Crypto regulation in the world: weekly digest #29


The US Presidential Administration has published a Roadmap to mitigate cryptocurrencies’ risks.

The US White House plans to create the first ever comprehensive regulation framework for cryptocurrencies. The Senate has already been considering a bill to regulate cryptocurrencies – Lummis-Gillibrand Responsible Financial Innovation act (RFIA) introduced in June by Senators Cynthia Lummis and Kirsten Gillibrand. Also, we previously wrote that a draft law on the regulation of stablecoins was announced.

In the roadmap, the White House also urges regulators to step up efforts to oversee the cryptocurrency industry, as well as issue detailed guidelines for its participants.

To increase the supervisions’ effectiveness, the White House recommends to increase the powers of regulators, tighten information disclosure requirements for cryptocurrency firms, increase fines and penalties for law violations, and adding funding to law enforcement agencies.

For example, the New York Department of Financial Services (NYDFS) on January 23 published guidance for crypto companies aimed at improving customer protection in the event of insolvency or litigation. First of all, NYDFS requires crypto companies to keep client funds separate from their own assets.

Meanwhile, the US SEC Chairman Gary Gensler, listed three ways to identify a fraudulent cryptocurrency project. Mr. Gensler named three signs of a potential scam:

  • the project does not have clear Whitepaper on how it works and plans to achieve its goals;
  • the company does not demonstrate compliance with regulatory requirements;
  • the founders of the project cannot explain in simple words what their project is exactly.

More on how not to become a victim of a cryptocurrency scam you can read in our publication.

The EU

The European Parliament supported the requirements of the Basel Committee on Banking Supervision (BCBS) to impose strict restrictions on banks planning to conduct operations with cryptocurrencies. The new rules will remain in effect until the European Commission proposes more extensive regulations.

Banks will be required to reserve €1 of equity for every euro they hold in crypto. Such capital requirements will help prevent most problems and reduce the level of volatility, as well as the impact of the volatility of digital currencies on the traditional financial system. BCBS continues to consider cryptocurrencies as high-risk investments and sets high requirements for banks' reserves.


Last week, we mentioned that in the Republic of Uzbekistan, where last year a completely updated legal framework for cryptocurrencies has been developed, has released rules for the registration, issue and circulation of crypto assets in the state. The document presents the basic legal definitions of cryptocurrencies and the differences between their types.

The Regulation introduces requirements for issuers, depositories and vaults and defines their obligations (including in relation to clients). In addition, the country approved the rules for creating and maintaining an electronic registry of crypto assets, adopted standards for accounting for the rights associated with them and the rights of their owners.

The new rules prohibit offering tokens denominated in foreign currency, as well as hinting at the connection of the state with the token, calling it “Uzbek” or “state-backed”.

Kazakhstan also adopted a new version of the law on the regulation of cryptocurrencies in the country. First of all, the law applies restrictions on mining without a license, and also updates the requirements for issuing tokens and the rules for buying and selling them.

The country also began to fight actively against illegal VASPs. This week, law enforcement agencies raided several unlicensed crypto exchanges. The activity of several companies was terminated: KZobmen.com, 1WM.KZ, Kazobmen.ru, WM007.KZ and KZ-EXCHANGE.COM. In Kazakhstan, cryptocurrency exchange operations are allowed only for companies registered on the territory of the Astana International Financial Center (AIFC). However, the mentioned firms operated outside the AIFC.

News from other countries:

  • Turkey has created a separate state body for the development of the crypto industry. The Institute for Development, Monitoring and Reporting of the Turkish Crypto Industry will focus on measures that are designed to increase confidence in the new sector of the economy.
  • In China, the authorities began to require foreign exchanges to provide information about cryptocurrency transactions that were made by Chinese citizens. In China, the activities of national cryptocurrency exchanges are prohibited, but the storage of cryptocurrencies by citizens is not prohibited.

We continue to highlight the news of the world of crypto regulation worldwide. Please stay with us!

The TokenScope Team
#TokenScope #CryptoNews #Gensler #Roadmap #cryptoregulation #Uzbekistan #Kazakhstan #BCBS
More about TokenScope cryptocurrency risk assessment & investigation platform at: