This Month in Crypto: EU Approves Comprehensive Crypto-Asset Framework & Australian installed more Crypto ATMs than all of Asia
Discover the top news stories circulating the block April 2023
European Parliament Approves the Most Comprehensive Framework for Crypto-Assets
Europe Parliament approved the Markets in Crypto-Assets (MiCA) Regulation. This is the most comprehensive regulatory framework for Crypto-Assets to date. The European Union’s main legislative proposal is to oversee the crypto industry of its member countries. Prior to this crypto companies had to comply with 27 different frameworks across the EU member states.
The legislation seeks to better inform consumers about the risks and costs of trading crypto and will impose several requirements for crypto platforms, token issuers and traders around transparency, disclosure, authorization and supervision of transactions.
Stablecoin issuers will be required to maintain adequate reserves to meet redemption requests. In addition, stablecoins that become too large will be limited to $200 million euro transactions per day.
The new legal framework is aimed to support market integrity and financial stability by regulating crypto offerings within the European Union.
Australia surpasses All of Asia in Bitcoin ATM installations
In recent news, Australia has made headlines in the crypto world. Surpassing the whole of Asia in Bitcoin (BTC) ATM installations. Whilst leading European nations and the United States have seen a reduction in BTC ATM installations over the last eight months, Australia has consistently been adding more during this time and is now the country with the 3rd largest Crypto ATM network.
In the latest reports, Asia hosts 355 crypto machines which represents around 1% of total crypto ATMs installed. After months of additions, Australia now has a reported 364 crypto ATMs. This growth comes at a time when the global total of crypto ATMs has been consistently declining.
The rise of BTC ATMs in Australia coincides with the Australian Government’s plans to release consultation papers in the second quarter of the year, indicating a proactive approach to crypto regulation.
$221.3M lost by Australians last year in crypto scams
The Australian Competition and Consumer Commission (ACCC) released a scam activity report on April 17th, with a total of 3,910 crypto scam event reports submitted in total, the average Australian scam victim was subject to a loss of $56,600.
In 2022, Australians lost $221.3 million because of investment scams where BTC was used as a payment method. Creating a 162.4% rise in Australians caught in crypto scams since 2021.
A total of $3.1 billion was lost in scams recorded in Australia in 2022, with crypto scams being 7.1% of this. The reports showed that back transfer payment fraud had a much higher level of reports with 13,100 reports compared to the 3,910 reported in crypto scam events. Bank transfer frauds averaged roughly AU$16,000 per event, indicating that crypto scams saw 250% more value from each victim.
According to statistics from the ACCC scam database Scamwatch. The typical scam victim in Australia is a 65-year-old male who was approached on social media or replied to fake advertising. Unfortunately, victims will be tied up in the scam for several months before realising they have been scammed.
More news stories circulating the block:
- Gary Gensler refuses to answer if Ethereum (ETH) is a security at a congressional hearing
- Australian Government pushed to ban ransomware payments following Australia’s biggest cyberattack, the Latitude Financial data breach.
- US Congress to introduce a new draft bill for stablecoins to establish regulatory frameworks and standards
- The Reserve Bank of Zimbabwe is planning to introduce a gold-backed digital currency as legal tender
- The creators behind Bored Ape Yacht Club won a legal battle against a copycat NFT and stated this is a “landmark legal victory for Web3”
- Montenegro’s Central Bank plans to create a pilot program for a CBDC with blockchain company, Ripple
- Russia developing special institutions for crypto mining and cross-border transfers
- A PDF version of the Bitcoin whitepaper was found hidden on every MacOS since 2018
- Bitcoin Hash rate (the computing power on the network) continues to break records and reach all-time highs
If you have any questions, our Live Chat customer support team is always available to answer any questions or concerns you may have.
DISCLAIMER: The information in this blog is for general information purposes only. It is not intended as legal, financial or investment advice and should not be construed or relied on as such. Before making any commitment of a legal or financial nature you should seek advice from a qualified and registered legal practitioner or financial or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal or financial product.
