From Thailand to South Africa, Regulators Tighten Their Grip on Crypto: Law Decoded, July 310

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Last week, new rules and regulations emerged regarding digital assets. Thailand’s Securities and Exchange Commission has issued new rules requiring digital asset service providers to warn customers of the risks associated with cryptocurrency trading. The warning message must be clearly visible, and before customers can use the service, the commercial operator must ensure that users give their consent and acknowledge the risks. Along with a business risk disclaimer, the new guidelines prohibit service providers from using client funds for loans or investments.

The Monetary Authority of Singapore has announced new requirements for crypto service providers to hold customer assets in a statutory trust by the end of 2023. This will mitigate the risk of loss or misuse of customer assets. customers and will facilitate the recovery of customer assets in the event of a DPT [digital payment token] insolvency of service providers, says the authority.

South Africa’s financial regulator, the Financial Sector Conduct Authority, has announced that all crypto exchanges in the country must obtain licenses by the end of 2023. If crypto exchanges continue to operate without a license after the deadline, the regulator intends to take enforcement action, which may result in fines or closure of non-compliant businesses.

In Belarus, the Ministry of Foreign Affairs is working on legal amendments banning peer-to-peer (P2P) transactions in cryptocurrencies like Bitcoin (BTC). The ministry argued that crypto P2P services are in demand among fraudsters who collect and convert stolen funds and transfer money to organizers or participants in criminal schemes.

Binance Australia offices reportedly searched by local regulator

The Australian Securities and Investments Commission has searched Binance Australia sites. The probe was part of an ongoing investigation into the now-defunct Australian Binances derivatives business. The Binances representative neither confirmed nor denied to Cointelegraph whether the company’s offices had been searched or whether the company was aware of a local investigation. We are cooperating with local authorities and Binance is focused on meeting local regulatory standards to serve our users in Australia in a fully compliant manner, a Binance Australia spokesperson told Cointelegraph.

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Denmark orders Saxo Bank to wipe cryptocurrency holdings

Financial regulators in Denmark are going after cryptocurrency service providers, saying local banks cannot hold cryptocurrency to protect against business risks. The Danish Financial Supervisory Authority (DFSA) has officially ordered local investment bank Saxo Bank to divest its own crypto holdings. According to the DFSA, Saxo Bank offers its customers the ability to trade a number of cryptocurrency products through its platform. The company also offers several crypto-related exchange-traded funds and exchange-traded notes, the regulator said, adding that it is possible to speculate in crypto assets.

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Twitter receives money transfer licenses in three US states

Twitter Payments, a subsidiary of the Elon Musks Twitter social network, appears to have received its first money transfer licenses after Michigan, New Hampshire and Missouri approved the company’s applications. A money transfer license allows a company to provide transfer services or payment instruments. This differs from a license to make sales in that it is intended to provide consumer protections for businesses that facilitate the transmission of money from one party to another, not just the purchase of products and Services.

It’s not yet clear exactly what offers will be available if and when Twitter Payments eventually rolls out. The company has applied for licenses in all 50 US states, and there is no specific timeline for the approval process.

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