Financial Authority of Abu Dhabi to Regulate Crypto and ICO

The Financial Authority of Abu Dhabi is considering the development of a regulatory framework to regulate virtual currency activities    
12 February 2018   683

According to an official announcement, The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) is preparing a set of regulations for ICOs, digital currencies, and cryptocurrency exchanges.

According to the announcement, the FSRA is going to cooperate with relevant qualified institutions. The date of release of expected regulations is not indicated.

Previously, the financial regulator issued a warning about the risks of cryptocurrencies and ICOs. After that, the FSRA started considering developing its own set of regulations.

In the announcement, The FSRA noted that cryptocurrencies, although not legal tender, are gaining interests globally as a medium of exchange for goods and services.  However, there are risks and concerns due to the increasing incidents of cyber attacks and cybercrime. Several countries such as Australia, the EU, Japan, Singapore and the UK have introduced or proposed regulations to address such risks.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   183

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.