Regulation
Crypto Regulation Deadline Extended by Central Bank Group

The Group of Central Bank Governors and Heads of Supervision (GHOS), the supervisory body of the Basel Committee on Banking Supervision, has just set a new deadline for the implementation of its prudential standard for the banks’ crypto-asset exposures. The first expected finish date is January 2025, but the deadline has been postponed to January 1, 2026.
Consequently, this modification is designed to give countries enough time to create a clear and unified regulatory framework for crypto asset exposure.
Updated Timeline for Crypto Regulation
The GHOS’s decision to delay the implementation deadline after a thorough evaluation of the progress and readiness of member jurisdictions in adopting the new standards is a great decision. Given the different speeds of crypto regulatory adaptation, this measure aims to achieve a level of competition while making the markets more stable worldwide.
The Basel Committee supported this prudential standard in December 2022. It was meant to address the financial stability risks brought by crypto assets while promoting responsible innovation in the banking sector.
The Group of Governors and Heads of Supervision of the #BaselCommittee commend “good progress” on implementing #BaselIII and reiterate their expectation for full and consistent implementation as soon as possible https://t.co/ErupSvGzRF pic.twitter.com/RqOL6J2zYs
— Bank for International Settlements (@BIS_org) May 13, 2024
Tiff Macklem, the Chair of the GHOS and the Governor of the Bank of Canada stressed the significance of the longer implementation period.
“The extension will be of great help in order to make sure that the implementation of the cryptoasset standard is both complete and uniform in all the member jurisdictions,” Macklem said.
This careful attitude is a manifestation of the general policy of precaution in the period of swift technological development and changes in market conditions.
Central Bank Group’s Regulatory Efforts
This is part of a larger strategic plan by the Basel Committee to deal with the new financial risks. The committee’s work program for 2023-24 has been mainly dealing with digitalization, climate-related financial risks, and the ongoing implementation of the Basel III framework. Through the process of landscape assessment and the adaptation of regulatory measures, the GHOS intends to eliminate the possible weaknesses of the global banking system caused by digital assets and other new risks.
Besides, the longer timeline is in line with crypto regulation measures in other parts of the world. The Australian Tax Office recently strengthened its rules on crypto exchanges to reduce tax evasion, showing a global tendency to strengthen the control of crypto activities.
The hum that followed the deferral of the deadline has been different in the financial markets. Cryptoasset values are still affected by the regulatory news, which is the result of the continuous uncertainty and the big role of the regulatory environments in market stability.
Nevertheless, this extension may serve as a sort of respite for the banks and financial institutions, giving them more time to adjust their activities to the new standards.
Read Also: Pro-XRP Lawyer John Deaton Is First GOP To Make Onto 2024 Massachusetts Ballot
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
Pakistan unveils new ‘crypto council’ amid push for regulation


- Pakistan wants to streamline crypto regulation and oversight.
- The Pakistan Crypto Council (PCC) will help align the country’s crypto ecosystem with global trends.
Pakistan has established the Pakistan Crypto Council (PCC) to oversee the adoption and regulation of blockchain technology and digital assets.
According to details, the PCC will help advance crypto adoption within the country’s financial ecosystem.
Senator Muhammad Aurangzeb, Pakistan’s Finance Minister will chair the PCC, with the team including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Law and IT Secretaries.
At a February meeting on digital assets, Aurangzeb emphasized the significance of Pakistan developing a well-regulated digital asset framework. According to the government, this is what will align the country with international best practices. This will also add to compliance with the Financial Action Task Force (FATF) guidelines.
This and the announcement on March 15 signals a dramatic reversal from the nation’s prior stance, which barred cryptocurrency due to concerns over money laundering and terror financing.
Amid this latest move, Pakistan looks focused on becoming one of the crypto innovation and adoption hubs.
Pakistan’s shift comes as the country ranks among the top nations for crypto adoption, boasting approximately 20 million active users and over $20 billion in transactions annually.
The nation’s $35 billion remittance market stands to gain significantly from this pivot.
It’s one of PCC’s agenda that the country moves towards crafting clear regulatory guidelines, collaborating with global blockchain entities, and prioritizing consumer protection and financial security through a strong legal framework.
Pakistan eyes clear crypto framework
Pakistan is taking the big move follows Saqib’s appointment, which the Ministry of Finance hailed as “a significant step forward.”
Together, these initiatives will help harness digital currencies’ potential while mitigating risks. The PCC mandate seeks to balance innovation with accountability, aligning Pakistan with international trends in digital finance and reinforcing its economic ambitions on the world stage.
Across the globe, the United States recently created a strategic bitcoin reserve, held an inaugural White House crypto summit and has new pro-crypto leadership at key government agencies.
Meanwhile, the European Union’s Markets in Crypto-Assets (MiCA) is in full effect and Russia is reportedly tapping into crypto for oil trade.
Regulation
Coinbase Chief Legal Officer Criticizes The FDIC’s Response To FOIA Request

