EMEA regulations: European Commission adopts delegated act
In recent news from Europe, the Middle East and Africa (EMEA), the European Commission announced the adoption of the Delegated Act on Cybersecurity for the Radio Equipment Directive (RED), aiming to ensure a higher level of cybersecurity, personal data protection and confidentiality for connected devices used in the European market.
In addition to fixing vulnerabilities in wireless devices to improve network resilience, the European Cyber Security Organization, in an announcement, mentioned two other benefits that EU citizens will gain from RED and the Delegated Act. : develop additional data regulations to protect citizens’ privacy and reduce the risk of monetary fraud.
“The RED delegated act is part of the wider EU-wide effort to build and strengthen the European cybersecurity framework with the inclusion of the single market,” the announcement also said, adding that in the As part of the EU’s cybersecurity strategy, the act “will lay the foundations for regulations on connected objects and wireless devices, sectors which have so far been a blind spot for the EU.”
Meanwhile, the “regulatory nursery” that was proposed by the UK’s Financial Conduct Authority (FCA) earlier this year is expected to be put into operation soon, according to several reports. The initiative aims to help equip new British FinTech startups in their early stages, while strengthening strict regulation in the sector.
Through the program, FinTechs in the UK will have the opportunity to participate in the FCA regulatory sandbox year-round, instead of being limited to a cohort only.
In the Middle East, The Bitcoin Fund, which is the region’s premier digital asset-based fund, has received approval from the Dubai Financial Services Authority (DFSA) for its Market Equity Program (ATM), which will allow up to $ 200 million units to be listed on the Nasdaq Dubai to meet growing demand from regional institutional investors.
Read also: Mixed reactions to the increase in cryptocurrency use in the Middle East
The Ministry of Finance and the Central Bank of the United Arab Emirates (CBUAE) have also signed a Memorandum of Understanding (MoU) which will see the transfer of operations relating to the country’s e-Dirham payment platform to the CBUAE, in as part of efforts to merge all of the government’s digital payment systems into a single platform.
In Africa, one of its largest economies, South Africa, recently introduced stricter rules for cryptocurrency traders. Johannesburg-based Standard Bank, Africa’s largest lender by assets, has issued account closure notices to cryptocurrency trading platforms that offer arbitrage services, according to reports.
See also: South African regulator FSCA issues warning on Binance
Another example of the acceleration of cryptocurrency regulation due to increasing fraud, pension funds in South Africa will be banned from investing in cryptocurrencies “directly or indirectly” under a proposal by law, according to a recent government statement.
The proposed rule would replace existing legislation that allows portfolio managers to invest up to 2.5% of funds in cryptocurrency.