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Global Crypto Regulatory News - 1 February 2024
February 01, 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 Approves Bitcoin ETFs
In a move that has been anticipated for a long time, the SEC has finally approved applications from a number of companies to offer exchange traded funds to investors.
- IRS Introduces Crypto Tax in US, but Won’t Enforce?
Despite starting off the new year by introducing a crypto tax that has seen many in the US up in arms, the IRS has since backtracked and clarified that it won’t go into effect for some time - until new regulations are introduced.
https://www.coincenter.org/new-crypto-tax-reporting-obligations-took-effect-on-new-years-day/
https://decrypt.co/213112/irs-says-wont-enforce-10k-crypto-tax-rule-now
- US Bill Seeks to Combat Illicit Crypto Asset Use
The new bill will attempt to improve communications between federal law enforcement and businesses and help to inform regulators of what needs to be put in place for the US market.
- New York Lawyers Attempt to Retain Crypto Firms
The New York City Bar Association is pushing for a new amendment to encourage crypto businesses to stay in the city rather than move to other states or more attractive crypto jurisdictions abroad.
https://cointelegraph.com/news/nyc-bar-association-crypto-amendments
- EU Limits Overseas Crypto Firm Service
New proposals by the European Securities and Markets Authority are intended to ensure that EU countries have a competitive edge or that foreign companies set up shop within the EU.
https://www.reuters.com/technology/eu-reinforces-tight-limits-crypto-firms-outside-bloc-2024-01-29/
- Improving AML Standards in EU Will Impact Crypto
Legislative updates that seek to improve anti-money laundering and anti-terrorist financing laws in the EU will necessitate more effective AML standards for crypto companies if the provisional agreements pass into law.
https://cryptopotato.com/eu-tightens-regulations-regarding-crypto-transactions-citing-aml-concerns/
- Poland Improves Crypto Regulations
A new bill will see Poland’s crypto regulatory framework brought into line with the EU’s Markets in Crypto Assets law and will see crypto supervised by Poland’s Komisja Nadzoru Finansowego.
https://coinjournal.net/news/poland-to-introduce-crypto-regulation-bill-in-q2-report/
- India Cracks Down on Crypto Non-Compliance
Targeting potential weak points in its anti-money laundering act, India has expanded the scope of digital assets that come under the law’s purview, leading to tighter regulation.
- Hong Kong License to Regulate Fiat-Referenced Stablecoins
A proposed new license from Hong Kong’s FSTB and the HKMA would see the introduction of a specific local license for fiat-referenced stablecoins, enabling them to be accepted and regulated if certain criteria were met.
https://cointelegraph.com/news/hong-kong-oblige-stablecoin-issuers-obtain-license-consultation-paper