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2024. It turned out that the year is quickly moving regulatory and political changes that affects the Kriptoasset space. Over the globe, the regulators worked on resolving the possibilities and challenges presented by cryptoassets, creating new regulatory frameworks or updating existing in the process.
The environment is quickly changing, compliance professionals need an affordable and digestible review of the regulatory and development of crypto that can help them be accelerated. That is why we have recently published a new report in the elliptic, our Global Crypto Regulation Landscape: 2024 Reviewswhich from this look at regulatory and political actions, and insight into the influence of these movements as we go to 2025. year.
The report requires three key trends that influenced the global crypto regulatory landscape and provides a detailed regional timeliness of regulatory actions from 2024. years. In this blog, we look at a few emphasis from the report.
Three key movements in 2024. years
This year, they saw three particularly important movements in the global crypton regulatory landscape. These are:
- Implementation of the European Union Markets in Kryptoasset (Mića) Regulation
- spread Travel Rule to kriptoasset transactions
- exit from Stablecoin-Trained Regulation
The initial implementation of Miće in the EU has characterized an important milestone for the KriptoAsset industry in Europe. This comprehensive, pure regulatory framework in the works has been establishing one of the most modern regulatory regimes for cryptoassets on a global scale – and now finally comes to life. From 30. June, EU member states began to implement MICA provisions regarding the issuance of stableA of the 30. December, Mica requirements for the CRYPTOASSET (CAPS) service providers will enter into force. Consequently, the participants in the Crypto brand in the EU are now facing significant regulatory requirements related to consumer protection, the prevention of market manipulation and more.
Mića is an impact also extends outside the EU. Because it is such a comprehensive part of the Regulation in some cases served as a model for other jurisdictions While they draw their own regulatory frameworks, and it helped encourage perception so that the EU could offer a database for crypto companies that seek regulatory clarity.
2024. He also saw an important motion in relation to the application of the requests for sharing the rule on cryptoascus. While the working group of financial shares (FATF) – Global Standard Money Laundry Set – Noticed that many jurisdictions do not carry out passenger law, Kassas in certain jurisdictions – such as EU, Singapore and United Arab Emirates – begin to use compliance with respect for compliance travel rules when processing crypto transactions.
Another question that was seen by an important process 2024. year regarding the development in StableCoin regulation. Numerous supervisors around the world began to extract or propose regulatory frameworks aimed at ensuring strict supervision over stalling publishers and are subject to requirements that aim to ensure their liquidity and protection of the right token. As already mentioned, the EU pulled out his needs for stem publishers In June this year. In Hong Kong, regulators this year Established sandstick initiative for stem publishers Testing the proposed stem projects, while in a series of other countries, such as UAE and Singapore, regulatory consultations and proposals related to stems continue to progress.
Regional development
In addition to these globally effective trends, 2024 also saw important movements at the country level in different regions of the world. Here we sum up a few of these key developments, which we describe in detail in Global Krypton Regulation Landscape Report.
Americas
The main regulatory and political story from the USA in 2024. was the failure of the US Congress to achieve significant progress in adopting laws related to cryptoassets. While Congress has made some progress in the review of the draft laws relating to crypto – including financial innovation and technology for the Law on 21. century (FIT21) – ultimately ultimately legal efforts. Accordingly, the US remains a challenging environment for cryptoasset companies and financial institutions that want to deal with cryptoas, because this legislative gap ensures A constant lack of regulatory clarity in which aggressive executive holds overcome.
One of the silver lining that appeared in the US was the injection of cryptoisses as a problem that commanded a high-level recognition in the US presidential election campaign, suggesting that the industry has an increasing impact on the American political debate.
EMEA
In addition to the above mentioned implementation of Mica in the EU, the EMEA region saw a number of other important movements that affect cryptoassets. From 30. December 2024. years, EU Member States will need to apply tRansfer control of funds in CRYPTOASSET transactionsIn doing compliance with the passenger rules requirement for CASPS via the block.
In the UK, the selection of the new government led a new party in July placed the brakes on numerous crypton’s initiatives – including the proposed changes in legislative changes around the stems – which previous governments presented. It is currently unclear whether the new Government of Great Britain will continue with these initiatives or which timeline.
There is a continuous effort in the UAE Set UAE as a leader in kryptoasset and blockchain innovation. This included the Central Bank in the country that performs the Transboundary Transfers of the Central Bank of the Digital Currency (CBDC) in January 2024, as well as setting up a Suggested stem control boxare June.
Turkey too made important steps This year in advanced legislation that will ensure a comprehensive regulatory framework around Krypto.
Apac
The greatest news that affects the crypto-insucational landscape that comes out of the Asian-Pacific Region this year is from Hong Kong, where a series of regulatory creases continues to strengthen perception Hong Kong as a leading olfist of Apac for Innovation Cryptoasset.
In March, the Monetary Power Hong Kong (HKMA) announced the plans to start a Regulatory Sandbox for stable innovation innovation As it works to finalize the stem regulatory framework. Pescov participants were announced in July. It is also HKMA in August announced another regulatory boxKnown as a project ensemble, in order to enable financial institutions to experiment with the tokenization of property in the real world.
In Singapore, Singapore Monetary Body (MAS) Authorized Paxos for Issuance and Offer Stablecoins Within the domestic market when the country’s regulatory framework for the stem training country eventually lives. In August, the Singapore Parliament brought new legislation to strengthen AML / CFT measures, including those who are applied to cryptoassets, to ensure compliance with FATF standards.
Elliptical Global Cryptore Report for Crypto
2024 The year was the year of the main regulatory change that affects the Kriptoasset space. AS 2025 approaches, it is critical that compliance professionals have an understanding of the events from the years that have passed, so they can move what is ahead.
Download your copy of Elliptic’s global crypton’s landscaping today.
Crypto regulation EMEA Apac