The Federal Deposit Insurance Commission (FDIC) has filed a response to Coinbase’s request for information under the Freedom of Information Act (FOIA). Coinbase says the response is far from sufficient as it pledges to heighten its quest for additional information.
Coinbase Takes Swipes At FDIC’s Response To FOIA Request
Following a FOIA request filed by US-based cryptocurrency exchange Coinbase, the FDIC has released a raft of documents. However, Coinbase Chief Legal Officer Paul Grewal disclosed that the documents released by the FDIC contain too little information.
Grewal took to X (formerly Twitter) to criticize the FDIC for dragging its feet to release necessary information. According to the FOIA filing, Coinbase is seeking information into the FDIC’s role in Operation Choke Point 2.0 and the “debanking of crypto companies.”
Grewal notes that the FDIC is withholding information, particularly regarding its conduct of due diligence to ensure that Operation Chokepoint 2.0 documents remain preserved. Coinbase has filed a similar
The executive disclosed that the latest batch of documents contained several redactions that revealed “much too little, much too late.”
“They removed a few redactions, produced a few more documents, and promised another “renewed search” for other documents,” said Grewal.
The US SEC Has To File Its Own Response To FOIA Requests
Coinbase has extended its crusade against regulators by filing a FOIA request against the SEC. According to the filing, Coinbase is seeking clarification over the cost of the SEC’s enforcement actions against cryptocurrency companies.
“The previous SEC spent four years attacking a lawful industry, and American taxpayers were left holding the bill,” read a statement. “How much did you end up paying? We intend to find out.”
Pundits say the SEC’s enforcement actions against heavy hitters in the industry could cost millions of dollars. Furthermore, a reliance on third-party contractors by the SEC in the cases are expected to drive up the bill.
Coinbase’s request comes on the heels of high-profile case dismissals against cryptocurrency service providers. The SEC’s dismissal of Kraken’s case and the lawsuit against Coinbase are considered a monumental waste of public resources by the securities watchdog.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
Ripple Secures DFSA License in the UAE


- Ripple has secured a major license in the Middle East after getting regulatory nod from the Dubai Financial Services Authority (DFSA).
- The license allows Ripple to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).
Ripple announced on March 13, 2025 that it had secured a major license in the Middle East.
The Dubai Financial Services Authority (DFSA) has greenlit Ripple to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).
Ripple becomes the first blockchain-enabled payments provider to snag this crucial DFSA license.
Ripple has secured regulatory approval from the Dubai Financial Services Authority (DFSA), making us the first blockchain payments provider licensed in the DIFC. https://t.co/6oHWtnjODr
This milestone unlocks fully regulated cross-border crypto payments in the UAE, bringing…
— Ripple (@Ripple) March 13, 2025
Ripple secures license in Middle East milestone
This DFSA approval marks another of Ripple’s footprint in the Middle East, with this adding to a presence that includes major partnerships in the region.
It enhances the XRP creator’s recognition and aligns with Ripple’s plans to add to its global customer base. The license also means a potentially massive opportunity for XRP adoption.
“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Brad Garlinghouse, chief executive officer of Ripple. “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”
A 2024 Ripple survey found 64% of finance leaders in the Middle East and Africa (MEA) see faster payments as the killer app for blockchain-based currencies. No surprise, then, that over 82% of MEA finance bosses say they’re “very or extremely confident” about integrating this tech into their operations.
“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, Ripple’s managing director for Middle East and Africa.
Merrick added;
“Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs.”
This license will be great for Ripple’s stablecoin RLUSD, which the company launched late last year. Like other stablecoins, RLUSD could supercharge crypto adoption in the UAE, with users accessing real-time settlement for cross-border payments and remittances.
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