The U.K.’s future financial services regulation for crypto ranges from the issues of algorithmic stablecoins to non-fungible tokens (NFTs) and initial coin offerings (ICOs). It’s a positive sign that the regulation does not ban algorithmic stablecoins or require digital asset operators to share data.
The recent paper on token mapping is part of the Australian government’s reform to keep the market under regulation and compliance. Based on the “functional” and technology-neutral method, it proposes many fundamental definitions for the crypto sector and classifies crypto-related products into network tokens, smart contracts, crypto asset services and intermediated crypto assets.
And in stark contrast to the UK, Hong Kong’s local authority has released a consultation summary in which a strict ban is imposed on the operations of algorithmic stablecoins across the nation.
The U.K. and Australia share the same big picture of crypto regulations in the upcoming time. The U.K. treasuries and the Australian government introduced their consultation papers within a few days.
SEC settles on security claim in LBRY case
LBRY Hearing: The Stakes for ALL Crypto https://t.co/YPbrBkw0Od
— CryptoLaw (@CryptoLawUS) January 30, 2023
The U.S. Securities and Exchange Commission (SEC) admitted that when LBRY Credits (LBC) tokens are sold on the secondary market, they are not considered a security. Attorney John Deaton presented an argument during the appeal hearing in what many regard as a victory for the crypto sector over the SEC’s regulation enforcement. Indeed, the ruling was a relief for the crypto community, particularly XRP holders, when Ripple encountered a securities lawsuit over the sale of XRP tokens.
FTX debtors require Sam Bankman-Fried’s relatives
When bankruptcy proceedings go on, FTX and those impacted have required documents and information from Sam Bankman-Fried’s close relatives.
A motion filed in the U.S. Bankruptcy Court seeks information from Barbara Fried and Gabriel Bankman-Fried, the mother and brother of former FTX CEO. FTX and its debtors are pursuing estate assets owned by the firm and its investors.
Bank of China ex-advisor calls for crypto ban’s reconsideration
According to the Bank of China ex-member Huang Yiping, Hong Kong should reconsider whether the ban on crypto trading can persist in the long run. The reason is that the permanent crypto prohibition could lead to untold opportunities missed for the formal financial system, particularly those involved in blockchain and tokenization.