Here is another in-depth and amazing Veriscope Regulatory Recap! This week, while the Taiwanese and Hong Kong authorities insist on setting up a stringent operational framework for crypto assets, the U.S. Republicans are keen to use the 118th Congress effectively to create clarity in the industry. Let’s dive straight into it.
Followed by the FTX debacle, the Taiwanese Government agencies have taken it upon themselves to decide whether there is a need for a special act to keep crypto trading under check.
The country is still at an early stage with its intent to lay out regulations. According to the Financial Committee Chairman Huang Tien-Mu, Taiwan is yet to finalize how to classify digital assets and their legal characteristics.
As it has come out so far, the Taiwanese Government may ask banks for supervision or set up an autonomous crypto union.
Irrespective of the institution bestowed with the responsibility of regulating crypto, the task would be to protect consumer interests, safeguard data, and ensure fair trade.
The existing Money Laundering Control Act in Taiwan only looks at crypto trading platforms when they report transactions exceeding NT$500,000, nearly US$16,500.
In the latest regulatory step, the Hong Kong authorities insist on mandating which crypto assets its citizens can invest in.
To offer more detail, the Hong Kong Securities and Future Commission will develop a list of whitelisted crypto assets for retail traders based on their liquidity.
The regulatory drive, of which this list will be a component, would include new crypto exchange and VASP licensing protocols. Since this regulatory push aims to protect investors, the SFC will also conduct correspondence with the public on crypto trading regulations.
Hong Kong has reportedly suffered from stringent crypto regulations over the past couple of years, with investor sentiment towards a growth-potential market getting discouraged.
With the House of Representatives in their control, US Republicans have formed a unique digital assets-focused congressional group.
Congressman Patrick McHenry, the representative for North Carolina’s 10th congressional district, announced the subcommittee on Digital Assets, Financial Technology, and Inclusion.
Congressman French Hill, the US representative for Arkansas’s 2nd congressional district, will chair the subcommittee whose primary objectives would include creating rules for federal regulators looking after the digital asset ecosystem.
It will also help build policies to penetrate underserved communities through financial innovation. According to French Hill, the subcommittee's responsibilities would include creating a safe ecosystem for FinTech innovation to thrive in the country.
Many industry experts expect the Republicans to use the 118th congress effectively to create clarity about the digital asset class as many sector-specific regulations keep coming up, including the Lummis-Gillibrand Responsible Financial Innovation act and the Stablecoin Trust Act.
Hong Kong Becoming a Crypto Hub
Mandatory Licensing for Crypto Businesses in France
EU Questions MiCA’s Effectiveness
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