Crypto Chronicles: BitOK's Weekly Recap of Top Regulatory News
Get a quick and easy update on last week's top headlines with BitOK.
1. Qatar is being criticized by the Financial Action Task Force (FATF) for not doing enough to regulate crypto companies
Although Qatar has made some progress in collecting information about who owns what, they still need to work on investigating money laundering more effectively. Interestingly, even though Qatar has banned crypto companies, they are currently exploring the idea of creating their own digital currency. Interestingly, despite banning cryptocurrency companies, Qatar is exploring the possibility of launching its own digital currency. They are in the early stages of considering a central bank digital currency (CBDC) and evaluating the benefits and drawbacks.
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2. The National Bank of Georgia is set to initiate an anti-money laundering investigation into cryptocurrency firms
Starting from September 1, 2023, the bank will enforce mandatory supervision of virtual asset service providers. The aim is to prevent money laundering and ensure compliance with international sanctions. Furthermore, restrictions on foreign bank account holders will be implemented, including limiting immediate withdrawals for Russian citizens. Georgia is also working on cryptocurrency-related legislation to align with European Union directives and establish itself as a prominent player in the global crypto industry.
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3. UAE is introducing new rules to prevent money laundering in the digital asset sector
Licensed financial institutions (such as banks and payment providers) will need to verify the identities of all customers. These rules, aligned with global standards, will be in effect by the end of June. The UAE Central Bank will assess each relationship between financial institutions and virtual asset service providers (VASPs) on a case-by-case basis. LFIs will also monitor transactions from high-risk jurisdictions and ensure customers' assets remain outside the licensed VASP ecosystem. The UAE Central Bank has also discussed collaboration with the Hong Kong Monetary Authority to develop digital asset regulations and promote fintech initiatives.
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4. South African crypto firms must register or face heavy fines
The Financial Sector Conduct Authority (FSCA) requires crypto companies to apply for a license within six months or risk a $510,000 penalty. This move aims to regulate the industry and protect consumers. Failure to comply could lead to imprisonment or severe financial consequences.
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