ChainCatcher news, the UK Treasury has released the final proposal for the regulation of crypto assets, outlining the UK government's intention to bring certain crypto asset activities under the scope of financial services regulation for the first time. The government's position is that companies dealing directly with UK retail consumers, regardless of their location, should be required to obtain authorization.The document describes that companies engaged in crypto asset activities must now obtain authorization from the UK Financial Conduct Authority, including a provision that cryptocurrency exchanges must provide detailed requirements for entry standards and mandatory disclosures when listing new assets.

ChainCatcher news, negotiators from the European Parliament, the Council, and the European Commission have reached a provisional agreement on amendments to the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD). In order to address potential risks, Members of the European Parliament also ensured that banks must disclose their risk exposure to crypto assets and set capital requirements for crypto assets until the Commission presents specific legislative proposals.This provisional political agreement also needs to be approved by the Economic and Monetary Affairs Committee, followed by a plenary vote, and then it can take effect after the Council approves the agreement. (Source link)

ChainCatcher news, the Group of Seven (G7) intergovernmental political forum has stated that it will commit to implementing the upcoming regulatory framework for crypto assets from the Financial Stability Board (FSB) and the International Monetary Fund (IMF) recommendations on central bank digital currencies.The G7 finance ministers and central bank governors announced that they had discussed the issue of crypto asset regulation at a meeting held last Saturday in Niigata, Japan, ahead of next week's G7 summit. This year's summit host, Japanese Prime Minister Fumio Kishida, stated that G7 leaders would issue a joint declaration supporting stricter crypto rules.As the G20 rotating presidency, India has been advocating for globally coordinated crypto regulations. In February this year, the organization stated that the upcoming global crypto framework would be based on a new comprehensive report jointly drafted by the IMF and FSB. The G7 indicated that it would adhere to the standards set by the FSB.The announcement stated, "We look forward to the FSB finalizing its high-level recommendations by July 2023. We are committed to implementing an effective regulatory and supervisory framework for crypto asset activities and markets, as well as stablecoin arrangements, that aligns with the FSB's recommendations and standards and the guidelines set by SSBs (standard-setting bodies)." (source link)