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.
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 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.
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.
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.
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
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