ChainCatcher news, according to Cryptoslate, the Central Bank of Brazil (BCB) has announced a regulatory proposal that prohibits centralized exchanges from allowing users to withdraw stablecoins to self-custody wallets. According to the public consultation notice, the transfer of stablecoins (referred to as "tokens denominated in foreign currency") between residents will be restricted in cases where Brazilian law already permits payment in foreign currency.This move is part of the cryptocurrency regulatory bill approved in December 2022, which establishes that the BCB is responsible for setting the rules for the country's crypto industry. The public consultation will last until February 28, 2025, during which market participants can share their opinions with the regulatory authority. However, the BCB can override opinions and act as described in the document.

ChainCatcher news, according to Bloomberg Law, California Governor Gavin Newsom (Democrat) signed a bill on Friday to regulate the cryptocurrency industry in California.It is reported that California lawmakers aim to establish new rules for cryptocurrencies. Gavin Newsom, who advocates for blockchain innovation, had previously vetoed similar legislation, but the issue has become more urgent following the collapse of the FTX exchange and other market turmoil last year. As federal action has yet to be taken, state lawmakers hope to create a basic regulatory framework.It is reported that nearly a quarter of North America's blockchain companies are located in California.

ChainCatcher news, according to Coindesk, the U.S. Senate is preparing to pass a new bill to regulate the cryptocurrency industry, titled the Crypto-Asset National Security Enhancement Act of 2023, which will require DeFi protocols to implement bank-like controls over their user base.It is reported that the briefing document states, "If no one controls the DeFi protocol, then anyone investing more than $25 million to develop that protocol will assume these obligations. These controlling entities need to review and collect information about their customers, maintain anti-money laundering programs, report suspicious activities to the government, and prevent sanctioned individuals from using their protocols." (source link)

ChainCatcher News, U.S. Senators Cynthia Lummis and Kirsten Gillibrand will introduce a revised version of their comprehensive cryptocurrency regulatory bill. The revised bill retains much of the broad scope of the cryptocurrency legislation they proposed in the last Congress, but has been updated to reflect significant developments in the industry. Additionally, the revised bill will expand the authority of the Commodity Futures Trading Commission (CFTC) over the spot market and centralized cryptocurrency exchanges, and will empower "crypto asset companies" to define the assets they create on their own terms.Digital assets issued by these companies can be "presumed to be commodities" even if the network is not decentralized, as long as they do not involve the company's debts, equity, or other economic interests, making the asset subject to commodity law, but they will still be required to disclose information about the asset to the Securities and Exchange Commission (SEC) twice a year.The bill has a broad scope, covering policy areas under the jurisdiction of multiple Senate committees, and will also redefine the custody rules for digital assets that qualify as securities. Lummis and Gillibrand also hope to require stablecoin issuers to register as deposit institutions at the federal or state level and to impose mandatory federal oversight on state-chartered issuers. They will be required to maintain high-quality liquid assets "cash or short-term government bonds" and provide proof of reserves. The bill will prohibit algorithmic stablecoins without reserve backing from using the term "stablecoin," but will not prohibit the assets themselves.If passed into law, the bill will also allocate an additional $500 million to both the CFTC and SEC, but the SEC will be prohibited from using these additional funds for enforcement, while the CFTC can only use their funds if the agency charters a cryptocurrency-specific institution. (Source link)

ChainCatcher news, according to CoinDesk, Brazilian President Bolsonaro approved a recently passed cryptocurrency regulation bill by the country's Chamber of Deputies and Senate on Thursday local time.Under the new law, virtual asset fraudsters will face 4 to 6 years of imprisonment along with fines. Digital assets considered securities will be regulated by the Brazilian Securities and Exchange Commission (CVM), while assets not falling into this category will be overseen by another agency that has yet to be established. Companies will have 180 days to adapt to the new regulations. (Source link)

ChainCatcher news, according to CoinDesk, in light of the FTX bankruptcy event, South Korean regulators emphasized the necessity of establishing a regulatory framework at the National Assembly of Korea. Kim So-young, Vice Chairman of the Financial Services Commission (FSC), stated that considering the urgency of protecting users, the most basic regulatory standards should be established and supplemented, rather than waiting for international standards. The FTX crisis indicates the need to establish a regulatory mechanism to prevent unfair trading and ensure that virtual asset service providers fulfill their obligations to protect user assets, while also prohibiting service providers from issuing tokens.In addition, South Korean government officials are currently drafting a comprehensive regulatory framework, the Digital Asset Basic Act, which is expected to be finalized next year. The bill will consist of 13 cryptocurrency legislative proposals currently submitted to the National Assembly. (CoinDesk)