Autor Cointelegraph By David Attlee

Abu Dhabi regulator introduces its ‘guiding principles’ for crypto

Abu Dhabi regulator introduces its ‘guiding principles’ for crypto

Uverejnil používateľ | sep 13, 2022 |

The Financial Services Regulatory Authority (FSRA), the financial regulator of Abu Dhabi Global Market free economic zone (ADGM), published its “Guiding Principles” on its approach to virtual asset regulation and supervision. Friendly in tone to the crypto industry, the principles pledge to comply with international standards in Anti-Money Laundering (AML), combating the financing of terrorism (CFT) and supporting financial sanctions. Five principles were published without date specification on the official webpage of the ADGM. They go under the titles of Internationally Recognised Regulatory Framework, Dynamic and Market-Oriented Regulations, Risk-focused and Proportionate Approach, Cooperation and Shared Responsibility, Delivering High Standards of Quality & Service. While in general the tone and content of the principles correspond to standard declarations of making the market more dynamic, innovative and safe, at the same time, there are some specific points that would define the ADGM regulatory landscape. According to the principles, the ADGM’s legislative framework will be based on English Common Law, while within the economic zone the Regulator, Registrer and Court functions will operate entirely independently, with a regulatory committee appointed by the board to ensure supervisory independence. Liberal as they sound, these premises will be supplemented by compliance with international AML/CFT standards, close cooperation with other jurisdictions and “financial sector surveillance” as a part of the FSRA function. Related: Swiss and Dubai crypto associations team upThe regulator also intends to collaborate closely with market participants on a “regular but informal” basis. This will include one-on-one sessions between regulatory and business teams, as well as the working groups of market participants and professionals. In March 2022, ADGM published a consultation paper, proposing that licensed companies will be allowed to facilitate nonfungible token (NFT) trading in the jurisdiction. In April, Binance and Kraken became the first foreign companies to receive regulatory approvals to operate in ADGM.

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Law Decoded, Sept. 5–12: The pressure is growing in the US

Law Decoded, Sept. 5–12: The pressure is growing in the US

Uverejnil používateľ | sep 12, 2022 |

While last week brought no troubles from the market side of the crypto industry — no operations frozen, no bankruptcies filed — the United States regulators made some explicitly negative statements. Recently appointed U.S. Federal Reserve Board vice chair for supervision Michael Barr pledged to “ensure that crypto activity inside banks is well regulated, based on the principle of the same risk, same activity, same regulation, regardless of the technology used for the activity.” In Barr’s opinion, people “may come to believe that they understand new products only to learn that they don’t.” Michael Hsu, an acting comptroller of the currency at the annual conference of the Clearing House and Bank Policy Institute, mentioned stablecoins and the collapse of Terra (LUNA) — now renamed Terra Classic (LUNC) — as an example of crypto’s disruptive potential. He also noted that the relationship between banks and fintech companies is evolving rapidly and causing “de-integration” in the financial sector.The White House Office of Science and Technology Policy has weighed in on the environmental and energy impact of crypto assets, focusing on their contribution to energy usage and greenhouse gas emissions. Among the broadly written recommendations are assessment and enforcement of energy reliability in light of crypto mining projects, setting energy efficiency standards, and research and monitoring. Enforcers participated in the collective push as well. Gurbir Grewal, the enforcement director for the Securities and Exchange Commission, promised the financial regulator will continue to investigate and bring enforcement actions against crypto firms, despite the narrative of “picking winners and losers” and “stifling innovation.” He pushed back against criticism that the Securities and Exchange Commission “somehow unfairly targeted crypto” in its enforcement actions. Zuckerberg is called to address the ‘breeding ground’ of crypto scams on FacebookIn the United States, a group of Democratic senators has reportedly asked Meta CEO Mark Zuckerberg to provide details on the social media giant’s policies regarding cryptocurrency fraud. Six senators — Elizabeth Warren and Sharrod Brown, among them — called on Zuckerberg to explain actions the company may take to detect crypto scams, coordinate with law enforcement and assist victims of fraud. The senators are concerned that “Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers.”Continue reading ‘False and misleading claims’ by Celsius and its CEO The ​​Vermont Department of Financial Regulation accused crypto lending platform Celsius Network and CEO Alex Mashinsky of misleading state regulators regarding the firm’s financial health and its compliance with securities laws. According to a filing with the United States Bankruptcy Court in the Southern District of New York, the company and its CEO “made false and misleading claims to investors,” which allegedly downplayed concerns about volatility in the crypto market and encouraged retail investors to leave their funds on the platform or make new investments. Continue reading Crypto assets are no longer niche, according to IMFIn a new report from the International Monetary Fund (IMF), experts noted that crypto assets have firmly shifted away from being “niche products” to assets used for speculative investments, hedges against weak currencies and payment instruments. Along with the recent failures of crypto issuers, exchanges and hedge funds, it has “added impetus to the push to regulate,” according to the IMF. However, regulators are still “struggling to acquire the talent and learn the skills to keep pace.” Continue reading

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Accused 'shadow banker' Reggie Fowler seeks a 6-month sentencing delay

