Connect with us

Regulation

Crypto Regulation Deadline Extended by Central Bank Group

Published

10 months ago

on


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.

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

✓ Share:

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

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.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Regulation

Ripple Secures DFSA License in the UAE

Published

2 days ago

on

March 13, 2025

By


An image of the Dubai International Financial Centre

  • 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 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.

Share this article
Categories
Tags





Source link

Continue Reading

Regulation

OKX Expands Institutional Offerings In Europe With MiFID II License

Published

2 days ago

on

March 12, 2025

By


OKX crypto exchange has acquired a Markets in Financial Instruments Directive (MiFID II) license by acquiring a Malta-licensed entity. This move allows the company to introduce regulated derivative products and services for institutional clients across the European Economic Area (EEA), pending Malta Financial Services Authority (MFSA) approval.

The regulation news was made during an exclusive event on Manoel Island, Malta, as part of OKX’s strategy to strengthen its presence in the European market.

OKX Acquires MiFID II License To Expand In Europe

According to a recent announcement, OKX secured a MiFID II license through the acquisition of a Malta-based firm that holds the regulatory approval. The entity will become operational later this year after receiving clearance from the Malta Financial Services Authority (MFSA).

The MiFID II license will allow OKX to introduce regulated derivatives and investment solutions for institutional clients across the EEA. This move will enhance institutional market access while maintaining compliance with European financial regulations.

Previously, OKX received a full Markets in Crypto-Assets (MiCA) license, enabling the exchange to provide localized crypto trading services across 30 EU member states. The MiCA license supports various offerings, including spot trading, over-the-counter (OTC) trading, and automated trading solutions.

Amid these regulation news, earlier this month, top crypto exchange Binance announced that it would be delisting all non-MiCA-compliant stablecoin trading pairs for users in the EEA.

Institutional Offerings With Regulatory Compliance

OKX’s expansion under MiFID II aims to align digital assets with traditional financial markets. The company intends to provide institutional-grade services that meet European compliance standards. The newly acquired license will help OKX partner with tier-one financial institutions and introduce new regulated investment products.

With the MiFID II approval, OKX plans to integrate additional risk management features and trading solutions tailored for institutional investors. The exchange seeks to offer advanced derivatives products while ensuring security in line with European regulations.

Additionally, OKX’s institutional clients will gain access to new derivatives trading services under the MiFID II license. The platform currently supports trading for over 240 cryptocurrency tokens, 300 trading pairs, and 60 euro-based trading pairs.

Concurrently, the top crypto exchange plans to expand its fiat on-ramp options. The company allows users to deposit and withdraw euros at no cost through bank transfers while supporting card payments and other local payment methods.

More so, the exchange’s website and mobile app are designed to support local languages, currency displays, and customer service tailored to each European market. The company is set to introduce more localized services, including streamlined Know Your Customer (KYC) processes.

Reacting to the regulation news, Erald Ghoos, OKX Europe CEO added,

“With this license, we are set to deliver institutional-grade services, partner with tier 1 financial institutions, and offer regulated investment solutions that enhance market access and empower investors across the continent.”

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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.





Source link

Continue Reading

Regulation

Acting SEC Chair Mark Uyeda Seeks to Drop Rule That Targets DeFi Exchanges

Published

5 days ago

on

March 10, 2025

By


Acting U.S. Securities and Exchange Commission (SEC) Chair Mark Uyeda has announced a move to reconsider a proposed rule that could regulate decentralized finance (DeFi) exchanges. The rule, known as Regulation ATS, aimed to broaden the definition of an exchange to include communication protocols used in the crypto sector. Uyeda stated that he directed SEC staff to explore options for abandoning the portion of the proposal related to crypto, citing widespread public criticism.

SEC Chair Mark Uyeda Moves to Drop Rule Targeting DeFi Exchanges

In a recent development in crypto regulations, SEC Chair Mark Uyeda has asked agency staff to explore options for removing part of the proposed Regulation ATS. The rule sought to expand the definition of an exchange to include communication protocols in crypto markets.

Uyeda said that the proposal would have forced DeFi platforms to register as regulated exchanges. The move faced heavy opposition from the crypto industry, with concerns that it could impose excessive compliance burdens. Uyeda acknowledged the criticism and emphasized that the SEC should reconsider its approach.

Meanwhile, in other regulatory news, Thailand’s SEC has officially approved USDT as a recognized cryptocurrency. The decision allows virtual asset service providers in the country to offer Tether’s stablecoin on their platforms, expanding its accessibility for businesses and individuals.

Regulation ATS Expansion Could Have Classified DeFi as Exchanges

Regulation ATS was initially designed to regulate alternative trading systems but was revised under former SEC Chair Gary Gensler. The proposed changes could have extended its scope to DeFi platforms. This would have subjected decentralized exchanges to regulatory oversight similar to traditional financial markets.

Critics warned that the proposed rule could hinder innovation in decentralized finance. Industry leaders argued that forcing DeFi projects to comply with exchange registration and disclosure requirements could be impractical due to their decentralized nature. Uyeda recognized these concerns and indicated that the SEC may step back from its initial position.

Most recently, CoinGape reported that ConsenSys challenged the SEC’s proposed DeFi rule changes, arguing that they exceed the agency’s legal jurisdiction. The company contends that the amendments impose undue regulatory burdens on decentralized protocols, conflicting with existing legal frameworks. ConsenSys has called for the SEC to withdraw the rule entirely, citing risks to innovation and compliance complexities.

Trump-Era and Impact on Crypto Regulations

The SEC has taken a different approach to crypto regulations under the new administration. Uyeda’s move follows a series of policy reversals since the departure of former SEC Chair Gary Gensler. The agency recently rescinded strict crypto accounting guidance and dropped several enforcement actions against industry players.

The shift signals a more relaxed regulatory stance toward digital assets. With the Trump administration in office, the SEC appears focused on easing restrictions that critics viewed as overly aggressive. Uyeda’s latest decision continues this trend, as the agency re-evaluates its approach to crypto oversight.

More so, crypto regulations in the U.S. may see improved clarity as the SEC and CFTC strengthen their collaboration. This effort will eliminate past jurisdictional conflicts and create a more structured oversight framework for digital assets.

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

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.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io