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Global Crypto Regulatory News - 1 December 2023

June 2024

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.


  • SEC May Face its Own Issues

In a month of significant judgements on crypto exchange CEOs, the SEC comes under scrutiny for possibly breaking the law. Whether this will have an effect on any other cases remains to be seen.

https://blockworks.co/news/us-gao-sec-violation-law

  • CFPB Seeks Crypto Oversight

Another authority in the US, the Consumer Financial Protection Bureau, is seeking to oversee crypto businesses, including monitoring crypto-specific transaction and revenue data.

https://www.forbes.com/sites/digital-assets/2023/11/14/the-cfpb-wants-to-regulate-crypto/

  • Oregon Suffers Legal Uncertainty

Oregon’s delay in adopting the Uniform Commercial Code is leading to a lack of clarity on how to treat commercial and secured transactions which use crypto assets.

https://www.bizjournals.com/portland/news/2023/11/01/legal-insights-uncertainty-in-oregon-for-crypto.html

  • UK Finalizing Cryptoasset Regulations 

Following a consultation earlier in the year, His Majesty's Treasury in the UK has confirmed final proposals for cryptoasset regulation.  

https://www.regulationtomorrow.com/eu/hmt-publishes-final-proposals-for-uk-cryptoasset-regulation/

  • Turkey Drafts New Crypto Regs

In order to comply with Financial Action Task Force standards, Turkey moves to draft new and improved regulations relating to crypto assets. 

https://cointelegraph.com/news/turkey-seeks-shed-fatf-gray-list-status-crypto-regulations

  • Singapore Implements Stablecoin Regulations 

Singapore’s financial regulator has approved blockchain firms for the issuance of stablecoins  backed by the Singapore dollar or the currency of any G10 nation.

https://www.bloomberg.com/news/articles/2023-11-16/singapore-vies-with-asian-peers-for-slice-of-127-billion-stablecoin-sector

  • South Africa Clamps Down on Crypto Money Laundering

In order to lower the prevalence of money laundering and main tax transparency, South Africa is adopting the global Crypto-Asset Reporting Framework standard. 

https://bitcoinke.io/2023/11/south-africa-adopts-the-crypto-asset-reporting-framework-standard/

  • Kenya Prepares Virtual Asset Service Provider's Bill 

The first draft of the bill to govern cryptocurrencies in Kenya will be drafted by Blockchain Association of Kenya and is expected early next year. 

https://www.benjamindada.com/kenya-crypto-act-bak/

  • UAE Takes Unlicensed VASPs to Task

A number of regulatory authorities in the UAE have issued guidance intended to shut down unlicensed virtual assets service providers, with strict penalties for the businesses, their owners and managers. 

https://www.zawya.com/en/legal/regulations/unlicensed-crypto-companies-in-the-uae-time-to-embrace-regulations-i0l9jsl0

  • Kazakhstan Clamping Down on Exchanges

Coinbase is just one of the exchanges blocked recently as the government of Kazakhstan cites failure to comply with a specific clause in its Digital Assets laws. 

https://news.bitcoin.com/coinbase-website-blocked-in-kazakhstan-amidst-crypto-securities-law-enforcement/

  • Bitcoin Argentina Presents Draft Bill for Crypto Regulation 

Even previously regulation-skeptic entities such as the NGO ‘Bitcoin Argentina’ are embracing the idea of standards to ensure decentralization and to avoid fraudulent business practices from impacting crypto. 

https://cointelegraph.com/news/bitcoiners-pitch-draft-bill-to-preserve-blockchain-decentralization-in-argentina