Welcome to another weekly blockchain news roundup from around the world. Here we present to you all the latest Bitcoin news continent by continent and country by country.
New Anti Money Laundering Legislation (AML) for crypto assets: While the previous AML regulations have been heavily criticized by the crypto industry, a new round of legislation called AML 5 has recently been passed by the European Union that aims to rein in a range of companies and exchanges that seem to get away with some loopholes.
With the new regulations, the confidence among the public regarding regulations is at an all-time low and may result in EU losing crypto and blockchain businesses to other parts of the world with decreased adoption of the new asset.
The United Kingdom
London Stock Exchange boss believes blockchain can be used for issuance and settlement of securities: The CEO of the London Stock Exchange Nikhil Rathi has said that blockchain may effectively be used for the settlement and issuance of securities in the near future.
Calling it the Distributed Ledger Technology, Rathi believes that blockchain may eventually speed up the trading process and make it more transparent. The London Stock exchange has already invested in a company Nivaura that is working on blockchain-based automated settlements.
Financial Conduct Authority (FCA) adds 3 blockchain firms to regulatory sandbox: The Financial Conduct Authority (FCA) has added three new startups to its regulatory sandbox initiative. The new entrants include Diro Labs, Panel Partners, and Nuggets. The three companies will work within the framework of the new sandbox approach and help the government in preparation for a decentralized future.
While not all sandbox startups are related to blockchain, almost half of them are because of the popularity of the new tech.
Financial regulator to take on the crypto supervisory role: Top fintech regulator in Finland Financial Supervisory Authority (FIN-FSA) will now take a new role for registration and regulation of cryptocurrencies in the country. As part of new legislation concerning cryptocurrencies, the FIN-FSA gains this position based on the latest AML D5 regulations from the EU itself.
While the move is yet unclear in terms of how much power the new role will impart to the FIN-FSA, it is clear that Europe is in for a clash with cryptocurrencies in the near future as legislation gets tougher and forces the industry to move away from the union.
Government to test crypto to 4 Cities: Russia while shy of launching its own state cryptocurrency has announced tests of an innovative way of sending money within the country according to news outlet Cryptopolitan.
According to a new draft bill tabled by the government, the testing of various cryptocurrencies will be done by the government, businesses and other civil sectors in 4 major cities for this purpose. In addition to cryptocurrencies, other latest techs including artificial intelligence, neurotech, quantum tech, robotics, cybernetics, and amplified reality will also be included in the test phase for uplift purposes.
This approach may be similar to the sandbox approach being pursued by several countries including the United Kingdom.
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