Australia and the UK share their big picture of crypto: Law Decoded, Jan. 31–Feb. 6

cointelegraph.com:

The U.K. outline of the future financial services regulatory regime for crypto covers a broad range of topics, from the troubles of algorithmic stablecoins to nonfungible tokens and initial coin offerings. And it’s certainly good news for the industry, as the upcoming regulation doesn’t propose a ban on algorithmic stablecoins or excessive requirements on data sharing for digital asset operators.

The Australian consultation paper on “token mapping” is a foundational step in the government’s multistage reform agenda to regulate the market. Based on the “functional” and technology-neutral method, the paper proposes several basic definitions for all things crypto. Its taxonomy of four types of crypto-related products includes crypto asset services, intermediated crypto assets, network tokens and smart contracts.

And let’s not forget about Hong Kong, where the local monetary authority has issued a consultation summary. In contrast to the U.K., it proposes a prohibition on the operations of algorithmic stablecoins in the country.

Not every week, two major jurisdictions almost synchronically present their vision of how crypto should be regulated in the coming years. Within three days, the treasuries of the United Kingdom and Australia shared their consultation papers, consisting of 80 and 60 pages, respectively. 

The United States Securities and Exchange Commission (SEC) admitted on record that the sale of LBRY Credits (LBC) tokens in the secondary market doesn’t constitute a security. In what many called a victory for the entire crypto industry against the SEC’s overreach regulation by enforcement, Attorney John Deaton settled a major debate during the appeal hearing. The ruling in the case was a relief for many in the crypto