The Scenius State of Regulation (Issue #8)
Crypto Policy & Regulation: March 2023
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United States 🇺🇸, Canada 🇨🇦, & Caribbean 🌎
U.S. Lawmakers Reintroduce Bill to Force Crypto Miners to Disclose Emissions
The bill also requires the EPA to study the effect crypto mining has on the environment.
Puerto Rico Extends 4% Tax Incentive to Crypto and Blockchain Activities
Puerto Rico has already been crowned a tax haven by crypto businesses who have sought to take advantage of the country’s policies, and so the move wasn’t necessarily unexpected. But industry lobby groups are still excited.
US SEC Plans to Keep Growing Crypto Unit as Enforcement Ramps Up
The securities regulator has almost filled the 20 slots previously added to its crypto squad and is looking to increase that number even further.
Judges Express Skepticism of SEC Arguments in Grayscale Bitcoin ETF Hearing
The panel of appeals court judges questioned the SEC's logic in drawing a distinction between bitcoin spot market prices and futures market prices.
SEC Chair Gensler Says Crypto Exchanges May Not Be 'Qualified Custodians'
"Just because a crypto trading platform claims to be a qualified custodian doesn’t mean that it is," the SEC chair said.
Bankrupt Crypto Lender Celsius Reopens Withdrawals for Certain Custody Accounts
Bankrupt crypto lender Celsius Network is allowing withdrawals of assets in certain custody accounts. Eligible users will be able to withdraw all the funds in their accounts up to a certain limit, the company said in an earlier blog post.
Kraken is on Track to Launch Bank 'Very Soon' Despite Regulatory 'Weird Llace'
Kraken is moving ahead with plans to launch its own bank despite a challenging regulatory environment and the recent shuttering of its on-chain staking services for U.S. clients to settle U.S. Securities and Exchange Commission charges that it violated securities laws.
U.S. bankruptcy judge approves Binance.US $1.3 bln deal for Voyager
Bankrupt crypto lender Voyager Digital received court approval to sell its assets and transfer its customers to Binance.US in a deal valued at $1.3 billion, but the company faces additional hurdles before the sale becomes final.
Judge signs off on Voyager agreement to reserve $445 million after Alameda suit
A federal judge approved Voyager’s agreement with FTX to reserve $445 million after the bankrupt crypto lender was sued by Alameda Research. If FTX and Alameda’s claims against Voyager are successful in court, Voyager customer recoveries will decrease.
New York Attorney General Alleges Ether Is a Security in KuCoin Lawsuit
A press release said the lawsuit was part of ongoing "efforts to crack down on unregistered cryptocurrency platforms."
CFTC head says stablecoins are in agency's jurisdiction without 'clear direction from Congress'
CFTC Chair Rostin Behnam argues that fiat-based stablecoins would be considered commodities if Congress doesn’t pass a comprehensive regulatory law for digital assets. Stablecoins appear to be another area where the CFTC and the Securities and Exchange Commission differ.
SEC Chairman Gensler Suggests Again That Proof-of-Stake Tokens Are Securities: Report
Gensler had previously argued that ether might be a security after Ethereum's transition to proof-of-stake last year.
CFTC Names Executives From Circle, TRM, Fireblocks Among Others to New Tech Advisory Group
The committee will be chaired by former White House official Carole House.
Federal Reserve Setting Up New Squad of Crypto Specialists
Michael Barr, the Fed’s vice chairman for supervision, said the central bank is trying not to stomp on crypto innovation and sees the need for stablecoin controls.
Crypto Bank Silvergate Announces 'Voluntary Liquidation'
This occurred shortly after the bank revealed it would have to delay filing its annual 10-K report due to questions from its auditors.
Silicon Valley Bank Shuttered by State Regulators
The startup-focused bank had a number of crypto clients. SVB’s collapse with $211 billion in assets is among the largest in history, second only to Washington Mutual Bank’s failure during the Great Financial Crisis in 2008.
SVB, Signature Bank Losses Will Not 'Be Borne by the Taxpayer', Insists President Biden
Following several chaotic days, SVB was shut down on Friday and Signature Bank was shuttered on Sunday, inflicting damage throughout the crypto industry with impacts to vc firms and U.S. tech startups as well. U.S. Treasury Secretary Janet Yellen also approved a "systemic risk exception" action that would see depositors at these banks made whole, insisting that none of these losses "will be borne by the taxpayer."
