The new disclosure requirement is geared toward creating "more consistent and clear information about companies that issue or hold virtual assets," according to the Financial Services Commission.
U.K. spokesman for the digital economy Timothy Clement-Jones argues that failing to include environments such as the metaverse in the Online Safety Bill would be to fail British children.
Signatories of the DAMS Draft bill argue that the proposed legislation would slash regulatory oversight of the highly volatile digital asset market, thereby weakening investor and consumer protection.
Proposals to integrate digital assets into U.K. financial regulation were briefly plunged into doubt by the Treasury Select Committee in May when it recommended that digital assets be regulated as gambling.
The latest changes in the initial rules seek to control the use of AI platforms that are reportedly not in line with the Chinese government's blueprint while ensuring their safe usage.
MiCA will come into force in 2024, but the June 11 consultation is further evidence of a ramping up of efforts in the bloc to implement its far-reaching digital asset goals.
South Korea’s Financial Services Commission move is in response to the request of the country’s Anti-Corruption and Civil Rights Commission.
Dubai's VARA announced on July 10 that the conditional license issued to BitOasis will remain "non-operational" until the exchange regularizes its processes with the regulator.
The financial regulator argues that its AML/CFT laws on "crypto assets" would help bring extra credibility to the U.K., a statement slammed by lobbyists calling for an overhaul of the new process.
The Philippines securities regulator is banking on heightened digital asset regulations to boost its capital markets as it tries to catch up with the rapid changes in technology and finance.
The Florida financial watchdog charged the exchange in April, but Bittrex wanted the charges dropped, and in return, it would surrender its Florida license.
Under the new law, the country’s finance minister has the power to appoint entities to serve as the regulatory authority, which will be able to issue licenses to digital currency service providers.
