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UK Cryptocurrency Exchanges Adapt to Enhanced Regulatory Standards
The UK is intensifying regulatory standards for crypto exchanges under the Financial Services and Markets Act, aiming for parity with traditional financial services. Exchanges must comply with stringent risk assessments and finance tests, impacting both domestic and offshore entities.
FCA Unveils Guidance on Cryptoasset Promotions Compliance
The UK's Financial Conduct Authority has issued a finalised non-handbook guidance on Cryptoasset Financial Promotions, aiming to clarify compliance with new laws and balance consumer protection with innovation for long-term economic growth.
Exploring the Basel Committee's Draft on Crypto Asset Exposure
The Basel Committee has unveiled a draft document detailing the disclosure requirements for banks' cryptoasset exposures. Standardized templates under a new chapter, DIS55, are introduced to ensure consistency in disclosures. The Committee seeks public and market participants' feedback on the draft until January 31, 2024, with an eye towards implementing the requirements on January 1, 2025.
Financial Stability Risks from Cryptoassets in Emerging Market Economies Highlighted by BIS
The Bank for International Settlements (BIS) and the Consultative Group of Directors of Financial Stability (CGDFS) have released a report on the financial stability risks from crypto assets in emerging market economies. The report highlights the rapid evolution of digital finance and the potential risks associated with cryptoassets, such as market, liquidity, credit, operational, and capital flow risks.
BIS Survey: 93% of Central Banks Engaged in CBDCs, 15 Retail and 9 Wholesale CBDCs Expected by 2030
The Bank for International Settlements (BIS) has released a survey revealing that 93% of central banks are now engaged in some form of Central Bank Digital Currency (CBDC) work, with retail CBDCs taking the lead over wholesale CBDCs.
Danish FSA Orders Saxo Bank to Divest Crypto Holdings, Indicating Tightening Regulation
The Danish Financial Supervisory Authority (Finanstilsynet) on July 4, 2023, issued a directive to Saxo Bank, instructing the financial institution to divest its holdings in cryptoassets. This move is based on the current legal framework, which prohibits banks from trading cryptoassets for their own account.
UK's FCA Introduces New Financial Promotions Regime for Cryptoasset Firms
The UK's Financial Conduct Authority (FCA) has issued a letter to cryptoasset firms outlining a new financial promotions regime. This legislation, set to be enforced from 8 October 2023, requires all entities marketing cryptoassets to UK consumers, including those based abroad, to adhere to the new regime.
UK Embraces Crypto Innovation with Groundbreaking Financial Services Act
The UK government has taken a bold step forward in the financial services sector, embracing the dynamic world of cryptocurrency and blockchain technology with the passing of the Financial Services and Markets Act 2023.
The Bank Of Canada Stresses Stablecoin Regulation When Legislation Is Presented
Between 2020 and mid-2022, the fiat-referenced crypto asset market grew 30-fold to $161 billion in U.S. dollars. In February, the Canadian House of Commons proposed Bill C-249, Encouraging the Cryptoasset Sector Act. Canada's crypto community supported the law, but it was politically controversial and buried after its second reading.
Ernst & Young’s Blockchain Technology to Create NFTs for Award-Winning Italian Film
Big-four accounting and auditing firm Ernst & Young’s blockchain-as-a-service dubbed EY OpsChain will create NFTs for the award-winning Italian film La Leggenda Di Kaspar Hauser.