France's Crypto Regulations, Singapore's Stablecoins Regulatory Framework, Digital Pound Advisory Group, and Argentina Investigates Worldcoin
France Aligns Crypto Regulations with MiCA Framework
France is ready to enact amendments to its cryptocurrency regulations in 2024 to bring them in line with the pan-European framework established by the Markets in Crypto-Assets (MiCA) legislation. The Autorité des marchés financiers (AMF), France's principal financial authority, has unveiled these changes through updates to its General Regulation and policy for digital asset service providers (DASPs). Starting from January 1, 2024, the “enhanced” registration prerequisites for cryptocurrency platforms will encompass various measures. These include the implementation of conflict of interest management systems, more comprehensive disclosure obligations, clear separation of client and platform assets, and the use of client assets only with explicit prior consent.
These adjustments aim to proactively align national regulations with the forthcoming MiCA Regulation, fostering consistency and harmonization in the evolving cryptocurrency landscape across Europe. Cryptocurrency platforms that secure registration before January 1, 2024, remain subject to the existing simpler framework. The alterations are part of broader endeavors to establish a comprehensive regulatory structure for the cryptocurrency domain in Europe. By embracing these changes, France seeks to provide a more secure and transparent environment for participants in the digital asset sphere while aligning with broader European regulatory developments.
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Singapore Introduces Regulatory Framework for Stablecoins
the Monetary Authority of Singapore (MAS), has unveiled an updated regulatory framework designed to ensure stability for single-currency stablecoins (SCS) under its jurisdiction. Introduced on August 15, the framework is directed at non-bank issued stablecoins linked to the value of the Singapore dollar or G10 currencies like the US dollar, euro, and British pound. These stablecoins must also have a circulation surpassing 5 million Singapore dollars (around $3.7 million).
The aim of this regulatory initiative, as expressed by Ho Hern Shin, the Deputy Managing Director (Financial Supervision) of MAS, is to establish stablecoins as credible digital mediums of exchange, serving as bridges between the traditional fiat and digital asset ecosystems. The framework encompasses several key requirements for SCS issuers:
Stablecoin issuers that fulfill all prerequisites under the framework can apply to MAS for recognition and labeling as "MAS-regulated stablecoins". This designation will distinguish these stablecoins from others in the market.?
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Bank of England Establishes Advisory Group for Digital Pound?
The Bank of England (BoE) has established a digital pound advisory group as part of its ongoing efforts to develop a central bank digital currency (CBDC). In collaboration with the UK Treasury, the BoE is currently recruiting academics and researchers to join the CBDC Academic Advisory Group (AAG). This move comes as the UK enters the design phase of its CBDC project, following an earlier consultation on the concept of a digital pound.
The AAG aims to assemble a diverse range of experts spanning fields like finance, economics, law, marketing, and more. Its purpose is to facilitate interdisciplinary discussions, knowledge exchange, and research collaboration to offer a comprehensive understanding of CBDC-related matters during the critical design phase.
The Bank of England plans to conduct a two-year experimentation and design process to inform the potential architecture of the digital pound. The AAG is expected to play a pivotal role in shaping discussions and challenging established perspectives, promoting diverse ideas and open debates surrounding digital currency. This effort underscores the BoE's commitment to leveraging expert input from academia to ensure a well-informed and nuanced approach to the development of a central bank digital currency.
Argentina Investigates Worldcoin's Data Collection
The Argentine Agency for Access to Public Information (AAIP) has launched an investigation into Worldcoin's data collection practices within the country. The AAIP aims to evaluate the legality and security of Worldcoin's actions in Argentina, especially its practice of scanning individuals' faces and irises in exchange for compensation in various locations.
In response, Worldcoin conveyed that its project complies with relevant laws and regulations, including Argentina's Personal Data Protection Act. Worldcoin's activities have drawn the attention of governments globally, with Kenya suspending its operations and conducting raids on its facilities. The AAIP's investigation underscores the importance of protecting personal data privacy in the digital era and highlights the need to strengthen existing data protection laws in Argentina, particularly as technology advances.
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