UAE reportedly plans to issue federal crypto license for VASPs
The crypto license legislation might be the first nationwide crypto-focused regulation. However, various free zones in the country had introduced crypto regulations as early as 2018. The United Arab Emirates is reportedly planning to issue a federal crypto license for virtual asset service providers by the end of the first quarter.The UAE Securities and Commodities Authority is reportedly in the final stages of finalizing legislation that would allow digital asset firms to set base in the country, reported Bloomberg. A national crypto licensing legislation would help the UAE with its goal....
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Three U.S. lawmakers have introduced a bill that will force private stablecoin issuers to obtain a banking charter (or license) and approval from the Federal Reserve before they can issue a stablecoin. Instigated by Rep. Rashida Tlaib, with support from Reps. Jesús García and Stephen Lynch – all of them Democrats – the proposed law will also require issuers to get prior approval from the Federal Deposit Insurance Corporation (FDIC) and other bank regulators. It will demand that any stablecoin issuers obtain FDIC insurance or “otherwise maintain reserves at....
The Israeli government is now reportedly in the process of reviewing several crypto firms to issue operating licenses. Israel has reportedly enacted new regulations related to the cryptocurrency industry in order to combat illegal activities such a money laundering and terrorism financing.The government of Israel enforced new Anti-Money Laundering (AML) regulations on Sunday, requiring local fintech companies and virtual currency service providers (VASP) to obtain an operating license, local news agency Globes reported.The Israel Securities Authority, the Capital Markets, Insurance and....
Yellow Card, an Africa-focused cryptocurrency exchange platform, recently said it has received a virtual asset service provider (VASP) license to operate in Botswana. Granted by the country’s Non-Bank Financial Institutions Regulatory Authority, Yellow Card’s license allows the crypto exchange to bolster its operations on the continent. Working With Regulators The Africa-focused cryptocurrency exchange platform, Yellow Card, recently revealed it had received a virtual asset service provider (VASP) license to operate in Botswana. The licence, which was issued by Non-Bank....
The Zimbabwean government recently revealed its intention to widen the definition of securities to include virtual asset service providers (VASPs). According to a document released by the cabinet, the proposed inclusion of VASPs into the category of defined securities will be made possible via the amendment of the Securities and Exchange Act. The Money Laundering and Terrorist Financing Factor According to one local report, it is this amended law that will “enable Zimbabwe’s Securities and Exchange Commission (SECZ) to come up with regulations to supervise the VASPs on a....
This piece has been updated with additional information regarding itBit's application filing. ItBit has filed an application for a state banking license in New York. In statements to CoinDesk, New York State Department of Financial Services (NYDFS) spokesman Matthew Anderson confirmed the filing. ItBit may be approved within the next few weeks, according to a report by Reuters, citing individuals with knowledge of the process. Notably, the banking license application reportedly names several well-known political and financial figures in the US, including former Federal Deposit Insurance....