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
in the final step of the legislative process. approved the cryptocurrency rule
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;
no must create new laws. there is
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
when Grayscale launched its Filecoin Trust and voluntarily filed Form 10 with the SEC. indicated that Filecoin was security
As a result, the commission replied that FIL is a security attracting the outcry of numerous cryptocurrency
against such claims. proponents arguing
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
a Virtual Investment Service Provider (VASP) registration in Poland, making it a legal operator in the Polish market. recently completed
As a result to the regulatory moves, Bitget’s Managing Director, Gracy Chen, indicated that the company supports cryptocurrency regulation.