Crypto: EMEA Regulators Create Legal Framework | Media Pyro

In Europe, the Middle East and Africa (EMEA) last week, lawmakers have moved to improve the regulators and tools needed to oversee the cryptocurrency industry.

In the United Kingdom, new proposed amendments to the Financial Services and Markets Bill will expand the powers of the Financial Conduct Authority (FCA), making it responsible for regulating all related activities. to crypto.

The proposed amendments clarify the bill’s approach to crypto-assets and introduce the powers of the FCA and the Treasury when it comes to their legal and legal status.

Explaining the changes, City Minister Andrew Griffith, who oversees the crypto-related aspects of the bill, wrote: “This new line changes the Financial Services and Markets Act 2000 to clarify that the powers related to financial promotion and preparation can be relied upon to manage crypto-assets and activities related to crypto-assets.

This is the second time Griffith has pushed for amendments to the bill as the government amends the legislation before it is passed into law.

Last week, Bank of England Deputy Governor Sam Woods also revealed that the central bank is looking at creating a regulatory framework for systemic stablecoins. He said a briefing paper on the new government would be released next year.

In the Middle East, authorities in Israel and the United Arab Emirates (UAE) have taken steps to regulate their crypto markets.

Financial Regulations in Middle East, Africa Extend to Crypto Market

The Dubai Financial Services Authority’s (DFSA) new crypto certification scheme took effect on Tuesday (Nov. 1).

The new framework addresses the anti-money laundering (AML) responsibilities of those who hold, trade and exchange crypto assets as well as covering consumer protection issues by defining various rights consumer and corporate responsibility.

See also: UAE Treasury to Crack Down on Crypto, Asset Exploitation

The DFSA has expanded the number of regulated financial services activities, such as advising, processing, arranging, trading and holding, so that institutions in the Dubai International Financial Center can provide products and crypto related services.

Meanwhile, in Israel, the Capital Market, Insurance and Savings Authority has approved the second permanent license to a crypto firm, the trader Bits of Gold. The move comes a month after the authority issued its first crypto license to crypto trading infrastructure company Hybrid Bridge Holdings (HBH).

Until now, crypto companies in Israel had to operate under a temporary business permit.

Without proper licensing procedures, crypto businesses in Israel have found it difficult to access the country’s banking and financial system, which is subject to strict AML procedures.

The amendment to the Bank’s AML and AML Management Threat Alert, which requires banks to stop accepting cryptocurrencies and investigate them separately in each case, is expected to come into effect on November 9.

At the same time, the Tel Aviv Stock Exchange is moving to offer distributed ledger technology (DLT) for safe delivery and trading.

Finally, in South Africa, the Financial Conduct Authority (FSCA) has also been authorized to regulate financial service providers in the crypto sector.

Beginning in October, crypto assets became regulated financial products in South Africa, and the FSCA began accepting applications from crypto service providers seeking approval.

The new move marks an important step forward in the run-up to the Financial Institutions Regulation Bill, which will give the FSCA more powers than the UK government hopes to comply with its Financial Services and Markets Bill.

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