Hey everyone,
Welcome back to Compliant Wednesday with the latest batch of policy updates from our around the world:
- 🇪🇺 OKX obtains pre-authorization under MiCA
- 🇪🇺 ECB considers digital euro amid US CBDC opposition
- 🇺🇸 SEC revokes SAB 121 for crypto assets
- 🇨🇦 FINTRAC updates AML strategies for crypto
- 🇺🇸 US bans CBDC development, impacting global projects
🇪🇺 OKX obtains pre-authorization under MiCA
OKX, a crypto exchange, has obtained pre-authorization under MiCA to operate in the European Economic Area through its Malta hub. MiCA aims to regulate the crypto market in the EU, prioritizing consumer protection and transparency. OKX plans to expand its services in the region, offering spot trading, OTC transactions, and bot trading, while adhering to the regulatory standards of Malta. This move aligns with a trend of exchanges complying with MiCA regulations in Europe.
Our take: OKX jumping on the MiCA bandwagon shows a commitment to playing by the rules and expanding its footprint in Europe. It’s all about growing while keeping consumers safe!
Read more here.
🇪🇺 ECB considers digital euro amid US CBDC opposition
The European Central Bank is considering a digital euro in response to President Trump’s opposition to a US central bank digital currency (CBDC). The European Central Bank believes that a digital euro could counter Trump’s plans for stablecoins. Trump’s executive order aims to protect the dollar and prohibits the establishment of a CBDC within the US. The European Central Bank sees the need for a digital euro to prevent clients from moving to stablecoins, and the bank has been experimenting with different technologies for its development.
Our take: While Trump is shutting down CBDCs, the ECB is betting on the digital euro. It’s a chess game but we might get two winners this time.
Read more here.
🇺🇸 SEC revokes SAB 121 for crypto assets
The US Securities and Exchange Commission has revoked a rule called SAB 121, which required financial firms to record cryptocurrencies as liabilities on their balance sheets. The crypto industry had long pushed for the cancellation of this rule, and it has now been rescinded. This has been seen as a positive move by many in the industry, as it will make holding crypto assets less administratively difficult for financial firms. The cancellation of SAB 121 marks the first significant move by the SEC under President Donald Trump and acting chair Mark Uyeda.
Our take: The crypto world got a breather here! Scrapping SAB 121 means less hassle for firms and could encourage more involvement with crypto assets.
Read more here.
🇨🇦 FINTRAC updates AML strategies for crypto
Canada’s financial intelligence agency, FINTRAC, has updated its anti-money laundering (AML) strategies to focus on monitoring cryptocurrency transactions related to drug trafficking. This initiative is part of a collaborative effort involving financial institutions, law enforcement agencies, and international stakeholders to combat money laundering in the drug trade and urges virtual asset service providers and financial institutions to integrate new risk factors into their AML strategies.
Our take: Canada’s tightening the reins on crypto for good reason — it’s crucial for cracking down on dirty money. It’s a smart move to stay ahead of the regulatory game.
Read more here.
🇺🇸 US bans CBDC development, impacting global projects
The US has banned the development and use of central bank digital currencies (CBDCs), which will likely affect global CBDC projects. While retail CBDCs may be impacted, wholesale CBDCs are expected to expand as an alternative to the US-controlled financial system. Some believe that global CBDC development will continue, with countries like China, Israel, Australia, and the European Union remaining committed to enhancing their payment systems and asserting monetary sovereignty.
Our take: The US is out on CBDCs, but the rest of the world isn’t stopping. This could shift how countries approach digital currencies and might bolster alternatives to US financial influence.
Read more here.
And that’s it! What do you think about this week’s news? Let us know in the comments!
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