Regulatory bodies have been scratching their heads for some time now. Knowing how to govern a highly volatile sectors has proved far from easy. But significant steps have been taken across the globe to streamline the sector. As well as keeping an eye on Bitcoin prices and the trends of currency pairs, it’s really important to stay on the ball regarding law changes, new policies and future proposals. So, without further ado, here’s the Regulations Roundup for March 2019.
CySEC Pushes for Tighter Crypto Regulations
CySEC looks set to tighten regulations surrounding digital currencies. The regulator has suggested bringing Crypto Asset Activities under the ambit of the AML law in order to tackle money laundering risks. This is because CySEC has been contacted by entities engaging in crypto-related activities that don’t fall within the existing regulatory framework.
By integrating EU AMLD5 anti-money-laundering rules into the Cypriot law, CySEC hopes to provide much more transparent guidelines for the sector.
According to reports, CySEC also wants to go one step further by bringing new activities under the AML/CFT obligation. These activities include:
- Exchange between crypto assets
- Transfer of virtual assets
- Participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.
Call to action: If you’re operating under CySEC laws, this news is significant. Keep an eye on all the latest updates to ensure you know regulatory guidelines.
You can also follow CySEC on Twitter @CySEC_official
Putin Sets Deadline for Crypto Regulations
Russian President Vladimir Putin has reportedly ordered the government to create crypto regulations by 1st July 2019. In a view to aid the development of the digital economy, Putin has told the Council of the Federation of Russia and the Russian State Duma to form and adopt the regulations during their spring session. The Duma will review such regulations in March.
Legislation regarding the crypto sector was initially passed in May 2018 but was sent back to the reading phase at the end of the year due to terminology changes. This time, the go-ahead for tighter regulations seems plausible. And with Russia likely to introduce a national digital currency by 2021, there’s plenty to look out for.
Call to action: Follow the revised legislation expected in spring. Any regulatory changes within a powerful country such as Russia could have significant implications on other countries.
Mauritius to Issue Crypto Custodian Licences
It’s well-known that Malta has a thriving blockchain industry thanks to its clear regulatory stance. And now another island is following suit. Mauritius aims to encourage a prosperous fintech industry by issuing licenses for cryptocurrency custodians. This new policy will come into play from 1 March and while a draft was published in 2018, it will now become law! Those who operate with custodian licenses are required to conform with the current anti-money laundering and counter-terrorism funding rules.
Pravind Kumar Jugnauth, Prime Minister of the Republic of Mauritius said:
In revolutionising the global fintech ecosystem through this regulatory framework for the custody of digital assets, my government reiterates its commitment to accelerating the country’s move to an age of digitally-enabled economic growth.
Call to action: Malta’s blockchain developments have been interesting to follow and with Mauritius now taking the lead regarding regulations, it’s well-worth watching how such steps shape the economy.
Crypto and Blockchain Events March 2019
There are many exciting industry events taking place this month, including:
1-2 March – Crypto Investor Show – London
4th-6th March – Fintech Week Tel Aviv 2019 – Israel
6th-7th March – DC Blockchain Summit – Washington DC
6th-7th March – Finance World Expo – Zug, Switzerland
6th March – Blockchain Africa Conference – Cape Town
11th -17th March – Asia Crypto Week – Hong Kong
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