🚀 EU Proposes Enhanced Regulatory Powers for Market Oversight
#EU #regulatorypowers #marketoversight #ESMA #cryptocurrency #financialregulation #securities #centralbank #distributedledgertechnology #EUproposal #marketcentralization #EUbudget #cryptoserviceproviders #financialservices #EUparliament #cyprus
According to PANews, the European Union's executive body has unveiled a proposal to transfer more regulatory and enforcement authority to its market oversight agency, sparking a debate among national regulators about ceding power to Brussels. The proposal, announced on Thursday, suggests granting the Paris-based European Securities and Markets Authority (ESMA) new powers over significant clearinghouses, central securities depositories, and trading venues. Less than a year after introducing a national regulatory framework for cryptocurrency companies, these entities and pan-European market operators are now included under ESMA's jurisdiction. The centralization of most market regulatory powers within the EU requires approval from both the European Parliament and the Council of Member States, with some member countries strongly opposing the move.
The proposal aims to bolster ESMA's authority and resources, establishing a board of five independent members with terms of up to five years. The EU budget will cover preparatory costs, while trading venues, central securities depositories, and crypto asset service providers will bear ongoing expenses. To streamline European market operations, the European Commission plans to amend legislation, limiting member states from imposing additional requirements on securities issuers, simplifying licensing processes to enhance cross-border central securities depository services, and integrating distributed ledger technology into the regulatory framework. Negotiations on this comprehensive plan are set to begin in January, with Cyprus assuming the rotating presidency of the EU Council at that time.#EU #regulatorypowers #marketoversight #ESMA #cryptocurrency #financialregulation #securities #centralbank #distributedledgertechnology #EUproposal #marketcentralization #EUbudget #cryptoserviceproviders #financialservices #EUparliament #cyprus
🚀 Hong Kong Securities Association Advocates for Relaxed Rules in Crypto Asset Reporting Framework
#HongKong #Securities #CryptoAssets #CARF #OECD #ReportingFramework #DataProtection #Regulation #CryptoServiceProviders #Compliance #CryptoIndustry #Penalties #FinancialRegulation
According to PANews, the Hong Kong Securities and Futures Professionals Association has submitted recommendations to the government, urging a relaxation of certain rules in the implementation of the OECD's Crypto Asset Reporting Framework (CARF). The association supports the introduction of CARF and the revision of the Common Reporting Standard, which includes mandatory registration for crypto service providers and an expanded scope for transaction reporting.
However, the association suggests reducing requirements for institutions with no reporting activities, enhancing personal data protection, and allowing companies to transfer record-keeping responsibilities to regulated third parties when ceasing operations. The association warns that the current proposal's lack of a cap on account-based penalties and personal liability for directors could increase compliance risks. It recommends establishing clear penalty limits and providing safeguards for companies acting in good faith.
Hong Kong is among the 76 markets committed to implementing CARF and aims to complete the first data exchange by 2028.#HongKong #Securities #CryptoAssets #CARF #OECD #ReportingFramework #DataProtection #Regulation #CryptoServiceProviders #Compliance #CryptoIndustry #Penalties #FinancialRegulation
🚀 EU Commission Enforces Crypto Asset Regulation Compliance
#EUCommission #CryptoAssets #RegulationCompliance #InfringementProcedures #CryptoTax #Transparency #InformationExchange #EUDirective #Taxation #CryptoServiceProviders
The European Commission has intensified its enforcement of the regulatory framework for crypto assets. According to ChainCatcher, infringement procedures have been initiated against several member states for failing to implement or comply with new EU crypto asset tax and market rules. In the latest batch of infringement decisions, the Commission announced that formal notices have been sent to 12 member countries for not fully incorporating EU rules on crypto asset tax transparency and information exchange into their national laws.
The countries involved are Belgium, Bulgaria, Czech Republic, Estonia, Greece, Spain, Cyprus, Luxembourg, Malta, Netherlands, Poland, and Portugal. This action pertains to EU Directive 2023/2226, which revises the EU's longstanding framework for administrative cooperation in taxation. The directive extends reporting and information-sharing obligations to crypto asset service providers to enhance tax transparency and regulation of crypto asset transactions.#EUCommission #CryptoAssets #RegulationCompliance #InfringementProcedures #CryptoTax #Transparency #InformationExchange #EUDirective #Taxation #CryptoServiceProviders
🚀 Circle Advocates for Lower Thresholds in EU's Market Integration Package
#Circle #EU #MarketIntegration #Thresholds #EuropeanCommission #CryptoAssets #CryptoMarket #NS3AI #CryptoServiceProviders
Circle has called on the European Commission to reduce the thresholds in its proposed Market Integration Package. According to NS3.AI, this move aims to facilitate easier engagement between institutions and crypto-asset service providers. Circle submitted its feedback on March 20, highlighting the need for more accessible integration within the crypto market.#Circle #EU #MarketIntegration #Thresholds #EuropeanCommission #CryptoAssets #CryptoMarket #NS3AI #CryptoServiceProviders
🚀 Australia Integrates Crypto Service Providers into Financial Services Framework
#Australia #CryptoServiceProviders #FinancialServices #RegulatoryFramework #NS3AI #CryptoIndustry #AustraliaCrypto
Australia has officially incorporated crypto service providers into its financial services regulatory framework. According to NS3.AI, this marks the first time that such providers are included within the country's formal financial services regime. This regulatory shift represents a significant change for the crypto industry in Australia.#Australia #CryptoServiceProviders #FinancialServices #RegulatoryFramework #NS3AI #CryptoIndustry #AustraliaCrypto