The Ledger: Bank of England to regulate crypto, Australia to license exchanges

The week has been full of developments once again with important regulatory changes advancing around the world.

The UK is currently facing an exodus of crypto companies as a deadline to obtain a license is looming, but as this happens, there are some positive updates too.

The Bank of England began a consultation on Thursday, hoping to establish a clear-cut regulatory framework for crypto and related assets. The central bank’s motivation is to avoid systematic risks to mainstream finances and create a safer and regulated industry for crypto entrepreneurs and consumers.

Australia is making headlines as it has vowed to regulate crypto exchanges. This is a huge move in the right direction as it will allow companies to operate in a clear and sustainable way. Minister for Digital Economy Jane Hume welcomed the opportunity as she pointed out that any change in the regulatory makeup of the country would mean safer conditions for consumers.

In the meantime, the Australian Competition and Consumer Commission has taken Meta, the parent company of Facebook, to court. According to the watchdog, the social media company has systematically eroded consumer safety by pushing aggressive crypto ads that often borrow the likeness and image of people that have not authorized them to do so.

The Australian Securities and Investments Commission has also called for Australian crypto companies to be more proactive and seek to assist the regulator in helping build a safer environment for everyone.

 

As the world is still shocked by the war Russia waged on neighboring Ukraine, some top financial officials are still cautioning about the potential risk of the country using cryptocurrencies to partially skirt sanctions. Christine Lagarde, the International Monetary Fund boss, is one of the people who fears that this may be the case.

However, crypto has been put under the microscope to ensure that this is not the case. This has not stopped crypto exchange Kuna criticizing fellow companies, and specifically Binance. According to Kuna, Binance may be “collaborating” with Russia to avoid sanctions.

As fears about crypto linger, Thailand has chosen to suspend all payments in crypto. Trading and other financial mechanisms remain available but the Thai government is reluctant to allow consumers to pay in crypto directly.

Overall, the regulatory landscape for crypto is changing rapidly which reflects the greater rate of adoption among consumers who are eager to explore these new financial mechanisms.

As you stay tuned for more updates, we recommend heading to some of the best gaming websites this weekend and try Bitcasino, 1xBit or FortuneJack.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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