Consumer Protection
Seoul will extend the same no-fault compensation rules that apply to banks to cryptocurrency exchanges after the Upbit breach, citing gaps in consumer protection exposed by the attack.
Italy’s Economy Ministry has ordered a comprehensive review of protections against crypto-related risks, the Bank of Italy and other regulators said on Thursday. The move signals growing concern about consumer protection and financial stability as crypto activity increases.
Washington regulators have ordered Seattle-based Bitcoin ATM operator Coinme to repay more than $8 million to customers, citing allegations that unredeemed vouchers were recorded as income. The firm also faces potential license revocation amid the inquiry.
The recent developments in U.S. legislation regarding stablecoins underline a significant shift towards enhancing consumer protection and regulatory compliance. The revised GENIUS Act, which aims to introduce stringent measures for foreign-issued stablecoins and bolster anti-money laundering protocols, reflects a growing commitment to secure the crypto space. With strong Senate support, this act could reshape the future of stablecoins in America.