It has been widely supported by the crypto industry. The law allows for the licensing of crypto exchanges and imposes certain requirements around customer authentication and data retention. The EU’s Markets in Crypto Assets regulations, passed 517 to 38 by the European Parliament in April and officially signed into law in May, is the world’s first comprehensive set of crypto regulations. In this regard, the European Union is well ahead of the United States. This would give their assets and platforms clear guidance and legal boundaries, they say. Just two weeks after the SEC filed its lawsuits, Fed Chair Jerome Powell told the House Financial Services Committee that “crypto appears to have staying power as an asset class”-resulting in a price rally.Ĭrypto industry insiders have been calling for comprehensive regulation for some time. is currently falling somewhere in the middle. a wholehearted embrace-the China option for crypto vs. Indeed, the Wall Street Journal reports that, while Binance founder Changpeng Zhao at first expressed support for the Palau program, Binance halted any further association after “conducting due diligence.”īetween an outright ban vs. I’ve been researching overseas residencies and second passports for more than 30 years, and in my view, if a residency option sounds too easy to obtain or too good to be true, it usually is. Some cryptocurrency traders and investors have wondered if a program like this-“digital residency” in another country-could allow them to bypass ever-more-stringent crypto rules back home. Recently, the Micronesian island of Palau has been advertising a program that would give you “digital residency” there for one year for $248, without needing to be present in the country. It goes without saying that simply looking anywhere outside the U.S. My point is, the response that crypto traders and their digital assets receive varies greatly country by country. It has since been joined by the Central African Republic. On the other end of the spectrum… tiny El Salvador created a stir in 2021 by becoming the first country to make bitcoin legal tender.
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