Thailand launches regulatory sandbox to test crypto services

Thailand has been moving toward a more crypto-friendly stance throughout 2024, approving a Bitcoin ETF, initiating tax breaks for crypto and more.

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New Travel Rule Regulations Impacting Crypto Transactions

In a recent podcast, Alice Nawfal discusses how new Travel Rule regulations are shaping the crypto industry and the compliance challenges faced by VASPs. (Read More)

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Moodys, Elliptic join forces for enhanced VASP risk screening

The companies will combine their strengths to provide enhanced virtual asset service providers screening ability.

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Maya Updates Crypto Terms: New Rules for Coin Listings and Delistings

The update is significant as it directly affects users' control over their assets on the platform.

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Bybit receives VASP, card operator registration in Argentina

Bybits registration as a virtual asset service provider was made possible by a law passed in July.

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Taiwan Mobile receives VASP license, entry to crypto market

Taiwans second-largest telecom has found a way into the crypto market, bring resources and experience with it.

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Nigerian SEC mandates local offices for crypto firms

The requirement also states that applicants must report customer complaints and emergent risks and be subject to SEC inspections, audits and monitoring.

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Bitget in active discussions to obtain India license

Bitget is currently operating in the Indian market but faces some issues with signing up new users due to certain regulatory limitations.

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Enforcement of South Korean virtual assets law prescribed in decree

The details of enforcing the Protection of Virtual Asset Users Act are not contained in the bill, which comes into force July 19.

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Binance to Transition UAE Resident Accounts to Binance FZE

Binance announces the transition of UAE resident accounts to Binance FZE, following a VASP license from Dubais VARA. (Read More)

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Nigerian SEC announces new rules, compliance program for digital assets

While this application process is intended to improve compliance, VASPs are directed to complete it no later than 30 days from the circular date.

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Crypto.com Gains VASP Approval from Central Bank of Ireland

Crypto.com has received approval from the Central Bank ofIreland to operate as a Virtual Asset Service Provider (VASP). This approvalwill allow Crypto.com to expand its services in Ireland. These services includecrypto-to-fiat exchanges and fiat wallets.

Expanding Services in Ireland

The VASP license indicates that Crypto.com meets the standardsfor compliance procedures. This includes measures for anti-money laundering and combating the financing of terrorism. These measures areimportant as cryptocurrencies are often used to bypass laws and sanctions.

Crypto.com serves a global customer base of 100 millionpeople. The company aims to enhance its offerings in Ireland with this newapproval.

Eric Anziani, President and COO of Crypto.com, commented:This approval from the Central Bank of Ireland is the latest testament to ourcommitment to compliance and responsible innovation. We are excited to broadenour offering in Ireland, enabling consumers to engage with the mostcomprehensive crypto product offering.

#Crypto Exchange #Crypto.com Secures Spot on Ireland's Virtual Assets Service Provider Register - CoinDesk https://t.co/Dem9E3JL72

Surpassing 100 Million Users Globally

Crypto.com has surpassed 100 million users globally,achieving this milestone since its inception in 2016, as Finance Magnatesreported. The cryptocurrency exchangeattributes this success to recent marketing campaigns, including partnershipswith notable personalities, venues, and events.

Notable efforts include hostingNBA and NHL playoffs at the Crypto.com Arena and sponsoring the Formula 1Crypto.com Miami Grand Prix. The company also launched the"INEVITABLE" film under the "Fortune Favors the Brave"campaign.

CEO Kris Marszlek emphasized the importance of these campaigns inestablishing the brand. In May, Crypto.com received a license from Dubai'sVirtual Assets Regulatory Authority to offer institutional crypto trading. Theexchange aims to expand its services for retail investors in Dubai and furthersolidify its global market position.

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Crypto.com gains approval from Irelands central bank

The Central Bank of Ireland has approved 15 different VASPs from June 7, 2024, including Crypto.com, Coinbase, Gemini, Ripple and others.

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Taiwan proposes tougher AML measures for crypto service providers

Taiwans Ministry of Justice proposed four amendments to the countrys AML regulations focused on cryptocurrency firms that plan to impose hefty penalties for noncompliance.

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PNP Subpoenas Local VASPs, 4.5M in Crypto Frozen by Foreign Exchange in Anson Que Ransom Case

Police uncovered how ransom in the Anson Que case was funneled through unregistered e-wallets linked to junket operators and converted into cryptocurrency.

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Turkish crypto bill: 5 things to know before its introduced

Turkey was expected to introduce crypto legislation in early 2024, but the local parliament is yet to report on the process.

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CoinEx's VASP Authorization in Poland Targets European Crypto Market

CoinEx, a global cryptocurrency exchange, has recentlyannounced that it has obtained authorization as a Virtual Assets ServiceProvider (VASP) in Poland. This development is anticipated to strengthenCoinEx's standing within the European cryptocurrency market.

VASP Authorization in Poland for the European CryptoMarket

This represents a stride in CoinEx's strategic expansionefforts within Europe. The company acknowledges the vast potential inherent inthe European cryptocurrency market and remains focused on furnishing a secureand user-friendly trading environment for investors and traders alike.

Haipo Yang, CoinEx's CEO, commented:"Obtaining the VASP registration in Poland is a testament to ourunwavering dedication to providing a secure and regulated trading environmentfor our users. We are thrilled to expand our operations in Europe. Thisachievement reinforces our commitment to driving the global adoption ofcryptocurrencies and fostering the growth of the digital asset ecosystem."