FDIC sells Signature Bank deposits to Flagstar, crypto not included
The United States Federal Deposit Insurance Corporation announced the agreement on March 19, which will see $38.4 billion worth of non-cryptocurrency-related deposits and $12.9 billion in loans taken over by the Michigan-based bank under a “purchase and assumption agreement."
Signature Bank Was Shut Down to Send 'Anti-Crypto' Message: Barney Frank
Ex-congressman and the man behind the Dodd-Frank Act Barney Frank has said Signature Bank was shuttered in part to attack the digital asset industry.
FDIC Denies Report Signature Bank Purchaser Must Divest Crypto
The Federal Deposit Insurance Corporation denied it would require any purchaser of Signature Bank to divest its crypto activities. The FDIC responded to a Reuters report that said “any buyer of Signature must agree to give up all the crypto business at the bank,” citing two unnamed sources. An FDIC spokesperson denied this to Reuters.
Blockchain Association Seeks Info From Fed, FDIC, and OCC on ‘De-Banking’ Crypto Firms
In a March 16 notice, the Blockchain Association said it had submitted Freedom of Information Act requests to the Federal Deposit Insurance Corporation, the board of governors of the Federal Reserve System and the Office of the Comptroller of the Currency for documents and communications that could potentially show regulators’ actions “improperly contributed” to the collapse of the three banks. According to Blockchain Association CEO Kristin Smith, crypto firms “should be treated like any other law-abiding business” in the U.S. with access to bank accounts.
OKX to cease operations in Canada by June 22, 2023
On March 20, cryptocurrency exchange OKX informed Canadian users via email the firm “will no longer provide services or allow users to open new accounts in Canada starting on Mar. 24, 2023, 12:00 AM EST,” citing “new regulations.
FTX sues for control of Bahamas assets, calls FTX Digital Markets ‘a front’ to defraud customers
FTX is suing the liquidators of its Bahamas entity, saying FTX Digital Markets wrongly claims to own the exchange and was actually “a front to facilitate a conspiracy” to defraud customers. FTX's new management wants a declaratory judgment from the U.S. Bankruptcy Court for the District of Delaware that says FTX Digital Markets “has no ownership” in any of the FTX debtors’ property.
New Lawsuit Accuses Social Media, YouTube Influencers of Hyping FTX Without Proper Disclosure
A lawsuit is seeking class-action status after it inamed a group of social media influencers and claimed they "actively promoted FTX" to their millions of followers" without disclosing the nature of any payments or compensation. Among the influencers are Erika Kullberg, Ben Armstrong — also known as BitBoy in crypto circles — and Kevin Paffrath, or "Meet Kevin" on YouTube.
Bulgarian Woman Charged in $4B Crypto Fraud Case, Extradited to U.S.
Irina Dilkinska co-founded an alleged Pyramid scheme called OneCoin.
Sushi DAO, Key Contributor Served With SEC Subpoena
Sushi DAO and Head Chef Jared Grey were served with a subpoena by the U.S. SEC.
First Crypto Lawsuit Reaches U.S. Supreme Court
The U.S. Supreme Court presided over its first crypto case on March 21 as Justices heard an appeal from Coinbase to pause class action lawsuits. Though the case involves crypto, it is not itself a crypto case. Instead, this case is a fairly esoteric, procedural argument over whether a lawsuit can proceed in federal court while one party – in this case, Coinbase – is attempting to send the dispute to arbitration.
Tron Founder Justin Sun Sued by U.S. SEC on Securities, Market Manipulation Charges
The SEC said in a press release it was suing Sun, the Tron Foundation, the BitTorrent Foundation and BitTorrent (now known as Rainberry) over the sale of tronix (TRX) and bitTorrent (BTT) tokens, which the regulator described as unregistered crypto asset securities. The regulator further alleged the defendants "fraudulently manipulat[ed]" TRX's secondary market through an "extensive wash trading" scheme.
Florida Governor Ron DeSantis Introduces State Legislation Banning CBDCs
Florida Governor Ron DeSantis proposed legislation on Monday that would ban central bank digital currencies (CBDCs) from the Sunshine State, portraying it as a measure to safeguard Floridians’ financial privacy. DeSantis said CBDCs are all about “surveilling” and “controlling” the populace.
IRS Seeks to Tax NFTs Like Other Collectibles
NFTs will be taxed like the underlying assets until final rules are agreed on how to treat digital proofs of ownership held in retirement accounts
Fed explains why Custodia got an 'F' on its examination
The Federal Reserve published its previously announced rejection of Custodia Bank’s application to become a member of the Fed system, citing the lender's management, financial condition and narrow focus on digital assets as reasons for its failure.
