#CryptoRegulation
US Crypto Regulation Updates
- The US Senate is working on passing a stablecoin bill by May 26, with Senator Kirsten Gillibrand saying the bill will scrap language targeting the Trumps.
- A bill to regulate stablecoins failed to pass a crucial vote in the US Senate due to Democratic lawmakers' concerns over Donald Trump's ties to crypto.
- Cryptocurrency advocate John E. Deaton warned that substantial crypto regulatory reform in the US could be postponed until 2029 if Congress fails to pass the GENIUS stablecoin bill promptly ¹ ².
Global Crypto Regulation Trends
- Hong Kong is solidifying its position as a leading jurisdiction for innovation and institutional capital deployment with a meticulously measured regulatory framework.
- Japan has amended its Payment Services Act to relax reserve requirements for trust-type stablecoins and introduce a new category for intermediaries.
- Taiwan considers cryptocurrencies as highly speculative digital virtual commodities, not currencies, and has regulations governing security tokens and anti-money laundering for virtual asset service providers ³.
Regulatory Developments
- Canada categorized stablecoins as securities and/or derivatives in December 2022.
- South Korea's new Digital Asset Committee joins initiatives like the Virtual Asset Committee launched by the Financial Services Commission.
- The EU enacts prescriptive licensing under the Markets in Crypto-Assets (MiCA) Regulation ¹ ³.
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