Schlagwort: crypto regulation

• Trump picks Paul Atkins, a pro-crypto libertarian, for the SEC chair role.
• Atkins is expected to provide clearer crypto regulations.
• Senate confirmation is needed, although Trump could pursue a recess appointment.

President-elect Donald Trump has selected Paul Atkins, a staunch advocate for the crypto industry, to serve as the next chair of the US Securities and Exchange Commission (SEC) once Gary Gensler steps down in January 2025.

This move marks a significant step in fulfilling Trump’s campaign promises to reshape the regulatory landscape for digital finance and bring clarity to cryptocurrency rules.

Atkins’s pro-crypto stance

Atkins, who served as an SEC commissioner under President George W. Bush, is well-known for his libertarian views and has earned respect within conservative legal circles.

Since leaving the SEC, Atkins has been an outspoken supporter of the crypto industry, particularly in his role as co-chair of the Token Alliance at the Digital Chamber of Commerce. In addition, Atkins has advised digital finance companies on regulatory compliance as the founder of Potomak Global Partners, a consultancy he established in 2009.

The crypto market expects a turnaround under Trump’s leadership

The selection of Atkins comes as Trump aims to provide clearer guidelines for the cryptocurrency market, which has long been frustrated by SEC chair Gary Gensler’s approach.

Under Gensler’s leadership, the SEC was criticized for pursuing enforcement actions against crypto companies without establishing clear regulatory frameworks. This led to widespread discontent within the crypto industry, with many calling for a more transparent and collaborative approach.

Gensler has, however, announced his resignation, effective January 20, when Trump is set to take office, creating room for fresh leadership at the SEC.

During his campaign rallies, Trump promised to make the US a “world capital” for crypto and has committed to replacing Gensler to help establish clearer rules for the industry. He also proposed the creation of an advisory council to focus on crypto policy and suggested a national Bitcoin strategic reserve.

The selection of Atkins signals a strong push towards crypto-friendly regulations, a move that is likely to be welcomed by the industry, especially after years of uncertainty.

Although there are reports that Atkins is reportedly reluctant to accept the role, attention now shifts to The Senate, which will be responsible for confirming or declining Atkins’ appointment, though Trump could choose to make a recess appointment if necessary.

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• Cambodia has intensified its digital assets regulatory measures.
• It has placed a ban on 16 popular cryptocurrency exchange platforms.

Cambodia has reportedly blocked websites of 16 crypto exchanges amid regulatory efforts to combat potential crypto related crime.  Among those blocked are Binance and Coinbase.

Binance is the world’s largest cryptocurrency exchange by trading volume and global user count, while Coinbase is the largest US-based crypto exchange.

Cambodia’s crackdown on unregistered exchanges

In a move to regulate the crypto space, the Cambodian government requires the exchanges to obtain a legal licence from the country’s Security and Exchange Regulator and the said exchanges failed to do so.

The Cambodian Telecommunication Regulator cited that the 102 sites banned were linked to online gambling. Shockingly, Binance which had signed a partnership with the Cambodian authorities in 2022, is among those whose sites are inaccessible following the TRC ban.

However, despite this ban, most of the banned exchanges’ mobile apps remain functional.

The National Bank of Cambodia banned the use of cryptocurrency in 2017 though citizens continued to gamble and do online exchanges of the said digital assets. The recent ban, as Nikkei Asia reported, is because the exchanges lack the licenses as required by TRC.

Despite the unfolding development, exchanges and other platforms play a huge role in the development of the country’s growing digital assets economy

Binance presence in Cambodia

In 2022, Binance signed an agreement with SERC to support Cambodia’s digital assets. The exchange went further to cement its presence in the country with a partnership with the conglomerate Royal Group.

Binance is among multiple exchanges that also faced a similar scenario to that reported in Cambodia earlier this year.

In January 2024, Indian authorities banned several platforms for failing to register.

This came a few days after India’s Financial Intelligence Unit pushed for the removal of exchange apps of several crypto exchanges from the Apple App Store and Google Play Store. It wasn’t until August 2024 that Binance officially reentered the Indian market, paying a $2 million penalty in the process.

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• Telcoin aims to become the first regulated crypto bank and issuer of stablecoins.
• Telcoin’s Digital Asset Depository Charter hearing is set for December 5, 2024.
• Approval of Telcoin Bank’s charter is expected in early 2025 following the hearing.

Telcoin, Inc. is set to hold a pivotal hearing for its application to become the first regulated digital asset bank in the United States.

The hearing, scheduled for December 5, 2024, will be a critical step in the company’s effort to secure a Digital Asset Depository Charter under the Nebraska Financial Innovation Act (LB 1074, 2024). The public hearing will take place at 9:00 AM CST at the First Nebraska Administrative Building, located at 1526 K Street, Lincoln, Nebraska.

Telcoin’s application to become a FED-regulated bank

The Digital Asset Depository Charter application, filed with the Nebraska Department of Banking and Finance, has already made significant progress.

In September 2024, Telcoin received confirmation that its application to establish Telcoin Bank, a Digital Asset Bank, had been deemed complete. This marked a major milestone for the company, which has been working closely with key figures such as Congressman Mike Flood, who helped draft the Nebraska Financial Innovation Act back in 2021. Mike Flood, with Trump’s endorsement, won the US House seat representing Nebraska’s capital city and surrounding areas in the just concluded US elections.

The Nebraska Financial Innovation Act, part of the broader Nebraska Innovation Act, has been crucial in facilitating the state’s efforts to position itself as a leader in digital asset regulation.

