutions to foster innovation and growth within the crypto ecosystem.

A divide between advanced and emerging economies on stablecoin regulations is hindering the establishment of global norms. The G-7 supports regulating stablecoins, while the G-20 expresses concerns about their potential impact on monetary policy and financial stability, advocating stricter regulations or prohibitions. This divergence could delay adopting a comprehensive regulatory framework for the cryptocurrency sector.

Global leaders are creating universal rules for the crypto sector; however, G-7 advanced economies favor allowing and regulating stablecoins, while emerging G-20 economies voice concerns for stricter restrictions. This disagreement could hinder global acceptance of stablecoin norms and fragment unified oversight.

The FATF called for Qatar’s improved efforts to combat money laundering and terrorist financing and urged G-7 nations to regulate cryptocurrencies, prevent virtual safe havens for illicit transactions, while maintaining a balance to support innovation and growth in the industry.

The UAE Central Bank introduces new anti-money laundering and counter-terrorism financing guidelines for crypto businesses and financial institutions handling digital assets, reinforcing supervisory frameworks and mitigating risks. These measures support UAE’s push to become a global hub for the crypto industry while adhering to international standards.

Bitcoin’s journey towards $27,000 has prompted focus on a critical support level at $26,600, which will influence its short-term price action. Market shifts, the EU’s MiCA framework, UAE’s AML measures, and Hong Kong’s crypto policy are vital factors impacting the market and Bitcoin’s key support level.

Pakistan’s Ministry of IT & Telecom drafts national AI policy to transform into a knowledge-based economy by investing in AI and related technologies. However, a blanket ban on cryptocurrencies brings a debate if the country is missing out on blockchain potential in essential sectors.

Starting June 1, Hong Kong’s Securities and Futures Commission (SFC) will accept applications for crypto trading platform licenses. The guidelines emphasize platform operators’ responsibility for due diligence and maintaining sufficient capital. Retail investors can access licensed platforms provided operators assess their risk understanding. Requirements for fining platforms breaching anti-money laundering regulations have been clarified, effective from June 1.

FATF President Raja Kumar urges G-7 finance ministers to address cryptocurrency regulation and implement recommendations tackling money laundering, terrorist financing, and virtual safe havens for unlawful transactions. Compliance with updated crypto requirements remains low, with 73% of countries, including G20 nations, partially complying with FATF Standards.

South Korean Prime Minister Han Deok-soo calls for high-ranking public officials to disclose and register cryptocurrency assets. Emphasizing the need for crypto asset inclusion in property registration, the push aligns with existing requirements for valuable assets like precious metals.

South Korean prosecutors raided crypto exchanges Upbit and Bithumb in connection with lawmaker Kim Nam-kuk’s digital assets investigation. Amid allegations of suspicious crypto dealings and resignation, South Korea continues efforts to regulate and monitor cryptocurrency activity, ensuring legal compliance and user safety.

South Korean lawmaker Kim Nam-kuk departs from the Democratic Party amid allegations surrounding his crypto dealings. Nam-kuk faces accusations of liquidating $4 million worth of crypto assets before the implementation of the Travel Rule in March 2023. South Korea’s central bank recently gained authority to investigate crypto-related businesses, balancing regulation and industry growth.

This article discusses the ongoing debate between promoting innovation in blockchain technology and cryptocurrencies while ensuring regulatory oversight for safeguarding individual and societal interests. Striking a balance between privacy and accountability is crucial in shaping the future of crypto regulation and the industry’s healthy development.

Estonia enhanced its AML laws, impacting 400 Virtual Asset Service Providers (VASPs) that voluntarily shut down or lost authorizations. Despite stricter regulations, Estonia hosts 100 active crypto firms, showcasing the challenge of balancing safety and innovation in the crypto ecosystem.

The ongoing case of South Korea’s National Assembly member Kim Nam-kuk, who liquidated over $4 million worth of crypto assets before regulation enforcement, highlights the need for crypto regulations that prevent potential conflicts of interest among lawmakers and prioritize transparency and accountability.

South Korea’s Rep. Kim Nam-kuk is under scrutiny for withdrawing 800,000 WEMIX tokens, raising questions on potential conflict of interest and the need for clear regulations in the virtual assets market. This incident highlights the urgency for regulatory clarity and transparency in the rapidly evolving crypto landscape.

“Cyprus is tightening regulations on Cryptocurrency Service Providers, aligning with international standards and penalties. In Zimbabwe, gold-backed digital tokens are becoming a domestic transaction method with value ensured by national gold reserves. Despite advancements, crypto fraud remains a pressing concern; investors must exercise caution.”

Recent news highlights the dichotomy within the crypto industry – between regulators seeking oversight and proponents advocating decentralization. Examples include the dismissal of SEC’s case against Ripple Labs, new crypto-focused task forces in Hong Kong, changes in stablecoin oversight in Canada, and increased regulation in the UK.

“The U.S. Securities and Exchange Commission (SEC) focuses its powers on the crypto market, signaling the need for check and balances. SEC proposes rules for firms to analyze conflicts of interest while interacting with investors and levels the field between tech advancements and governance. The regulation and compliance could substantially impact the future of crypto world.”