Accused 'shadow banker' Reggie Fowler seeks a 6-month sentencing delay

Uverejnil používateľ | sep 12, 2022 |

Reggie Fowler, a former NFL team owner and alleged “shadow banker” who might face up to 30 years of imprisonment, asked the court of the Southern District of New York for a six-month adjournment. Technically, it was Fowler’s lawyer Ed Sapone who requested an “unusually long adjournment,” justifying it with his “serious medical condition” as well as with the necessity to obtain information relevant to the case from financial institutions, entities and individuals located in Europe. According to independent journalist Amy Castor, who reported this development, Sapone made his request on Saturday — three days before the scheduled sentencing. As the prosecutors didn’t protest the adjournment, it will grant Fowler at least six months of freedom. He now resides in Arizona on bail. The 63-year-old is being accused of operating the shadow bank to the crypto sector, Crypto Capital, which was at the center of controversy in the court case against iFinex Inc — the parent company of crypto exchange Bitfinex and stablecoin issuer Tether. U.S. prosecutors allege that Fowler provided unlicensed money-transmitting services to several crypto firms, along with bank fraud and laundering funds on behalf of Columbian drug cartels.Related: Mt. Gox creditors fail to set repayment date, but markets to remain unaffectedA case against Bitfinex and Tether, in which iFinex was accused of commingling funds between the two firms to cover up an $850-million loss suffered by Bitfinex in its dealings with Crypto Capital, was settled in February 2022. The firms were ordered to pay $18.5 million worth of civil penalties and to shut down trading operations in New York.Fowler, however, rejected a guilty plea deal back in 2020, but surprisingly entered it in April 2022. According to Castor, this twist may be explained by financial reasons — due to the absence of timely payments Fowler’s original legal team shrank down to one lawyer, and the trial hearings would have requested significant funds to cover his work.

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South Korean regulators to prepare guidelines for security tokens in 2022

South Korean regulators to prepare guidelines for security tokens in 2022

Uverejnil používateľ | sep 7, 2022 |

Guidelines for security tokens in South Korea will be announced by the end of 2022. Simultaneously, the pilot market with a regulatory sandbox will be launched before the formal institutionalization. Chief South Korean financial regulator, the Financial Services Commission (FSC), published the report with the results of a joint policy seminar it held together with the Financial Supervisory Service, Korea Exchange, Korea Securities Depository and Capital Market Research Institute on Sep. 6. The stakeholders gathered to discuss further national strategy on security tokens issuance and distribution. As the current capital market and electronic securities system in the country doesn’t include any legal definitions of non-standardized securities issued via blockchain, the FSC deemed it necessary to draft separate guidelines to “support the sound development of the market and industry.” The FSC will prepare and announce the guidelines for security tokens’ in the 4th quarter of 2022. After that, it will proceed with establishing the “Security Token Discipline System” through revisions of existing legislations, such as the Electronic Securities Act and Capital Market Act. The digital securities market will be operated by the Korea Exchange, while the Korea Securities Depository will assess the tokens before registering and listing them. In the first stages, the regulator will allow over-the-counter trading on a limited scale. Related: South Korea’s financial watchdog wants to ‘quickly’ review crypto legislationThe announcement makes another step in a series of regulatory initiatives in the country, whose newly-elected government has set the mission to promote the crypto market. On Sep. 1, local lawmakers proposed enacting the Metaverse Industry Promotion Act, which would foster the Metaverse development in South Korea. An ambitious plan to set up a comprehensive general crypto framework by 2024 had been leaked to the press in May.

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Exiled Myanmar democratic leaders want to issue CBDC to fund the revolution

Exiled Myanmar democratic leaders want to issue CBDC to fund the revolution

Uverejnil používateľ | sep 6, 2022 |

Half a year after the military junta in Myanmar revealed its plans to launch a digital currency, the country’s government, ousted in a coup in 2021, voices its own intention to launch one using frozen national funds. In a Sept. 6 interview with Bloomberg, the minister of planning of exiled Myanmar’s National Unity Government, Tin Tun Naing, asked for the “U.S. blessing” to use “virtually” the country’s reserves, frozen by the Federal Reserve Bank of New York since Feb. 2021. The funds Naing mentions have been frozen on Singaporean, Thai and Japanese accounts and could amount to billions of dollars according to Bloomberg. While Naing doubts the United States could decide to allocate these assets directly to National Unity Government, he points to the possibility of using them as reserves for backing the digital currency of the alternative central bank in exile. The money is needed to support “revolutionary efforts” in the country. The National Unity Government consists largely of lawmakers who won the democratic elections in Nov. 2020 only to be ousted by the country’s long-lasting military junta in Feb. 2021. Its previous efforts to gain financial support include the issuance of revolutionary bonds and auctioning the mansions owned by junta leader Min Aung Hlaing. Related: Reserve Bank of India preparing to trial a CBDC with public sector banks and fintechsIn Feb. 2022, a representative of the junta claimed that the military was planning to issue a digital currency to support payments within Myanmar and “help improve financial activities” in the country. Before the military seized power, the Central Bank of Myanmar had warned that anyone in Myanmar found to have traded digital assets could be imprisoned or fined. However, in Dec. 2021, the National Unity Government announced that it would recognize Tether (USDT) as an official currency.

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