Do Kwon Charged With Fraud by US Prosecutors in New York
Terraform Labs co-founder Do Kwon, who presided over a more than $40 billion cryptocurrency implosion last year, was charged with fraud by US prosecutors in New York. The indictment followed news of Kwon’s arrest earlier in the day in Montenegro.
White House Takes Aim at Crypto in Scathing Economic Report
The report, authored by the White House Council of Economic Advisers, laid out a number of issues seen within the digital asset ecosystem. The report came out amid growing industry concern that federal regulators are looking to de-bank crypto companies, though state and federal regulators have thus far denied these claims. Still, the tone of the report is unlikely to assuage these concerns.
While introducing the legislation, Cruz said, “The federal government has no authority to unilaterally establish a central bank currency. This bill goes a long way in making sure big government doesn’t attempt to centralize or control cryptocurrency and instead, allows it to thrive in the United States.”
SEC Warns Coinbase of Enforcement Over Its Staking Rewards Products
Coinbase received a Wells Notice from the SEC alleging that the company's staking products constitute unregistered securities. The notice also mentions "aspects of Coinbase's exchange... and Coinbase Wallet." A person familiar with the matter told Decrypt that Coinbase is "confident it will be able to defend its position in court." The source also said Coinbase leadership is frustrated that the SEC has allowed American investors to participate in crypto for years before "suddenly deciding to pull the rug out."
SEC Urges Investors to Be Cautious With Crypto Securities
The agency's Office of Investors Education and Advocacy warned the platforms offering crypto trading may not be complying with federal securities statutes.
The CFTC alleges Binance offered unregistered crypto derivatives products and directed U.S. customers to evade compliance controls through the use of VPNs. According to the CFTC, the global exchange, which has a U.S. affiliate in Binance.US, created a system to hide its true reach and operations.
Bankrupt Crypto Lender BlockFi to Refund More Than $100K to California Clients
The company will distribute the loan repayment refunds through its servicer to former clients, pending bankruptcy court approval.
BlockFi Given Go-Ahead for Sale of $4.7M of Mining Rigs
The federal bankruptcy court administering the case of BlockFi has approved the sale of nearly 6,400 mining rigs for $4.7 million to U.S. Farms & Mining Opportunity Fund, according to court documents.
Judge Approves Celsius Custody Account Settlement to Return 72.5% of Crypto Assets
Celsius custody account holders can receive 72.5% of the cryptocurrency in their custody accounts after a federal judge approved a settlement in the defunct crypto lender's bankruptcy case. Individual custody account holders must opt into the settlement. In turn, the Celsius debtors will agree to settle all causes of action against custody account holders with respect to their custody assets, according to the terms of the deal.
Sam Bankman-Fried Faces New U.S. Indictment Over Chinese Bribery Charge
According to the superseding indictment, Bankman-Fried is accused of attempting to bribe at least one and possibly more Chinese government officials as part of an effort to unfreeze certain accounts.
Coinbase Aims to Stay in Canada; Binance Could Be Poised to Exit Amid Regulatory Shakeup
Coinbase is in talks with regulators about remaining in Canada, according to a person familiar with the matter, as the country tightens rules for cryptocurrency exchanges. Larger rival Binance, however, looks likely to exit.
Top U.S. Treasury Official Says Crypto Had No ‘Direct Role’ In Bank Failures
Nellie Liang, the U.S. Treasury Department's undersecretary for domestic finance, doesn’t believe the digital assets sector should be blamed for the runs on Silicon Valley Bank (SVB) and Signature Bank that led to their quick demise earlier this month.
FDIC Seeks Signet Sale, Wants Signature Bank’s Crypto Clients Out by April 5
The Federal Deposit Insurance Corp. is seeking to sell Signet, the real-time payments network for crypto companies operated by the now failed Signature Bank.
FDIC Gives Deadline of Next Week for Crypto Depositors Stranded by Signature Failure
The FDIC is trying to hurry the stranded crypto customers out the door of the temporary entity that holds the assets of the former Signature Bank, asking them to cash out by next week – whether they have a new bank or not. The deal in which the FDIC sold what remained of Signature to New York Community Bancorp didn’t include some $4 billion in crypto-related deposits, nor the bank’s Signet real-time transactions platform.
