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Cryptocurrency mining operators, custodians and Binance came to the attention of US officials last week.
American lawmakers and regulators continue to race creative efforts to propose something other than blanket game rules for the cryptocurrency industry.
Senators Edward Markey and Richard Blumenthal wrote a letter to Meta CEO Mark Zuckerberg asking him to deny young people access to the company’s Metaverse platform. Allowing her teens from age 13 to her 17 to enter the virtual environment is citing privacy concerns, eye strain, and online bullying, according to two lawmakers. said it poses a “serious risk” to
Along with his colleague Jared Huffman, Marquee also announced that he would reintroduce the Crypto Environmental Transparency Act into Congress.the bill is Required Cryptocurrency mining companies will be required to disclose emissions from operations that consume more than 5 megawatts of electricity, and Environmental Protection Agency administrators will be required to lead an interagency investigation into the impact of cryptocurrency mining in the United States.
Another group of senators – Elizabeth Warren, Chris Van Hollen, and Roger Marshall – sent a letter to Binance CEO Changpong “CZ” Jao expressing concern over several areas of Binance’s activity. rice field. Senators requested information from the company, including its balance sheet. The trio claim there is evidence that the company facilitated at least $10 billion in money laundering in an attempt to evade US sanctions.
U.S. Securities and Exchange Commission Chairman Gary Gensler said investors need more protection, and has again backed proposals to extend wealth management rules to more cryptocurrencies. The proposed rule would require written agreements between advisors and custodians, add requirements for foreign institutions acting as custodians, and explicitly extend the protection rules to discretionary trading.
France Seeks To Pass Tough Crypto Company Licensing Law
The French National Assembly voted to legislate stricter licensing rules for new cryptocurrency companies to harmonize local laws with proposed European Union standards. Passed with the vote (39.5%). The French Senate has already passed the bill and handed it over to President Emmanuel Macron, who has 15 days to approve the bill or send it back to parliament.
If passed, the new law will require France-based cryptocurrency service providers to comply with stricter anti-money laundering rules, ensure that customer funds are segregated, and report to regulators. complies with the new guidelines regarding and mandates to provide more detailed Risks and Disputes. Profit disclosure as a means of enhancing consumer protection.
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Another Free Economic Zone for Digital Assets in the United Arab Emirates
Ras Al Khaimah (RAK), one of the seven emirates that make up the United Arab Emirates, has become a prime mover for digital and crypto-asset companies as the country’s approach to the industry continues to attract global cryptocurrency players. We are planning to launch a free zone. The RAK Digital Assets Oasis (RAK DAO) will be “a purpose-built innovation enabling free zone for unregulated activity in the crypto asset sector”.
The free zone will be dedicated to emerging technology digital and virtual asset service providers such as metaverse, blockchain, utility tokens, virtual asset wallets, non-fungible tokens, decentralized autonomous organizations, decentralized applications and other Web3 related businesses. increase.
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Proposed South Dakota Amendment Bans Cryptocurrencies, But Not CBDC
The state of South Dakota in the United States has introduced legislation amending the Uniform Commercial Code to limit the definition of money and exclude virtual currencies. Central bank digital currencies (CBDCs) will continue to be considered money under the proposed new definition. A 117-page amendment to the state House of Representatives by Republican Mike Stevens defines “money” as “a medium of exchange currently approved or adopted by a government, domestic or foreign.”
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