CoinEx has received VASP registration in Poland, marking a significant step in expanding its European presence. The move is set to enhance the exchange's credibility and increase market reach by May 2024.

CoinEx, established in 2017, is a global cryptocurrencyexchange focused on facilitating trading with a variety of services for over 5million users across 200 countries and regions. The firm has listed over 1,000tokens and more than 1,400 trading pairs, enabling users to access a wide rangeof cryptocurrencies.

Aligning with EU MiCA Regulation for Cryptocurrency

Meanwhile, Poland's cryptocurrency market faces increasedoversight with the impendingadoption of the European Union's Markets in Crypto-Assets regulation intodomestic law, as reported by FinanceMagnates.

The proposed legislation grants the Komisja NadzoruFinansowego new powers, including the ability to freeze cryptocurrency accountsfor up to 96 hours on suspicion of criminal activity, extendable to six monthswith prosecutorial consent. However, concerns arise among investors regardingthe lack of clarity surrounding the grounds for account freezes, potentiallyleading to uncertainty and misuse of regulatory authority.

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Deribit Secures Conditional Dubai VASP License, Names Luuk Strijers as CEO

Deribit FZE, the Dubai-based arm of Deribit Group, a firm inthe cryptocurrency derivative options market, has announced the acquisition ofa conditional Virtual Asset Service Provider (VASP) license from Dubai'sVirtual Asset Regulatory Authority (VARA). This license, covering both spot andderivatives trading, remains non-operational until Deribit fulfills allremaining conditions and localized requirements outlined by VARA.

Relocation of Global Headquarters to Dubai and New CEOAppointment

As part of its strategic moves, Deribit is in the process ofrelocating its global headquarters to Dubai. The appointment of Luuk Strijersas the Chief Executive Officer, along with the addition of two Non-ExecutiveDirectors, marks significant leadership changes within the organization.Strijers, who joined Deribit in 2019 as the Chief Commercial Officer, bringsnearly two decades of experience, including a tenure at SGX, to his new role.

Strijers commented on the news: Being appointed CEO at thiscrucial time is a huge honour. VARAs progressive regulatory framework opens upvast opportunities in the digital asset realm. Our strong position in thecrypto options market reflects the trust our clients have in us. Im thrilledto work with our loyal clientele and drive Deribits innovation, as we continueto lead in the evolving crypto marketplace.

Deribit's operational expansion into Dubai aims to cater toinstitutional and qualified investors, leveraging its advanced technologyplatform. The firm also plans to maintain services for its retail clientelethrough its broker affiliate in Panama, which is linked to Deribit FZE inDubai.

Deribit Readies for Dubai Exchange Launch

Details regarding the official launch of the exchange inDubai, including launch plans, terms, and operational timelines, will be sharedby Deribit in duecourse. Dennis Dijkstra, the former CEO of Flow Traders, and industry veteranWillem Meijer are set to join Deribit as Non-Executive Directors. In theiradvisory roles, Dijkstra and Meijer will contribute to shaping the long-termgrowth strategy and maintaining Deribit's market leadership position.

John Jansen, the Co-Founder of Deribit, commented: Securingthe conditional VASP license from VARA is not just a regulatory milestone; itsa sign of our unwavering commitment to providing a secure, transparent, andinnovative platform for our users. The appointment of a new CEO and twoseasoned NEDs signifies a fusion of fresh insights and extensive experience,fortifying our strategy for long-term growth.

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UAE Central Bank Issues AML Guidance for Virtual Assets

The UAE Central Bank has issued new anti-money laundering and counter-terrorism financing guidance covering the dealings with virtual assets, including cryptocurrencies and non-fungible tokens (NFTs).

UAE’s New Virtual Assets Guidance

The new guideline, which will come into effect within a month, will be applicable to all licensed financial institutions, including banks, finance companies, exchange houses, payment service providers, registered hawala providers, insurance companies, agents, and brokers.

The guidance discusses the risks while dealing with virtual assets and virtual asset service providers and signifies the effective implementation of legal obligations for licensed financial firms. In addition, they provide clear definitions of virtual assets, virtual asset service providers, and their business models.

Furthermore, the guideline outlines due diligence procedures the financial institutions need to follow when dealing with the customers of virtual asset service providers. On top of that, they highlighted proper channels and mechanisms through which financial institutions should interact with virtual asset service providers.

“The new guidance related to the virtual assets sector contribute to strengthening the supervisory and regulatory frameworks of the Central Bank to combat money laundering and the financing of terrorism,” said Khaled Mohamed Balama, the Governor of the UAE Central Bank.

Progressive Rules around Virtual Assets

The UAE is one of the progressive nations regulating the digital asset industry. Dubai, one of the seven emirates, even formed a dedicated regulator overseeing the virtual asset industry. Last month, Abu Dhabi-based federal agency, the Securities and Commodities Authority, started accepting license applications for cryptocurrency services.

Moreover, the Central Bank pointed out that the new guidance considered Financial Action Task Force (FATF) standards. Last year in March, the FATF added the UAE to its ‘grey’ list, basically increasing monitoring of the jurisdiction. At the time, the UAE said it would work with the FATF to address the concerns.

“We are constantly working to enhance efforts and strengthen the awareness of licensed financial institutions to prevent all kinds of financial crime activities, and reduce potential risks to protect the financial and monetary system and maintain its soundness and stability, in line with the Financial Action Task Force standards,” the Governor added.

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Crypto firms jockey for Hong Kong licenses ahead of June 1 retail opening

Hong Kong’s retail trading regime is days away from going live and crypto exchanges are keen to make entry into the region.

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