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Home » Crypto Policy News: Davos 2024, Binance in Thailand, Digital Rupee

Crypto Policy News: Davos 2024, Binance in Thailand, Digital Rupee

byEmily EkshianandAkriti Seth
January 23, 2024
in News Analysis
This week in crypto policy news, leaders gathered in Davos, Binance expands to Thailand and India’s Digital Rupee.

Summary

  • This week in crypto policy news, leaders gathered at Davos for the World Economic Forum Meeting 2024, and the Crypto Council was right there in the mix, discussing the future of finance and how we can make an impact.
  • While the US approved several spot Bitcoin ETFs, significantly shifting US policy toward greater acceptance of digital assets, South Korea maintained that cryptocurrencies are not recognized as financial assets.
  • Recently India’s central bank digital currency, the digital rupee, achieved a significant milestone by recording over a million transactions in a single day.
  • For those who want to share this update, view the crypto policy news roundup on Twitter and LinkedIn.

Crypto Regulation and Future Plans at Davos 2024

This week, leaders gathered at Davos for the World Economic Forum Meeting 2024, and the Crypto Council was right there in the mix, discussing the future of finance and how we can make an impact. The Crypto Council has also expanded its team with new members and key hires, bringing in a wealth of experience in policy, regulatory affairs, and government relations. 

Meanwhile, Coinbase CFO Alesia Haas hailed the approval of Bitcoin ETF as a “landmark day for cryptocurrency,” marking a significant step towards bringing crypto into the mainstream. On the topic of crypto regulation, Haas noted that education among regulators has improved significantly, and many G20 countries have introduced crypto-specific regulations. She cited Europe’s MICA regulation and developments in Japan and Singapore as examples of thoughtful regulation, expressing optimism that the U.S. would follow suit with appropriate regulations. 

1/ Welcome to Friday! This week in crypto policy: @ecb transforms financial transaction settlements with DLT in Europe, while @binance gains authorization to launch a crypto exchange in Thailand, shaping regulatory shifts in Asia. pic.twitter.com/CDpYg03aEt

— Crypto Council for Innovation (@crypto_council) January 19, 2024

ECB Takes a Step Towards Supporting Wholesale Financial Transactions 

This week, the European Central Bank (ECB) is changing its settlement infrastructures for wholesale financial transactions. The Eurosystem has taken a significant step towards embracing technological innovation in the financial sector by launching a new initiative. The aim is to enhance the understanding of the settlement of wholesale transactions, particularly in the context of emerging technologies. The latest Economic Bulletin highlights the importance of settling transactions in central bank money to reduce risks and support financial stability. 

Unlike previous individual efforts by national central banks, this coordinated approach by the Eurosystem will allow market players to test and compare three distinct solutions for their specific use cases. This initiative represents a more consistent and collaborative effort to gather feedback on proposed solutions and is a notable advancement in the Eurosystem’s strategy to manage technological innovation within the financial industry. 

It is also adapting to emerging technologies like Distributed Ledger Technologies (DLT) in wholesale financial transactions. Exploring potential impacts, the ECB plans to facilitate interaction between DLT platforms and central bank money settlement.

Meanwhile, the European Banking Authority (EBA) issued the final report on guidelines to address crypto-assets service providers (CASPs) on 16 January 2024. The amended guidelines insert specific risk factors for crypto-assets in Title I. From self-hosted addresses to decentralized platforms, it sheds light on the risks CASPs should consider in their operations. In Title II, EBA offers valuable guidance to credit institutions on ML/TF risks associated with customers providing crypto-assets services, ensuring a comprehensive approach for a secure crypto ecosystem.

According to the report, “The EBA reviewed the revised ML/TF Risk Factors guidelines and concluded that the items set out in these guidelines could be extended to CASPs, but also that CASPs present some specific risks that should be considered by credit institutions and financial institutions when entering into a business relationship with them. Therefore, they would benefit from further guidance and clarification on these risks.”

