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Global Digital Assets & Regulation: July 2024 News Digest

A comprehensive roundup of the latest crypto, blockchain, and digital finance policy news from around the world

A comprehensive roundup of the latest crypto, blockchain, and digital finance policy news from around the world

A comprehensive roundup of the latest crypto, blockchain, and digital finance policy news from around the world

1. IMF’s Bo Li questions stablecoin’s ‘money’ status even as it clocks $35T
Source: AMBCrypto
Date: June 28, 2024
Summary:
At the World Economic Forum’s Summer Davos 2024, IMF Deputy Managing Director Bo Li raised concerns over whether stablecoins qualify as “money,” despite their record $35 trillion transaction volume. Bo Li emphasized that most stablecoins lack integration with traditional financial infrastructure, making them risky as substitutes for sovereign currency, particularly in emerging markets. He called for greater regulatory oversight and urged international coordination to prevent financial instability and regulatory arbitrage. Industry figures are divided: some see stablecoins as tools for financial inclusion and cross-border efficiency, while others warn about their use in illicit finance and potential to undermine monetary policy. The article explores how policymakers are grappling with these challenges, highlighting the IMF’s push for global standards on digital assets. The discussion reflects the ongoing global debate about how to manage the rise of digital currencies, balance innovation with security, and maintain the integrity of the world’s financial system.


2. The FCA must reassess its stance on digital asset ETPs—now | Opinion
Source: crypto.news
Date: July 13, 2024
Summary:
In this opinion piece, the author argues the UK Financial Conduct Authority (FCA) should urgently reconsider its restrictions on digital asset exchange-traded products (ETPs) for retail investors. While the US, EU, and Asian markets have embraced regulated crypto ETPs, the FCA’s ban forces UK investors toward offshore or unregulated alternatives, potentially increasing their risk. The article points to growing demand for regulated, accessible digital asset products, noting that bans may stifle innovation in the UK fintech sector. The author suggests that instead of outright prohibition, the FCA should require robust risk disclosures, education, and clear regulatory frameworks, learning from best practices abroad. The piece concludes that without reform, the UK will lose ground in the competitive global crypto market, and retail investors will remain underserved. The call is for modernization, urging the FCA to act quickly so British investors can benefit from responsible, well-regulated digital asset opportunities.


3. South Korean payments firm Kakaopay tumbles 17% as regulators sound alarm on stablecoins
Source: crypto.news
Date: June 27, 2024
Summary:
South Korea’s leading payment platform, Kakaopay, experienced a 17% share price drop after regulators issued a warning about the risks tied to stablecoin adoption. This sharp decline followed an earlier surge, driven by excitement over Kakaopay’s plans to partner with digital asset ventures. Regulators cautioned that mainstream integration of stablecoins brings heightened volatility, transparency concerns, and could expose retail investors to sudden losses. The article describes how investor sentiment quickly reversed as regulatory anxiety overshadowed optimism about fintech innovation. Industry analysts suggest this event reflects the delicate balance between encouraging technological advancement and ensuring market stability. Authorities are expected to introduce new rules to strengthen oversight of payment platforms engaging with crypto assets, with an emphasis on robust consumer protection. The episode illustrates the volatility at the intersection of traditional finance and emerging digital assets, emphasizing the need for clear, responsive regulation in a fast-changing market.


4. US Passes Deploying American Blockchains Act: What it Means for Crypto
Source: BeInCrypto
Date: June 25, 2024
Summary:
The United States Congress has passed the Deploying American Blockchains Act, a significant bipartisan bill aimed at establishing American leadership in blockchain technology. The law mandates the Department of Commerce to coordinate strategies that promote both public and private sector adoption, covering key areas like digital identity, supply chain security, and tokenization of assets. It also provides funding for research and development and incentivizes pilot projects, signaling Washington’s support for distributed ledger innovation. Industry advocates praise the act for offering long-awaited regulatory clarity and spurring investment, while critics caution that execution and inter-agency cooperation will be essential to avoid bureaucracy and ensure real-world impact. The article notes that the act could serve as a model for other governments seeking to formalize their blockchain approach. With global competition intensifying, this legislative move is widely viewed as a major step forward for America’s blockchain ecosystem and the broader crypto market.


