Crypto Regulation 2024: What You Need To Know!
Published: 2024-10-19
Status:
Available
|
Analyzed
Published: 2024-10-19
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The 'FIT 21' bill, if passed, will establish a regulatory framework for digital assets in the US, clarifying the roles of the SEC and CFTC.
"if this bill becomes law will provide a regulatory framework for digital assets by updating existing regulations to cater for crypto and blockchain Technology but perhaps more importantly it would also clarify the roles of the SEC and the commodity Futures Trading commission or cftc in other words no more overreach from the SEC"
Pending
The SEC may offer exemptions to crypto firms if they meet specific conditions to safeguard customer assets.
"the SEC has shown some flexibility suggesting potential exemptions for certain firms if they meet specific conditions to protect customer assets"
Pending
The SEC has adopted a softer stance, not pursuing enforcement against Consensus and Paxos. However, stablecoin regulation remains unclear, suggesting a case-by-case review.
"more recently the SEC seems to have taken a slightly softened stance deciding not to pursue enforcement actions against consensus the company behind metamask and infura or paxos which issued the B USD stablecoin in partnership with binance however the report highlights that the SEC hasn't made a broader statement on stable coins suggesting the potential for a caseby case review"
Pending
The Supreme Court's overturn of the Chevron Doctrine is a significant positive development for the crypto industry in the US.
"the Supreme Court voted to overturn the so-called Chevron Doctrine which has allowed regulatory bodies like the SEC to interpret and act on legislation as they see fit over the last 40 years needless to say this was another big win for crypto"
Pending
Donald Trump is supportive of crypto and has appointed JD Vance, a crypto proponent, as his VP candidate. Trump has also publicly addressed a Bitcoin event.
"Donald Trump has embraced crypto with open arms and has also selected JD Vance as his vice presidential candidate but I'm thrilled to be here in Nashville to become the first American president ever to address a Bitcoin event anywhere in the world"
Pending
Brazil's Central Bank plans to implement crypto regulations, including oversight of stablecoins and VASPs, by the end of 2024.
"Brazil's Central Bank is planning to roll out crypto regulations before the end of 2024 with oversights on stable coins and virtual asset service providers or vasp"
Pending
The EU's Markets in Crypto Assets (MiCA) bill, a comprehensive regulatory framework for crypto, particularly stablecoins, passed last year and took effect at the end of June this year.
"Micah passed last year and came into effect at the end of June this year for context Micah is a comprehensive regulatory framework for crypto particularly for stable coins that's intended to be used across the EU"
Pending
Circle was the first stablecoin issuer to receive full approval under MiCA, paving the way for broader adoption by other issuers.
"in July Circle became the first stablecoin issuer to gain full approval under Micah setting the stage for wider adoption from other stable coin issuers"
Pending
The Travel Rule will be implemented for crypto service providers in the EU by the end of this year.
"on top of the mic bill there's also the travel rule which will come into effect for crypto service providers at the end of this year"
Pending
The UK's Travel Rule, implemented last September, requires the reporting of VASP-to-VASP transactions to the FCA for illicit activity detection.
"the UK also has its own travel rule which came into effect last September this requires information from vasp to vasp transactions to be reported to the FCA in order to detect any illicit activity"
Pending
The FCA has banned retail access to crypto derivatives due to their high volatility risks.
"the FCA has also banned retail users from accessing crypto derivatives due to the risks of extreme volatility"
Pending
Denmark has published a guide to assess crypto market decentralization under MiCA, which may serve as a global template.
"Denmark's Financial supervisory Authority published a guide to assess the decentralization of crypto markets operating under Micah notably this is the first attempt by an EU member state to outline what true decentralization means and could provide a template to be used around the world"
Pending
Switzerland, with its innovation-friendly regulatory approach overseen by FINMA, has attracted over 1,000 crypto businesses.
"Switzerland's crypto regulation is overseen by its Financial Market supervisory Authority or finma and its approach has made it one of crypto's most Innovation friendly Regulators according to the report this has attracted over 1,000 crypto businesses including the ethereum foundation"
Pending
Switzerland has a 'Blockchain Act' integrating blockchain into law, and the Federal Council has proposed measures for improved tax efficiency.
"Switzerland literally has something called the blockchain ACT a legislative framework that integrates blockchain technology into Swiss law and this year the Swiss Federal Council even suggested ways to provide improved tax efficiency"
Pending
Abu Dhabi has had a crypto regulatory framework since 2017, and Dubai, with its dedicated Virtual Assets Regulatory Authority (VARA), is a global crypto hub.