Comment Letter: EBA’s 2nd Consultation

APAC: South Korea, Thailand and India make Headlines 

Diverging Crypto Policies: US Embraces Bitcoin ETFs, South Korea Upholds Ban 

Last week, the US Securities and Exchange Commission (SEC) approved several spot Bitcoin ETFs, significantly shifting US policy towards greater acceptance of digital assets. In stark contrast, South Korea reaffirmed its ban on cryptocurrency ETFs, emphasizing the high risks associated with crypto investments. Despite being a major player in the crypto market, South Korea maintains that cryptocurrencies are not recognized as financial assets, prohibiting financial institutions from engaging in cryptocurrency investments. However, South Korea is developing a two-part crypto regulation framework set to come into effect in July 2024, focusing on the intricacies of cryptocurrency trading and ownership. This regulatory divergence comes amidst a global trend towards greater integration of cryptocurrencies with countries like the US increasingly acknowledging their potential. Despite South Korea’s firm stance, the country’s significant role in the crypto market and recent high-profile crashes, such as the Terra-Luna debacle, have prompted a swift regulatory response. 

In an interview with CNBC, Circle CEO Jeremy Allaire asserted that stablecoins remain the ‘killer app’ of the blockchain and crypto space, despite the industry’s recent turbulence. Allaire predicted that the recent approval of spot Bitcoin ETFs in the US will boost the entire crypto sector. He also expressed optimism that increased regulatory clarity will further drive stablecoin adoption in 2024.

Binance Expands to Thailand Amidst Challenges in India 

Binance, the world’s largest cryptocurrency exchange, has announced the launch of a new crypto exchange in Thailand in partnership with Gulf Energy. The move signifies Binance’s commitment to being a driving force in digitizing Thailand’s economy, which is seen as a strategic player in the global digital finance arena. Richard Teng, CEO of Binance, expressed the company’s intention to contribute to the country’s economic growth and the creation of new opportunities. However, as Binance forges ahead with its expansion in Thailand, it faces setbacks in India, with its app being delisted from the Play Store, indicating a loss of tractions in the Indian market. 

India’s Digital Rupee Achieves One Million Transactions in a Day 

India’s central bank digital currency, the digital rupee, achieved a significant milestone on 27 December 2023, by recording over a million transactions in a single day. This achievement, however, was not without assistance from retail banks’ employees. A letter from the Reserve Bank of India (RBI) Governor Shaktikanta Das confirmed this milestone, while another from a participating bank revealed that it had encouraged the deposit of employee funds and benefits using the digital rupee instead of the existing fiat currency. Despite this achievement, it remains unclear whether the digital rupee has consistently hit a daily transaction volume of over a million. The RBI is currently running both retail and wholesale central bank digital currency pilots. However, the move has been met with some resistance, with the All India Union Bank Employees Federation expressing dissatisfaction, arguing that management cannot compel employees to use the digital wallet. 

Tether’s Growing Use in Money Laundering 

A recent United Nations report has cast a spotlight on the increasing use of Tether, a stablecoin tied to the US dollar, in money laundering activities across Southeast Asia. Unlike Bitcoin, which is primarily used for speculative investment, Tether has become a preferred tool for traders to swiftly move between crypto trades. This characteristic has inadvertently made it a go-to for illicit transactions. Highlighting the seriousness of this issue, the report cites a major crackdown by Singaporean law enforcement, which led to the recovery of a staggering $737 million in combined cash and cryptocurrency assets last August. The operation underscores a growing trend of Tether’s misuse in the shadow economy and the escalating efforts by authorities to combat such financial crimes. 

Standards are essential to the future of digital financial markets
Tags: AMLBinanceBitcoin ETFsCBDCcryptoDavosdigital assetsDigital RupeeDLTebaECBglobalIndiaPolicySouth KoreaTetherThailandweekly global updateWEF
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Saskia Seidel

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Saskia Seidel is the Policy Fellow at CCI, conducting legal and policy analysis on crypto regulations and legislative developments across key jurisdictions. She examines bills and regulatory proposals as well as case decisions, providing insights into the evolving landscape of digital assets policy.

