Altcoin News by Thebittimes.Com

The FSRA announced an update to AML rules, aligning with the crypto travel rule, a regulatory requirement that mandates cryptocurrency service providers to share transaction information. According to a Dec. 21 announcement, the FSRA has recently implemented revisions to enhance clarity regarding requirements outlined in the AML Rulebook. These changes align with the UAE’s federal regulatory framework, reinforcing measures against money laundering, terrorism financing, and proliferation financing while ensuring compliance with targeted financial sanctions .  As per the comprehensive record of amendments, the recent revisions clearly designate digital assets as a recognized payment method, specifying that the payment for any part or all of the sale or purchase amount includes payments using virtual assets as outlined in the document. You might also like: Changpeng Zhao’s UAE return halted by federal court before sentencing These revisions have broad relevance, affectin...

SEC’s Hester Peirce supports spot Bitcoin ETF and hopes for less litigation in establishing crypto regulation. In the latest interview with Bloomberg, Commissioner of the U.S. Securities and Exchange Commission (SEC), Hester Peirce, hinted at support and approval for a spot Bitcoin ETF. Peirce said the SEC has no reason to stand in the way of a Bitcoin ETF, with the commissioner adding that her stance on this matter has been the same for years.  You might also like: Bloomberg: BlackRock and Grayscale meeting with SEC about Bitcoin ETF issuance Peirce confirmed that every application is being judged on its own specific set of facts and circumstances, but said she sees no reason for the SEC to deny a Bitcoin ETF on the stock market. The commissioner also mentioned that the SEC might slow down on pursuing legal proceedings as the only way to establish crypto regulations, and she’s actively advocating the agency to use other means for pursuing regulatory actions. BlackR...

The HM Treasury today published a policy update to the country’s crypto regulation. In it, the UK government has outlined the FCA’s regime in stablecoin regulation. The Bank of England (BoE) and the Payment Systems Regulator (PSR) will also have a role. The UK government has published a policy update outlining a phased regulation of fiat-backed stablecoins in the country. In terms of regulating activities around Stablecoin s, the HM Treasury will focus on two areas – their use in payment chains and issuance and custody “in or from the UK .” The latter will be irrespective of a fiat-backed Stablecoin ’s uses, that’s whether for payments, as a settlement asset, or as a store of value. FCA, BoE role in stablecoin regulation In the publication, which was made public on Monday, the HM Treasury explains the expected regulatory regimes of the Financial Conduct Authority (FCA), the Bank of England (BoE) and the Payment Syst...

Source: G20.org The Financial Stability Board (FSB), an international advisory body created by the G20, has laid out its recommendations for crypto regulation , and said most existing stablecoins are not in compliance. FSB’s recommendations for crypto and stablecoin regulation were first endorsed by the G20 – a group consisting of the world’s 20 largest economies – two years ago, with updated recommendations published on Tuesday this week along with a request for public feedback . Perhaps most importantly, the recommendations clearly showed that the FSB is concerned about custodial wallet providers and exchanges, and to what extent they should be held liable for things like the loss of private keys. The loss of keys by a wallet provider supporting a stablecoin could ultimately bring the safety of the specific stablecoin into question, the document containing the recommendations explained. For instance, actions taken by the crypto exchange Bina...