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- Veriscope Regulatory Recap - 30th January to 5th FebruaryNew Post
Veriscope Regulatory Recap - 30th January to 5th FebruaryNew Post
Welcome to another in-depth edition of Veriscope Regulatory Recap!
Shyft Network
February 06, 2023
This week, the focus is on Britain’s crypto regulation draft, the Philippines SEC’s efforts to get more regulatory powers over the local crypto industry, Australia’s plans for crypto regulations, and Hong Kong Pondering over the pros and cons of new crypto regulations and stablecoin rule amendment. Let’s dive straight into it.
Britain’s Crypto Regulation Draft is Open for Public Comments
Britain’s Finance Ministry, HM Treasury, has come up with the first set of crypto-asset regulatory rules amid reports that most crypto license applicants have failed to meet the country’s stringent AML standards.
Any previously unregulated activities will come into the regulatory parameter, including centralized crypto asset exchanges, custody, and lending activities, according to Financial Services Minister of Britain Andrew Griffith.
Proposed rules, already put out to public consultation, will also look into customer onboarding, public offers, transactions and remittances, platform operations, custody and mining transactions, and blockchain node operations.
The jurisdiction of these rules will cover crypto firms in Britain or those providing services to Britain. They will also come with definitive licensing and minimum capital and liquidity requirements.
Philippines SEC Eyes More Power Over Local Crypto Industry
The country’s Securities and Exchange Commission aims to strengthen its control over the local crypto industry.
The regulatory body has drafted rules on financial products and services, including cryptocurrencies and digital financial products, for public comment, keeping its goal in mind.
The proposed rules, if approved, will expand the definition of security to accommodate tokenized securities and other blockchain-related products.
It will also make the SEC more powerful by giving it the authority to restrict Virtual Asset Service Providers (VASPs: read crypto businesses) from collecting excessive interest, fees, or charges, disqualify or suspend law-violating executives, and even suspend a firm’s entire operation.
Australia has big Plans for Crypto Regulations
Australia’s Assistant Treasurer and Minister for Financial Services, Stephen Jones, recently shined a light on the country’s plans for crypto regulations.
According to Mr. Jones, the government’s foremost goal is to protect crypto asset customers, and the government will take multiple crucial steps.
The Australian authorities have first planned to expand their crypto team and enhance enforcement efforts to achieve this goal.
It also wants to encourage the Australian Securities and Investment Commission (ASIC) to pay strict attention to properly reporting consumer risks.
As part of the efforts, the Australian Competition and Consumer Commission (ACCC) is looking forward to becoming more active in combating fraud and establishing a set of requirements and operating criteria for virtual asset service providers.
Hong Kong Mulls New Crypto and Stablecoin Regulations
The Hong Kong Monetary Authority (HKMA) is weighing the risks and advantages of new regulations and amending the existing ones on stablecoins.
On 12th January last year, the authorities published a discussion paper on the same, asking for feedback from stakeholders.
According to the regulator, the recent responses from public bodies, businesses, professional organizations, and individuals also show that public sentiment is in favor of regulating stablecoins with a risk-based and agile approach that takes evolving market conditions into consideration.
Shyft Network Starts Monthly Shyft-wide General and Dev Updates to Keep Community Well-informed
We are thrilled to announce the launch of our monthly Shyft-wide general and product-related updates!
The goal is to provide the Shyft community with comprehensive updates on both general and technical developments happening across the network.
These posts will keep everyone well-informed and up-to-date on the latest happenings at Shyft, making it easier for our community to stay informed and engaged.
Click here for January’s Shyft overview and here for Dev Deep Monthly Overview.
Voting on Shyft DAO’s Proposal for Funding the Ambassador Program is now Live
The period for commenting on the Shyft DAO proposal for 300,000 SHFT and $31,400 to fund the expenses for the Shyft Ambassador program has now ended, and voting has begun after receiving sufficient interest from the community.
Your vote is important and will help decide the future of the Shyft Ambassador Program. So, go ahead and cast your vote:
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