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Source: TAXDAO
In the new year, the supervision of the cryptocurrency field is expected to increase.These rules will be expanded to covering the risks of anti -money laundering and counter -terrorism financing, the behavior of operating companies in the field of cryptocurrency, and supervision operations related to token sales.
In the United States, the rhythm of regulatory actions shows no signs of slowing down.Similarly, Britain launched a set of rules that equate the sales of cryptocar to traditional financial products.Similarly, the EU will become the first important judicial jurisdiction to officially promulgate a series of extensive laws and regulations of the cryptocurrency industry in 2024.The Crypto Asset Market Supervision Act (MICA) aims to establish a unified EU encryption supervision and provide legal certainty for digital assets outside the current scope of financial services in the European Union.
Overall, analysts expect the overall trend of increased regulatory efforts in key areas in 2024.They predict that financial institutions will formulate a stronger and powerful risk management framework and improve capital and liquidity requirements to reflect the current economic environment.In addition, the importance of data and artificial intelligence in the field of traditional finance and cryptocurrencies has continued to rise, and it is expected that the demand for data governance and model risk management in global cryptocurrency supervision is expected to increase.Analysts also predict that sustainability and environmental, social and governance (ESG) factors will occupy a larger proportion of international cryptocurrency supervision, and network security is still the top priority, because the digital asset platform is still hackers and fraud.The goal of the person.
Let us briefly explore the current cryptocurrency regulations and the expected legislative prospects in 2024.
American cryptocurrency supervision
The United States’ cryptocurrency supervision is combined by state and federal supervision, allowing multiple institutions to participate in the control of the industry.These institutions, including the US Securities and Exchange Commission (SEC) and the Commodity Futures Commission (CFTC), largely use the existing legal structure to monitor digital asset activities.
In 2023, SEC and CFTC initiated more than 200 law enforcement procedures for cryptocurrencies.The background of the US regulatory agency strengthening activities is that the industry is full of bankruptcy, fraud, fraud operations and illegal funds.
With the end of 2023, some participants in the cryptocurrency field have criticized regulatory agencies, especially the US Securities and Exchange Commission (SEC) to supervise the industry.They also once again called on policy makers and regulators to clarify cryptocurrency laws and adopt more comprehensive rules to formulate methods.
However, these requests were basically ignored.As of the end of the year, the US Securities and Exchange Commission (SEC) has suffered many setbacks in law, especially for cases of Ripple (XRP) and GrayScale.But it really laughed to the end.On December 15, the regulatory agency rejected COINBASE request for a petition for the formulation of new rules for the cryptocurrency industry.
Anton Titov, CEO of French currency to cryptocurrency payment processor Archway Finance, told Crypto.news that he believed that SEC’s decision was reasonable.As he explained, the agency’s responsibility was to protect investors, maintain market integrity, and promote capital formation.Therefore, he believes that the petition of rejecting Coinbase fulfills the interests of investors.”Because this year and next year, most people come into contact with cryptocurrencies for speculation. Even if it is a practical token, speculation is equivalent to the ambition of making money, and it is equivalent to investing.The interests of the person, and try to maintain the integrity of the market. “
However, Titov pointed out that this decision also highlights the attitude of the US Securities and Exchange Commission’s unwillingness to fully accept cryptocurrencies.He believes that the agency believes that Bitcoin and stable currency threatened the established and controllable currency flow.In addition, in his opinion, the US regulatory agency is not aimed at becoming a “innovation center” for new technologies such as blockchain and digital tokens, which shows that there is a fundamental disconnection between its mission and the goals of the encryption industry.
However, the market size of certain cryptocurrencies has continued to expand, especially the stable currency supported by the US dollar, which has exceeded the system importance threshold of more than 50 billion U.S. dollars, which has attracted the attention of American legislators, which has led them to draft more legislative proposals to regulate encryption and encryption.Currency activity.
One proposal is the “Responsible Financial Innovation Act (RFIA), which is proposed by the two parties, which aims to classify most digital assets as products.It will hand over the main supervision responsibilities to CFTC and formulate the regulatory requirements for stable coins.
The Biden government also issued an administrative order to outline the US government’s cryptocurrency supervision methods.In addition, a bill passed by Congress in 2021 requires a new report request to those involved in large -scale cryptocurrency transactions, which takes effect in January 2024.
According to the CCCENTER of Cryptocurrencies, the “Infrastructure Investment and Employment Act” forced any entities that receive 10,000 US dollars or more cryptocurrencies in daily business operations report the transaction to IRS.If it is not reported within 15 days after the transaction, it may lead to the charges of felony.The legislation is executed automatically, which means that no government agencies need to take additional regulatory measures or implementation methods during execution.Once signed as a law, it will take effect immediately and execute.Therefore, all American citizens who handle cryptocurrencies are now constrained by the law.
Looking forward to 2024, many people predict the efforts of the United States through the efforts of cryptocurrency laws to focus on two bills: one bill seek to supervise stable coins at the federal level, and the second bill proposes a comprehensive overall market structure of cryptocurrencies.