If the Digital Asset Depository Charter application is approved, Telcoin Bank will become the first US-based digital asset bank and a global pioneer as the first regulated issuer of stablecoins, which the company refers to as “Digital Cash.”

Telcoin’s stablecoins will form the backbone for Telcoin’s remittance services and are designed to disrupt the $160 billion stablecoin market by offering a more usable and integrated form of cryptocurrency. The company is also positioning Digital Cash as a solution for mainstream global payments, making it easier to conduct direct merchant payments and enabling a seamless connection to decentralized finance (DeFi).

CEO Paul Neuner emphasized the importance of this development in Telcoin’s latest community update. He noted that the public hearing on December 5th is a major step toward Telcoin Bank’s official charter approval, which is expected in early 2025.

Telcoin aims to offer blockchain-based banking products

Telcoin’s goal is to offer blockchain-based banking products and services, including crypto staking, and to integrate digital assets into the global banking system.

Telcoin’s ambitions have attracted attention from mobile network operators (MNOs) and global fintech communities.

Recent events like Flyover Fintech, hosted by Congressman Mike Flood, highlighted Telcoin’s vision to become a cornerstone in the future of payments and mobile finance. Additionally, the company has successfully raised funds to support the development of Telcoin Bank, including a pre-series A fundraise that attracted significant investor interest.

The company’s global outreach and innovation in blockchain banking promise to reshape the financial services landscape in the coming years.

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• Coinbase plans to end support for USDC earn program for EU customers on December 1, 2024
• The exchange cites EU’s MiCA rules that go into full implementation on December 30 for the decision

Coinbase has notified its customers that the exchange plans to discontinue the USDC rewards program by December 1.

Coinbase, which announced the delisting of non-compliant stablecoins in the European Economic Area (EEA) earlier in the year, is taking the step to sunset the USDC Rewards program.

The program has been available to the EEA’s 30 countries – including 27 that form the EU. Markets in Crypto-Assets Regulation (MiCA) stablecoin laws rollout is the reason for Coinbase’s decision, the exchange noted in an update that circulated online on November 28.

Marina Markezic shared the Coinbase announcement on X:

MICA is kicking in -> Sunsetting USDC Rewards in the EU Due to MiCA @coinbase @circle pic.twitter.com/8GCGlpt8Xd

— Marina Markezic (@MarinaMarkezic) November 28, 2024

MiCA rules full implementation

According to details in the notice shared on X, Coinbase’s decision to end the yield program for the USDC stablecoin is part of the exchange’s effort to comply with the European Union’s MiCA rules.

MiCA regulation of stablecoins went into effect in June, but the rules will come into full effect on December 30, 2024.

Various crypto companies and stablecoin issuers have moved to get EU registration and licenses ahead of MiCA full implementation. However, some industry players plan to delist certain stablecoins in the region. Notably, this also sees initiatives to launch EU-compliant fiat-backed coins.

Earlier this week, Tether, the issuer of the world’s largest stablecoin by market USDT, announced its decision to end support for Tether Euro (EURT). This is a Euro-pegged stablecoin that has been delisted by other providers. Tether said it will halt EURT support until there are “more risk-averse framework[s] is in place.”

Tether chief executive officer Paolo Ardoino commented via X:

Tether’s decision to delist EURt has not been taken lightly, but until a more risk-averse regulatory framework in Europe is in place—one that fosters innovation, offers the stability and protection our users deserve and avoids potential banking systemic risks—we have chosen to… https://t.co/WQWAeMwpbD

— Paolo Ardoino 🤖🍐 (@paoloardoino) November 27, 2024

Tether is however investing in Quantoz Payments, a company issuing the MiCA-compliant stablecoins EURQ and USDQ.

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• Morocco is drafting new crypto regulations to reverse its 2017 digital asset ban.
• Morocco’s central bank is exploring the creation of a central bank digital currency (CBDC).
• Global trends show more countries, like the UK and EU, moving toward crypto regulation.

Morocco is reconsidering its stance on cryptocurrencies, with plans to reverse a 2017 ban on digital assets and introduce comprehensive regulatory frameworks.

Morocco’s central bank, Bank Al-Maghrib, is currently drafting new legislation aimed at regulating digital currencies, signalling a significant shift in the government’s approach to cryptocurrencies.

Abdellatif Jouahri, the governor of the central bank, confirmed that the new draft law is under review and could soon be adopted. The law is part of Morocco’s strategy to regulate cryptocurrencies more effectively in response to growing interest and adoption, despite the initial ban.

By late 2023, nearly 5% of Moroccans were using digital assets, highlighting the widespread use of cryptocurrencies, even in the face of prohibitive laws.

The move comes at a time of rising global interest in cryptocurrencies, with Bitcoin nearing the milestone of $100,000, further fueling global crypto discussions.

Morocco considering creating a CBDC

In addition to legalizing cryptocurrencies, the country is exploring the possibility of creating a central bank digital currency (CBDC).

The central bank’s governor revealed that the central bank is assessing how a CBDC could support public policy objectives, such as promoting financial inclusion, by offering a regulated and secure digital currency alternative.

The global momentum towards clearer crypto regulations

As Morocco moves closer to legalizing cryptocurrencies, the country joins a global wave of nations embracing digital assets.

The European Union’s Markets in Crypto-Assets Regulation (MiCA), expected to be implemented by the end of 2024, and the UK, which plans to introduce a comprehensive crypto regulatory framework in early 2025, are just some examples of nations that are creating regulatory clarity in the digital finance space.

These steps suggest a future where the digital finance landscape is more structured, secure, and conducive to innovation, providing clearer guidelines for investors and businesses in the crypto market.

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