ChainCatcher News, SEC Commissioner Mark T. Uyeda urged the United States to take a more proactive approach to cryptocurrency regulation, pointing out the leading position of Indo-Pacific countries such as Japan, Singapore, and Hong Kong in this field. He emphasized that these countries have established clear frameworks that support innovation while protecting investors, in contrast to the United States, where the lack of clear guidelines creates uncertainty for market participants.Mark T. Uyeda praised the regulatory progress in the Indo-Pacific region, stating, "I believe we can learn a lot from the practices of market regulators in the Indo-Pacific region, especially in how to advance these values and goals." He noted that Indo-Pacific countries have developed forward-looking regulations that balance the need for innovation with investor protection.It is reported that the Indo-Pacific region encompasses the Indo-Pacific waters, typically including countries and political entities near these waters, and is broader in scope than the Asia-Pacific region.

ChainCatcher news, according to Decrypt, before the European Union introduces a new round of laws and regulations to combat money laundering and terrorist financing, Irish Finance Minister Jack Chambers will draft "emergency" legislation to update the country's cryptocurrency regulations. However, the minister did not explicitly indicate what these rules would include, nor did he specify when they would take effect. Chambers was appointed to the position in June 2024, having had little experience as a cryptocurrency regulator.It is reported that the EU's Anti-Money Laundering and Counter-Terrorism Financing Act will take effect on December 30, 2024, granting EU member states' Financial Intelligence Units (FIUs) greater investigative powers and the ability to suspend transactions.

ChainCatcher message, encrypted KOL Ansem commented on Harris's commitment to protecting Black cryptocurrency investments, stating, "Your team lacks due diligence on meaningful cryptocurrency regulation and has released some vague points, which is embarrassing and frankly shameful. If you are serious, you need to address the irreversible damage your administration has done to the industry, such as chokepoint 2.0 and criminal actions against crypto-friendly banks like Silvergate, the repeal of SAB121 veto power, the ongoing lack of meaningful regulation around stablecoins or crypto securities law, and the failure to take any action to remove Gensler, as he is clearly too aggressive and negatively biased against cryptocurrencies in SEC litigation. We are not idiots, and this won't make any of us vote for you."

ChainCatcher news, the Federal Court of Australia ruled that Kraken's Australian operator Bit Trade Pty Ltd violated Section 994B of the Corporations Act by failing to conduct a "target market determination" before launching a product, which is a compliance step required by law. Kraken stated that this ruling reflects the ambiguity of cryptocurrency regulations in Australia. While Kraken is committed to complying with the ruling, a company spokesperson believes that the current regulatory framework is unfavorable to investors and calls for legal clarity in the cryptocurrency and Web3 sectors as soon as possible. ASIC plans to seek economic penalties against Bit Trade, and ASIC and Bit Trade have seven days to reach an agreement on the statement and injunction.

ChainCatcher news, according to CoinDesk, the Federal Inland Revenue Service (FIRS) of Nigeria plans to submit a bill to Parliament in September aimed at taxing the cryptocurrency industry. The executive chairman of the tax authority, Zacch Adedeji, revealed this plan during a meeting with the Finance Committees of the National Assembly's Senate and House of Representatives.Adedeji stated, "The plan is first to establish regulatory laws, which is also why we are collaborating with the legislature, as it will serve as the basis for taxation."

ChainCatcher news, according to Cointelegraph, Nigeria's tax regulatory agency, the Federal Inland Revenue Service (FIRS), plans to seek the support of the National Assembly to develop a comprehensive new law to regulate cryptocurrency in the country.FIRS Executive Chairman Zacch Adedeji announced the plan to introduce proposed legislation in September during a stakeholder engagement meeting with the National Assembly's Finance Committee, which is part of a broader effort to reform Nigeria's tax system.Adedeji stated that the new bill will target the rapidly evolving cryptocurrency industry, ensuring that its advantages serve the Nigerian economy while mitigating potential risks. This regulatory initiative is a response to the fast-growing digital economy and the need to update the legal framework to keep pace with technological advancements.

ChainCatcher news, the president of ETF Store stated that the U.S. Securities and Exchange Commission's approval of the Ethereum spot ETF "strongly suggests that ETH is a commodity, not a security." This is a milestone moment as it indicates that crypto assets can transition from being classified as securities to commodities over time.Market analysts are optimistic about the future of Ethereum, especially with the upcoming launch of five spot Ethereum ETFs on July 23 at the Chicago Board Options Exchange (Cboe). The transition to Proof of Stake (PoS) and the new ETF issuance are expected to generate significant investment interest.

