Welcome to another edition of Veriscope Regulatory Recap, where we cover the most exciting news from the world of crypto regulations every week. And this week, we look into Australians demanding robust crypto regulations, Israel publishing crypto regulatory guidance, and more. So, let’s dive straight into it without further ado.
Shira Greenburg, the Chief Economist at Israel's Ministry of Finance, has called for a more comprehensive regulatory framework for crypto assets.
In her 109-page report, Greenberg introduced legislation to authorize and supervise the issuance of asset-backed cryptocurrencies such as stablecoins and facilitate financial services through such tokens.
The proposal also outlines the need for laws to give the central bank the right to oversee crypto, which would further enable the country to collect the taxes on crypto assets citizens are holding beyond the borders. Lastly, the guidance report calls for creating an inter-ministerial committee to supervise the regulation of DAOs or Decentralized Autonomous Organizations.
Israel's chief economist also suggested that the Supervisor of Financial Service Providers should have more authority over licensing rules and draft a more comprehensive taxation framework for buying and selling digital assets.
Led by DFS Superintendent Adrienne Harris, the New York State Department of Financial Services (DFS) has presented a proposal to modify state legislation and charge licensed crypto companies for regulating them. The proposal is open for public comment for a period of ten days from the release date.
The regulators note that the proposal would bring Virtual Asset Service Providers (VASPs) in line with the traditional financial firms in the state. However, the assessment will apply to only those 22 crypto businesses with a BitLicense.
"Through licensing, supervision, and enforcement, we hold companies to the highest standards in the world. The ability to collect supervisory costs will help the Department continue protecting consumers and ensuring the safety and soundness of this industry," noted Harris.
The Commodity Futures Trading Commission Chairman, Rostin Behnam, urged lawmakers to speed up the development of the crypto regulatory framework.
The CFTC cannot register cash market exchanges, and "that's what concerns me. This is the gap that exists," said Behnam at the first of several congressional hearings to examine FTX's failure.
He added, "If we don't do something, customers will continue to lose money, and we're going to be right back here in a couple of months."
Behman said that the agency has no legal authority to examine any of FTX's entities or any visibility into the operations of its subsidiaries.
The CFTC oversees derivatives markets and has "many tools at its disposal" to do what's best for the defrauded customers, but the process is long and arduous, said Behman.
He further asked lawmakers to strengthen the provisions for financial disclosures and conflicts of interest by crypto companies.
The fourth issue of the Independent Reserve Cryptocurrency Index (IRCI) survey revealed that 92% of Australian respondents know about cryptocurrencies, and 25.6% own them. And as expected, Bitcoin came at the top in terms of most followed cryptocurrencies, followed by Ethereum and Dogecoin.
However, crypto winter did leave an impact on Australian crypto ownership. For instance, the number of Australians holding crypto assets dropped by 3.2% in the last 12 months. Interestingly, female crypto owners saw a 1.4% increase, while male crypto owners dropped by 10%.
One of the key findings was that most Australians surveyed were committed to the long-term adoption of digital assets, but only if the country would adopt better crypto regulations. The report notes that 32% of respondents would invest more if regulators put more effort toward protecting consumers.
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.
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.
Brazil Approves Crypto Payments
New Beginnings for Crypto at V20
Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets
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