Crypto Chronicles: BitOK's Weekly Recap of Top Regulatory News
Get a quick and easy update on last week's top headlines with BitOK.
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1. The Financial Stability Board (FSB) has provided recommendations for regulating cryptocurrencies globallyThey suggest that crypto platforms separate clients' assets from their own and avoid conflicts of interest. The FSB also addresses stablecoins and proposes that issuers should have identifiable governance bodies. They recommend obtaining permits to operate in each jurisdiction. The FSB will review the implementation of these recommendations by the end of 2025.
Source - 2. UK's financial regulator proposes new rules stating that crypto firms and influencers should include disclaimers on crypto memes to follow advertising lawsThe FCA has noticed that many promotional memes from crypto firms don't comply with its rules. They consider all forms of communication, including memes, as financial promotions. The FCA is particularly concerned about influencers promoting financial products without enough knowledge, especially targeting younger audiences. Non-compliant promotions could lead to criminal offenses with jail time or fines. The proposed guidance aims to update regulations and clarify expectations for marketers.
Source - 3. National Australia Bank (NAB) is blocking certain cryptocurrency platforms due to the high risk of scams.They aim to protect customers from fraud and have halted payments to these platforms. While the specific exchanges were not named, Binance is speculated to be among them. NAB's decision is a response to organized crime groups using crypto platforms to transfer stolen funds quickly. The bank highlights the increasing security threats posed by cryptocurrency scams, with nearly 50% of reported scam funds in Australia linked to crypto.
Source - 4. Ripple CEO Brad Garlinghouse believes the SEC will take a long time to file an appeal against RippleHe thinks that an appeal would only strengthen the court's decision that XRP is not a security. Garlinghouse criticized the SEC for targeting the crypto industry without giving them a fair chance to defend themselves.
Source - 5. Indonesia is launching its own national cryptocurrency exchange in JulyAll crypto transactions in the country will be allowed only through this platform. The exchange has undergone system tests and will offer trading through an integrated application. Initially focused on local transactions, it aims to align with international market developments. Licensed traders will have one month to join the exchange once the permit is signed. The initiative began in 2021 with a joint venture involving a state-backed telecom firm and Binance.
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