Regulatory News: Stablecoin Limits, Tether Auditor Penalty, and New Rules for Japanese Crypto Exchanges

Regulation is critical to the development and adoption of cryptocurrencies
  • Regulation is critical to the development and adoption of cryptocurrencies
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Japan changes rules for transfers between crypto exchanges

Japan has tightened its anti-money laundering measures. Now they require operators of crypto exchanges to share customer information if they transfer assets to another platform. Moreover, the authorities want to know all the data – the names of clients, the address of registration, etc. Violators will be held administratively or criminally liable.

The EU has set limits for stablecoins

The European Union has almost finished work on the adoption of stablecoins and cryptocurrencies. It is known that this will be managed by the MiCA platform. So, experts point out that the documents have a limit on the volume of payments in stablecoins. It is $200 million a day. It is clear that the amount is too low to give freedom to innovation. So let’s hope that European politicians will make changes to this project.

Fine for Friedman LLP

The SEC fined Tether’s former auditor, Friedman LLP, $1 million for lack of due diligence and failure to “respond to fraud risks.” The case dates back to 2018, when Friedman specialists serviced Tether assets.

The company will also pay $564,138 as interest “compensation” to release their employees from liability.

IMF Accelerates Crypto Adoption

The IMF has released two new reports on digital assets. There, they called on the global financial watchdog group (FSB) to lead the effort to regulate cryptocurrencies. It is they who will set new standards for the sector. Now we are waiting for October, when the FSB will present their vision of regulation.

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