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HKMA and DFSA held a joint conference to strengthen their collaboration on sustainable finance, emphasizing the importance of transition finance and net-zero goals. (Read More)
The HKMA and DFSA will co-host a Climate Finance Conference in September 2024, fostering sustainable finance cooperation between Asia and the Middle East. (Read More)
The changes encompassed several areas, including the ability of both external and domestic funds to invest in crypto tokens.
The Financial Services Agency of Japan introduced a framework that divides digital assets into separate classification categories. The new strategy moves the financial regulator towards regulating cryptocurrencies by assessing their functions and funding methods. The classification forms part of a wider initiative to enhance crypto industry transparency while protecting investors. Bitcoin and Ethereum Fall Under […]
Japan has set out to make significant changes to its cryptocurrency rules. The ruling party has introduced a new framework under the Financial Instruments and Exchange Act. Japan’s Liberal Democratic Party (LDP) , which is the nation’s ruling political party, is advancing some significant regulations in regards to cryptocurrency. Japans Plan to Lower Crypto Taxes […]
Japan has announced plans the reclassification cryptocurrencies as financial products under the Financial Instruments and Exchange Act. The Financial Services Agency (FSA) made this announcement to provide a clearer legal framework for digital assets. The amendment establishes stricter regulatory oversight for digital assets such as the enforcement of insider trading regulations. Japans Crypto Assets Classification […]
OkcoinEurope, the European branch of the cryptocurrency exchange OKX, recentlyreceived a fine of 304,000 from the Malta Financial Services Authority (MFSA) forfailing to comply with local laws related to virtual assets.
Accordingto the MFSA, when determining the amount of the fine, it took thefact that OKX representatives cooperated with the regulator into account. However, nodetailed information was provided regarding the specific violations.
OKX Faces FinancialPenalty in Malta
OKX, whichhas been operating in the Maltese market since 2018, is one of the largestentities in the retail cryptocurrency exchange industry. However, the recentfine imposed by the MFSA demonstrates that even the biggest players can facetemporary compliance issues with regulations.
The penaltywas imposed as part of a settlement agreement and the "goodwill"shown by the company last month. The MFSA investigation revealed shortcomingsin relation to Article 41 of the Virtual Financial Assets Act.
"Bymeans of a settlement agreement entered into between the Company and the MFSA,the latter imposed an administrative penalty amounting to three hundred andfour thousand euro," the MFSA stated in a press release.
JUST IN: OKX's Okcoin Europe settles with Malta's MFSA for 304K over regulatory issues. The payment, termed a "goodwill" gesture, addresses past compliance failings. #OKX
TH FNNC (@Crypto_Fennec1) March 27, 2024However,the Maltese regulator took into account the fact that OKX cooperated, agreed toappoint an external service provider, and review its processes for compliancewith local regulations.
Maintaininga good relationship with the MFSA is essential for OKX, as Okcoin Europe isresponsible for serving clients within the European Union. Last year, theexchange began expanding its territorial reach in Europe, applying for alicense in France, among other countries.
Accordingto the most recent Finance Magnates Intelligence report, OKX is thefourth largest crypto exchange worldwide in terms of spot trading volumes.These ranked at over $75 billion in February 2024.
Global Moves of OKX
OKX, one ofthe world's largest exchanges, is not limiting its activities solely to Europebut is also expanding in other parts of the world. In mid-March, through itslocal subsidiary, OKX SG, the exchange joined the growing list of cryptoexchanges with Singapore's MPI License.
InFebruary, OKX unveiled OKX.TR, a localized platform tailored for Turkishtraders. The new exchange offers trading pairs denominated in Turkish Lira, cateringto the burgeoning interest in digital assets within the country.
However,global operations in the decentralized crypto market are not always met withsuccess. Recently, the exchange had to shut down its services in India due tolocal regulatory hurdles. OKX has notified its users in the country to closetheir accounts and redeem their funds before 30 April. Despite thesetback in India, OKX continues to expand its presence in various regionsaround the world.
This article was written by Damian Chmiel at www.financemagnates.com.