Canada to Ask Pension Funds to Disclose Crypto Exposure
Canada's national government said federally regulated pension funds in the country will need to disclose their crypto assets exposure to the Office of the Superintendent of Financial Institutions (OSFI), as Ottawa tightens its regulatory oversight on the volatile industry.
Do Kwon Extradition Sought by U.S., South Korea, Montenegro Justice Minister Says
The extradition of TerraForm Labs founder Do Kwon from Montenegro has been requested by both the U.S. and South Korea, Justice Minister Marko Kovac said at a press conference on Wednesday
Crypto Exchange Beaxy Shut Down After SEC Lawsuit
Crypto trading platform Beaxy has officially closed its doors as the SEC charged the company and its founder, Artak Hamazaspyan. with operating an unregistered exchange and brokerage.
British Virgin Islands Court Orders 3AC Founders to Attend Examination on May 22
The Three Arrows Capital founders will be found in contempt of court if they fail to reply to the order.
Coin Center Says RESTRICT Act Could Be Used to Ban Bitcoin
A bipartisan group of senators introduced a bill earlier this month that seeks to bolster the federal government’s powers in fighting perceived foreign technology threats. And some in the digital assets industry are warning it could possibly spell disaster for crypto.
South Dakota Governor Turns Down Crypto Regulation Bid
Legislators cited concerns about the bill’s treatment of crypto, even though the word is never mentioned in the text. Republican Governor Kristi Noem’s main issue with the proposed law was that it could “pave the way for a government-led CBDC,” she told conservative personality Tucker Carlson earlier this month.
SEC's Gensler Insists Clear Rules for Crypto Market 'Already Exist'
On March 29th, Gensler said that rules for the cryptocurrency market already exist—but that the industry is still “rife with noncompliance.”
The Texas bill that would prohibit flexible load agreements between bitcoin miners and energy providers yesterday. The bill aims to ban the arrangements in which energy providers like ERCOT would pay bitcoin mining operators to turn off their facilities, effectively freeing the now-excess energy for usage during emergencies or high demand time periods. The bill also seeks to “Ban tax abatements for miners in Texas because ‘mining is already projected to grow in the state’”
Are DAOs Dead? Judge Ruling in bZx Case Spells Trouble, Legal Experts Say
A federal judge in Pasadena, California, denied a series of motions attempting to excuse members of the bZx DAO from liability in a novel class action lawsuit filed against the decentralized autonomous organization. The ruling means a court has found that simply owning a token could create legal liability for holders, sending shockwaves throughout the crypto community as traders, investors, and other enthusiasts grapple with the potential implications.
Latin America 🌎
Venezuela's Crypto Regulator, Targeted with $5M Bounty, Removed and Arrested
Joselit Ramirez, the top authority on cryptocurrency policies in Venezuela, has been removed from his position by none other than the President of the Republic, Nicolas Maduro. Ramirez has since been arrested, according to Venezuelan media, under investigation for participating in a scheme to steal from Venezuela's oil operations.
El Salvador President Bukele to Introduce Bill That Would Eliminate Taxes on Technology Innovations
It is unclear yet if this measure will extend to bitcoin applications, but El Salvador and its president are known for being bitcoin-friendly, in 2021 becoming the first nation to make the crypto legal tender. The country's legislature earlier in 2023 passed a law paving the way for a bitcoin-backed bond.
Middle East & Africa 🌍
Dubai’s Crypto Industry Welcomes New Licensing Regime Amid Global Regulatory Uncertainty
The emirate’s ambitious framework tackles a broad range of assets and activities, designed to attract firms seeking regulatory clarity.
Coinflex says restructuring plan is approved by Seychelles court
Courts in the Seychelles approved Coinflex’s restructuring plans for the crypto exchange, which had halted withdrawals last summer. Next steps will follow after the court issues the written order.
Crypto.com Moves Closer to an Operational License in Dubai
The Singapore-based platform is now in the second stage of a three-state licensing process.
Bitcoin and Stablecoins Will Bring Crypto Mass Adoption to Africa, Experts Say
Many consider Africa the sleeping giant of crypto, and several speakers at Blockchain Africa Conference in Johannesburg, South Africa, picked bitcoin and stablecoins as the top two levers of crypto mass adoption on the continent.
Nigeria's eNaira Wallet Use, Transactions Climb Amid Cash Shortages
The number of eNaira wallets has jumped more than 12-fold to 13 million since October, and the value of transactions has climbed 63% this year.
