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Seychelles Approves Bill on Virtual Asset Regulation
20.8.2024
The Seychelles National Assembly has approved a draft bill to regulate virtual asset service providers (VASPs). The bill requires license-seeking VASPs to establish a substantial presence in Seychelles, such as having a resident director and an office with competent staff. The law aims to balance...
China’s Supreme Court lists Virtual Assets as a money laundering method
20.8.2024
China’s Supreme Court has listed Virtual Assets as a money laundering method as it released “Interpretation on Several…
UAE Bank Launches VASP-Focused Accounts for Managing User Funds
1.8.2024
Commercial Bank of Dubai (CBD), a United Arab Emirates-based bank, has launched dedicated accounts for virtual asset service providers to manage client funds. CEO Bernd van Linder said the move aligns with CBD’s core banking services and supports the bank’s plans to foster the digital economy. VASP...
Hong Kong unveils new stablecoin licensing regime
17.7.2024
The Hong Kong FSTB and HKMA outline plans for a new regulatory framework for stablecoin issuers following broad public support and stakeholder feedback
Hong Kong unveils new stablecoin licensing regime
17.7.2024
The Hong Kong FSTB and HKMA outline plans for a new regulatory framework for stablecoin issuers following broad public support and stakeholder feedback
Three-Quarters of Jurisdictions Partially or Not Compliant with VASP Sector Recommendation, Says FATF
13.7.2024
Three-quarters of the jurisdictions surveyed by the Financial Action Task Force (FATF) “are only partially or not compliant” with the anti-money laundering recommendation for the virtual assets sector. According to the latest FATF update, 60% (88 jurisdictions) have decided to permit...
Nigerian SEC mandates local offices for crypto firms
4.7.2024
The requirement also states that applicants must report customer complaints and emergent risks and be subject to SEC inspections, audits, and monitoring
Enforcement of South Korean virtual assets law prescribed in decree
26.6.2024
The details of enforcing the Protection of Virtual Asset Users Act are not contained in the bill, which comes into force July 19
Hong Kong targets DeFi, metaverse for fintech expansion
26.6.2024
Despite challenges in the current DeFi and metaverse landscape, the reports highlight potential growth and innovation in these emerging sectors
Korean Researcher Says Benefits of Spot Crypto ETFs Are Outweighed by Potential Harm
25.6.2024
A researcher with the Korean Institute of Finance has warned South Korea against introducing spot cryptocurrency exchange-traded funds (ETFs) because these may pose risks to financial stability. The introduction of spot crypto ETFs could exacerbate the inefficient allocation of resources. Spot...
Nigerian Regulator Amends VASPs Rules; Threatens Enforcement Against Noncompliant Entities
23.6.2024
The Nigerian securities regulator said on June 21 that it had amended the digital asset rules to expand their scope and introduced an accelerated process for onboarding virtual asset service providers. The Accelerated Regulatory Incubation Programme provides VASPs with insights into...
Hong Kong invites global opinions on web3 and virtual assets future
22.6.2024
The Hong Kong Legislative Council is actively seeking feedback on several critical aspects of Web3 policy development, including balancing technical, legal, and regulatory frameworks
Nigerian SEC announces new rules, compliance program for digital assets
21.6.2024
While this application process is intended to improve compliance, VASPs are directed to complete it no later than 30 days from the circular date
Singapore flags digital payment tokens as high-risk in AML landscape
20.6.2024
Singapore said DPT service providers, also known as virtual assets service providers, stand out as a high-risk category within the financial sector
Zimbabwean Regulators Develop Framework for Virtual Assets Trading
18.6.2024
The Securities and Exchange Commission of Zimbabwe (SECZ) and the Reserve Bank of Zimbabwe (RBZ) are reportedly developing a framework for virtual asset trading. The framework aims to provide clear legislation, client protection under the Data Protection Act, and educational support. Challenges...
Korean Exchanges Set to Reevaluate Over 600 Listed Virtual Assets
18.6.2024
South Korean cryptocurrency exchanges are set to reevaluate more than 600 digital assets, and those failing this process will ultimately be delisted. Once the process is completed, crypto exchanges will be required to conduct maintenance reviews quarterly. The reputation of the issuers and user...
McDonald’s metaverse in Singapore, South Korea classifies NFTs as virtual assets: Nifty Newsletter
12.6.2024
NFT sales surge volumes across various platforms and blockchains, with Bitcoin-based digital collectibles leading the charge
Crypto Exchange Crypto.com Secures Spot on Ireland's Virtual Assets Service Provider Register
11.6.2024
The company has also received approval in Dubai, U.K., the Netherlands and Spain
South Korean Regulator Excludes Certain NFTs From Crypto Regulations
11.6.2024
South Korea’s top financial regulator has issued guidelines clarifying when non-fungible tokens (NFTs) are considered virtual assets. This distinction aims to minimize the risk of widespread user harm. The guidelines will be part of the Virtual Asset User Protection Act, effective July...
South Korea labels mass-produced NFTs as virtual assets
10.6.2024
NFTs considered as virtual assets are eligible to receive interest when deposited to exchanges according to the FSC’s guidelines published in 2023