Thecryptocurrency market in Poland is set to face increased oversight as thegovernment moves to implement the European Union's Markets in Crypto-Assets(MiCA) regulation into domestic legislation. The draft law, which aims toregulate and supervise the issuance, trading, and provision of cryptocurrency services, will grant the Komisja Nadzoru Finansowego (KNF) newpowers, including the ability to block crypto accounts.
KNF to Gain Power to BlockCryptocurrency Accounts in Poland
Under theproposed legislation, the KNF will have the authority to independently blockthe accounts of cryptocurrency holders for 96 hours (4 days) if there is suspicion that a transaction may be linked to the commission of a crime. With the consent of the prosecutor's office, this initial blocking period can be extended for up to six months.
"Inthe event of a suspicion that a transaction may be linked to the commission ofa crime, the KNF will be able to independently block the accounts ofcryptocurrency holders, Izabela Deryo, a tax expert associated with theWarsaw office of law firm Wolf Theiss, explained the implications of this newpower to Business Insider.
Theannouncement of these new measures has caused concern among cryptocurrencyinvestors in Poland, as the rationale for account blockades remains unclear.Experts point out that the lack of clarity surrounding the grounds for blockingaccounts could lead to uncertainty and potential misuse of this power.
"This is another regulation that is causing considerable controversy, following an attempt a few years ago to push through very unfavorable rules for taxing cryptocurrencies," Arkadiusz Jówiak, a cryptocurrency trader, analyst, and Editor-in-Chief of the financial portal Comparic, tells Finance Magnates. "Given the aversion that the KNF has shown towards cryptocurrencies so far, the ability to preemptively block accounts based on mere suspicions may, unfortunately, be excessively used and abused."
Although the Polish government and the Financial Supervision Authority (KNF) claim they are implementing new regulations in accordance with the European MiCA requirements, the European legislation does not mention the preventative blocking of cryptocurrencies on user accounts. This "addition" was introduced locally, and Poland is known for such solutions. A similar situation occurred in 2018 when ESMA restricted FX/CFD trading. At that time, the KNF also introduced its modification to European rules.
Recently, the KNF awarded a Virtual Asset Service Provider license to Ouinex, a forthcoming cryptocurrency exchange.
New Authority in the Handsof the KNF by This Year
News thatPoland is moving to regulate cryptocurrencies, which will be under the directsupervision of the KNF, started to emerge early this year. According to thesereports, in the second quarter of 2024, the government plans to introduceregulations that will enable the regulator not only to block accounts but alsoto impose financial penalties on companies operating in the cryptocurrencymarket. This initiative follows the adoption of MiCA regulations introducedin the European Union.
The official statement highlighted that theintroduction of this new legislation is driven by the necessity to establish alegal framework for the proper operation of cryptocurrency markets. It aims toensure effective supervision and protection of investors by equipping the KNFwith the necessary tools to achieve these objectives.
The initialefforts to regulate the cryptocurrency market in Poland began in 2020. In theyears that followed, the digital asset market in the country has operatedwithout a detailed legal structure, with only its taxation aspect being clearlydefined. During this period, the KNF consistently cautioned investors about thehigh risks linked to investments in digital assets.
With thenewest developments, Poland is set to become part of the expanding list ofEuropean nations where the local regulatory bodies govern the cryptocurrencymarket. This group includes the UK's Financial Conduct Authority, which issuednew guidelines in November during a period of turmoil in crypto marketing.
Poland Crypto Market vs Europe
Accordingto data from Statista, 6 million Polish citizens, representing 15% ofthe population, used cryptocurrencies last year. In 2024, the number is forecasted to increase by an additional million.
In comparison, the same source notesthat Europe had 141 million cryptocurrency users in 2023, meaning 4% of themwere from Poland. France saw 12.5 million people trading in cryptocurrencies,while Germany had 15 million users.
Cryptocurrenciesare hugely popular in Poland, but due to an unfavorable regulatory climate, nomajor local cryptocurrency exchanges currently operate in the country. Just adecade ago, there were many of them, including the Polish BitBay, which wasonce among Europe's largest crypto exchanges. Eventually, it rebranded to Zondaand moved its operations outside of Poland. The Kanga Exchange, still active in the Polish market, is relatively small, and although it promotes itself as Polish, its headquarters are also located abroad.