Saskia holds a Master of Laws in International Business and Economic Law from Georgetown University Law Center. Originally from Germany, she earned a Bachelor's degree in Law and Economics and passed the First German State Exam in Law to qualify in the legal system.

Before joining CCI, Saskia worked at various law firms specializing in corporate and international tax law, where she developed a strong understanding of how businesses navigate legal and regulatory challenges in a cross-border context and advising on complex legal matters.

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She also earned a Bachelor of Arts in Political Economy and Media Studies, with a Minor in Human Rights, from the University of California, Berkeley. Emily is passionate about the intersection of blockchain, digital assets, and global policy, focusing on how emerging technologies can support climate resilience, financial inclusion, and freedom of expression.

Through her work, she explores the transformative potential of Web3 in addressing global challenges and advancing positive social impact.

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She previously led primary ethnographic research at the Crypto Research and Design Lab (CRADL), where her research helped policymakers and business leaders understand why people are turning to crypto through evidenced-based insights.

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Giles holds a BA in Banking and Finance, first class, from London Guildhall University, an MSc in Finance and Investment from CASS Business School and professional certificates in teaching and learning, and blockchain strategy.

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Peter Herzog is a dedicated government affairs professional, specializing in issues impacting emerging financial technologies. As the Associate Director of State and Local Government Affairs at the Crypto Council for Innovation, Peter oversees initiatives to advance responsible regulation for the digital asset industry across state and local governments.

He has developed a pragmatic approach to building relationships with key decision makers and navigating nuanced policy issues. Before joining CCI, Peter served on the government relations team at the digital mortgage startup Better.com, where he led the organization’s state government relations strategy. He began his career at the Health and Medicine Counsel, a boutique healthcare lobbying firm on Capitol Hill,

where he was one of the youngest registered lobbyists in Washington, DC. His former clients include patient advocacy organizations, trade societies, and pharmaceutical companies. Peter holds a Bachelor’s Degree in Government and International Politics from George Mason University.

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This includes federal responses to COVID such as the American Rescue Plan,statutory changes to securities law, ESG rulemaking, cryptocurrency policy, and certain appropriations topics.

He graduated Williams College with a BA in both Political Science and History.

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Director, U.S. Policy

Rashan A. Colbert is the US Policy Director for the Crypto Council for Innovation. A seasoned policy leader with extensive experience in government, politics, and the crypto industry, he has served as a senior legislative advisor in the U.S. Senate, led policy efforts for a cutting-edge DeFi protocol, and has amassed a high-powered network across the public and private sectors. As Head of Policy at dYdX Trading, Rashan took the firm’s advocacy strategy and effort from zero to one.

His work involved educating policymakers, advising company leadership on policy risks, and ensuring DeFi’s importance to the future of the United States was well understood in Washington. Before transitioning to the private sector, he spent seven years in Senator Cory Booker’s office, where he led on technology, telecommunications, and commerce issues, with work focused on AI, big tech, social media regulation, and digital assets.

As Booker’s lead staffer on crypto policy for the Senate Agriculture Committee, he developed a deep understanding of fi nancial regulation and the legislative vehicles that will be used to shape it.

Patrick Kirby

Policy Counsel

Patrick is joining CCI as Policy Counsel, and brings considerable experience engaging with policymakers on emerging technology and financial services issues. Before joining CCI, he worked as an attorney in the US Policy & Government Relations group at the law firms Dentons and Squire Patton Boggs.

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In prior roles, he served as a legal intern at the Financial Crimes Enforcement Network (FinCEN) and the Office of the Comptroller of the Currency (OCC).

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Yele Bademosi is the co-creator of Onboard, a community-first onchain neobank designed for creators and builders. Onboard's goal is to expand the onchain economy, making it accessible to anyone, anywhere, and empowering people to live radically better lives.

