Regulatory News
UK - The Joint Money Laundering Steering Group : The JMLSG's travel rule guidance, supported by HM Treasury, is shaping upcoming policies and procedures in the UK and internationally. Notably, lightning transfers are now part of this rule for originators and beneficiaries. The ongoing consultation is open till 25th August and welcomes all interessants to leave their comments.
UK - Financial Conduct Authority: The FCA wraps up its consultation GC23/1 about crypto asset financial promotions. The consultation ran from June 8 until August 10, 2023 where the Regulator is seeking opinions on how it deals with ensuring that crypto asset financial promotions are honest, clear, and not misleading. It plans to release final guidance, taking public feedback into account, in the autumn of 2023. The new rules are expected to come into effect on October 8, 2023.
Portugal - Diary of the Republic: Decree-Law No. 66/2023, of August 8, which enforces regulations relating to financial services in Portugal, is introducing the EU DLT pilot regime that aims to provide greater legal certainty and flexibility for market participants intending to operate a DLT-based market infrastructure, by establishing requirements for this purpose.
France - Authority of Financial Markets: The Autorité des Marchés Financiers (AMF), France's principal financial authority, has unveiled the adjustments in its General Regulation and strategy concerning digital asset service providers (DASPs) in light of the "enhanced" registration process. These changes are in alignment with the European Union's Markets in Crypto-Assets (MiCA) framework. The revised regulations will be mandatory from January 1, 2024, and prospective applicants seeking enhanced DASP registration must incorporate these modifications into their applications.
Brazil - Cointelegraph: The new name for the Brazilian central bank digital currency (CBDC), which used to be called "digital real," is now "Drex". On June 14, 2023, Brazil's government designated the Central Bank to regulate the crypto asset market; for further insights, explore our comparative VAL vs. EU MiCAR overview.
Industry News
Reuters: PayPal introduces a stablecoin pegged to the US dollar. It is the first time a major financial company is issuing its own stablecoin. Industry reaction has been mixed, with some commentators pointing towards the code in the smart contract giving PayPal ability to freeze accounts.
Cointelegraph: The United Kingdom is expanding its crypto crime task force and is actively hiring to bolster its efforts. The move reflects the nation's commitment to tackling cryptocurrency-related criminal activities.
The National News: Binance has secured an MVP license from Dubai's virtual asset regulatory body. This achievement comes after acknowledging compliance gaps in the US earlier this year. The license empowers Binance to offer exchange and broker-dealer services to both retail and institutional stakeholders.
Bloomberg: Luxembourg's Bitstamp, the world's 7th largest crypto exchange with a substantial $126 million trading volume, is in talks to secure funding for expansion. This exciting move aims to introduce European derivatives trading while extending market presence across Asia and the UK. With the added advantage of BitLicense, its American unit has made impressive strides in the US market this year.
Crypto News: Coinbase has entered uncharted territory by launching its Ethereum layer-2 blockchain, "Base," becoming the first publicly traded company to initiate its own public crypto network. With over 100 decentralized applications already operational, Base signals Coinbase's move towards integrating cryptocurrencies seamlessly into daily life and exploring new revenue streams.
Reuters: Worldcoin easily captures attention. More than 2.2 million people have joined, letting their eyes be scanned to get a digital ID, and in some countries, they also get free cryptocurrency.
