Code is law. However, should we cast off all regulation in the Web3 world today?
After the bankruptcy of Sam Bankman-Fried’s FTX declared on 11 November 2022[1], former Treasury Secretary Lawrence Summers said the case “Not just financial error but … whiffs of fraud.”[2]
On the same day, U.S. Treasury Secretary Janet L. Yellen said that the supervision of cryptocurrency was the priority task of Biden administration.[3]
On 14 November 2022, Binance’s chief executive CZ called for new but stable and clear regulations for the industry to a gathering of G20 leaders at a summit in Bali, in light of recent developments and participants ‘cutting corners’.[4]
These signals show that a new consensus is reaching, and we are facing the upgrading of regulations on Crypto-assets in certain jurisdictions.
By now, a number of countries and regions has legislated policies to set criteria for Crypto-assets License. The White House released the Comprehensive Framework for Responsible Development of Digital Assets on 16 September 2022. Meanwhile, the European Council approved the Markets in Crypto-assets regulation (“MiCA”) on 5 October 2022. Some Crypto-assets hubs are rising, e.g., Dubai and Mauritius, due to their open, clear and friendly regulatory attitudes.
OneCompliance sorted out these licensing criteria in this Whitepaper to provide investors and stakeholders with an insight into current regulatory attitudes and thoughts. The Whitepaper in turn introduces Crypto-assets License category, license criteria and successful cases in Singapore, Mauritius, United States, United Kingdom, European Union and Dubai.
With the evolution of policies, this Whitepaper series will continue to track variation of Crypto-assets Licenses around the world.
For more details, please check our latest Crypto-assets License Whitepaper 2022.