Throughout his career, Yele has invested in close to 100 startups globally, primarily in the financial services and onchain sectors. His purpose extends beyond geographical borders, aiming to leverage innovation, capital, and policy to create sustainable economic opportunities worldwide.

Sean Lee

Senior APAC Advisor

Sean is an advisor and entrepreneur in Web3 and FinTech, and has been frequently quoted in Reuters, Forbes, Bloomberg, CoinDesk, among others. Sean was previously the CEO of the Algorand Foundation, an MIT incubated Layer-1 blockchain protocol that reached top-10 by network valuation during his tenure.

He is currently leading the efforts at VSFG, a global financial services platform and the first licensed virtual asset manager in Hong Kong, to develop the regulated HKD stablecoin for programmable payment and cross border use cases across Asia and beyond. Before entering into crypto and blockchain, Sean spent 10 years and held global leadership positions in cloud computing and open source software development companies.

Sean also advises crypto startups and engages in mentorship and advocacy programs including the MIT Entrepreneurship & FinTech Innovation Node, the Chinese University of Hong Kong Business School, and the Hong Kong FinTech Association.

Matt Homer

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Matthew Homer is the Founder & General Partner of The Venture Dept. Previously, he was an investor at Nyca Partners, a $1B+ AUM fintech VC firm, where he remains involved as an Operating Partner in an advisory capacity.

Before venture investing, he was Executive Deputy Superintendent at the New York State Department of Financial Services (NYDFS), where he oversaw the licensing and supervision of major digital asset firms, including some of the largest exchanges, custodians, and stablecoin issuers in the U.S.

Earlier in his career, he worked as a federal regulator at the FDIC, focusing on policy development and new technologies. Matt has also held operating roles in fintech startups, starting at Quovo and continuing at Plaid after its acquisition.

Laura Navaratnam

UK Policy Lead

Laura is a digital assets policy expert, and serves as the UK Policy Lead for CCI. Laura is a fintech policy expert, specializing in digital assets. Laura has worked in financial services policy for over 15 years. She worked at the UK Financial Conduct Authority for 7 years where she ultimately served as the Head of the FCA’s Innovate function,

which included all aspects of cryptoasset policy and fintech (sandbox, firm support, international engagement and strategy). She is also a Director at bespoke fintech consultancy Gattaca Horizons, supporting a broad range of US and UK based fintech clients and leveraging her experience to provide policy, regulatory and strategy advice.

She is also a Non-Executive Director for Zero Hash UK, a leading crypto-as-a-service provider.

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Cameron has over 30 years of experience in technology, philanthropy, and civil society sectors. She worked in the nonprofit and private sectors in the U.S., Europe, and Asia.

She developed and scaled strategic social good programs for leading tech companies, including Amazon, Microsoft, Adobe, Intuit, and VMware, leading the development of program delivery and marketing strategies.

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She led C-suite media relations and content for IHS Markit research divisions across Europe, the Middle East and Africa. As a strategic communications advisor to CEOs, heads of state, and policymakers, Amanda worked on the World Economic Forum’s Public Engagement leadership team as Head of Media Content. Amanda started her career as a terrorism and intelligence analyst.

Yaya J. Fanusie

Director, Policy, AML & Cyber Risk

He spent seven years as an economic and counterterrorism analyst in the CIA, briefing federal law enforcement, military personnel, White House-level policy makers and the President. After government service, he joined the think tank world and as Director of Analysis at the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance led research on sanctions evasion and terrorist financing threats.

In 2016 he began tracking the illicit use of crypto and wrote some of the first public analysis on a terrorist crypto crowdfunding campaign. He later published a major study on efforts by Russia, Iran, Venezuela, and China to build national blockchain infrastructure. Yaya is currently an Adjunct Senior Fellow at the Center for a New American Security (CNAS) and Visiting Fellow at Georgetown's Psaros Center for Financial Markets and Policy.

He is a frequent media commentator and has testified before Congress multiple times on illicit financing issues. He is considered a leading expert on China’s CBDC.

