Global Crypto Regulatory News - 1 March 2024

March 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.

  • US May Push for Non-Security Token Legislation

The U.S. Treasury Secretary has called for Congress to introduce legislation around the regulation of stablecoins and the spot market for crypto assets that are not securities.

  • SEC Proposes Controversial New Regulation

New rules with new definitions of established terms which have been adopted by the SEC will have an effect on DeFi, with many, including one SEC Commissioner, have decried.

  • Hawai’i Makes Positive Move for Crypto

The Department of Commerce and Consumer Affairs in Hawai’i has announced that it won’t apply its money transmitter law to cryptocurrency activities.

  • EU Looks at Crypto-Asset Categorization

The EU may make a move towards bringing its securities rules to crypto firms in what some are unfavorably viewing as a move reminiscent of the US SEC’s Gary Gensler.

  • PM of India Concerned About Crypto Regulation

India’s Prime Minister, Narendra Modi, has raised concerns about cryptocurrency and cyber threats and his view that the legal system needs to adapt to modern changes.

  • Australia Clarifies Crypto-Backed Product Rules

The result of a legal case in Australia has resulted in consequences for how crypto-backed financial products should be regulated in the country.

  • Japan Makes Positive Move Towards Crypto Adoption

A new bill in Japan will see crypto assets included in the country’s legal framework, allowing venture firms to own crypto assets and marking a change in direction in the country’s stance on crypto.

  • South Korea Sets Date for New Virtual Asset User Protection Law 

South Korea’s Financial Services Commission has announced the date for its implementation of new laws which mandates exchanges storing a certain amount of funds in cold storage, and introduces severe penalties on bad actors in the crypto space.

  • Potential for Crypto Regulation Updates in Mexico

A Mexican financial services firm is proposing updates to fiscal legislation to provide clarity and updates on areas such as cryptocurrency taxation and virtual asset IP.

  • Honduras Regulator Bans Financial System from Trading Crypto

Citing risks of fraud and money laundering, likely due to a lack of crypto regulation in the country, the National Banking and Insurance Commission of Honduras has introduced a ban on trading crypto and similar virtual assets in the financial system.