November 8, 2022

Veriscope Regulatory Recap - October 31st to November 6th

Veriscope Regulatory Recap - October 31st to November 6th

Welcome to another exciting edition of Veriscope Regulatory Recap! We bring you some of the hottest news from the crypto regulations space, from the EU postponing MiCA legislation to February next year to Canadian authorities currently consulting on crypto regulations. So, let’s dive straight into it without further ado.

EU Postpones MiCA Vote 

European Union lawmakers are delaying voting on the Markets in Crypto Assets regulation (MiCA) until February. Previously, the plan was for the Parliament to vote at its December plenary session. Given the length and complexity of the text, that's now abandoned.

MiCA legislation was approved in June, and its final text was published in October.

The text, however, still needs to be officially signed off by lawmakers and EU's Council national governments.

The EU crypto law's provisions set reserve requirements for stablecoins and require crypto companies such as exchange platforms and wallet providers to seek authorization from national regulators. Once the final document is published in the EU's Official Journal, it will be applied between 12 and 18 months.

New "crypto token regime" in Dubai

 To encourage crypto innovation in a "measured, responsible, and transparent" way, the Dubai Financial Services Authority (DFSA) has introduced a new "crypto token regime.".

After introducing regulation for investment tokens in October 2021, this regime marks the DFSA's regulatory work's second phase, aimed at AML/CFT, crypto trading and holding, consumer protection, market integrity, and custody.

The DFSA is also extending the scope of its current financial services activities to allow firms in the special economic zone DIFC (the Dubai International Financial Centre) to provide products and services related to crypto assets.

"Our work to develop a comprehensive crypto token regime has taken into account feedback from a broad range of stakeholders. It aims to strike a balance between encouraging innovation in the DIFC and protecting the consumers of these financial products," said DFSA CEO Ian Johnston.

Canadian Authorities Begin Consultations on Crypto Regulation

The Canadian government has started consultations on cryptocurrencies, stablecoins, and CBDC with shareholders to determine what regulations to impose on the crypto industry.

The ruling body says that crypto assets pose "a challenge to democratic institutions" and should be under strict supervision. 

"In the last several months, digital assets and cryptocurrencies have been used to avoid global sanctions and fund illegal activities, both in Canada and around the world," noted Canada's federal government, adding that to address these challenges, they will be launching "a financial sector legislative review focused on the digitization of money and maintaining financial sector stability and security."

As of the end of 2021, the Bank of Canada has estimated that about 13% of the nation's adults were HODLers.

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.

Interesting Reads

India to Prioritize Crypto Regulations Under its G20 Presidency

UK Lawmakers Will Hold Inquiry to Explore NFT Regulation

SEC’s Hester Peirce Says Agency's Current Approach Is 'Not a Good Way of Regulating'

The state of crypto in Southern Europe: Malta leads the way


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