5. Kenya Proposes Joint Crypto Regulatory Body as Nation Eyes Leadership in African Crypto Space
Source: Coinpedia
Date: June 27, 2024
Summary:
Kenya is proposing the creation of a joint regulatory authority to oversee its fast-growing crypto sector, aiming to become a continental leader in digital finance. The initiative seeks to coordinate the efforts of the central bank, securities commission, and anti-money laundering agencies to foster responsible growth while protecting consumers. Policymakers are examining successful regulatory frameworks from Europe and Asia, focusing on transparency, security, and investor protection. Kenya’s robust grassroots crypto adoption and burgeoning blockchain industry have attracted international attention, but also highlighted gaps in oversight. The article suggests the joint body would help align Kenya’s rules with global standards, attract fintech investment, and support innovation while combating financial crime. The move underscores a commitment to positioning Kenya at the forefront of African crypto regulation, balancing the benefits of digital assets with the need for robust, unified supervision and cross-border collaboration.


6. South Korean Regulators Prepare for Spot Crypto ETFs This Year
Source: Decrypt
Date: June 20, 2024
Summary:
South Korean regulators are preparing to approve spot crypto exchange-traded funds (ETFs) before the end of 2024, a move set to transform the country’s digital asset landscape. The Financial Services Commission has submitted a roadmap to the Presidential Committee, outlining plans to authorize and supervise crypto ETFs, aligning with President Lee’s agenda to modernize the regulatory regime. The article details consultations with domestic and international financial institutions and highlights efforts to implement robust investor protections and risk disclosures. Analysts believe these ETFs will attract significant inflows from institutional investors, improve market transparency, and boost South Korea’s profile as a digital asset hub. The policy shift is seen as a response to growing retail and pension fund demand for regulated crypto investment vehicles. The regulatory framework is being designed to match global standards and ensure market stability, reflecting South Korea’s ambition to be a leader in crypto innovation.


7. South Korea’s central bank won’t oppose stablecoin: Report
Source: Cointelegraph
Date: June 20, 2024
Summary:
A new report reveals that the Bank of Korea will not block the development or use of stablecoins, provided they operate within existing legal frameworks. Central bank officials acknowledge that stablecoins could bring payment efficiency and spur financial innovation, as long as they meet strict anti-money laundering and transparency standards. The article notes that this position signals a shift from the bank’s earlier caution and is part of a broader trend in South Korean policy, with authorities seeking to harmonize regulation across digital assets. Industry analysts see the move as pragmatic and welcome, arguing it creates space for responsible experimentation while managing systemic risk. The government continues to emphasize oversight and consumer protection, ensuring that stablecoin adoption is consistent with financial stability objectives. Overall, the decision is seen as an example of adaptive policymaking amid rapid changes in the global financial landscape.


8. Bank of England Governor casts doubt on the case for retail CBDC
Source: crypto.news
Date: June 20, 2024
Summary:
Bank of England Governor Andrew Bailey has questioned whether a retail central bank digital currency (CBDC) is needed in the UK, saying he is unconvinced that a “digital pound” for the public is necessary at this stage. At a financial summit, Bailey argued that existing payment systems work well for most consumers and that launching a new digital currency could introduce unnecessary risks and complexity. The article presents a range of reactions: fintech advocates worry the UK risks falling behind in innovation, while some traditional bankers support Bailey’s cautious approach. The central bank is continuing its research and consultation process, but the Governor’s remarks suggest the UK will prioritize upgrades to existing infrastructure over launching a retail CBDC. This debate comes as other major economies experiment with digital currencies, making the UK’s next steps important for the country’s future competitiveness in global finance.


9. Crypto Law in Thailand: SEC Opens Public Consultation Ahead of July 21 Deadline
Source: Coinpedia
Date: July 12, 2024
Summary:
Thailand’s Securities and Exchange Commission (SEC) has launched a public consultation to solicit input on new crypto regulations, giving stakeholders until July 21 to submit feedback. The proposed framework focuses on enhancing investor protection, tightening exchange licensing rules, and setting clearer requirements for token issuers. The article explains that industry participants have welcomed the move but also express concerns about regulatory overreach potentially stifling innovation and growth. Thai authorities emphasize that the consultation process is aimed at building consensus and adapting rules to a rapidly evolving market. The article highlights Thailand’s growing role in the regional crypto economy and the government’s intention to develop a balanced approach that supports innovation while ensuring safety and compliance. The outcome of this consultation is expected to shape the direction of Thailand’s crypto policy for years to come and may influence broader trends in Southeast Asian regulation.


10. Solana And Aptos Emerge As Preferred Blockchain Choice For Wyoming Stablecoin
Source: Coingape
Date: July 12, 2024
Summary:
Wyoming’s government is exploring the use of Solana and Aptos as the blockchain platforms for its proposed state-backed stablecoin. According to the article, state officials and technical advisers have highlighted Solana’s speed and scalability as ideal for payments, while Aptos stands out for its advanced security features and innovative consensus mechanism. Both blockchains are under review for regulatory compliance, sustainability, and interoperability with existing systems. The decision is expected to influence the architecture of Wyoming’s stablecoin project and set a benchmark for how US states can approach blockchain adoption in public finance. Analysts note this development reflects the rising sophistication of state-level digital asset initiatives and underscores the importance of choosing robust, future-proof technologies for large-scale public sector crypto ventures.


