Crypto Regulation

Extracted Attributes

• Scope

  Creation of frameworks to oversee how crypto is created, purchased, sold, traded, taxed, and integrated with existing financial systems.

• Purpose

  To protect consumers and prevent illegal activities like money laundering.

• Benefits

  Increasing investor confidence, protecting investors from scams and fraud, ensuring accurate information, encouraging innovation, making crypto accessible, preventing financial crimes, and ensuring tax compliance.

• Challenges

  Differences in regulations across jurisdictions, unclear conditions in certain regions, and multiple regulatory bodies, leading to increased costs for global businesses.

• Definition

  An umbrella term for the network of laws, statutes, and legal practices surrounding the crypto and blockchain industries.

• Key Principle (FSB)

  'Same activity, same risk, same regulation' for crypto-asset activities and global stablecoin arrangements.

• Regulatory Approaches

  Varying globally, from structured frameworks in Europe to outright bans in some regions, and nuanced approaches in others like the UK.

Timeline

• Bitcoin's white paper published, initiating widespread conversation about the legal status of crypto and blockchain industries. (Source: web_search_results)

  2008

• Markets in Crypto-Assets (MiCA) regulation adopted by the EU Parliament. (Source: Wikipedia)

  2023-04-20

• Brazil established cryptocurrency regulation, designating its central bank as the supervisor for crypto assets. (Source: web_search_results)

  2023-06

• South Korea passed the Virtual Asset Users Protection Act, enhancing user protections. (Source: web_search_results)

  2023

• Markets in Crypto-Assets (MiCA) regulation becomes fully applicable in the European Union. (Source: Wikipedia)

  2024-12

• Under MiCA, all crypto service providers in the EU will be required to obtain names of senders and beneficiaries, and self-hosted wallets holding over 1,000 euros will require ownership verification for transactions. (Source: web_search_results)

  2026-01

Markets in Crypto-Assets

Markets in Crypto-Assets (MiCA or MiCAR) is a regulation in European Union (EU) law. It is intended to help streamline the adoption of blockchain and distributed ledger technology (DLT) as part of virtual asset regulation in the EU, while protecting users and investors. MiCA was adopted by the EU Parliament on 20 April 2023 and has been fully applicable since December 2024.

Web Search Results

• Latest News on Regulation by Cointelegraph

  Crypto regulation is an umbrella term for the network of laws, statutes and legal practices surrounding the crypto and blockchain industries. Since Bitcoin's 2008 white paper, the legal status of these industries has been the subject of a huge amount of conversation. Lawmakers and regulators have had to cope with an entirely new set of concerns. Some governments have reacted hostilely, seeing crypto as a threat to monetary control. Others have embraced the industry for its capacity to link

• Crypto Regulation: How It's Governed in the U.S. and Worldwide

  When we talk about cryptocurrency regulation, we're referring to the creation of frameworks to oversee or supervise different aspects of crypto. Such frameworks include rules to address how crypto is created, purchased, sold, traded, taxed, and how it integrates with the financial systems already in existence in the U.S. and worldwide. These types of frameworks already exist for traditional assets, which are highly regulated in the U.S. by federal agencies, including the Securities and Exchange [...] Why Regulate Crypto? -------------------- Like traditional asset regulation, crypto regulation benefits the market in several ways, including: Increasing investor confidence Protecting investors from scams, fraud, and market manipulation Ensuring investors get accurate and necessary information about crypto Encouraging innovation Making crypto accessible to more people Preventing financial crimes and fraud Ensuring tax compliance [...] Although governments in the U.S. and elsewhere have started to regulate cryptocurrency, crypto regulation is a changing landscape, with different international organizations and countries worldwide taking different approaches. Within the U.S., different federal agencies and states impose different rules.

• Cryptocurrency - Global Regulatory Updates - Thomson Reuters tax

  European Union.In May 2023, the European Union (EU) introduced cryptocurrency regulations, known as the Markets in Crypto-Assets Regulation (MiCA). Under the regulations, any company issuing or trading cryptocurrency will need a license, and beginning in January 2026, all service providers will have to obtain the name of senders and beneficiaries, regardless of the amount transferred. Any self-hosted wallets holding over 1,000 euros will require wallet ownership verification for transactions. [...] Brazil.Brazil established cryptocurrency regulation in June 2023, when it made the central bank the supervisor for crypto assets. The Cryptoassets Act sets rules for any company providing services linked to virtual assets, with a central aim of preventing scams related to cryptocurrency. The regulation outlines what constitutes criminal practices in the use of crypto, and outlines penalties that will be enforced if crypto is used in fraud or money laundering. [...] South Korea.South Korea is progressing with regulation for crypto and other virtual assets after the Virtual Asset Users Protection Act was passed in 2023. The regulation creates stronger protections for users by adding requirements around record keeping and transparency. The UK has mandated that any company offering a digital currency must be authorized by the country’s Financial Conduct Authority (FCA). Conclusion

• Cryptocurrency Regulations Around the World - iDenfy

  The biggest challenges crypto companies face are the differences in regulations across different jurisdictions, unclear conditions in certain regions, and multiple regulatory bodies. It could increase costs, specifically for businesses seeking to operate globally. 3 What is the purpose of cryptocurrency regulations? Image 42: Arrow down The main purpose of cryptocurrency regulations is to protect consumers and prevent illegal activities like money laundering. 4 [...] Using consumer protection, AML regulations, and market innovation principles, while currently having cryptocurrency regulations by the Financial Conduct Authority (FCA), the UK has been more nuanced in its approach to regulating cryptocurrencies. The important move from the FCA was to institute new AML regulations, requiring all crypto-related businesses to comply with the Know Your Customer (KYC) requirements. [...] Differing regulations on cryptocurrencies are as diverse as the technologies that introduce innovations. While Europe leads this curve with structured frameworks that showcase how to balance innovation with regulation, jurisdictions like the United States and China, on the other hand, remain at opposite extremes – from merely prudent adoption of blockchain technology to outright bans on crypto assets.

• FSB Global Regulatory Framework for Crypto-asset Activities

  1. High-level recommendations for the regulation, supervision and oversight of crypto-asset activities and markets; 2. Revised high-level recommendations for the regulation, supervision, and oversight of “global stablecoin” arrangements. [...] The framework is based on the principle of ‘same activity, same risk, same regulation’ and provides a strong basis for ensuring that crypto-asset activities and so-called stablecoins are subject to consistent and comprehensive regulation, commensurate to the risks they pose, while supporting responsible innovations potentially brought by the technological change. It consists of two distinct sets of recommendations: [...] This document describes how the two distinct sets of recommendations build a framework for the regulation, supervision and oversight of global stablecoins arrangements and other crypto-asset activities.