Nigel Green, CEO of deVere Group (a leading advisory firm) has arrived in opinion that positive cryptocurrency regulation should form a central part of the post-Brexit United Kingdom. He shared his view, “The growing cryptocurrency market has already provided tangible economic benefits to other major economies. Post-Brexit Britain will be uniquely placed to go even further and by embracing it, it could reboot the UK’s financial services sector.”
U.S. Congress is currently working on at least three bills that would resolve some of the tricky legal issues surrounding digital money. The Wall Street Journal commented, “Crypto’s backers in Washington say regulatory clarity is vital to the sector’s growth. They also worry the U.S. is falling behind: Japan and Switzerland have developed legal frameworks that have attracted cryptocurrency projects and investment.”
The London-based crypto asset management firm Prime Factor Capital has obtained a license from the Financial Conduct Authority (FCA) to operate as a full-scope Alternative Investment Fund Manager (AIFM). Its CEO Nic Niedermowwe claims, “The FCA-regulation brings us under the purview of one of the most recognised financial markets regulators globally. This is particularly relevant in the cryptocurrency space, which has repeatedly captured headlines for poor operating standards and even fraudulent activity.”
A blockchain developer named CipherTrade reportedly to launch a new solution for Financial Action Task Force (FATF) travel rule regulations. A collaboration has been made between CipherTrace and Shyft in order to make the development of the new blockchain solution which will be creating a Know Your Customer (KYC) platform and Anti-Money Laundering (AML) system to help crypto companies comply.
A group of ministers in Netherlands have urged the government to regulate cryptocurrencies and certain cash payments over money laundering concerns. Though the Scandinavian nation doesn’t recognize cryptocurrency as a legal currency. The Minister of Justice Grapperhaus said, “Crime cannot pay. Not in the Netherlands, not in Europe and not worldwide. Through a joint effort, we want to take the approach to money laundering to a higher level.”
Following the annual G20 summit held at Osaka, Japan the finance ministry website of Japan has published a joint declaration of the leaders based on the Fukuoka meeting. The statement on crypto: do not currently constitute a threat to monetary stability, and that technological innovation can deliver significant benefit to the economy. But also reaffirmed to comply with FATF.
A country located in the Italian Peninsula named San Marino has recently approved the cryptocurrency and blockchain regulations which will be governing the innovations and operations related to this technology. Apart from that, a new committee to make the country the globe-top hub for innovative technologies was also formed.
The Department of Federal Revenue of Brazil (RFB) has released new rules requiring that cryptocurrency exchanges inform the regulator about users’ transactions in order to identify tax fraud. The guidelines gives clear road to cryptocurrency trading platforms in Brazil & they should adopt new rules to report about the movements of users’ crypto funds to the agency.
Financial Stability Board (FSB) the G-20 international financial watchdog based in Switzerland in its latest report vehemently pushes individual regulators to improve their risk assessment strategies regarding financial activity in the crypto space. The report highlights that existing crypto regulations are somewhat weak, and the fast rate of technological innovation may leave the sector with even more areas of questionable regulation.
At the MIT Technology Review’s Business of Blockchain 2019 conference saw an intense exchange between Caitlin Long and Peter Van Valkenburgh (one of the industry’s most eloquent speakers). The bone of contention issue was USA regulatory environment. Long explained that many digital assets do not qualify as securities, hence they should be treated as property & state alone control commercial law. Van Valkenburgh responded that his uneasiness with state-level crypto regulation.