FCA will 'absolutely' consider recent stablecoin depegging when drafting crypto rules: Report

The United Kingdom's Economic and Finance Ministry announced in April that it would work to incorporate stablecoins into a regulatory framework on digital assets. Sarah Pritchard, the executive director of markets at the United Kingdom’s Financial Conduct Authority, or FCA, reportedly said the regulator will look at the recent volatility in the crypto markets when creating rules for the space in 2022.According to a Friday Bloomberg report, Pritchard said the financial regulator will “absolutely” take into account stablecoins like TerraUSD (UST) and Tether (USDT) depegging from the US dollar in drafting regulatory guidelines with Her Majesty's Treasury for release later this year.

Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations

Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated.

California Governor Gavin Newsom Signs Executive Order for Crypto Regulatory Framework in Golden State

The governor of the largest US state by population is signing an executive order to boost and regulate blockchain technology within the state.

California governor issues blockchain executive order building on US President’s regulatory efforts

"We’re getting ahead of the curve on this, laying the foundation to allow for consumers and business to thrive," said California Governor Gavin Newsom. Gavin Newsom, the governor of California, has signed an executive order aimed at harmonizing a regulatory framework for blockchain between the federal government and the US state as well as spurring innovation in the space.

Sen. Cynthia Lummis Shares Details of The Crypto Bill She Has Been Working On

Cynthia Lummis is working on a pro-crypto regulatory framework that should bring order to the ecosystem without curbing innovation.

Uzbekistan's president issues decree to adopt special crypto framework

The Republic of Uzbekistan is preparing to adopt a new crypto regulatory framework including a 7.5% income tax on crypto-related salaries. The Republic of Uzbekistan continues to progress with local cryptocurrency regulations, with Uzbek President Shavkat Mirziyoyev issuing a new decree regulating the industry.Released on April 27, the new decree instructs a reorganization of a major presidential agency known as the National Agency for Project Management (NAPM).

Central African Republic will adopt Bitcoin as legal tender: Report

The African nation will reportedly join a short list of countries to adopt cryptocurrency as legal tender. The roughly five million residents of the Central African Republic, or CAR, will now reportedly be able to use Bitcoin in addition to the country's franc as legal tender. According to a Wednesday report from news outlet Agence France-Presse, Central African Republic President Faustin-Archange Touadéra has signed a bill into law establishing a regulatory framework for cryptocurrency use in the country as well as adopting Bitcoin (BTC) as legal tender.

FCA veteran becomes interim head of financial regulator's digital assets unit

Victoria McLoughlin will be responsible for supervising crypto firms based in the UK as well as supporting development of a regulatory framework in line with government policy. Victoria McLoughlin, who has worked more than11 years at the Financial Conduct Authority, is temporarily heading the digital assets department of the United Kingdom’s financial watchdog.According to a Tuesday post on LinkedIn, McLoughlin assumed the position of interim head of the department of the regulator’s digital assets unit in April after serving as supervision manager of crypto assets and digital markets for more than two years.

Indian minister wants global crypto rules to curtail money laundering risk

India is yet to finalize a crypto regulatory framework despite assurances of a speedy draft law over the past few years.

Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)’s virtual asset regulatory framework.

Russians collectively hold $130B in crypto, prime minister says

Russians reportedly hold about $130 billion in cryptocurrency but the government is yet to adopt crypto legislation. The Russian prime minister declared that the cryptocurrency holdings of Russians are worth billions of dollars but the government is yet to adopt a regulatory framework for the industry.Russians collectively hold more than 10 trillion rubles ($130 billion) in cryptocurrencies like Bitcoin (BTC), Russian prime minister Mikhail Mishustin claimed at the annual report presentation of the Russian government on Thursday.The prime minister did not mention the source for this figure, noting that the amount is based on “various estimates,” stating:“We are well aware that we have more than 10 million young people having opened crypto wallets so far on which they have transferred significant amounts of money, which exceeds 10 trillion rubles.”If true, the latest estimations of Russian crypto holdings cited by Mishustin are pretty close to Russia’s gold stash, which reportedly amounted to $140 billion as of late March 2022.

US Senator Pat Toomey Proposes Alternate Regulatory Framework for Stablecoins Featuring Looser Rules

Senator Pat Toomey of Pennsylvania is proposing a different regulatory framework for stablecoins than what US President Joe Biden had previously announced.

Treasury Secretary hints at regulatory framework to address potential risks in digital asset markets

"Digital asset exchanges and other digital native intermediaries — they should be subject to appropriate forms of oversight,” said Janet Yellen. United States Treasury Secretary Janet Yellen listed stablecoins as one of the major policy concerns in the digital asset space for regulators, currently subject to “inconsistent and fragmented oversight.”Speaking to attendees at American University in Washington, D.C.

Toomey drafts bill to exempt stablecoins from securities regulations

The Stablecoin TRUST Act proposed the digital assets be identified as “payment stablecoins” which are exempt from many securities regulations. Republican Senator Pat Toomey, the ranking member for the Senate Banking Committee, has drafted a bill proposing a regulatory framework for stablecoins in the United States.According to a draft released Wednesday, the ‘Stablecoin Transparency of Reserves and Uniform Safe Transactions Act’, otherwise known as the Stablecoin TRUST Act, proposed the digital assets be identified as “payment stablecoins” — a convertible virtual currency used as a medium of exchange that can be redeemed for fiat by the issuer.

NFT Taskforce Asks Japanese Government to Consider Appointing Web3 Minister

In a recently released white paper, a Japanese non-fungible token (NFT) taskforce has asked the government to consider appointing a government minister whose job it would be to oversee all matters relating to Web3.

