Headlines

▌New York Financial Regulators Adopt Virtual Currency Evaluation Rules

The New York Department of Financial Services (NYDFS) has adopted a new rule governing how to assess the costs associated with its regulation for crypto companies.

The New York Center for Financial Services said in a statement Monday that the rule would require companies to meet strict standards in terms of capital, cybersecurity protections and anti-money laundering protocols.

Only companies that hold a NYDFS-issued bit license (a business license granted by NYDFS that allows a company to do business in New York) are subject to the regulation.

Currently, only 22 companies hold such licenses.

Policies

▌Coinbase CEO: It is not feasible for banks to ban fiat currency payments to crypto companies

Coinbase CEO Brian Armstrong tweeted that a meeting was held today with Andrew Griffith, UK Minister of Economy and Cities.

The UK is accelerating the development of sound crypto regulation to drive economic growth and consumer protection. He said that the practice of some British banks banning fiat currency payments to crypto companies is not feasible.

Implementing appropriate fraud prevention measures is fine, but a blanket ban is probably not legal.

Additionally, a 24-hour “cooling off” period for crypto transactions is unreasonable and will harm real-world use cases, capital market formation, and consumers.

▌Polygon Labs sent a letter to EU authorities proposing better DeFi regulation

Polygon Labs Chief Policy Officer Rebecca Rettig shared an open letter to EU authorities regarding proposed changes to Article 30 of the Data Act: Measures for a Fair and Innovative Data Economy, a key document for European tech regulation.

Basically, the proposed amendments seek to exclude 100% permissionless technologies and their creators from the scope of data regulation. Instead, what regulation should focus on permissioned distributed systems that can be controlled by a business entity or individual.

Rettig stressed that the proposals could bring the data bill into line with existing regulatory documents and frameworks.

Cryptocurrency

▌Green Dot Network Opens Access to Coinhub Bitcoin ATMs

Coinhub and Green Dot Network enter into partnership.

The partnership is designed to allow cryptocurrency purchases at Green Dot Network’s more than 20,000 stores, including CVS, Walgreens and Krogers, using partner Coinhub bitcoin wallets in partnership with CHB Holdings and Edge.

▌Luno announces exit from Singapore

Cryptocurrency platform Luno will exit Singapore from 20 June 2023, and explained that the decision “was made as part of a regular evaluation of our global strategy and presence.”

Customers have been given until 19 June withdraw their deposits. Any remaining crypto in their Luno Wallet will be sold at the prevailing market price for SGD, and Luno has reserved the right to charge a holding fee for customers’ SGD.

As a result, Luno has also informed the Monetary Authority of Singapore that they will be withdrawing their licence application. Their operations in other areas will not be affected.