McCann FitzGerald LLP’s Post

⚖️ It is always a pleasure to speak with Jimmie Franklin & Vixio Regulatory Intelligence about the most pressing regulatory changes affecting digital finance and #crypto. Below, you can read my take on the recently published Swiss Financial Market Supervisory Authority FINMA guidance on the issuance of #stablecoins and how it compares with the European Banking Authority (EBA)'s approach under #MiCA. 👇 European Crypto Initiative #CryptoRegulation

NEW CRYPTO DISCLOSURE RULES FOR BANKS 🚨 The Basel Committee on Banking Supervision (@BCBS) and the Bank for International Settlements – BIS have released new guidelines for how banks should handle and disclose their cryptocurrency activities. These rules must be in place by January 1, 2026. 📅 What’s the Basel Committee? 🤔 The #BCBS is a global group that sets standards for banks to ensure they operate safely and soundly. The #BIS, often called the “bank for central banks,” supports central banks’ efforts for monetary and financial stability. 🌐 Key Points 🔑 1. New Disclosure Framework 📝: • Banks must use standard tables and templates to reveal their crypto-related activities. • This includes qualitative info (what they are doing) and quantitative info (how much capital and liquidity they need for crypto exposure). 2. Targeted Amendments 🔄: • Clarifies rules for stablecoins to receive better regulatory treatment (Group 1b). • Other technical updates to make the rules clearer. Why It Matters 🌟 These updates aim to ensure transparency and consistency in how banks manage and report their cryptoasset exposures, reducing risks in the rapidly evolving crypto market. The Committee will keep an eye on crypto market developments and new risks. Stay tuned! 🔍 #Crypto #Banking #Finance #Regulation #Cryptoassets #BaselCommittee #BIS #FinancialStability

By January 1, 2025, it is anticipated that a new prudential standard under Basel III will come into force, introducing several critical regulatory changes to manage potential risks associated with #crypto assets exposure. Originally developed to address deficiencies in financial regulation that were revealed by the crisis of 2007-2008, the framework now meets new challenges and marks a substantial pivot for enhanced financial stability in the digital currency space. What regulatory changes await us next year and how will they affect the future of crypto? Check out the comprehensive analysis in the new article. https://lnkd.in/dYNfGC7t

Join our seminar on Crypto and EU Regulation to understand how the inclusion of crypto assets in the CRR/MaRisk has set the stage for comprehensive regulatory measures. The introduction of European regulations like MICAR (Markets in Crypto-Assets Regulation) and the DLT Pilot Regime marks a new era of oversight and opportunity in the crypto space. 📊 Did you know? According to a recent report by the European Central Bank, the crypto market could grow exponentially, emphasising the need for robust regulatory frameworks. Are you prepared to navigate these changes? During our seminar, we bridge the gap from foundational crypto knowledge to intricate supervisory regulations. As we delve into the specifics, you'll gain insights that are crucial for staying ahead in the rapidly evolving financial landscape. 💼 Don’t miss out on this chance to enhance your understanding and prepare for the future. Stay tuned for more insights and opportunities to engage. To register, visit: https://lnkd.in/gRVRHWH5 #CryptoRegulation #FinancialServices #MICAR #CryptoAssets #DLTRegime #EUregulation #aspectadvisory #aspectadvisoryacademy

🗓️ On July 15, 2024, the European Banking Authority (EBA) released a consultation paper with draft guidelines for data reporting on #MiCARegulation by National Competent Authorities (#NCA), issuers of asset-referenced tokens (#ART), e-money tokens (#EMT), and Crypto-Asset Service Providers (#CASP). 📊 This article delves into the guidelines, exploring their implications and the next steps in the consultation process. 🌐 Dive into the full analysis to stay ahead in the evolving landscape of crypto regulation: https://lnkd.in/dKs5S3y6