Europe 🌍
French Regulator Working to Clarify New Crypto Rules, Align With EU
The National Assembly voted for new regulations in the wake of FTX's collapse. Financial Market Authority Chairwoman Barbat-Layani said she would “adapt French crypto license conditions to make them as operationally close as possible to the new European rules,” referring to MiCA set to be agreed on imminently by the European Union.
UK Financial Regulator Expands Enforcement Against Crypto ATMs to East London
The U.K Financial Conduct Authority has expanded its enforcement action against crypto ATMs. The regulator has previously said that none of the crypto asset businesses registered with it are authorized to provide ATM services. So any crypto ATMs operating in the country are doing so illegally.
HSBC and Nationwide Ramp Up Crypto Limits
Nationwide Building Society and HSBC Holdings Plc toughened limits on retail customers’ access to cryptoassets, becoming the latest UK banks to impose curbs after industry scandals and regulatory warnings.
No NFTs Are Securities – Yet, German Finance Officials Say
No NFTs are yet classified as securities – a status that would require licenses and money laundering supervision, German financial regulator BaFin said.
UK to Add Crypto Declaration in Tax Forms
U.K. taxpayers will have to separately report crypto assets on their tax forms in a move that is expected to raise an extra 10 million British pounds (US$12 million) per year for the public purse.
AXA Investment Managers Gains French Crypto Registration
The announcement means the company, which says it has 95 million clients in 50 countries, joins Binance, Bitstamp and Societe Generale in passing governance and money laundering checks set by French law. Crypto providers are in a race against time to register with the authorities before new European Union (EU) laws take effect. Those already registered will be exempt from the strictures of the MiCA regulation for an extra period, and a newly passed French law means the domestic registration procedure will become tougher as of January 2024.
Germany and U.S. Seize Over $46M Crypto Tied to ChipMixer Investigation
Authorities from Germany and the U.S. have seized up to 44 million euros ($46.3 million) from ChipMixer, a noted cryptocurrency mixer, according to the European Union Agency for Law Enforcement Cooperation (Europol).
EU Parliament passes smart contract regulation under Data Act
The legislation, and its provisions on smart contracts, is not explicitly aimed at the crypto industry, but focuses on data from connected devices, or the Internet of Things. Yet some in the industry worry the Data Act may have far-reaching effects on crypto if the scope isn’t clearly defined.
EU’s MiCA Crypto Law Debate Scheduled for April 18
The European Union’s Markets in Crypto Assets Regulation, known as MiCA, will be the topic of an April 18 discussion in the European Parliament, heralding final formal agreement of the landmark law that will bring a crypto licensing regime across the bloc, according to an agenda published on the Parliament’s website.
Netherlands Will Take Tough Line Enforcing MiCA, Dutch Regulator Says
The Netherlands will take a tough line enforcing new European Union crypto rules, even if it means business goes elsewhere, the head of the Dutch Authority for Financial Markets (AFM) has said.
Circle Seeks to Register in France, Ramping Up European Play
The stablecoin issuer wants to expand European operations and prepare for new reserve requirements under the EU’s MiCA law
Belgian Crypto Ads Must Warn of Risks Under New Rules
The Financial Services and Markets Authority will have to be notified of major ad campaigns, as a survey reveals crypto investors are often trying to get rich quick.
French Lawmakers Agree to Effectively Ban Crypto Influencer Promotions
French social-media influencers wouldn’t be allowed to hawk unlicensed crypto products under a plan voted on by lawmakers on a key legislative committee Wednesday.
Turkey's Metatime raises $11 million in seed funding amid rising crypto adoption
Metatime, a Turkish crypto exchange that has yet to launch, raised $11 million in seed funding. The Turkish crypto startup is developing an exchange, wallet, blockchain, NFT marketplace and a stablecoin. Crypto is popular in Turkey where inflation is sky-high and the currency is devalued. The country was ranked twelfth in Chainalysis's 2022 Global Crypto Adoption Index.
When Brigitte Macron Came to NFT Paris
France's first lady showed up at an NFT convention and even minted an NFT. Europe is welcoming crypto as the US pushes it out.
EU Lawmakers to Vote on Limited Ban on Self-Hosted Crypto Payments
Large crypto-asset transfers from anonymous self-hosted wallets would be banned under plans set to be voted on by European Union lawmakers.
