Politics
WeChat Bans Crypto and NFT Public Accounts
- WeChat, China’s largest social media platform with over 1.1 billion daily users, has changed its policy and will now ban accounts connected to crypto and NFTs.
- The platform has placed “engaging in virtual currency or digital collection business” under its illegal operations clause, meaning it will be considered as “violating content”.
June 21, 2022, 10:19 AM
Shutterstock
U.K. Backtracks Controversial Crypto Data Collection Proposal
- The rule, which was proposed last July, would have required all senders of crypto to collect the personal information of the recipient, even if they were using private wallets.
- Her Majesty’s Treasury decided to not enforce the rule following the feedback it received on its consultation paper, which was also released last July.
June 20, 2022, 7:02 PM
Big Ben (Elizabeth Tower) stands at the north end of the Palace of Westminster, the meeting place of House of Commons and House of Lords, London, United Kingdom, April 19, 2017. Shutterstock
Japan Passes Stablecoin Bill to Protect Investors
- After the bill takes effect in 2023, only licensed banks, registered money transfer agents, and trust companies will be allowed to issue stablecoins in Japan.
- The bill notes that in order for stablecoins to be considered digital money, they must be linked to the price of yen or another legal tender.
June 3, 2022, 1:28 PM
Court of justice sign written in Japanese outside court. Shutterstock
Singapore Passes Law to Tighten Rules for VASPs
- The Financial Services and Markets Bill requires VASPs doing business outside Singapore to be licensed and subject to AML and CFT requirements.
- The Monetary Authority of Singapore will also receive additional power when issuing prohibition orders against industry figures who are unfit to perform “key roles, activities and functions”.
April 5, 2022, 6:18 PM
Landscape of Singapore business building around Marina bay.
MOLPIX / Shutterstock
Apr 5, 2022
United Kingdoms to Become Global Crypto Hub
- The UK government said the first step to becoming a global crypto hub is to recognise stablecois as a valid for of payment.
- A new “Cryptoasset Engagement Group” will also be created, alongside a financial market infrastructure sandbox for DLT experimentation.
Mar 29, 2022
Bybit, Crypto.com to Open Dubai Offices
- Crypto.com plans to establish a regional office in Dubai, and also launch a “substantial recruitment drive” in the coming months.
- After obtaining an in-principle approval to “conduct a full spectrum” of crypto services, Bybit announced plans to move its global headquarters to Dubai.
Mar 29, 2022
Japan to Implement New Crypto Exchange Regulations
- The proposed changes to Japan’s Foreign Exchange and Foreign Trade Act will require crypto exchanges to block transactions connected to sanctioned individuals.
- The move is specifically targeted at sanctions against Russia following its military actions in Ukraine.
Mar 23, 2022
Thailand SEC Bans Use of Crypto as Means of Payment
- The decision came only two months after Thailand’s central bank, SEC, and Ministry of Finance revealed their plans to regulate crypto payments.
- The SEC also published a proposal on Wednesday, that could force crypto businesses to submit monthly reports on their service quality and system capacity utilization.
Mar 14, 2022
EU Parliament Votes Down PoW Limiting Proposal
- Тhе proposed change to the Markets in Crypto Assets (MiCA) regulatory framework would have banned PoW cryptocurrencies across the EU’s 27 member states.
- The Committee on Economic and Monetary Affairs instead voted in favor of a compromise, which calls on the European Commission to offer alternative regulation by 2025.
Mar 11, 2022
Israel’s Central Bank Issues Draft Guidelines for Crypto Deposits
- If passed, the regulation will forbid banks in the country from bluntly refusing fiat deposits that originated from crypto activities.
- It will also require banks to clarify the source of the money used to purchase crypto, as well as track its path “from the time of its purchase until its conversion to fiat”.