Sumsub’s Post

The EU's Travel Rule compliance deadline is fast approaching. As numerous EU-licensed crypto companies and financial institutions are actively working to meet these requirements, it's imperative to understand the implications for your business. If you're in Paris next week and want to discuss how this regulation may impact you, feel free to DM me and let's meet. For those attending DeFi Retreat (Europe) on June 11th, join at 3 pm the Breakout Session: "The Impact of the Travel Rule Regulation and Upcoming Reporting Requirements in Europe", where my colleague Lana Schwartzman, Head of Regulatory and Compliance at Notabene, will be sharing insights. #EU #TravelRule #Compliance #TFR #Regulation #DeFiRetreatEurope #Notabene

The European Union is at the forefront of reshaping financial market regulations, making significant advancements with the introduction of MiCA (Markets in Crypto-Assets) 🇪🇺 This groundbreaking regulation is set to be a transformative force, establishing a comprehensive framework for digital assets. MiCA aims to enhance cross-border infrastructure, digital public services, and administrative processes, while also curbing fraud and boosting transparency. This regulatory framework is not just about oversight; it's about fostering a secure and thriving digital asset ecosystem. With these regulations, the EU digital asset market is projected to reach a staggering market cap of €1.6 trillion by 2025. This growth signifies the EU's commitment to leading in digital finance while ensuring market stability and consumer protection 🤝 📖 To delve deeper into the impact of European regulations on financial markets and the broader implications for public policy, download our whitepaper now 👉 https://lnkd.in/e9gcYiiJ 📅 RSVP at our LinkedIn event page: https://lnkd.in/d-3HgFHV Simon Buckingham Michael Amar Emmanuel Fenet Clarice Borges #ParisBlockchainWeek #PBW2024 #EURegulations #FinancialMarkets #MiCA #PublicPolicy

Recently, I have been working on being brave, being okay with stepping into new territories and opportunities. From travelling to the Netherlands, like I mentioned before and navigating a Dutch court-room for my Tornado Cash trial coverage to travelling to Austin Texas for Consensus where I started diving more into Europe. This moment was about me launching deeper into the European Union and co-ordinating a discussion on the EU's Markets in Crypto Assets wide-ranging legislation package. While, its easy to be intimidated by the deep, I have found tapping into my transferable skills have been a life saver. Covering the U.K. extensively, something I will still do, building networks across regulatory bodies and industries as well as following bills and seeing how complicated and powerful these can be, cabinet re-shuffles, shock elections and resignations have given me my fair share of 'transferable skills'. These transferable skills like realising how key it is to speak to a range of people, get expert support and understanding on pieces really helps me conquer "new topics." I have mentioned this when it comes to Africa coverage too. So a few transferable skills later, lots of chatting, I hosted the CoinDesk Consensus panel on MiCA (and it went well): https://lnkd.in/exru39EE I also wrote a piece unpicking in detail exactly how sticky the EU's stablecoin measures are and an EU election piece on the past, present and future elections in the region to come (looking at yes, all 27 nations, big salute to all the EU writers out there) that are in my bio: https://lnkd.in/e7yEPkRH Being brave can do wonders.

What’s happened in the past few weeks regarding MiCA implementation across Europe? 📜 15/2 (Sweden) Bill: A New EU Regulation on Markets for Cryptoassets (Fi2024/00366). The proposals include new provisions providing supervisory and intervention powers to the Financial Supervisory Authority (Finansinspektionen - FI) in regards to activities covered by the MiCA regulation. 🗺 2/2 (EU) Guidance: ESMA: Updated Q&As on MiCA. (Grandfathering provisions under MiCA and new crypto-asset service providers (CASPs) established before (and after) December 30, 2024. Prohibition of monetary and non-monetary benefits under MiCA. Provision of crypto-asset services by credit institutions. Notifications under Article 60 of MiCA.) 🎧 31/1 (Liechtenstein) Consultation Report Implementing Regulation 2023/1114. The report covers markets for crypto-assets, as well as including an amendment of the Due Diligence Act. Among other things, the latter regulation covers the transmission of information during money transfers and transfers of certain crypto-assets.  The consultation report can be accessed via http://www.rk.llv.li/, 'ongoing consultations'. The consultation period ends on March 28, 2024. 🎧 29/1 (EU) Consultation on Draft Guidelines on Reverse Solicitation under MiCA. The European Securities and Markets Authority (ESMA) has published a consultation paper on draft guidelines on the reverse solicitation rule under the Markets in Crypto Assets Regulation (MiCA). The reverse solicitation rule specifies that the provision of crypto-asset services by a third-country firm is limited, under Article 61 of MiCA, to circumstances in which the service is initiated at the client’s “own exclusive initiative”. The consultation paper would be of interest to crypto-asset service providers (CASPs) and entities that may be subject to authorisation/exemption rules under MiCA. Interested stakeholders can provide their comments by April 29, 2024. They must submit their contributions at www.esma.europa.eu under the heading ‘Your input - Consultations’. Vixio Regulatory Intelligence covers all MiCA developments in horizon scanning, complete with translated summaries and analysis. #MiCA #cryptoregulation #crypto