However,cryptocurrency ATMs and physical crypto exchange offices are booming inpopularity. The country ranks fifth worldwide in the number of cryptocurrencyATMs, with just around 300 devices.
Clearregulations introduced by the MiCA and implemented in their local version bythe KNF could clarify the regulatory situation and increase the chances of anew exchange emerging in the local market. This is particularly significantconsidering the millions of potential clients at stake.
This article was written by Damian Chmiel at www.financemagnates.com.Binance, the renowned cryptocurrency exchange, has made significant strides in expanding its reach in the Japanese market. According to a latest report, Sakura Exchange BitCoin (SEBC), the Japanese crypto exchange acquired by Binance in November last year, has revealed plans to introduce a new service called Binance JAPANrt. This move comes under the jurisdiction and scrutiny […]
Although no official date is mentioned for the launch of Binance Japan, the notice stated that the exchange could start after June.
In a surprising development, OKX, the second largest offshore cryptocurrency exchange, has announced its decision to suspend services for residents of Japan. The move comes in response to what appears to be mounting regulatory pressure from Japan’s Financial Services Agency (FSA). According to a report from Coinpost, a leading cryptocurrency news outlet, OKX’s app now […]
The Financial Services Authority (FSA) of Japan has announced its participation in the Monetary Authority of Singapore's (MAS) "Project Guardian" initiative. This collaborative project, which was established by MAS in May 2022, aims to explore the feasibility of applying digital technologies to various asset classes while ensuring financial stability and integrity. (Read More)
The Monetary Authority of Singapore (MAS) has unveiled a comprehensive report introducing a framework for the design of open and interoperable networks for digital assets. (Read More)
Binance, the renowned global blockchain, and cryptocurrency infrastructure provider, has made a significant move by launching a local digital asset platform in Kazakhstan. This strategic expansion comes after Binance obtained a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA) last year, solidifying its status as a regulated platform within the country. Binance Collaboration with Kazakhstan […]
The Financial Services Agency of Japan confirmed it would lift the ban on the domestic use of foreign stablecoins.
Continue reading What Japan’s Adjusted Regulations Mean for Stablecoins at DailyCoin.com.
<p>Japan intends to allow local investors to trade foreign stablecoins, such as USD Coin (USDC) or Tether (USDT), by the end of the second quarter of 2023 at the latest, The Financial Services Agency (<a href="https://www.financemagnates.com/tag/fsa/" target="_blank" rel="follow">FSA</a>) reported.</p><p>Stablecoins and Japanese Ban</p><p>However, the FSA is unlikely to allow all foreign stablecoins, and the final list is still unknown. A spokesperson for the FSA told Cointelegraph that restrictions may still be imposed on some of them.</p><p>The Japanese regulator will conduct its own <a href="https://www.financemagnates.com/terms/c/compliance/" class="terms__main-term" id="569f58ee-534c-44f0-a7cd-f55b0f9a2b2a" target="_blank">compliance</a> checks to confirm that stablecoins will be safe for local users. Ultimately, the most popular ones could not be allowed to enter the market. However, Details on the matter have not been provided.</p><p>"The FSA does not provide any opportunity to access such information before the decision is made," a spokesperson for the regulator said.</p><p>It was first reported that <a href="https://www.financemagnates.com/tag/japan/" target="_blank" rel="follow">Japan </a>would loosen <a href="https://www.financemagnates.com/terms/s/stablecoin/" class="terms__secondary-term" id="e84b040e-4d12-499b-99bf-8ba75ea058ca" target="_blank">stablecoin</a> regulations in late 2022. At the time, local media outlets suggested that the regulators would allow foreign stablecoin trading while maintaining a cap on remittances and asset preservation by deposits.</p><p>Watch the recent FMLS22 panel on the current crypto winter.</p><p>Japan Loosens Stablecoin Regulations after Tightening Too Much</p><p>A bill restricting the issuance of foreign stablecoins <a href="https://www.financemagnates.com/cryptocurrency/japan-passes-bill-that-defines-stablecoins-as-digital-money/" target="_blank" rel="follow">was enacted in June 2022</a>, requiring issuers to peg the tokens to the Japanese yen. The legislation is expected to finally go into effect in 2023, but it has already changed the picture of the local cryptocurrency industry.