China News by Thebittimes.Com

Here, we look at the current state of cryptocurrency regulations and talk to experts on what to expect in 2024. As we step into the new year, analysts expect to see a surge in regulatory clampdowns in the crypto space. The rules will expand to cover anti-money laundering and counter-terrorist financing risks, the conduct of companies operating in the crypto space, and supervisory actions concerning token sales. In the U.S., the tempo of regulatory actions shows no signs of abating; likewise, the UK has introduced a set of rules equating the sale of crypto tokens to that of traditional financial products. Similarly, the European Union (EU) is set to become the first significant global jurisdiction to formally enact a broad suite of laws and regulations governing the crypto sector in 2024.  The Markets in Crypto Assets Regulation, or MiCA, aims to establish uniform EU crypto regulation and provide legal certainty for digital assets beyond the scope of current EU financial servic...

After the European Central Bank released a blog post on the shortcomings of Bitcoin, the crypto community on Twitter took to the comments to defend the cryptocurrency. In light of the recent FTX collapse and liquidity scandal, regulators in the European Union have joined other global lawmakers in a push for more clear guidelines and regulations on cryptos. The European Central Bank (ECB) released a blog post titled “Bitcoin’s last stand” on Nov. 30, which summarized the financial career of Bitcoin (BTC) amid current price fluctuations. However, instead of outlining the entire picture, which would include both up and downs of the cryptocurrency’s lifespan thus far, it only portrayed its shortcomings. Written by Ulrich Bindseil and Jürgen Schaaf, the director general and advisor of the ECB, the piece says the digital currency is on “the road to irrelevance.” It also claimed that BTC is hardly used for legal transactions and that the regulatory attention it is currently receiving from ...