An Aug. 24 CoinGeek article discusses a newly released report about how digital assets, financial technology (fintech) and financial services industries are being regulated around the globe. According to the article, roughly half the report focuses on the U.S.; it concludes that the U.S. government has established a case-by-case process (essentially conducting “regulation by enforcement”) and is also expanding “existing traditional financial market frameworks.”
CoinGeek quotes Partner Robert Musiala about state-level regulatory frameworks – specifically, New York’s BitLicense, which the article describes as imposing “minimal capital requirements, marketing rules, and anti-money laundering obligations,” among other things.
Musiala says New York’s regulations are “the most complex and nuanced among all states” and continue evolving. Other states are likely to follow its lead and create their own state-based regulations of digital assets, he adds.