#ESMA "Final Report Draft technical #Standards specifying certain #requirements of the Markets in Crypto Assets Regulation (#MiCA) – first package"- "ESMA finalises first #rules on crypto-asset #service #providers"-"The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes the first Final Report under the Markets in Crypto-Assets Regulation (MiCA). The report, which aims to foster clarity and predictability, promote fair competition between crypto-asset service providers (CASPs) and asafer environment for investors across the Union, includes proposals on: - Information required for the authorisation of #CASPs, the information required where financial entities notify their intent to provide crypto-asset services, - Information required for the assessment of intended acquisition of a qualifying holding in a CASP, and - How CASPs should address complaints. Next steps ESMA has submitted the Final Report to the #EuropeanCommission (EC) and will provide further advice and technical guidance in this area if requested by the EC. More information about the timeline for MiCA implementing measures and the transitional period can be found here. " https://lnkd.in/e39--57c ESMA #EU #european #CryptoAssets #Regulation #EUROPE #stardardization #MarketsinCryptoAssetsRegulation https://lnkd.in/efNE98sF

World Economic Forum: Pathways to the #Regulation of #Crypto-#Assets Coordinating regulatory frameworks across jurisdictions is a complex task for almost any sector. With crypto-assets – given the unique features of the underlying technology as well as the boundless opportunities that it presents – it is often contended that global coordination is not just desirable but necessary. There exists a broad spectrum of views, especially as there are multiple stakeholders at varying levels of maturity, and the need for a global approach is warranted due to: 📍The borderless nature of technology: as the crypto-asset ecosystem moves across the spectrum from centralized to decentralized, the intricacies in identifying the “who”, “where” and “whom” also become markedly difficult. 📍The potential of interconnectedness within the crypto-asset ecosystem and with the traditional financial system: events in 2022 have evidenced that the crypto-asset environment is highly interconnected, meaning that fragmented regulatory regimes will create challenges for ensuring uniform consumer protections or market integrity efforts. As the potential for connectedness with the traditional financial system is examined, the need for a collaborative approach is even more pronounced. While the global approach is an ideal pathway, there are various barriers that impede this: 📍Lack of harmonized taxonomies/classification: different jurisdictions define and categorize crypto-assets in various buckets, creating ambiguity in understanding the risks posed as well as a lack of clarity for market participants 📍Regulatory arbitrage: as different jurisdictions evolve their respective regulatory frameworks, this hampers effective oversight and development of the ecosystem. 📍Fragmented monitoring, supervision and enforcement: lack of coordination among various law-enforcement agencies leads to inconsistent enforcement and lack of coherence in regulatory approaches. This paper discusses some jurisdiction examples pertaining to a wide spectrum of regulatory approaches such as principle-based, risk-based, agile regulation, self and co-regulation and finally, regulation by enforcement. To ensure a broad and global view of this topic, diverse stakeholders as part of the Digital Currency Governance Consortium were consulted to evolve recommendations for the international organizations and national/regional authorities as well as industry stakeholders, while duly acknowledging the critical role of academia, civil society and, most importantly, the users in evolving a responsible ecosystem.

Our Director, Dale Russell CA(SA), shares his knowledge on the global stage in London. Last November Dale Russell CA(SA) delivered a keynote speech at the Moore Global Partners Conference in London. Dale Russell CA(SA) discussed: 👉 🔍 Navigating the Regulatory Maze: Tackling the complexities of a borderless technology is no easy feat. The diverse regional approaches to regulation and taxation add layers of difficulty that demand keen insight and agility. ⏰ Reflecting: Dale Russell CA(SA) remarked that the global regulatory advancements, including those by the FSCA South Africa, are encouraging. Such developments are pivotal for market maturation, institutional adoption, and ensuring customer protection. 🏆 Ahead of the Curve: We're proud to stay ahead, and Dale Russell CA(SA)'s insights at the Partners conference showcase our commitment to leading the way! #blockchainconference #blockchainregulation #blockchaincompliance

AI, e.g., ChatGPT, can't do what we are doing in data analytics NOW. Do you or any contacts of yours need our expertise/IP that can do what high technology, like AI, high-end chips, computers, etc., can't do NOW? Thanks. European Parliament's AI Act has identified a practical list of high-risk AI applications. This Act has been approved by European Council 🇪🇺. 關於 AI 人工智能的一些事實: Some fact findings about AI: https://lnkd.in/gwcPNUPP 其中，用一個簡單的是非題就能顯示我們受著作權保護的中英對照元數據 (metadata) 能做到現今 AI 人工智能無法做到的數據分析工作。 A simple go/no-go test shows that, with our intellectual property (IP), a copyrighted Chinese-English multilingual metadata, we can do what artificial intelligence (AI) can't do in data analytics, NOW.

You know you've hit peak modern era when a whitepaper on the regulation of crypto assets gets a spot on the trending list! Hats off to the World Economic Forum for tackling the Herculean task of bringing global harmony to the lawless Wild West of crypto. With international regulations that read like a cross between a spy novel and an economics thesis, it's no wonder that terms such as "regulatory arbitrage" and "fragmented monitoring" sound like new characters in a sci-fi series. Is it just me, or does the idea of harmonizing taxonomies across jurisdictions make anyone else want to dig out their high school math textbooks? Important work, no doubt, but it’s moments like these where you realize what a monumental task it is to keep the future tethered to the present. Kudos to the innovative minds working on this, because navigating crypto regulations is like trying to choreograph a synchronized swimming routine in a tsunami.Props to Maha Al-Saadi for highlighting the intricate ballet of global financial regulation. Here's to hoping the next whitepaper is a little less "choose your own adventure" and a bit more "color by numbers"— or at least something we can all keep in step with. Keep those regulations coming, one whitepaper at a time!

UK #regulators are gradually pushing forwards with regulating #cryptoassets. Paul Staples and Precious A. discuss the latest developments and the path ahead for #financialservices firms.