AMLA is expanding its crypto oversight as firms complete the transition to the EU’s MiCA licensing regime. Mass user migration following the end of the Markets in Crypto-Assets Regulation (MiCA) transitional period could strain compliance at virtual asset service providers (VASPs) in the European Union, according to Bruna Szego, chair of the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA). “Because we know customers will rush to withdraw, this will put additional pressure on these VASPs,” Szego said during a Wednesday briefing with the European Parliament’s Committee on Economic and Monetary Affairs. Szego said firms winding down their EU operations could come under pressure as customers rush to withdraw, while licensed crypto companies could face onboarding challenges as they absorb new users. She urged service providers to maintain efficient compliance procedures throughout the transition. Read more
Japan’s revised Financial Instruments and Exchange Act introduces crypto insider trading rules, tougher penalties and new oversight requirements for crypto businesses. Japan is set to reshape its cryptocurrency market with stricter trading rules, stronger user protections and a framework closer to traditional finance. The country’s parliament on Wednesday passed revisions that classify crypto assets as financial assets under Japan’s Financial Instruments and Exchange Act (FIEA), according to a report by local news agency Nikkei. The changes move Japan’s crypto regulation away from the Payment Services Act (PSA), which treated digital assets primarily as payment instruments, and introduce insider trading rules and stronger oversight for crypto businesses. Read more
South Korea’s Economy Ministry plans to include digital assets and intellectual property under the country’s new state-asset management framework. South Korea plans to adopt the National Asset Basic Act to update the country’s state asset management system from the outdated State Property Act of 1950. The Ministry of Economy and Finance (MOEF) hopes to modernize the management of national assets and explicitly includes digital assets and intellectual property, broadening the definition of state assets, the MOEF announced during a briefing at the President’s Blue House on Wednesday. As part of the reform, the ministry also reiterated plans to tokenize government bonds on a blockchain to reduce transaction, as part of a 2027 pilot project. It also plans to explore the tokenization of state-owned real estate to encourage retail participation and share part of the generated returns with the public. Read more