Global Crypto Regulatory News - 1 October 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.

• BRIDGE Act May Improve US Crypto Regulatory Framework

The Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act would see a joint advisory committee of the SEC and CFTC improving crypto asset regulation.

https://today.westlaw.com/Document/I55a0ac25750611efb5eab7c3554138a0/View/FullText.html?transitionType=Default&contextData=(sc.Default)&firstPage=true

• Sunny Outlook for Crypto in Hawaii

New regulations in Hawaii show a positive stance towards crypto, with new regulation that eases burdens placed on crypto companies, leading many to investigate the state for business.

https://en.cryptonomist.ch/2024/09/13/hawaii-issued-a-new-regulation-in-favor-of-crypto/

• China Updating Crypto Regulations

Moving to combat new money laundering risks, the Standing Committee of the National People’s Congress is adding measures that cover cryptocurrencies.

https://news.bitcoin.com/china-moves-to-address-crypto-money-laundering-activities-with-new-law-draft-revision/

• South Korea Enhancing Crypto Regulation

New legislation in South Korea aims to improve areas such as transparency and investor protection in the crypto space, KYC and AML procedures, and security token and CBDC regulation.

https://www.thecoinrepublic.com/2024/09/21/south-korea-amps-up-crypto-game-phase-two-legislation-unveiled/

• Poland Continues MiCA Implementation

A new version of Poland’s Draft Act to implement MiCA standards is the result of a review of hundreds of public-submitted amendment suggestions covering areas such as oversight & fees.

https://www.aoshearman.com/en/insights/new-draft-of-polish-markets-in-crypto-assets-act

• Ireland Updates MiCA Regulation Guidelines

Ireland’s Central Bank has updated its MiCAR in line with the EU’s framework, affecting Asset Reference Token and Electronic Money Token issuers, as well as crypto-asset service providers.

https://www.lawsociety.ie/gazette/top-stories/2024/september/central-bank-states-its-crypto-demands-under-eu-framework

• Romania Clamps Down on Crypto Compliance

Romania is taking steps to improve its money laundering and terrorism financing countermeasures with updated regulations that are clearer and more rigorous.

https://www.kinstellar.com/news-and-insights/detail/2969/romania-to-introduce-stricter-compliance-rules-for-crypto-asset-service-providers

• Qatar's Framework for Digital Assets

New rules from the Qatar Financial Centre cover tokenization, property rights, custody arrangements and more, and lays the groundwork for the legally recognized smart contracts.

https://cointelegraph.com/news/qatar-financial-centre-digital-assets-regulation

• Bulgaria Introduces New Crypto Regulations

In order to adhere to the MiCA regulations, Bulgaria’s Ministry of Finance has introduced a draft law which will improve security and transparency around crypto investing in the country.

https://www.bignewsnetwork.com/news/274543296/new-crypto-regulations-in-bulgaria

• Ghana Stance Shifting on Crypto

The revelation of draft guidelines for digital asset regulations signifies that Ghana is moving to adopt cryptocurrency and blockchain following its previous crypto prohibition.

https://www.africanlawbusiness.com/news/21396-ghana-makes-milestone-cryptocurrency-move