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October 31, 2022
Veriscope Regulatory Recap - October 24th to October 30th
Welcome to another interesting edition of Veriscope Regulatory Recap! We bring you some of the most exciting news from the world of crypto regulations, from Singapore’s proposed crypto regulation to the Vietnamese Prime Minister’s call to regulate cryptocurrencies. Without further ado, let’s dive straight in.
Singapore Proposes New Crypto Regulation
The Monetary Authority of Singapore (MAS) has released new crypto regulation proposals outlining rules for crypto trading by retail investors to protect them.
These proposed measures “mark the next milestone in enhancing Singapore’s regulatory approach to foster an innovative and responsible digital asset ecosystem. Regulations go hand-in-hand with innovation in financial services,” said Ms. Ho Hern Shin, Deputy Managing Director, MAS.
Under the new regulations, digital payment token (DPT) service providers must ensure adequate asset segregation, reduce potential conflicts of interest, and develop procedures for managing complaints.
Meanwhile, the central bank promises to permit stablecoin development as a reliable means of exchange, noting MAS will regulate the issuance of those stablecoins pegged to only a Single Currency (SCS), where its value in circulation surpasses S$5 million.
However, all SCS issuers must hold reserve assets in cash, cash equivalents, or short-dated sovereign debt securities.
US Voters Demand Crypto Regulation
A national poll conducted in October by the Crypto Council for Innovation, an industry group backed by the likes of Coinbase, Paradigm, Fidelity Digital Assets, and Block, revealed that 52% of the 1,200 voters surveyed want the industry to be more regulated. Only 7% of respondents voters said the industry should be less regulated.
The poll results further show that more voters want to see lawmakers treat crypto as a “serious and valid part of the economy” than as a “mechanism for fraud” and other crimes.
But when developing crypto regulations, 58% of voters want lawmakers to prioritize market stability and fraud detection.
According to the poll, 13% of respondents own cryptocurrency, but only 1% said they own an NFT.
Hong Kong to Make Retail Crypto Trading Legal
Hong Kong is planning to make retail crypto trading legal in the city by introducing mandatory licensing for crypto platforms.
The government is proposing to allow retail investors to trade in crypto and crypto ETFs in an attempt to become the centre and a financial hub for crypto.
Moreover, the government plans to review property rights for tokenized assets and explore legalizing smart contracts. This is likely to pave the way for real estate STOs.
“We want to make our policy stance clear to the global market, to demonstrate our determination to explore fintech with the global virtual asset community,” said Financial Secretary Paul Chan at the Hong Kong Fintech Week conference.
While expected to launch in March next year, the program is still subject to public consultation.
Vietnam Prime Minister Calls for Crypto Regulation
Vietnam Prime Minister Pham Minh Chinh has called for research into crypto legislation because people continue to trade virtual assets despite them not being recognized.
Surprisingly, Vietnam actually leads the world in grassroots crypto adoption, according to Chainalysis.
According to a report from online news source VnExpress, Chinh reportedly suggested that a bill on anti-money laundering (AML) should recognize an amendment on virtual currencies.
“It is necessary to study appropriate sanctions and assign the government to make detailed regulations,” the prime minister said.
Back in July 2021, the prime minister ordered the State Bank of Vietnam to research and carried out a pilot for a digital currency.
Important Announcement: 10,000 SHFT on Offer!
After Shyft DAO approved the Veriscope VASP grant proposal, an aggregate of 10,000 SHFT has been granted for Virtual Asset Service Providers (VASPs) that integrate to the Veriscope mainnet by September 30, 2022. The fund will enable VASPs to pay the Shyft Network gas fees while using Veriscope. This offer will remain valid until December 31, 2022, or till the VASP exhausts its SHFT grant.
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