ChainCatcher news, Fox Business reporter Eleanor Terrett disclosed that U.S. Treasury Secretary Janet Yellen stated during her testimony before the House Financial Services Committee that she has not been "micromanaging" the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding cryptocurrency regulation, meaning she has not provided guidance or coordination.

ChainCatcher message, Vitalik responded to a user on the Warpcast platform, stating that the current regulatory work has essentially driven honest cryptocurrency developers into a corner. The main challenge of cryptocurrency regulation (especially in the United States) has been this phenomenon: if you do something useless, or if you ask people for money in exchange for vague mentions of potential returns, then you are free and clear. But if you try to clearly explain to your clients where the returns come from and promise them what rights they have, then you are doomed, because you are a "security." The incentive gradient created by this "anarchic tyranny" will ultimately be worse than pure anarchy or pure tyranny.

ChainCatcher news, according to Crypto Briefing, the New York cryptocurrency exchange Uphold announced that due to the upcoming implementation of the Markets in Crypto-Assets (MiCA) regulation in the European Economic Area (EEA) on June 30, the platform will stop supporting multiple stablecoins starting July 1.The affected stablecoins reportedly include Tether (USDT), Dai (DAI), Frax Protocol (FRAX), Gemini Dollar (GUSD), Pax Dollar (USDP), and TrueUSD (TUSD). Uphold advises users to convert their relevant stablecoins before June 27 to avoid automatic conversion to USDC on June 28.

ChainCatcher News, SEC Chairman Gary Gensler stated in an interview that it is "still too early" to determine whether the SEC will draft more rules regarding cryptocurrencies following last week's federal judge ruling on the SEC's lawsuit against Ripple, and he declined to comment directly on the Ripple case.He mentioned that the SEC has proposed changes to rules applicable to digital assets during his tenure, "regarding the definitions of exchanges, brokers, and investment advisors, there are already relevant provisions in the law that indeed exist. We have also proposed or even adopted regulations regarding brokers, in a field known as special purpose brokers, and we have also proposed regulations concerning asset protection, so we have done some work, but I want to emphasize again that we will continue to consider further."

ChainCatcher news, José Manuel Campa, the chairman of the European Banking Authority (EBA), stated that the new regulations for the crypto asset market, known as MiCA, will come into effect in 2024, but crypto market participants should start adjusting their operations now.In addition, the EBA chairman also mentioned that the upcoming EU regulations governing stablecoins will focus on ensuring that issuers have diversified reserves, managing conflicts of interest, and not transferring risks to other participants. (CoinDesk)

ChainCatcher news, according to Bitcoin.com, the Indian 2023 Finance Bill includes amendments to the Income Tax Act applicable to the Tax Deducted at Source (TDS) for cryptocurrencies. Crypto tax company Koinx revealed on Twitter that late payments will incur an annual interest of 15%. Additionally, according to The Times of India, those who fail to pay the source tax on crypto transactions may face up to 7 years of imprisonment.It is reported that India started taxing profits from crypto transactions at 30% last year and imposed a 1% source tax (TDS) on all transactions. (Source link)

ChainCatcher news, according to Reuters, the new chairman of the International Organization of Securities Commissions (IOSCO), Jean-Paul Servais, stated, "The FTX collapse highlights the urgency of crypto regulation, particularly the regulation of crypto platforms. Platforms like FTX perform multiple roles, such as brokerage services, custody, proprietary trading, and token issuance, which can lead to conflicts of interest. For the sake of protecting investors, it is necessary to apply IOSCO's principles to crypto assets through targeted guidance, thereby providing additional clarity for these crypto markets. Regulatory work on such crypto platforms will be a focus in 2023." (source link)

ChainCatcher news, according to CoinDesk, the chair of the UK All-Party Parliamentary Group on Crypto and Digital Assets (APPG), Lisa Cameron, stated that following the appointment of Rishi Sunak as the new Prime Minister of the UK, "UK cryptocurrency and digital asset companies urgently need clarity on the UK government's stance on cryptocurrency policy," and that cryptocurrency businesses require regulatory clarity and business certainty.In April of this year, the new Prime Minister of the UK proposed to make the UK a crypto-friendly technology hub. It is reported that at the end of last year, Sunak visited California, where he met with representatives from Sequoia and a16z, and participated in a roundtable discussion with companies including Bitwise, Celo, Solana, and Iqoniq. (CoinDesk)