Previously, blockchain-linked organizations such as Stellar, Polygon, NEAR, and Cardano expressed concerns in an open letter when the revised version of the bill was revealed in July.
The European Parliament approved a Data Law that has made noise due to a clause that raises questions about the legality of most smart contracts. This legislation, aimed at establishing regulations on data exchange, managed to obtain the support of 481 votes in favor and 31 against, according to an official press release.
Despite the approval in Parliament, the bill’s final destination is pending formal approval by the European Council, a body consisting on the 27 member countries members. The bill’s final version, revised in July, included a provision raising the possibility of safely terminating automated data-sharing agreements.
Specifically, the text of July 7 referred to “Smart contracts” in a generic way, without explicit mention of authorized and privately owned data records. This generic approach to smart contracts has generated legal uncertainty around their validity under the new legislation.
BBVA Switzerland CEO Sees Golden Opportunities in Cryptocurrencies with New European Law
Alfonso Gómez, CEO of BBVA Switzerland, has shared his enthusiasm about the promising opportunities opening up for banks in Europe with the approval of the Cryptoasset Markets Act (MiCA).
During his participation in the “Blockchain and Digital Assets” forum, Gómez pointed out that this new legislation gives conventional banks the opportunity to consolidate themselves in the growing cryptocurrency market.
Gómez emphasized his view that cryptoassets simply represent the natural evolution of financial assets. Likewise, he highlighted the resurgence of conventional banks, which have strengthened their solidity and security. This strength, according to Gómez, allows them to become service providers for the custody of cryptocurrencies. He recalled that BBVA Switzerland has led this trend by allowing its clients to manage Bitcoin and Ethereum directly from the banking application for the last two years.
Gemini Tightens Restrictions in the UK
Cryptocurrency exchange Gemini has announced additional measures to comply with the controversial cryptocurrency travel rule in the United Kingdom. These changes, scheduled to be implemented from November 17, involve restrictions on cryptocurrency transfers towards a specific list of 58 virtual asset service providers (VASPs) registered under the Travel Rule Universal Technology Solution (TRUST).
The news has sparked criticism, especially from Josef Teteka, a Bitcoin analyst at Trezor, who describes this move as a “worrying step” towards over-regulation. Teteka argues that these new restrictions will limit users’ ability to custody their own cryptocurrencies, thus making the process of transferring assets to one’s own custody difficult.
JPEX Arrests: Key Partners Arrested for Alleged Financial Fraud and Money Laundering
The Taipei District Prosecutor’s Office has taken decisive action by arresting two individuals linked to JPEX operations. A cryptocurrency exchange embroiled in controversy, under suspicion of financial fraud.
Chang Tung-Ying, the senior partner at the exchange’s Taiwan office, and Shi Yu, a professor associated with JPEX, were detained for alleged violations of banking and anti-money laundering laws, according to a report by the Central Banking Agency. Taiwan News.
The prosecution, in a telephone confirmation to The Block, detailed that the investigation extended to nine locations, resulting in the summons of four suspects in total. One of the suspects, surnamed Liu, was released on bail, while another surnamed Niu was released after being questioned.
By Audy Castaneda
