Global Crypto Regulatory News - 1 August 2023

August 2023

Whilst Blockpass monitors and adapts to regulatory changes around the world, we only cover some of the news and developments in articles on the Blockpass blog. However, to showcase more information around what is going on in the blockchain and crypto regulatory scene around the world, we’ve selected some prominent or interesting news and articles that feature relevant crypto regulatory and compliance developments.

  • FATF Finds Systemic AML Failures 

Following findings of travel rule failings, the Financial Action Task Force also reports on billions of dollars going to illicit actors through sanctions evasion and other issues caused by compliance failures.

  • Royal Assent Finalizes Crypto Regulation 

King Charles has signed the Financial Services and Markets Act into law, bringing regulatory oversight to crypto and stablecoins within the UK’s jurisdiction.

  • Digital Securities Sandbox Not for Unbacked Crypto

Following the introduction of the Financial Services and Markets Act, Bitcoin, Ethereum and other unbacked crypto aren’t likely to be provided for in the UK’s new Digital Securities Sandbox Initiative.

  • Britain Won’t Treat Crypto Like Gambling

In order to keep Britain in line with global regulatory standards the Financial Services Minister has rejected calls to treat unbacked crypto like gambling.

  • Ripple Looks to the UK

After making waves in the US with its (partial) victory against the SEC, Ripple seeks a crypto license in the UK.

  • India Pursues Regulatory Clarity 

The Indian Supreme Court has raised concerns over a lack of both legislation for digital currencies and the lack of assigned governing bodies to deal with its regulation.

  • US States Crack Down on Exchanges

In the wake of this year’s scandals, Texas and Louisiana introduce legislation to ensure Digital Asset Service Providers are operating above board.

  • South Korean Legislature Protects Investors

New bills coming into play are aimed at reducing financial fraud and other illicit activity with fines and incarceration for those that break the rules, though some have raised criticisms.

  • Namibia Introduces Exchange Regulation

Having previously banned crypto, Namibia is now introducing regulations for Virtual Asset Service Providers and is to set up a supervising body.

  • Belarus to Ban P2P Trade

Amidst a reported crime problem with illicit crypto exchange services, Belarus is now seeking to ban all peer-to-peer crypto transactions, only allowing trade to go through Belarus’ Hi-Tech Park.

  • Panama Supreme Court Rejects Crypto Law

Constitutional concerns on procedure, rather than content, have seen a bill that would legalize the use of blockchain technology and crypto by citizens of Panama rejected by the country’s supreme court.

  • Singapore Improves Safeguards for Users

Following the example of other countries in the wake of exchange issues this year, the Monetary Authority of Singapore has introduced requirements in terms of the segregation of assets and customer safeguarding, and has banned lending.

  • Thailand Prohibits Crypto Lending Services

In another move to protect investors, Thailand, like Singapore, has banned lending and staking services to retail customers, and has mandated exchanges display crypto risk disclaimers.

  • Kuwait Bans Crypto

Kuwait’s Capital Markets Authority has announced a complete ban on payments, investments, mining and any other operations that involve cryptocurrencies.