</p><p>None of the 31 FSA-registered cryptocurrency exchanges has since offered stablecoin operations. In 2021, the FSA led the discussion on <a href="https://www.financemagnates.com/cryptocurrency/regulation/japans-fsa-starts-discussions-to-impose-stricter-crypto-laws/" target="_blank" rel="follow">stronger industry regulation</a> while preserving room for further development of cryptocurrency projects. In the case of the stablecoin market, the proposed regulatory changes have proved to be too strict.</p><p>More importantly, some exchanges, including Kraken and Coinbase, have decided to leave the country, explained by the weak cryptocurrency market. However, the loosening of regulations may encourage some players to return. In September, it was reported that Binance, one of the largest cryptocurrency exchanges, is seeking to re-enter the Japanese market after four years of absence.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Japan's Financial Services Agency (FSA) is trying to legalise stablecoin distribution. New 2023 legislation enable stablecoins like Tether (USDT) and USD Coin (USDC). (Read More)
There is yet no opportunity to know whether US dollar-backed stablecoins like USDT or USDC will be allowed in Japan by June 2023, the FSA said.
Stablecoin adoption has grown immensely, observed especially following the collapse of Terra. USDC and USDT have seen sizeable growth, but USDT has a lot of keeping up to do with its value plunging as of press time. USDT trades at $0.09999 as of this writing Stablecoin waning in terms of social mentions and engagements Tether exhibits strength in terms of market cap at $66 billion The transfer volume of stablecoins is seeing impressive growth, including USDC, but USDT needs to catch up and gain more traction. Overall, stablecoins are enjoying a spike in trading volume, having reached roughly $7.5 trillion which is a huge price pump. According to CoinMarketCap, USDT (Tether) is trading at $0.09999 or 0.00% as of this writing. USDC Leads In Transaction Volume As of press time, USDC has been acing its rival in terms of value and transaction volume. Tether’s transaction volume has significantly slipped by 200 billion from 2021 to 2022. USDT falters in the social media department or visibility, which could account for its steady decline. Its social engagements have dropped tremendously by as much as 24.2%, and social mentions have dipped by 13.7% since November. In comparison, other stablecoins have been actively engaged on social media, padding their popularity. USDT has had prevailing negative sentiment since early December, but it has improved, and the weighted sentiment is now looking a little positive. Source: Dune Analytics The value of transactions is another region in which the stablecoin has been supplanted. Dune Analytics found that USDC has outperformed its competitor in this area as well. As of this writing, the total value of all USDT transactions was $710 million, whereas all USDC transactions were worth $4.4 billion. Source: Santiment Despite some good news regarding positive sentiment and market cap, USDT is faltering in terms of network growth, especially in the Optimism, Polygon, and Ethereum networks which signals a decrease in the transfer of USDT happening in the networks. Related Reading: VeChain Jumps By 4% As VET Investors Look To Profit Before Christmas Japan’s FSA Reconsiders Trading with Stablecoins in 2023 In other news, the 31 crypto exchanges under Japan’s Financial Services Agency (FSA) have implemented a ban on trading with stablecoins that include USDC and USDT on June 2022, but they seem to want to reconsider for 2023. According to recent news reported on December 26, the FSA of Japan will be removing the ban imposed on the distribution and trading of stablecoins come 2023. Related Reading: Top 5 Cryptocurrencies To Keep An Eye On This Week – Post-Christmas Gainers In line with this announcement, Japan will now allow the local crypto networks to perform activities like trading and distribution of stablecoins to ensure speedy and affordable international remittances. But, stablecoin distribution in the country will adopt regulations connected to Anti-Money Laundering activities.
The Japanese Financial Services Agency (JFSA) will allow the domestic distribution of stablecoins minted overseas beginning in 2023, as reported by local media on December 26th. Japan was one of the first advanced countries to establish stablecoin legal regulations and investor protections. Japan passed a law in June requiring tokens to be backed by the yen or another fiat […]
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