Global Regulators Crack Down on Cryptocurrencies Despite Market Stability

Global Regulators Crack Down on Cryptocurrencies Despite Market Stability


The article discusses the recent regulatory actions taken by various countries, including the US, Europe, and Hong Kong, to oversee and monitor the cryptocurrency industry.

The cryptocurrency market has seen many of pressure from regulatory authorities in diverse jurisdictions, even as the market tendency has been more bearish recently.

A notable instance is the continuous regulatory actions by the  United States Securities and Exchange Commission. 

The United States SEC has been actively monitoring, warning, and suing some cryptocurrency corporations, including Coinbase Crypto exchange, Kraken, Paxos, Ripple, Bittrex, Etc. 

On the other hand, the  United States is not the only country with active regulatory authorities. Other countries have joined the tendency of rolling out regulatory frameworks to checkmate the activities of the cryptocurrency industry. 

Hong Kong, Europe, United States, And Others Move To Legalizes the Cryptocurrency Industry.

Although while the cryptocurrency industry is skeptical about regulation owing to its impact on decentralization, the hacks, exploits, and losses have pushed different countries to step in. 

For example, the European Union has decided to adopt the Markets in Cryptocurrency Assets (MiCa) to checkmate the operations of the digital currency industry. 

Recall that on Tuesday, May 16, member states of the EU approved the cryptocurrency rule in the final step of the legislative process. 

It’s worth noting that, the rule was 1st endorsed by the European Parliament lawmakers in April. After this final approval, the rule will take effect in July 2024. 

In terms of  the  United States cryptocurrency regulation, the Securities and Exchange Commission opines that numerous cryptocurrency assets are securities. 

As a result, it maintains that cryptocurrency assets should be regulated under the existing securities laws; there is no must create new laws.

The United States SEC has maintained its stance, as seen in the lawsuits with Ripple and Bittrex, where it alleges the illegal sale of securities. 

Similarly, recently, the commission indicated that Filecoin was security when Grayscale launched its Filecoin Trust and voluntarily filed Form 10 with the SEC. 

As a result, the commission replied that FIL is a security attracting the outcry of numerous cryptocurrency proponents arguing against such claims. 

In the meantime, Hong Kong is another country on the verge of rolling out cryptocurrency regulation. Its cryptocurrency industry awaits the release of the cryptocurrency exchange licensing framework slated for this month. 

Similarly, to further support the cryptocurrency industry with clear regulatory frameworks, the International Organization of Securities Commissions (IOSCO) was known the public to comment on its policy recommendations.  

Cryptocurrency Regulation Moves Profits Support 

Industry practitioners have was known for regulatory clarity to reposition their operations for compliance. 

In doing so, some of the top corporations, such as Bitget, see the ongoing moves by different countries as a welcome development. 

It’s worth noting that, the exchange has always strived to operate legally. It recently completed a Virtual Investment Service Provider (VASP) registration in Poland, making it a legal operator in the Polish market.

As a result to the regulatory moves, Bitget’s Managing Director, Gracy Chen, indicated that the company supports cryptocurrency regulation. 



Source

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.
READ NOW
Hot Crypto Alert: Lido DAO (LDO) Skyrockets 17% in Just One Week!




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend