Hey everyone,
Welcome back to Compliant Wednesday with the latest batch of policy updates from our around the world:
- 🇸🇬 Singapore investigates illegal Worldcoin sales
- 🇶🇦 Qatar introduces digital asset framework
- 🇺🇸 North Carolina bans Fed-issued CBDC
- 🇰🇿 Kazakhstan considers licensing Binance and Bybit
- 🇱🇻 Latvia offers free crypto consultations
🇸🇬 Singapore investigates illegal Worldcoin sales
Singapore is investigating illegal sales of Worldcoin accounts and tokens, suspecting money laundering and terrorism financing. The cryptocurrency project has faced global regulatory scrutiny for its biometric data collection practices, and Singapore is cracking down on unauthorized sales of Worldcoin accounts to prevent misuse of personal data for criminal activities.
Our take:
Singapore’s decisive action shows once again the need for stringent regulations to prevent financial crimes in the crypto space.
Read more here.
🇶🇦 Qatar introduces digital asset framework
Qatar has transitioned from banning cryptocurrencies to introducing a regulatory framework for digital assets. The new rules allow companies to apply for licenses as token service providers, recognize smart contracts, and address property rights and custody arrangements for tokens. The Qatar Financial Centre aims to boost the country’s financial services sector competitiveness by providing regulatory clarity. The regulations were developed in collaboration with domestic and international organizations and are considered advanced compared to other Middle Eastern countries.
Our take:
Qatar’s strategic move towards regulatory clarity in digital assets sets a new standard in the region. This is a positive shift towards embracing blockchain and crypto advancements.
Read more here.
🇺🇸 North Carolina bans Fed-issued CBDC
The North Carolina Senate passed a bill banning the state from using a US Federal Reserve-issued central bank digital currency (CBDC), despite the governor’s veto. The bill received support from Republicans and some Democrats, but others changed their stance to support the governor’s veto. This decision has implications for the state’s participation in future CBDC tests and sends a message to the Federal Reserve. The Federal Reserve has been researching CBDCs, but their Chair Jerome Powell has stated that the US is not close to adopting a central bank digital currency.
Our take:
The bill highlights the complex political landscape surrounding CBDCs in the US. Even within countries, federal and state level officials may have different ideas about regulation.
Read more here.
🇰🇿 Kazakhstan considers licensing Binance and Bybit
Kazakhstan is considering allowing Binance and Bybit to operate as fully licensed digital asset trading facilities in the country, after they received initial consent from the regulatory authority. This move comes after the passage of the Digital Assets Law in Kazakhstan, as the country has become a popular destination for cryptocurrency mining.
Our take:
Kazakhstan’s openness to licensing major exchanges reflects its proactive stance in the crypto world. This could attract more investment and solidify its position as a key player in digital asset trading.
Read more here.
🇱🇻 Latvia offers free crypto consultations
Latvia’s central bank is providing free pre-licensing consultations for crypto companies in preparation for the European Union’s upcoming crypto regulations. The consultations aim to help companies comply with the new regulations and position Latvia as an attractive location for crypto-asset service providers within the EU. This proactive approach is part of Latvia’s broader efforts to foster growth and investment in its local crypto ecosystem.
Our take:
Latvia’s proactive support for crypto companies could make it a leader within the EU’s regulatory environment.
Read more here.
And that’s it! What do you think about this week’s news? Let us know in the comments!
For more Web3 compliance tips, rewarding quests, and info on our solutions — follow us on social media:
✅ Twitter — https://link.swisstronik.com/115
✅ Telegram — https://link.swisstronik.com/ahd
✅ Discord — https://link.swisstronik.com/hph
✅ Linkedin — https://link.swisstronik.com/q7j
✅ Github — https://link.swisstronik.com/wlb