📌 The European Securities and Markets Authority (#ESMA) has released a comprehensive analysis of #cryptoasset market structures in the #EU. Highlights from the report: 🔺Detailed examination of secondary market patterns and associated risks. 🔺Efforts to understand crypto asset #trading compared to traditional #financialmarkets. 🔺Identification of current and potential risk areas, supporting the implementation of EU Markets in Crypto-Assets (#MiCAR) regulation. 🔑Key findings… …include volatile price behavior, stablecoins' prevalence in transactions, and concentration of trading volumes in a few assets and exchanges: E.g., #stablecoins form part of over 60% of all transactions. They fulfil a function similar to fiat money, are used to store value without leaving the crypto system. Also ten exchanges process about 90% of trades, and the largest exchange alone accounts for almost half of global trading volumes. ESMA reaffirms its commitment to monitor crypto assets' impact on consumers and traditional financialmarkets. #crypto #digitalassets #MiCAR #MiCA #regulation #virtualassets #financialstability #DeFi

🦜⚽ 2024 is shaping up to be a big year for virtual asset regulation in Brazil - we’re expecting the Central Bank to publish further consultations and key legislation on how the VASP regime will operate and what the authorisation process will entail. 😎 Rulefinder Crypto Asset subscribers can breathe a sigh of relief knowing that we’re tracking all of these developments for them. 🌴 Yes, we now cover Brazil too! Our market leading coverage includes analysis of: 📌 The regime applicable to virtual assets characterised as securities (including practical guidance on when this might be the case) 📌 The restrictions on marketing/selling such virtual assets and any applicable exemptions 📌 The overarching framework and guidelines for the regulation of VASPs Not subscribed yet? 📞 Get in touch to learn more: https://lnkd.in/ehqXpb4y #CryptoAssetRegulation #VirtualAssets #Crypto #DigitalAssets

2023 was a remarkable year for the crypto space, and I believe we can all agree that 2024 is starting off with a bang. Be sure to check out TRM Labs' latest report for policy highlights from 2023 and insights into what's in store for this year.

🗓🔮Predictions and expectation: Crypto regulation 2024 Crypto regulation in 2024 is expected to see a surge in regulatory clampdowns, covering anti-money laundering and counter-terrorist financing risks, company conduct, and token sales supervision. The US, UK, and EU are expected to enact broad crypto regulations, with the Markets in Crypto Assets Regulation (MiCA) aiming to establish uniform EU crypto regulation. Financial institutions are expected to develop stronger risk management frameworks and enhance capital and liquidity requirements. As Crypto.news reports, analysts also anticipate that sustainability and environmental, social, and governance (ESG) factors will hold greater weight in international crypto regulation, with cybersecurity continuing to be a top priority as digital asset platforms remain in the crosshairs of hackers and scammers. #crypto #regulation #cryptoregulation #sec #mica #cryptoasset #cryptocurrencies https://lnkd.in/dFqGaQvb

As we stand at the crossroads of traditional finance and the dynamic world of cryptocurrencies, your voice can play a crucial role in shaping the future of banking. We are thrilled to announce our collaboration with Perfinal and Cryptio on a survey titled "Vision 2024 - Navigating the Era of Cryptocurrencies in Banking." 🌍 The global financial landscape is undergoing a transformative shift, and cryptocurrency is emerging as a key area of opportunity for the banking sector. With the impending 2024 Markets in Crypto-Assets (MiCA) regulations on the horizon, it is more crucial than ever to understand how commercial banks are navigating this new frontier. 🔍 This survey is designed to understand the strategic insights and perspectives of professionals in the banking industry. We want to hear your thoughts on the adoption and integration of cryptocurrency services, as well as your views on the challenges and opportunities that lie ahead. 💡 Your participation in this survey will contribute to a comprehensive understanding of how the banking sector is embracing the cryptocurrency revolution. Click the link below to participate in the survey: https://lnkd.in/dFZw5pCB #mica #micar #cryptoregulation