October 18, 2022

Veriscope Regulatory Recap (October 10th — October 16th)

Veriscope Regulatory Recap (October 10th — October 16th)

Welcome to another edition of Veriscope Regulatory Recap! We are back with exciting news from the world of crypto regulations this week, from a European Parliament Committee giving the go-ahead to the Markets in Crypto Assets Bill. So, let’s dive straight into it without further ado.

European Parliament Committee Passes MiCA Crypto Law

The European Parliament Committee on Economic and Monetary Affairs (ECON) has approved the landmark comprehensive and strategic regulation for crypto assets in the EU.

Markets in Crypto Assets (MiCA) is meant to implement uniform regulations for crypto assets across the 27-strong bloc to ensure consumer and environmental protection and introduce safeguards against market manipulation and related financial crime.

The proposal concerns crypto assets not covered by the existing financial services laws and aims to regulate the activities of crypto service providers, including their issuance, exchange, and trading.

Once the bill gets signed into law, crypto firms will have up to 18 months to prepare themselves for the changes.

US Senator Urges SEC to Establish Crypto Regulation

US Lawmaker Hickenlooper is calling on the SEC to establish “clear rules” for the crypto market and engage with the public by opening a “notice-and-comment period.”

In his letter to chairman Gary Gensler, Hickenlooper urged the SEC to identify cryptos that will be considered securities, establish registration guidelines for trading platforms, and determine necessary disclosures for investors to be properly informed.

The Colorado senator also reminded the regulator about his duty to “protect” investors and promote “responsible” innovation. He further called for a “coordinated regulatory framework” between government agencies and equal enforcement.

FSB Proposes Crypto Regulation Framework

The international monitoring body, Financial Stability Board (FSB), has proposed a comprehensive framework for crypto assets to address the potential risks while “harnessing potential benefits of the technology.”

In its Oct. 11 report, the FSB suggested a potential crypto regulatory framework for public comment, including proposed policy initiatives, financial stability risks, and the approach to establishing guidelines for digital assets. The proposal will be open for public comments until Dec. 15.

Moreover, in an accompanying letter to the G20, FSB chair Klaas Knot cited recent “turmoil” in crypto markets” behind the agency’s recommendations and demanded that policymakers soon develop a “robust international framework” to tackle the potential risks before they affect the broader financial ecosystem.

Important Announcement: 10,000 SHFT on Offer!

After Shyft DAO approved the Veriscope VASP grant proposal, an aggregate of 10,000 SHFT has been granted for Virtual Asset Service Providers (VASPs) that integrate to the Veriscope mainnet by September 30, 2022. The fund will enable VASPs to pay the Shyft Network gas fees while using Veriscope. This offer will remain valid until December 31, 2022, or till the VASP exhausts its SHFT grant.

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Interesting Reads

Albania Gives the Green Light to Regulating Crypto Exchanges ‍

Kim Kardashian Slapped by the SEC With Over a $1M Penalty for an Unlawful Crypto Promotion

Wild West no more? G20, Portugal & EU all planning tighter crypto regulations

Canadian Self-Regulatory Agency Approves First Crypto-Native Investment Dealer


VASPs need a Travel Rule Solution to begin complying with the FATF Travel Rule. So, have you zeroed in on it yet? We have the best solution to suggest: Veriscope! Veriscope is the only frictionless Crypto Travel Rule compliance solution.

Visit our website to read more: https://www.shyft.network/veriscope and contact our team for a discussion: https://www.shyft.network/contact

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