The “The Clairity for Payment Stablecoins Act” sponsored by Patrick McHenry, Chairman of the House of Representatives Patrick McHenry, may be one of the first legislative projects to be resolved in 2024.Although the White House and several powerful Democrats expressed concerns about the provisions of allowing regulators to approve the issuance of stable coins without the participation of the Fed, the bill passed the committee stage review in July.However, SEC Chairman Gary Gensler compares the stable currency with the currency market fund, and it is recommended that those funds linked to the US dollar should belong to the jurisdiction of their institutions. Observed people believe that this may be obstacle to the smooth passing of the Stable Coin Act.
The second bill, “21st Century Financial Innovation and Technical Act”, may also face challenges because it proposes to transfer more responsibilities to CFTC, and require regulatory agencies to transition from securities investment from securities investment to product formulation clear routes.
Similarly, the potential approval of Bitcoin ETF may improve the legitimacy of the cryptocurrency industry.A number of asset management companies including BlackRock, Fidelity and Wisdomtree are competing for spot Bitcoin ETFs. They still need the approval of the US Securities and Exchange Commission (SEC), but it has not yet been approved.
Finally, the election in 2024 may have a significant impact on digital asset legislation, and the attention of legislators may shift from cryptocurrency supervision to re -election.
British cryptocurrency supervision
Since 2020, British law requires cryptocurrency companies to register with the Financial Behavior Regulatory Authority (FCA) and comply with 2017 money laundering, terrorist financing and capital transfer regulations.
However, in October 2022, as the British government aims to make the country a global encryption technology and investment center and make regulatory agencies a more extensive strategy that can respond to the development of the field faster, the house voting allows the Ministry of Finance to allow the Ministry of FinanceCryptocurrencies are supervised as financial instruments based on the 2000 Financial Services and Market Law.
In addition, the government issued a consultation document in early 2023 to seek suggestions on regulating the cryptocurrency industry.After this work, the Bai Hall stated that he intends to place various digital assets (including practical tokens and unwavering exchange tokens) under the supervision similar to traditional financial assets.
The rules of the British management of cryptocurrency advertising and sales are also changing, and the Ministry of Finance combines cryptocurrency promotion with other types of financial advertisements.In addition, FCA has imposed further restrictions on the sales, marketing and distribution of encrypted derivatives (excluding securities tokens).
In addition, as in the United States, stable coins are expected to receive stricter regulatory censorship in the UK.The government plans to make them a recognized payment method.Observer predict that this can be largely achieved to a large extent through expansion of existing electronic currency and payment legislation.
Xreg’s partner Nathan Catania said in an interview with Crypto.news that the British stabilized currency supervision method will play a vital role in the country’s financial future.Catania emphasizes the active measures taken by Britain in responding to key regulatory risks, and stated that the country is ensuring that the issuer’s reserve assets that have low risks, liquidity and security are being ensured.”Overall, the main regulatory risk has been resolved. It includes ensuring that the issuer maintains reserve assets and ensures that these assets are tools for low risk, liquidity and security.Stable currency is safer for consumers. “
However, Catania also discovered the potential obstacles of overseas stable currency supervision.Most stable currency activities in the UK involve foreign -issued assets, especially Tether (USDT) and USD Coin (USDC).He said that even in 2024, the regulatory framework was still unclear on the impact of these stable coins on the listing and transactions of the listed and transactions on the British cryptocurrency exchanges.
In addition, the analyst also expressed concerns that the stabilized currency system may not be expanded to the point -to -point payment field.He believes that this may affect the British cryptocurrency market and exchanges, and may limit consumer choices while protecting the interests of consumers.Therefore, he believes that Britain must maintain a cautious balance when formulating future cryptocurrency legislation.
European cryptocurrency supervision
With the implementation of MICA, European cryptocurrency legislation has made a major leap.This regulatory framework represents the first attempt to coordinate digital assets and related activities within the European Union.Mica is a key link for the European Commission to include cryptocurrencies and blockchain technology into the financial service industry.Mica constitutes the foundation of the EU cryptocurrency supervision, aiming to synchronize different laws of various member states, and achieve subtle balance between encouraging financial innovation and reducing unique risks brought by various digital assets.
By 2024, the crypto asset service provider (CASP) and the Capital Assets Publisher (CAI) operating in the European Union or the entire European Union will have to comply with a unified rule manual to replace the national framework that has so far disconnected.
With the European Securities and Market Administration (ESMA) and the European Banking Authority (EBA) formulated regulatory technical standards (RTS), implementation technical standards (ITS), and guidelines, MICA’s application is expected to be further improved in the new year.At the same time, EU member states will also deploy their own legislative tools to support the launch of Micar, RTS, ITS, and guidelines.
In 2024, the European outlook is that the national competent institution (NCA) of EU member states will increase its efforts to provide supervision guidance and expectations for the authorization and supervision of traditional financial service providers involving MICAR regulatory activities.
Asian cryptocurrency supervision
Although China was completely banned from the use of cryptocurrencies in 2021, several neighbors adopted measures to embrace the industry, and the regulatory structure of the region turned to focus on consumer protection and the transparency of the industry.
