The Banks Power Meetings on Crypto Regulations 

Like New York, Denmark has AML and terror financing restrictions for digital assets. Denmark’s measures implement the EU’s Fifth Anti-Money Laundering Directive, which requires crypto businesses like exchanges, custodian wallet providers, and ICO issuers to register with the FSA and comply with customer due diligence, record-keeping, and suspicious transaction reporting.

According to a New York Department of Financial Services tweet, Adrienne Harris met with Danish central bank governor Signe Krogstrup to discuss global financial stability and continued collaboration on virtual currency regulation. 

Superintendent Harris has been outspoken about her views on Bitcoin and has taken steps to ensure that cryptocurrency businesses follow state laws and regulations.

Coinbase CEO Brian Armstrong also is said to have met with the Securities and Exchange Commission (SEC). The meeting happened after the financial regulator issued a “Wells notice” to the crypto exchange about listing many digital assets, staking products, and wallet services. 

Despite Coinbase’s regulatory problems, Armstrong said that the crypto exchange would continue to advocate for a clear set of rules for crypto firms in the United States. He also said that the United States could not afford to pass up the chance to modernize its financial sector and banks power. 

One of Harris’ key worries is that crypto firms comply with the NYDFS’s anti-money laundering (AML) and cybersecurity standards. 

She announced multiple settlements with cryptocurrency businesses that broke these laws, including Coinbase, which agreed to pay $50 million for severe shortcomings in its AML program, and Robinhood Crypto, which agreed to pay $30 million for similar infractions.

Harris also provided new regulatory advice on issuing US dollar-backed stablecoins, laying the groundwork for their backing, redeemability, reserve requirements, and independent audits.

However, the CEO of Coinbase believes that regulators must first set reasonable regulations and then enforce them. He warned lawmakers that the SEC’s actions had caused the incalculable country suffering. He also said that the cryptocurrency sector was preparing to strike back to neutralize banks power. 

The meeting’s substance was not disclosed, but it comes after the European Parliament passed the Markets in Cryptoassets (MiCA) legislation. The banks power meeting intended to control cryptocurrencies and related European technology and services.