AX1 Syndicate Research on Global Regulatory Dynamics for Crypto

PRESS RELEASE. The AX1 syndicate has conducted an in-depth review of the latest legal developments in the cryptocurrency space, with particular attention to the regulations, exchanges, and tax implications for both the European Union and the United States. This review aims to illuminate the evolving regulatory landscape and highlight key areas of concern and significance.

The study begins by examining the risks associated with using Centralized Exchanges (CEXs) for long-term storage of funds, particularly in light of recent CEX troubles. The review advises against using CEXs for long-term storage, even for the largest Tier 1 CEXs, due to potential risks such as regulatory enforcement, fraud, and liquidity issues​​.

The review also delves into the different crypto fiat on-ramp and off-ramp options available in the EU and US, each with its own set of advantages and disadvantages. The options include bank transfers, credit card transactions, PayPal, Crypto ATMs, and Over-The-Counter (OTC) transactions. The legal status of crypto in the EU and US is also discussed, with the report noting that regulations, including the upcoming Markets in Crypto-Assets (MiCA) in the EU, are still evolving​​.

The overarching legal landscape for cryptocurrencies is also addressed. The report points out that as cryptocurrencies become more mainstream, there will likely be more regulation in the years to come. Regulatory actions by entities such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the US, and the proposed MiCA regulation in the EU are highlighted​.

A substantial part of the review focuses on the proposed McHenry-Thompson Digital Asset Market Structure Bill in the US, which seeks to provide clarity, fill regulatory gaps, and foster innovation while providing consumer protections. The Bill’s provisions include defining digital assets, distinguishing between securities and commodities, creating a new self-regulatory organization for the digital asset industry, and providing new investor protections such as disclosure requirements and customer protection​​.

In sum, the research conducted by AX1 team provides valuable insights into the evolving legal landscape of cryptocurrencies in the EU and US. While there are significant regulatory advancements, there are also potential areas of concern that warrant further examination.

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Link on report: https://ax1.vc/legal/

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