Singapore led this trend in 2023. The Singapore Financial Administration (MAS) announced the new rules aimed at protecting individual traders, which will take effect in mid -2024.These rules include credit acquisition that restricts cryptocurrency transactions, incentive measures for encouraging transactions, and prohibiting the use of local credit cards to purchase cryptocurrencies.
At the same time, Hong Kong has adopted a more free attitude, and is welcome to cryptocurrency and start its own cryptocurrency license system.Through the implementation of a comprehensive regulatory framework, Hong Kong strives to build itself into a global virtual asset center, and it is expected that more tasks will be completed in 2024.At present, Hong Kong regulators divide cryptocurrencies into securities tokens and practical tokens. The former belongs to the jurisdiction of the Securities and Futures Affairs Supervision Committee (SFC).
Japan has always laid the foundation for the growth of the encrypted economy, and even regards Web3 as the key pillar of its economic route map.From the perspective of supervision, Japan’s encrypted assets are divided into several categories: crypto assets, stablecoins, securities tokens, and NFT, and each category is subject to different legislative jurisdictions.The holding and sales of cryptocurrencies are supervised by the Payment Service Law (PSA), and there are no specific prudent requirements for digital assets.However, service providers must maintain customer funds in a highly safe way (such as cold wallets).In June 2023, the PSA amendment further clarified the status of stable currency at the fiat currency, and distinguished it with other digital assets.At present, the regulations will restrict the stable coin issuer as banks, remittance agencies and trust companies, and intermediaries must register and comply with strict AML/KYC standards to regulators.
The expectations of 2024 show that with the continuous strengthening of supervision and clarification in the cryptocurrency field, creating a safer and more favorable environment for cryptocurrency -related activities, the cryptocurrency field will continue to grow.
Global cryptocurrency supervision
Other parts of the world are not backward in cryptocurrency legislation.The “Review of Global cryptocurrency supervision in 2024” released by PricewaterhouseCoopers lists more than 40 judicial jurisdictions with a certain form of cryptocurrency rules.
From the perspective of cryptocurrency supervision of various countries, outside the European Union, only the Bahamas, the Cayman Islands, Japan, Mauritius, Singapore and the United Arab Emirates have comprehensive cryptocurrency legislation, covering the processing from licensed, registration and travel rules to stable currency.Essence
Many other countries are still formulating a framework for incorporated the map of cryptocurrency supervision. Qatar, South Africa, Taiwan, and Canada are conducting different degrees of continuous regulatory activities, including discussions, consultations, and unreasonable implementation of cryptocurrency laws.
Other places, Australia actively formulated a regulatory framework for the cryptocurrency industry.As part of the multi -stage reform agenda, the Australian government released the tokens mapping consulting documents in February, laying the foundation for subsequent regulatory measures.
In addition to Australia, the UAE has also made great progress in the supervision of cryptocurrencies, becoming one of the first jurisdictions with comprehensive cryptocurrency laws.In view of the rapid expansion of the virtual asset ecosystem, the UAE government puts regulatory authority to the Securities and Commodity Authority (SCA) and the Central Bank (CBUAE) under the supervision authority, creating an environment that is conducive to the development of the encryption industry.
At the same time, New Zealand has adopted more cautious methods. Before formulating new specific legislation, it focuses on how existing regulations apply to cryptocurrency and crypto service providers.
The New Zealand government recognizes that the encryption industry is still in the budding stage, and emphasizes the importance of adaptive rules. These rules can develop with the development of the industry and remain consistent with global encryption supervision.
On the other hand, South Africa is planning its journey of cryptocurrency supervision.Observer of the country said that South Africa was keen to learn the experience and model of other judicial jurisdictions (including judicial jurisdictions, including European and American jurisdictions) when trying to understand the complexity related to cryptocurrency supervision.
Expert outlook
This “cryptocurrency supervision map” emphasizes the global trend of tailor -made regulatory measures for the cryptocurrency industry.
The upcoming cryptocurrency regulations are expected to further improve and strengthen these measures, thereby cultivating a more powerful and sustainable cryptocurrency market, so that innovation will flourish under the supervision of regulatory agencies.
Industry analyst Anton Titov predicts that Micar will implement throughout the European Union during the 2024 outlook, thereby achieving a unified anti -money laundering policy in all member states.He also believes that Non -European countries such as Britain, Switzerland, and the United States may abide by these standards.In addition to the European Union and the United States, he predicts that the views of cryptocurrencies in other parts of the world will change.He predicts that the potential new president of Indonesia may be more open to cryptocurrencies, and believes that India may welcome more foreign companies to enter the local market.This will involve the establishment of a framework consistent with the banking policy to guide people how to invest and trade in China and cross -border.However, he also predicts that the privacy on the blockchain will continue to be banned and negatively treated, even in commercial transactions.Nevertheless, he believes that the emergence of the first batch of central bank digital currencies (CBDC) in the market has not fully realized the vision of Satoshi Satoshi’s financial autonomous sovereignty, but it will convey the inevitability of blockchain technology and strong information about regulatory approval.
