“A new regulatory regime for cryptocurrency will not only cover unregulated digital assets, but it will also consolidate and homogenize existing standards across the continent,” said Valdis Dombrovskis, the European Union’s Executive Vice President of the European Commission for An Economy that Works for People. Stablecoins, such as initiatives like Facebooks’ Libra, operate on a global scale, which can “raise additional challenges,” Dombrovskis said – they can disrupt financial and monetary stability.
In New York, the Department of Finance Services announced new virtual currency initiatives on June 24, 2020, including a Memorandum of Understanding (MOU) that launches a new SUNY BLOCK virtual currency program “to develop the next-generation of developers, researchers, and leaders.” The announcement included a conditional licensing program for startups partnering with an existing entity authorized by DFS to engage in virtual currency business activity; and in certain instances, licensees will have the ability to self-certify the use of new coins, and all licensees will be able to adopt from a list of approved coins.
The OCC recently floated the idea of a special purpose national charter for banks, payment and fintech companies, giving them the ability to operate on a “nationwide servicing platform” that provides a federal preemption of state laws. In an earlier version of the charter, the NYDFS filed suit against the OCC. That suit is now in the second circuit court.
EU Creating regulatory Regime - Coindesk
NYDFS – BitLicense FAQs
NYDFS – June 24, 2020 Announcement
OCC Floats Special Purpose National Bank Charter