Crypto Compliance Weekly Roundup | June 25, 2024

Welcome to the Crypto Compliance Weekly, where we highlight crucial regulatory updates across the globe. Curated by our team of experts, this newsletter keeps you informed about the most significant regulatory developments in the cryptoverse.

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?? This week, we're diving into:

• South Korea to reconsider hundreds of crypto listings under new law
• The EBA publishes regulatory products under MiCA
• SEC drops investigation into Ethereum studio Consensys

APAC

???? South Korea to reconsider hundreds of crypto listings under new law

• According to South Korea’s financial regulator, the country will re-evaluate over 600 cryptocurrency listings on domestic exchanges starting in July 2024 under the new Virtual Asset User Protection Act.
• The new regulations mandate crypto exchanges to form review committees to assess various factors such as the issuer’s reliability, technology standards, regulatory compliance, and user protection measures.
• Tokens with a solid history in regulated markets may face less stringent reviews, while problematic tokens will be designated as cautionary and potentially delisted; quarterly reviews will follow the initial six-month assessment period.

EMEA

???? The EBA publishes regulatory products under the Markets in Crypto-Assets Regulation

• The European Banking Authority (EBA) published a comprehensive package of technical standards and guidelines under the Markets in Crypto-Assets Regulation (MiCAR), covering reporting, liquidity stress testing, and supervisory colleges.
• The regulatory products include the final draft of Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) for asset-referenced tokens (ARTs) and electronic money tokens (EMTs), alongside guidelines for liquidity stress testing, which aim to enhance risk monitoring and regulatory compliance.
• The RTS specifies conditions for the use of non-EU-denominated ARTs and EMTs as a means of exchange, while the ITS provides reporting templates and instructions for issuers and crypto-asset service providers, with additional guidelines on the functioning of supervisory colleges for significant tokens.

AMERICAS

???? SEC drops investigation into Ethereum studio Consensys

• The SEC has dropped its investigation into Ethereum studio Consensys regarding Ethereum’s potential status as a security.
• The investigation, which began with concerns about the transition to Ethereum 2.0, concluded without any enforcement action.
• This decision marks a significant relief for the Ethereum ecosystem, although the SEC noted that this closure does not exonerate Consensys from any future actions based on new findings.

Thread of the Week ??

Elsewhere ??

???? Balancing Crypto Innovation and Compliance with MiCA Regulation

???? Circle USDC Stablecoin May Be The Biggest Beneficiary Under New European Guidelines

???? Europe’s crypto industry can ‘sleep better at night’ with new parliament

???? Fake ID crypto exchange sign-ups attract 2-year prison sentence

???? Uphold Delists Several Stablecoins Ahead of EU’s Landmark Crypto Regulation

???? Financial Intelligence Unit Penalizes Binance $2.25 Million For Anti-Money Laundering Violations

???? Venezuela Set to Join Global Watchdog’s Dirty Money ‘Gray List’

???? U.S. Lawmakers Visit Detained Binance Exec in Nigeria, Call for Release

Reads & Listens ??

???? Money Laundering National Risk Assessment

???? IMF Says CBDCs Could Boost Middle East's Financial Inclusion, Payment Efficiency

???? Javier Milei Advocates Bitcoin, Free Currency Use in Argentina’s Economy

More from Notabene ???

• Article: Read CryptoUK’s new Travel Rule Good Practice guide on navigating compliance obligations. Gain insights into compliance strategies and learn about Notabene’s support for UK crypto firms.
• Webinar: ?únase a nuestro webinar sobre tendencias en compliance de criptomonedas en LATAM! Descubra cómo enfrentar desafíos regulatorios y fomentar la innovación. Cofacilitado por Chainalysis, con expertos de la industria compartiendo sus conocimientos.
• Article: Understand the EU's Transfer of Funds Regulation requirements for self-hosted wallet transactions, including verification methods and risk assessments for enhanced regulatory compliance.

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