Crypto asset businesses in the UK may begin withholding certain crypto transfers to comply with the new Travel Rule, which aims to prevent money laundering and terrorist financing activities carried out using cryptocurrencies.
U.S. Securities and Exchange Commission Chair Gary Gensler continues to emphasize the importance of crypto companies complying with securities laws, despite recent setbacks in court cases against the industry. Gensler will discuss recent enforcement actions and proposals related to cryptocurrency firms but will avoid discussing ongoing litigation, including high-profile cases against Coinbase and Binance.
Malta's Financial Services Authority (MFSA) is seeking public input on proposed changes to its rulebook for cryptocurrency companies, aiming to align its regulations with the European Union's Markets in Crypto Assets regulation (MiCA) and require crypto providers to have an "orderly wind-down plan."
The New York State Department of Financial Services (NYDFS) has proposed stricter regulations for crypto firms, including enhanced criteria for coin-listing procedures and a framework for designating tokens to the regulator's greenlist.
Summary: The United States SEC's Crypto Enforcement Chief, David Hirsch, has warned that more punishment and charges will be brought against crypto exchanges and De-Fi projects that do not comply with the law, targeting not just the top players but the entire industry. The SEC will continue conducting investigations and taking action in the space.
New EU crypto regulations, known as MiCA, could lead to a delisting of stablecoins and create uncertainty within the market as legal gray areas remain and no projects have been approved yet, according to a Binance executive.
Cryptocurrency faces regulatory challenges that could shape its future, but despite these challenges, the industry holds promise with developments such as increased institutional adoption, central bank digital currencies (CBDCs), DeFi innovation, interoperability, and expected regulatory clarity.
Chase Bank in the UK will prohibit crypto transactions starting October 16 due to an increase in fraud and scams related to crypto assets.
The UK's Financial Conduct Authority (FCA) has added multiple crypto exchanges to its warning list of non-authorized firms that customers should avoid, bringing the total number of entities on the list to 143.
Major global cryptocurrency exchanges like Binance and OKX are working to comply with the United Kingdom's new financial promotion regulations to ensure fair and transparent crypto promotions, while some firms have been listed as "non-authorized" for promoting services without permission.
Binance's U.K. partner, Rebuildingsociety.com, is not allowed to approve crypto ads, according to the Financial Conduct Authority (FCA), potentially impacting Binance's compliance with new marketing rules.
The Australian government plans to regulate cryptocurrency exchanges by requiring them to obtain a financial services license from the local financial regulator, aiming to address consumer protection and innovation in the digital asset sector. However, the proposal has received mixed reactions from crypto exchanges in Australia, with some praising the regulation for providing appropriate protections, while others express disappointment as it attempts to fit crypto into existing financial services rules rather than establishing a dedicated framework. The consultation paper is open for feedback until December 1, 2023.
The Australian Treasury has proposed new regulations to regulate cryptocurrency exchanges under existing financial services rules, receiving praise from crypto exchanges for providing regulatory certainty and promoting industry growth and innovation. However, some express concerns about fitting the crypto industry into existing financial services regulation.
