Regulators globally are stepping up efforts in making innovation in the crypto space a safe and sustainable manner.
Look at Thailand where SEC recently launched the exciting news of launching a regulatory sandbox for crypto players to experiment with innovative crypto products within a safe environment before assessing if it could work at the bigger scale. Also UK regulator, FCA, has stepped up its effort to guide crypto players in adhering to the advertising rules to help the industry strengthen the consumers’ protection.
With regulators such as the SEC in Thailand and FCA in the UK, I am excited to say that we are surely in the right direction in making crypto more accessible to more consumers and in a safer and sustainable manner. Exciting days ahead!
Warmest Regards,
Desmond Yong
Legal & Compliance Director
ChainUp Singapore
UK's FCA Ramps Up Crypto Marketing Scrutiny
The Financial Conduct Authority (FCA), UK’s financial regulator, has released another guidance for crypto firms that are looking to advertise their crypto services in the country. This is in line with the previous regulations on crypto promotion in October 2023 and as an additional support from the regulator to help crypto firms adhere to the regulation.
When the promotional rules came into effect earlier, the regulator found over 200 breaches of the rules just two weeks after the rules came into effect. To find out more, read on.
Thailand's Regulatory Sandbox Opens Doors for Crypto Innovation
Thailand’s Securities and Exchange Commission (SEC) launched a regulatory sandbox for crypto businesses looking to set up in the country. The regulator shared that the sandbox is designed to “facilitate experiments and the development of innovations supporting the efficient provision of digital asset services in the real-life context.”
The sandbox is applicable for the following categories: digital asset exchanges, brokers, dealers, fund managers, advisors and custodial wallet providers. To know about the sandbox, please read this.
India Clarifies Stance: No New Crypto Trading Regulations
India’s Ministry of Finance said during a parliamentary session that there are no proposals for legislation governing the sale and purchase of digital assets.
However, Virtual Digital Asset Service Providers (VDASPs) are still required to report entities for anti money laundering (AML) purposes. Find out more here.
SEC's Subpoenas Signal Increased US Crypto Oversight
Based on a DL News report, the U.S. Securities and Exchange Commission subpoenaed at least three venture capital firms over the past year. Those subpoenas asked for "any contract for any token deal the investors have ever done," DL News reported on Friday, citing a source.
One subpoena was titled "in the matter of certain crypto asset offering intermediaries," according to a first page reviewed by the news outlet. To find out more, read on.
