Crypto Week in Review: Regulations and Enforcement: Sep 24 Week 1

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05 Sep 2024

Crypto-friendly United Texas Bank faces cease and desist order from Federal Reserve

Crypto-friendly bank, the United Texas Bank, were reportedly having "significant deficiencies" involving crypto customers and how the bank manages risks, according to the Federal Reserve. The central bank said it examined the Dallas bank in May 2023 and found those shortfalls in its governance as well as in the oversight by the board of directors and senior management. Since then the Bank has taken steps to bolster its Bank Secrecy Act and anti-money laundering program. Read more.

New regulators are set to define Europe's crypto policies

With the European Parliament voting this autumn for a new European Commission, it will serve as a key milestones for setting the future policy direction of digital assets within the EU. A swing within the EU Commission could have a major impact on the policy direction of digital assets within the EU and many are watching the result of the upcoming election. Read more.

South Korea to inspect crypto exchanges for suspicious transactions

South Korea’s financial regulator, the Financial Supervisory Service (FSS), reportedly begin to inspect digital asset exchanges for any suspicious or illegal transactions. The FSS will enforce market order with strict punishments for illegal activities found during inspections and will advocate for regulatory revisions if needed to address system deficiencies. In its inspection, the regulator will look for suspicious transactions and ensure that crypto exchanges and related companies comply with the regulations. Read more.

Qatar Brings in Crypto Rules Framework in a Sign of Web 3 Development in the Middle East

Qatar Financial Center (QFC), the Qatar financial regulator, have provided legal services for local and international companies, brought in the Digital Asset Regulations 2024 to establish the "legal and regulatory foundation for digital assets, including the process of tokenization, legal recognition of property rights in tokens and their underlying assets, custody arrangements, transfer, and exchange," it said Sunday. The framework, which also legally recognizes smart contracts, marks a shift from an earlier policy typified by a 2018 ban on crypto. Qatar began a public consultation process last year and regulation was expected by the end of the year. Read more.

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