REGULATION
Bitget Registers as a Service Provider in Lithuania
Bitget has registered as a service provider in Lithuania after meeting compliance standards with regional laws and regulations. Lithuania is an emerging digital asset market and a popular location for cryptocurrency and blockchain projects.
Kraken Irish Subsidiary Awarded VASP Authorization by Central Bank of Ireland
Payward Europe Solutions, Kraken's Irish subsidiary, has been granted VASP authorization by the Central Bank of Ireland. This authorization comes at a critical time as the EU is set to vote on the MiCA regulation, which requires all companies operating as a crypto assets service provider in the EU to register with an authorized regulator.
US House Committee to Discuss Stablecoin Regulation
The US House of Representatives Committee on Financial Services will conduct a hearing on stablecoin regulation on April 19th, following the introduction of a draft bill on stablecoin regulation. The hearing will include testimonies from experts, including Austin Campbell, a managing partner at Zero Knowledge Consulting and adjunct professor at Columbia Business School, who believes stablecoins will expand the reach of the US dollar and increase financial inclusion.
UK Aims to Implement Crypto Regulation Soon
The UK plans to establish digital asset regulation within a year to take advantage of blockchain's benefits for the private sector and the economy, according to Andrew Griffith, the economic secretary to the UK Treasury.
NYDFS to Assess Supervisory Costs from Licensed Crypto Firms
The NYDFS will assess supervisory costs from licensed crypto firms in the state of New York to add top talent to its virtual currency team. This new regulation provides the Department with additional tools and resources to regulate the virtual currency industry.
US House Committee Chair Criticizes SEC on Digital Assets
US House Financial Services Committee Chair Patrick McHenry criticized the SEC’s approach to digital assets at an oversight hearing, demanding clear rules for crypto through legislation and pressing SEC Chair Gary Gensler for a definitive answer on whether Ether qualified as a security or a commodity.
Legislation Introduced to Remove SEC Chair Gensler from His Role
United States Representative Warren Davidson has announced plans to introduce legislation that would remove SEC Chair Gary Gensler from his role and replace it with an Executive Director that reports to the Board. The move follows the SEC's proposed rule amendments that could bring certain brokers under additional regulatory scrutiny and redefine an "exchange." While Gensler has said the proposed changes could benefit investors and markets, SEC Commissioner Hester Peirce has criticized the move, accusing the regulator of stifling new technology and entrepreneurship. The SEC has faced criticism for using enforcement actions to develop the law on a case-by-case basis, rather than creating clear regulations.
Chinese Banks Embrace Crypto in Hong Kong
Chinese banks are collaborating with cryptocurrency companies in Hong Kong, providing account services and acting as settlement banks. Despite China's crackdown on crypto in the mainland, the country's state-affiliated banks are building partnerships in Hong Kong, taking advantage of the city's push to become a crypto hub.
BlackStar Seeks SEC Registration for On-Chain Stock Trading
BlackStar Enterprise Group plans to conduct over-the-counter stock trading on-chain and has sought registration with the SEC after two years of development and regulatory communication.
US Draft Bill Proposes Framework for Stablecoins
A new draft bill has been published in the United States proposing a regulatory framework for stablecoins. The bill would put the Federal Reserve in charge of non-bank stablecoin issuers, such as Tether and Circle. Insured depository institutions seeking to issue stablecoins would fall under federal banking agency supervision. The bill also includes a ban on issuing stablecoins not backed by tangible assets and proposes a study on "endogenously collateralized stablecoins."