Crypto exchange Binance launches new regional hub in Georgia
Binance continues expanding its global reach by setting up a new blockchain hub in crypto-friendly Georgia. On March 26, Binance announced the opening of its brand-new blockchain hub in Georgia, aiming to promote further adoption of crypto in the country.
Stuttgart Stock Exchange Unit Secures BaFin License for Crypto Custody
Blocknox, a part of Boerse Stuttgart's digital unit, has received the final license as a crypto custodian from Germany's financial regulator, BaFin. The license means Boerse Stuttgart Digital will be able to provide institutional investors with services for trading crypto as well as fiduciary custody.
Asia 🌏
India's Crypto Regulation Now Has Teeth, Experts Say
Bringing crypto companies into the purview of anti-money laundering rules imposes obligations and exposes them to fines for breaches.
Thailand offers tax breaks for companies issuing investment tokens
Thailand's cabinet agreed to waive corporate income tax and value-added tax for companies that issue digital tokens for investment, a government spokeswoman said.
Three Japanese Banks Start Stablecoin Experiment
The institutions involved are Tokyo Kiraboshi Financial Group, Minna no Bank and The Shikoku Bank. Japan has been moving toward allowing stablecoins. Following the collapse of Terra in 2022, parliament passed a set of stablecoin-specific rules focused on investor protection.
India’s Crypto Industry Finally Sees Lawmakers Engaging
Indian exchange CoinDCX, backed by the industry’s policy body, Bharat Web3, and media outlet Forbes brought lawmakers to an event titled “Namaste Web3” at one of New Delhi’s five-star luxury hotels, to discuss India’s G-20 presidency and potential opportunities for India in the Web3 sector.
India’s Central Bank Seeking Privacy Legislation for Retail CBDC Users
India's central bank is advocating for legislation that will allow users of its retail central bank digital currency (CBDC) to delete any transactions from the network's ledger in order to maintain anonymity, a highly placed person told CoinDesk.
India and UAE to Collaborate on Developing Digital Currencies
The Reserve Bank of India and the Central Bank of the United Arab Emirates signed a memorandum of understanding in Abu Dhabi to explore the interoperability between the CBDCs of the two countries.
Taiwan financial regulator says will oversee crypto currencies
Taiwan's Financial Supervisory Commission will be the main overseer of crypto currencies on the island, the head of the regulator said on Monday.
Crypto Firms Answering Hong Kong's Call for Web3 Leadership
Hong Kong is accelerating toward its goal of becoming a global crypto hub, according to the region’s Secretary for Financial Services and the Treasury. In a speech at the Aspen Digital Web3 Investment Summit in the east Asian business hub, Christopher Hui said that the city had received interest from over 80 companies wanting to set up shop in Hong Kong.
HK Regulators to Host Meeting to Help Crypto Firms With Banking
Hong Kong regulators are convening a meeting between crypto firms and bankers in a bid to ease financing for the sector as the city seeks to establish itself as a hub for virtual assets.
Chinese Banks Court Crypto Firms in Hong Kong After Mainland Ban
Crypto firms rushing into Hong Kong after the city opened its doors to the battered sector are finding a surprising source of potential support: China’s state-owned banks.
Australia 🇦🇺
Australia’s Central Bank Taps Mastercard and Others to Test CBDC Use Cases
The projects will take part in the country’s central bank digital currency pilot, expected to wrap later this year.
Australian Crypto Regulations Likely to Be Delayed Until Mid-2024
Australian laws to regulate the crypto industry and protect retail customers could still be more than a year away, government documents released under Freedom of Information Laws indicate.
Australia's Treasury and Reserve Bank Held Consultations With Coinbase, Others
Australia's central bank and Treasury have held private meetings with international crypto industry executives including Coinbase's vice president of international policy, Tom Duff Gordon, on the future of digital assets and regulation in the nation.
Australian Regulator Tells Banks to Report Exposure to Startups and Crypto-Related Business
Australia's Prudential Regulation Authority (APRA) has asked banks to report their exposure to startups and crypto-related business, in some cases on a daily basis.
Coinbase Calls For Flexible Approach to Regulation in Australia
Digital asset exchange Coinbase has responded to the Australian Treasury’s “token mapping” exercise, expressing its support for the development of the country’s regulatory framework.
Australian senator introduces private bill to expedite crypto regulation
Senator Andrew Bragg submitted a private senators’ bill titled Digital Assets (Market Regulation) Bill 2023 to “protect consumers and promote investors,” which includes regulatory recommendations for stablecoins, licensing of exchanges and custody requirements.