"Abu Dhabi has had a framework for crypto regulations since 2017 and Dubai has become a go-to destination for crypto firms from around the world this is a part of why we moved the coin Bureau HQ from London to Dubai by the way now Dubai also created the virtual assets regulatory Authority or Vara the first crypto specific Authority in the world"
Pending
Dubai's Central Bank has approved regulations for stablecoins pegged to the AED, which can be used for payments in the UAE.
"Dubai's Central Bank has even approved regulation for stable coins pegged to the AED which can be used for payments across the UAE"
Pending
Significant regulatory improvements in the UAE have led to its removal from the FATF's 'grey list'.
"these regulatory upgrades have been so substantial that the fatf has removed the UAE from its so-called gry list which is a list of jurisdictions that need extra monitoring due to AML or illicit Finance concerns"
Pending
Qatar has introduced its first digital asset framework, but crypto trading remains banned since 2018. This framework is seen as a potential first step towards broader crypto acceptance.
"Qatar rolled out its first digital asset framework which opens the door to blockchain Innovation notably though crypto trading is still banned and has been since 2018 but hopefully this is the first step of many towards crypto acceptance"
Pending
Turkey's Parliament approved a bill to supervise virtual asset service providers, marking its initial step towards FATF compliance.
"in May the Turkish Parliament approved a bill that creates supervision for virtual asset service providers and this marks turkey's first step towards fatf compliance"
Pending
Kenya is forming a team to draft crypto regulations, potentially creating a dedicated crypto regulator similar to the UAE's VARA, in alignment with FATF compliance.
"Kenya has also taken steps towards fatf compliance because the Kenyan government has created a specific team to draft up crypto regulations this is reminiscent of Vara in the UAE and could create another crypto specific regulator"
Pending
South Africa aims to establish stablecoin regulations by the end of the year.
"South Africa doesn't have its own stablecoin regulations yet it aims to set those out by the end of the year"
Pending
Hong Kong has implemented a licensing regime for virtual asset trading platforms, requiring SFC licensing for all service providers.
"this year it introduced a licensing regime for virtual asset trading platforms which requires all service providers to be licensed by Hong Kong's Securities and Futures commission or sfc"
Pending
Hong Kong has proposed 'Project Ensemble,' a regulatory sandbox for stablecoins, scheduled to launch early next year.
"it also recently proposed sandbox regulatory environment for stable coins called project Ensemble set to launch early next year"
Pending
Hong Kong's SFC approved spot Bitcoin and Ethereum ETFs in April, a significant development outside the US.
"in April the sfc approved its own spot Bitcoin and ethereum ETFs now this is significant because outside of the US there aren't that many countries offering such products"
Pending
While trading and mining are banned in China, holding crypto is permitted. Chinese investors continue to access the market, making regulatory implementation challenging.
"basically trading and Mining are banned but holding cryptos is allowed as such Chinese investors haven't stopped dabbling in crypto with many of them using tools like vpns to access the crypto market now this makes it much harder for China to implement proper regulatory measures"
Pending
South Korea's amended Special Financial Transactions Information Act requires crypto exchanges to register and share KYC data with banks, leading to the closure of smaller, less credible exchanges.
"an amendment was made to its special Financial transactions information act that requires crypto exchanges to register with South Korea's Financial Services Commission these exchanges then have to provide kyc information to Banks now this ruling has forced some smaller exchanges to go out of business which arguably flushes out some less credible platforms"
Pending
Thailand's SEC now permits Thai investors to invest in US spot Bitcoin and Ethereum ETFs.
"its own SEC has allowed Thai investors to invest in the US spot Bitcoin and ethereum ETFs so that's something I guess"
Pending
The Philippines plans to pilot a peso-backed stablecoin for remittances and DeFi liquidity.
"there are also plans to Pilot a Philippine pezo back stable coin to be used for things like remittances and defy liquidity"
Pending
Australia plans to regulate stablecoins by the end of 2024 and considers crypto as property for tax purposes.
"however there are plans to regulate stable coins by the end of 2024 and the report notes that in Australia crypto is considered property for tax purposes"
Pending
Countries with improved crypto regulations, like the UAE, will see increased capital flow. Even countries with poor regulations, like Honduras, may eventually improve them, as having any regulation is better than none.
"some countries such as the UAE have very good crypto regulations that continue to improve these will make it easier for Capital to flow into crypto other countries such as Honduras have very bad crypto regulations which could become good in the future as we've mentioned in our previous videos about crypto regulations once some kind of Regulation has been put down then it can be changed in other words having some kind of Regulation is better than having no regulation at all as crypto adoption continues to grow countries like Honduras will feel pressure to pass better crypto regulations and the rails for them to do that will already be in place so to speak"
Pending
Regulations targeting decentralized and disintermediated crypto activities would be detrimental to the industry.
"the moment we start seeing regulations being applied to decentralized and disintermediated activities though that's when it starts to become very bad for crypto"
Pending