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Ji Kim is the President and Acting Chief Executive Officer of the Crypto Council for Innovation - the premier global alliance for advancing the promise of this new technology through research, education and advocacy. Prior to this role, he served as the Chief Legal & Policy Officer for CCI. Before joining CCI, he was General Counsel and Head of Policy & Regulatory Affairs at Gemini, a global digital asset exchange and custodian.

In his role, Ji led the legal, policy, and regulatory affairs teams and also set and implemented Gemini’s global strategy for engaging with regulators, policymakers, and the government. Prior to that, he was a senior attorney at Kraken, another global digital asset exchange. In prior roles, he was an attorney at Willkie Farr & Gallagher LLP and served as Federal Judicial Law Clerk to the Honorable Robert D. Drain of the Southern District of New York, U.S. Bankruptcy Court.

In prior roles, he was an attorney at Willkie Farr & Gallagher LLP and served as Federal Judicial Law Clerk to the Honorable Robert D. Drain of the Southern District of New York, U.S. Bankruptcy Court.

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Senior Global Policy Advisor

In 2023, Sheila was voted one of the most influential women in DC by the Washingtonian. Prior to the Crypto Council, she founded the World Economic Forum’s blockchain and digital assets team and was a member of the Executive Leadership Team. She oversaw tech policy strategy across 14 countries and regularly briefed ministers, CEOs of the Fortune 100 and Heads of State.

She spent significant time as a lawyer and executive in the nonprofit sector helping companies work with emerging technology to solve problems and increase efficiency. She was on the leadership team at TechSoup and built NGOsource, an online service that helps US foundations reduce costs on cross-border grants.

Sheila began her career as a Wall Street attorney at Cravath, Swaine & Moore LLP after earning her J.D. at Harvard Law School. She graduated magna cum laude from Harvard College with a degree in Economics. She is the co-host of Money Reimagined, a CoinDesk podcast.

Senator Cory Gardner

Senior Political Advisor

Senator Gardner honorably represented the state of Colorado from 2015 to 2021 after two terms in the United States House of Representatives. During his tenure, Cory was consistently recognized as one of the most bi-partisan members of the Senate, sponsoring and passing milestone legislation like the Great American Outdoors Act,

America COMPETES Act, the Asia Reassurance Initiative Act and the 988 Suicide Prevention Hotline. He served on the Senate Committee on Foreign Relations, Senate Committee on Energy and Natural Resources, and the Senate Committee on Commerce, Science, and Transportation.

Mark Foster

EU Policy Lead

Mark has over 20 years of experience advising public and private sector entities on EU policy and politics. He started his career in Brussels as a European Parliamentary Assistant from 2003 to 2007. He later developed expertise in EU financial services as a Senior Official in the UK Permanent Representation.

In 2011, he moved to Kreab, a global public affairs and consultancy firm, where he became Partner in the financial services practice. He has held elected roles in trade associations including vice-chair at the financial services committee of AmCham EU and he retains a role as vice-chair for the EU/UK task force at the British Chamber of Commerce to the EU.

Mark was VP of Government Relations at Barclays from 2019-2021 before establishing his own business – Strategic Advisory Management - at the start of 2022.

Alison Mangiero

Senior Director, Staking Coalition & Industry Affairs

Alison Mangiero is the Executive Director of Proof of Stake Alliance (POSA), a CCI project that advocates for clear and forward-thinking public policies that foster innovation in the rapidly growing, sustainable, multi-billion dollar staking industry.

Alison began working in the industry in 2018, when she founded the Tocqueville Group (“TQ”), an entity that created open-source software and other public goods for Tezos, one of the first proof-of-stake blockchains to launch. Before founding TQ, she spent a decade in public policy and academia, and has broad experience fundraising and growing membership associations.

A passionate advocate of the liberal arts, Alison also teaches courses on leadership at the College of the Holy Cross and is on the Executive Board of Advisors for the University of Richmond's Jepson School of Leadership Studies.An alum of the University of Richmond and Boston College, Alison lives in the New York City suburbs with her husband and two young daughters.