Tagged: consultation

More Consultations on Crypto in the EU: ESMA Seeks Feedback on Crypto as Financial Instruments, Reverse Solicitation

The European Securities and Markets Authority (ESMA) posted two consultations on crypto this week—one consultation on reverse solicitation and another on the classification of crypto-assets as financial instruments. The European Union (EU) has approved bespoke rules for crypto under MiCA or Markets in Crypto Assets regulation…. Read More

Bank of England and HM Treasury Release Response to Consultation on Digital Pound

The Bank of England and HM Treasury have published their response to the consultation on a digital pound that was launched in February 2023. No final decision has been made “to pursue a digital pound – also called a central bank digital currency (CBDC).” Work… Read More

Saudi Central Bank SAMA Seeks Public Consultation on Amendments to Principles of Governance for Financial Institutions

The Saudi Central Bank (SAMA) seeks public consultation on draft amendments to the “Key Principles of Governance in Financial Institutions under the control and supervision of the Saudi Central Bank.” In this context, SAMA invites stakeholders to “provide suggestions and observations on the draft by… Read More

Markets in Crypto Assets (MiCA): ESMA Posts Technical Standards Consultation

MiCA, or Markets in Crypto Assets, is the European Union’s rules to create an ecosystem where digital assets can innovate and evolve while providing a level of user protection. Recently, ESMA [European Securities and Markets Authority] announced a second public consultation on the implementation of… Read More

Regulation Coming: UK Targets Bespoke Rules for Crypto Including Stablecoins, Shares Responses of Consultation

The UK government has released the results of a consultation on the regulation of digital assets or crypto.  The update includes information on fiat-backed stablecoins and managing “systemic digital settlement asset firms.” The consultation kicked off in February of this year and was completed at… Read More

UK’s Payment Systems Regulator (PSR) Seeks Views on APP Fraud Reimbursement Limit

The Payment Systems Regulator (PSR) has launched two consultations in the lead up “to the implementation of its new authorised push payment (APP) fraud reimbursement requirements. ” In June, the PSR set out its final position on “tackling APP fraud, which will mean the vast… Read More

Ireland Pursues Consultation on Crypto Asset Regulation: “MiCAR”

The Government of Ireland has submitted its own consultation on possible regulation of digital assets or crypto. The European Union has approved crypto asset regulation under MiCA. Ireland, part of the EU, is flexing its prerogative to present its own consultation on possible regulation or… Read More

IOSCO Publishes Policy Recommendations for Digital Assets, CoinFund Issues Statement of Support

The International Organization of Securities Commission (IOSCO) has published a paper making policy recommendations on dealing with digital assets or crypto. The consultation incorporates 18 different recommendations that IOSCO states it will finalize during the last quarter of this year. IOSCO published a digital asset… Read More

Digital Assets: CryptoUK Responds to HM Treasury Crypto-Assets Consultation Paper

CryptoUK, which claims to be the “trusted” voice of the UK crypto industry, has published a detailed response to His Majesty’s Treasury’s (HMT) Future Financial Services Regulatory Regime for Cryptoassets consultation paper. Consultation proposals “included strengthening rules for crypto trading platforms and a robust world-first… Read More

Bahrain: Central Bank Issues Regulatory Framework for Digital Tokens, Supporting Crypto-Assets Market

The Central Bank of Bahrain has issued amendments to its Crypto-assets (“CRA”) Module in March 2023, “following a consultation process with the industry stakeholders.” The amendments aim “to cater to the ongoing developments in the crypto-assets markets and comply with the industry best practices while… Read More

Hong Kong: SFC Consults on Proposals to Regulate Virtual Asset Trading Platforms

The Securities and Futures Commission (SFC) launched a consultation on the proposed requirements “for operators of virtual asset trading platforms.” Under a new licensing regime to take effect on 1 June 2023, all centralized virtual asset trading platforms “carrying on business in Hong Kong or… Read More

The Digital Pound Moves Forward: HM Treasury and Bank of England Launch Consultation on CBDC, No Decision on DLT

HM Treasury and the Bank of England have announced a new consultation on the possibility of a digital pound. According to a joint statement, The consultation is being launched as the UK government wants to ensure the public has access to “safe money” while supporting… Read More

Hong Kong: HKMA Shares Conclusion of Discussion Paper on Crypto-Assets and Stablecoins

The Hong Kong Monetary Authority (HKMA) issued the consultation conclusion to the discussion paper on crypto-assets and stablecoins (the “Consultation Conclusion”), summarizing the feedback “received in relation to the paper and the HKMA’s response.” In the Consultation Conclusion, the HKMA proposes “to bring certain activities… Read More

Communications Regulatory Authority in Qatar Launches Public Consultation on National Blockchain Blueprint

The Communications Regulatory Authority (CRA) launched a public consultation about the “National Blockchain Blueprint for Qatar,” which was collaboratively “developed by CRA, Hamad Bin Khalifa University, and Qatar University, with the aim of receiving the views and comments of stakeholders and concerned parties in Qatar on… Read More

Malaysian Authorities, Regulators Seeking Feedback for Proposed BNPL Regulation

The Consumer Credit Oversight Board Task Force in Malaysia recently shared the Consumer Credit Act consultation document, which is the new act that aims to properly regulate and consolidate all consumer credit activities under its unit, and to also support “fair” lending and “responsible” conduct… Read More

HM Treasury Provides Update on UK’s AML/CTF Guidelines

HM Treasury had introduced a consultation in July of last year, entitled “Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 Statutory Instrument 2022.” This consultation outlined how the UK Government intended “to amend the UK’s Money… Read More

UK’s Ofwat Calling on Fintech, Digital Sectors to Have their Say in Innovation Fund Consultation

Following a year-long pilot that has seen over £43 million awarded to innovation in the water sector, Ofwat – the water regulator for England and Wales – is “launching a consultation to seek views about how to continue this momentum.” The £200m Water Innovation Fund… Read More

Here is the UK Government’s Response to Consultation on Crypto, Stablecoins & Digital Ledger Technology

The UK government commenced a consultation on crypto-assets in early 2021. This past week, the UK government indicated its intent to acknowledge stablecoins as valid forms of payment while aiming to emerge as the world’s top crypto hub. This stands in stark contrast to the… Read More

Bank of Russia Publishes Consultation on Crypto: Substantial Risks for Retail Investors and Mining

The Bank of Russia has published a consultation paper on “Cryptocurrencies: Trends, Risks and Regulation.” The central bank has published an executive summary which is available in English. According to the bank, Russian citizens are currently transaction around $5 billion in crypto per year. Meanwhile,… Read More

Basel Committee on Banking Supervision Initiates Consultation on Proposals for Treatment of Banks’ Digital Asset Exposures

The Basel Committee on Banking Supervision, the main international standard-setter for the prudential regulation of banks and provides a forum for regular cooperation on banking supervisory matters (with 45 members comprising central banks and bank supervisors from 28 jurisdictions), has initiated a public consultation on… Read More

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