The increasing adoption of cryptocurrencies and stablecoins highlights how both retail and institutional investors are seeing the advantages of crypto assets and blockchain technology. Now, attention is shifting toward how these benefits could be applied to traditional assets we’re all familiar with, from real estate to art, through an evolving concept known as asset tokenization.
In light of the increasing significance of stablecoins and their potential effects on financial systems and consumers, the Financial Services Regulatory Authority (FSRA) has unveiled a detailed regulatory proposal for stablecoin issuers within the Abu Dhabi Global Market (ADGM), Abu Dhabi's International Financial Centre.
The regulatory landscape in Seychelles is undergoing a significant transformation with the introduction of the Virtual Asset Service Providers Bill 2024. This legislation aims to establish a comprehensive regulatory framework for virtual asset service providers (VASPs), addressing the growing concerns of ML/TF risks associated with virtual assets.
In response to the growing prominence of stablecoins and their potential impact on financial systems, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have introduced a comprehensive regulatory proposal for stablecoin issuers in Hong Kong.
The Financial Action Task Force (FATF) has been instrumental in setting global standards for Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT). With the rapid growth of virtual assets (VAs) and virtual asset service providers (VASPs), ensuring these entities comply with stringent AML/CFT requirements has become a priority. In October 2018, FATF updated its Recommendation 15 to include VAs and VASPs, and in June 2019, an Interpretive Note was adopted to further clarify these requirements. This article examines the progress and challenges in implementing these standards across 130 jurisdictions, as highlighted in the FATF's targeted update released in July 2024.
The interplay between MiCAR (Markets in Crypto-Assets Regulation) and MiFID II (Markets in Financial Instruments Directive II) is crucial for understanding the regulatory treatment of crypto assets and crypto asset services in the European Union. This article examines the roles and interactions of MiCAR and MiFID II, particularly in the classification of crypto-assets and how firms already authorized under MiFID II can leverage their existing authorizations to offer crypto-asset services in the EU. Finally, it provides a concise comparative analysis of MiCAR and MiFID II with other global regulatory frameworks.