11. SEC Drives Momentum in Crypto ETF Approvals
Source: Coin-Turk
Date: July 12, 2024
Summary:
The US Securities and Exchange Commission (SEC) is fast-tracking crypto ETF approvals, signaling growing institutional acceptance of digital assets. The article reports that several applications for spot Bitcoin and Ethereum ETFs have advanced quickly through regulatory review, sparking optimism among investors. Recent approvals have led to higher trading volumes and increased mainstream participation, as both retail and institutional players gain easier access to regulated crypto exposure. While the SEC maintains strict standards for disclosures and investor protection, analysts believe this trend will lead to a wider range of ETF products in the market. The article suggests that the SEC’s evolving stance is fostering innovation and could boost the credibility of the crypto industry, making digital assets more accessible while maintaining oversight and consumer safety in the US financial system.


12. Norway Halts New Crypto Mining Centers to Boost Energy Efficiency
Source: Coin-Turk
Date: July 12, 2024
Summary:
Norway’s government has announced a temporary halt on approvals for new crypto mining facilities, part of a drive to increase national energy efficiency and reduce the sector’s carbon footprint. Existing mining operations can continue, but will face stricter scrutiny regarding energy use and environmental impact. The move responds to concerns that large-scale crypto mining is straining Norway’s electricity grid and undermining the country’s climate goals. Industry reaction is mixed: some see it as necessary for green policy alignment, while others warn it could push mining businesses abroad to less regulated markets. The article places Norway’s policy shift within a broader European debate over the environmental sustainability of digital assets, with regulators weighing the need to support innovation against the imperatives of responsible energy management. The outcome may influence similar decisions across the continent as governments balance economic growth and environmental stewardship.


13. Kraken Moves Headquarters to Wyoming, Strengthening Crypto Presence
Source: Blockchain Reporter
Date: July 12, 2024
Summary:
Kraken, one of the world’s largest crypto exchanges, has announced it is moving its corporate headquarters from San Francisco to Wyoming, citing the state’s progressive regulatory environment and support for digital asset businesses. The article details Kraken’s history of regulatory battles in other jurisdictions and praises Wyoming’s pro-crypto policies, including clarity around custody, compliance, and tokenization. Kraken plans to work closely with local lawmakers and leverage Wyoming’s blockchain ecosystem to drive new products and partnerships. Industry analysts say the move will likely attract more crypto firms to the state, spurring job creation and solidifying Wyoming’s reputation as a leader in digital finance. The relocation highlights the growing trend of crypto businesses seeking favorable jurisdictions as US regulatory landscapes remain fragmented and uncertain, with Wyoming continuing to set a national example for crypto-forward governance.


14. UK Lags in Crypto Regulation Behind EU and US, Experts Warn
Source: Coingape
Date: July 12, 2024
Summary:
Industry experts are warning that the UK is losing ground in the race to implement comprehensive crypto regulations, falling behind both the EU and the US. The article cites regulatory ambiguity, slow policymaking, and lack of clear guidelines as major factors hindering growth in the UK digital asset sector. Many British fintech companies and investors are reportedly turning to other jurisdictions with more predictable rules and opportunities. The analysis calls for urgent reforms, including clear standards for stablecoins, DeFi platforms, and token listings. Some government officials have expressed intent to update the regulatory framework, but stakeholders argue that progress has been too slow to keep pace with global innovation. The article concludes that without decisive action, the UK risks missing out on the economic benefits of the rapidly expanding crypto industry and diminishing its status as a leading fintech hub.


15. ‘Public Good’: Wyoming Plots August Debut for WYST Stablecoin
Source: Decrypt
Date: July 12, 2024
Summary:
Wyoming officials are set to launch the state’s own stablecoin, the WYST, in August 2024, positioning it as a “public good” that will support financial inclusion and innovation in digital payments. The project is a partnership between state agencies and local banks, emphasizing transparency, security, and robust consumer protections. The article highlights how the WYST aims to offer faster, cheaper transactions for both individuals and businesses, serving as a model for state-led digital currency initiatives across the US. State regulators are establishing strict guidelines for issuance and management to ensure the WYST operates within legal and ethical frameworks. Industry observers believe Wyoming’s move will inspire other states to consider their own digital currencies, especially as competition intensifies to attract fintech investment and modernize payment systems at the state level.


