Analysis Today TheBitTimes.com

The exchange operator is instituting new KYC requirements for users from September 2023 to comply with developing global regulatory guidelines. Seychelles-based cryptocurrency derivatives exchange Bitget is updating its Know Your Customer (KYC) requirements for users to stay in step with global regulatory guidelines.  According to the company, the new KYC requirements are being instituted to protect user rights and interests, shape a secure cryptocurrency trading environment and comply with regulatory recommendations from various global watchdogs. BitGet will adjust its KYC verification requirements from September 2023, with newly registered users required to complete level 1 KYC verification to access a variety of Bitget’s services including deposits and trading of cryptocurrencies. Bitget's updated KYC mandate. Source: Bitget Users that signed up to the platform before Sept. 1 are required to complete KYC verification by Oct. 1, 2023. The derivatives exchange notes that user...

The Law Commission’s recommendations highlight the need to clarify whether cryptocurrency lending falls under existing financial collateral regulations. A lawyer leading the United Kingdom’s Law Commission’s review of the application of British laws toward digital assets has stressed the need for further clarity around crypto currency lending . Laura Burgoyne unpacked the details of the organization’s four major recommendations to the U.K. government in an interview with Cointelegraph. This comes after a lengthy review process of existing legal frameworks in the country and how they’ve been applied to the digital asset sector to date. As reported by Cointelegraph on July 3, the Law Commission is calling for the creation of a distinct category of personal property for crypto currencies and digital assets. In addition, the body recommended the establishment of an industry-specific panel and a legal framework for crypto -related assets, as well as legal reforms to clarify whether the ass...