Blockchain industry raises concerns over EC’s proposed crypto regulations
Backed by players like Ripple and ConsenSys, the INATBA association responds to the EC’s legislative proposals on crypto. Major players in the global cryptocurrency community have addressed the European Commission’s new legislative proposals on digital assets. The International Association for Trusted Blockchain Applications, or INATBA, has released an initial response to the Markets in Crypto-Assets (MiCA) regulations proposed by the EC. The association features major crypto companies like Ripple, ConsenSys, and Iota.In its official response to the EC, the INATBA members expressed the....
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As many may already be aware, July 17, 2014, the New York Department of Financial Services (NYDFS) issued its proposal for the regulation of virtual currencies (Proposed Regulations).¹. At this point, the Proposed Regulations are exactly that - a proposal. There is a 45-day period of public comment, after which the NYDFS may or may not consider the comments it receives. Then, with any revisions that NYDFS deems necessary, the Proposed Regulations will become final and official. Understandably, there has been quite an uproar about the Proposed Regulations among the virtual currency world,....
The International Association for Trusted Blockchain Applications has faulted some aspects of the European Commission’s proposed crypto regulations. Six months after its first response to the European Commission’s crypto legislative proposal, the International Association for Trusted Blockchain Applications, or INATBA, has released a detailed report on key issues regarding the planned regulations.According to the recently published document, INATBA argued that the commission's Markets in Crypto Assets regulations do not favor emerging cryptocurrency and blockchain firms. Instead, the....
Decentralized finance “may prove difficult to subject to regulatory requirements,” a regulatory adviser says. The European Commission’s newly proposed cryptocurrency regulations pose a specific risk for the decentralized finance (DeFi) industry, according to industry regulatory adviser XReg Consulting.Adopted by the European Commission on Sept. 24, the proposed Markets in Crypto-Assets (MiCA) regulations aim to strengthen consumer and investor protection in the crypto industry by laying out a series of obligations on crypto asset issuers.The regulations stipulate that crypto asset issuers....
Perianne Boring's Chamber of Digital Commerce was recently announced at the North American Bitcoin Conference, and already they're issuing a call-to-action to companies and members of the cryptocurrency industry. In a Wednesday statement, the Chamber issued a statement in which they called the proposed New York State Department of Financial Services (NYDFS) bitcoin regulations "severely debilitating" to the cryptocurrency industry as we know it. From Wednesday's statement: Despite Ben Lawsky's claims that these proposed regulations are intended to be guardrails to "protect consumers and....
The WEF’s policy toolkit for decentralized finance seeks to promote, fair, efficient and enforceable regulations for the emerging digital asset marketplace. With regulated decentralized finance (reg-DeFi) becoming a topic of discussion within and outside the crypto space, the World Economic Forum (WEF) has published a policy toolkit on DeFi.According to a release issued on Tuesday, the toolkit seeks to provide useful guidance for regulators and government policy-makers concerning DeFi regulations. The WEF reportedly partnered with the Blockchain and Digital Asset Project at the Wharton....