16. Solana Foundation Signs MOU With Kazakhstan To Launch Solana Economic Zone
Source: Coingape
Date: July 12, 2024
Summary:
The Solana Foundation has formalized a partnership with Kazakhstan’s government by signing a memorandum of understanding (MOU) to establish the Solana Economic Zone. This strategic initiative is designed to promote blockchain innovation and position Kazakhstan as a regional leader in digital assets. The article reports that the zone will feature regulatory sandboxes, R&D support, and incentives for startups and developers working on the Solana platform. Both sides view the collaboration as a way to attract global talent, foster education, and advance digital transformation. Analysts see the economic zone as a critical step for Kazakhstan to diversify its economy, enhance its technology sector, and integrate more deeply with the global blockchain community. The agreement underscores the increasing importance of public-private partnerships in driving digital asset adoption in emerging markets.


17. Solana Foundation Launches Strategic Partnership with Kazakhstan for Digital Advancement
Source: Coin-Turk
Date: July 12, 2024
Summary:
In a new move to expand its global footprint, the Solana Foundation has announced a strategic partnership with Kazakhstan to advance the nation’s digital infrastructure and skills. The collaboration will focus on joint research, workforce training, and developing a robust ecosystem for blockchain innovation. The article outlines how this partnership builds on Kazakhstan’s aspirations to become a digital leader in Central Asia, leveraging Solana’s expertise and technology. Initiatives include educational programs, R&D investments, and public-private dialogues aimed at accelerating adoption. Analysts believe the partnership will attract international business and foster the growth of new digital economy sectors in Kazakhstan. This agreement is seen as part of a larger trend of blockchain foundations collaborating with national governments to drive development and competitiveness in the rapidly evolving tech landscape.


18. Latam Insights: Argentina Achieves Historic Milestone, Brazil Battles Crypto Tax
Source: Bitcoin News
Date: July 12, 2024
Summary:
This week’s Latam Insights highlights Argentina’s historic passage of crypto-friendly legislation, expected to boost investment, innovation, and confidence in the country’s fintech sector. The law clarifies the legal status of cryptocurrencies and encourages responsible adoption, making Argentina a model for digital asset integration in Latin America. In contrast, Brazil is embroiled in heated debate over proposed crypto tax reforms, with lawmakers and industry groups warning that overly aggressive taxation could stifle growth and push activity offshore. The article explores the contrasting regulatory approaches, underscoring how policy choices are shaping the regional crypto landscape. Analysts point to the region’s growing importance in the global market, predicting that other Latin American countries will watch closely to see which strategies deliver the greatest economic and technological benefits in the rapidly evolving digital asset space.


19. Despite Trump’s backing, crypto is choosing MiCA over America: Paybis
Source: Cointelegraph
Date: July 12, 2024
Summary:
Despite growing political support for crypto in the United States—including endorsements from figures like Donald Trump—the industry appears to be increasingly favoring Europe’s MiCA (Markets in Crypto-Assets) framework. The article cites comments from Paybis, a major global crypto exchange, which argues that MiCA’s regulatory clarity and consistency are attracting projects and capital to Europe, while the US remains mired in uncertainty and fragmented oversight. Analysts say this shift reflects broader industry frustration with US regulatory gridlock, as companies seek jurisdictions where the rules are predictable and cross-border operations are easier. The article suggests that unless American policymakers accelerate efforts to deliver comprehensive crypto regulation, the US risks falling behind Europe in the competition for investment, innovation, and talent in the digital asset sector.


20. Japan’s central bank eyes crypto as contender in its post-cash economy
Source: crypto.news
Date: July 12, 2024
Summary:
Japan’s central bank is actively exploring the role of digital assets, including cryptocurrencies and central bank digital currencies (CBDCs), in the nation’s transition away from cash. The article discusses ongoing pilot projects and consultations, with officials emphasizing that new digital payment systems could enhance efficiency and resilience in Japan’s financial system. Regulators highlight both opportunities and challenges, including the need for strong cybersecurity, clear rules for exchanges, and robust consumer protection. Industry analysts note that Japan’s pragmatic, step-by-step approach is designed to foster innovation while ensuring systemic stability. The central bank’s openness to digital assets is seen as a potential model for other advanced economies grappling with digital transformation. The outcome of Japan’s research and pilot programs may set important precedents for the global post-cash era.

#CryptoNews #CryptoLaw #Blockchain #Regulation #DeFi
#Stablecoin #CBDC #Fintech #CryptoUpdate #DigitalAssets

web@ependiytis.international
web@ependiytis.international
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