In the bear market of 2022 cryptocurrency companies are working to improve compliance around the world, with many platforms securing licenses or approvals.
Cointelegraph has compiled the most recent compliance developments in the crypto industry over the past few weeks, as it can be difficult to keep track of all the global regulatory milestones.
Recent activity by global crypto firms has been to increase compliance and presence in North America. Huobi Tech, a Chinese-founded exchange, recently entered Canada.
Huobi Technology Holdings has announced that Hbit Technologies, its subsidiary, has been granted a Money Services Business license (MSB) by the Financial Transactions and Reports Analysis Centre of Canada.
CuWith this new license, Huobi Tech has been officially authorized to conduct regulated activities in Canada for money transfer, foreign exchange and virtual currency dealing. This compliance milestone was achieved shortly after Hbit obtained the MSB license from the United States in July.
Binance.US is the American partner of Binance. Another crypto exchange was founded in China. Binance.US has been working to improve regulatory efforts in North America. The Nevada Department of Business and Industry’s Financial Institutions Division issued a Money Transmitter License to the exchange on Thursday.
In 2022, Nevada was the seventh jurisdiction where Binance.US obtained a license. It follows West Virginia, Connecticut and Wyoming, Rhode Island. Idaho, Puerto Rico, and West Virginia. Binance.US stated that it has an operation in 46 states and Puerto Rico and offers investment and trading for more 120 cryptocurrencies.
Clear Markets, a cryptocurrency derivatives platform linked to SBI in Japan, has also received major approval in the United States. Clear Markets, backed by SBI, received mid-August approval from the Commodity Futures Trading Commission for over-the counter crypto derivatives trading for Clear Markets North America.
Crypto.com, a major cryptocurrency exchange, completed the Service Organization Control 2 Type II Compliance audit Tuesday. The American Institute of CPAs developed the SOC 2 auditing procedure. It aims to protect data confidentiality and secure data management. Crypto.com was one of 37 cryptocurrency exchanges that registered with the Financial Conduct Authority in the United Kingdom.
The Standard Payment Institution license was granted to Bhex.sg, a Singapore-based crypto exchange. It was awarded by the Monetary Authority of Singapore on Friday. To be able to offer digital payment token services to Singaporeans, the MAS approval requires that licensees meet a high standard for compliance.
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Socios, a major fan-token platform that works in tandem with Chiliz, is another recent compliance development. Socios was approved by the Italian regulatory authorities on Thursda as a service provider for virtual currencies and digital wallets to its rewards and fan engagement platform in Italy.
While the recent compliance developments in crypto industry are a significant milestone in the global regulatory landscape, international regulators have yet to establish clear rules for crypto companies. The International Monetary Fund’s economists highlighted earlier this week the importance of establishing clear guidelines for Asian financial institutions. However, some experts fear that crypto could suffer from a lack of regulatory clarity.