UK Unveils Comprehensive Plan to Become Global Crypto Hub With Dynamic Regulation

The UK government has unveiled a detailed plan to make the country a global crypto hub and “a hospitable place for crypto.” The plan includes establishing a dynamic regulatory framework for crypto, regulating stablecoins, and working with the Royal Mint to create a non-fungible token (NFT) to be issued by the Summer.

SEC chair: retail crypto investors should be protected

"There’s no reason to treat the crypto market differently just because different technology is used," said Gary Gensler. Gary Gensler, chair of the United States Securities and Exchange Commission, said the agency’s protections that apply to investors of traditional assets should extend to those in the crypto market.In prepared remarks released Monday for the Penn Law Capital Markets Association Annual Conference, Gensler said he had requested SEC staff to explore getting crypto platforms registered, having them subject to the same regulatory framework as exchanges.

UK government moves forward with regulatory framework on stablecoins for payments

“If crypto technologies are going to be a big part of the future, then we, the UK, want to be in — and in on the ground floor,” said Economic Secretary of the Treasury John Glen. The United Kingdom's Economic and Finance Ministry has said it intends to amend its existing regulatory framework to incorporate stablecoins used as a means of payment.In a Monday announcement, HM Treasury said certain stablecoins could potentially become “a widespread means of payment” for retail customers in the United Kingdom following a consultation with various organizations, universities and individuals that was begun in January 2021.

Bank of Japan official calls for G7 nations to adopt common crypto regulations

The Bank of Japan has warned G7 nations that a common regulatory framework for cryptocurrencies needs to be introduced quickly, as current rules do not take into account the potential for digital assets to be used to skirt sanctions. A senior official from the Bank of Japan (BOJ) has warned G7 nations that a common framework for regulating digital currencies needs to be put in place as quickly as possible. G7 refers to the Group of Seven, an inter-governmental political forum made up of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.The statement comes in response to the continued conflict between Russia and Ukraine, as cryptocurrencies and their potential applications for skirting economic sanctions falls under increasing scrutiny.

11 companies form Canadian Web3 Council to advocate for comprehensive crypto strategy

The association will champion the creation of a clear digital asset regulatory framework for Canada. A group of financial technology firms has formed the Canadian Web3 Council, a non-profit trade association that will work with policymakers to advance Canada’s position at the forefront of the global digital economy.

Vietnamese Government Developing Regulatory Framework for Crypto

The Vietnamese government is pushing to develop a legal and regulatory framework as the country seeks to establish its stance with respect to its press for a crypto economy.

Vietnam Edges Closer to Regulatory Framework for Crypto Assets

Vietnam is currently working on new guidelines to regulate crypto-related activities in the country. 

US Senators Working on Broad-Based Crypto Regulation

Two US senators are working on a bipartisan, broad-based regulatory framework for cryptocurrency.

US senators Lummis, Gillibrand reveal working on bipartisan crypto legislation

Senator Cynthia Lummis has won support from a Democrat senator for her new digital asset bill. United States Senator from New York Kirsten Gillibrand revealed working with Senator Cynthia Lummis on a broad-based regulatory framework for the crypto industry on Thursday during a live event in Washington, D.C. As Gillibrand specified, she and Lummis are undertaking “a very complex and intensive review” of different aspects of the industry, with a future regulatory task-sharing in mind.

European crypto regulatory framework goes to three-way consideration without PoW ban

The EU parliament didn’t use its option to block the current version of MiCA that does not contain the hostile clause. The much-dreaded prospect of a ban on cryptocurrencies that use proof-of-work (PoW) consensus is making its way into a key European digital asset directive appears to have blown over.March 24 marked the last day when the European Parliament could stop the current draft of the Markets in Crypto Assets (MiCA) from proceeding to further consideration.

Bank of England Says Crypto Assets ‘Present Financial Stability Risks,’ Bank Begins Sketching Regulatory Framework

The Bank of England has revealed that it is working on sketching a regulatory framework for crypto assets, according to statements stemming from the central bank’s Financial Policy Committee on Thursday.

SEC could approve spot Bitcoin ETFs as early as 2023 — Bloomberg analysts

“Once crypto exchanges are compliant, the SEC's primary reason for denying spot Bitcoin ETFs would no longer be valid, likely clearing the way for approval,” said the analysts. Eric Balchunas and James Seyffart, exchange-traded fund analysts for Bloomberg, said that a proposed rule change with the United States Securities and Exchange Commission could be the catalyst for the regulatory body approving a spot Bitcoin ETF in mid-2023.In a Thursday tweet, Balchunas said crypto platforms could fall under the SEC’s regulatory framework if the commission were to approve an amendment to change the definition of “exchange” proposed in January.

Abu Dhabi Global Market Regulatory Arm Unveils Document Proposing Changes to Virtual Asset Regulations

The Financial Services Regulatory Authority (FSRA), a regulator in the United Arab Emirates (UAE)’s financial center and free zone, the Abu Dhabi Global Market (ADGM), has released a consultation paper that proposes amendments to regulations that govern the use of virtual assets.

Thailand SEC bans crypto payments, seeks disclosure of system failure from exchanges

Since Dec. 2021, the government of Thailand has been working on preparing a new regulatory framework by defining “red lines” for the crypto industry.

Abu Dhabi Global Market to Permit Licensed Exchanges Trade NFTs

The Abu Dhabi Global Market (ADGM) is building out a regulatory framework that may make trading platforms or exchanges that have licenses to operate within the free trade zone to trade NFTs.