Crypto
Arkansas lawmakers approve new restrictions on cryptocurrency mines after backlash over ‘23 law
LITTLE ROCK, Ark. (AP) — Arkansas lawmakers on Wednesday gave final approval to new restrictions on cryptocurrency mining operations after facing backlash for limiting local governments’ ability to regulate them last year.
The majority-Republican House overwhelmingly approved the Senate-backed measures, sending them to GOP Gov. Sarah Huckabee Sanders’ desk. The bills were among the few non-budget issues on the agenda for a legislative session lawmakers expect to wrap up Thursday.
The bills are intended to address complaints about a law passed last year on cryptocurrency mines, which are data centers requiring large amounts of computing power and electricity. Local officials and residents who live near the operations complained that last year’s law interfered with addressing complaints about the mines’ noise and impact on the community.
The measures require the facilities to apply noise-reduction techniques, and requires crypto mining businesses to get a permit from the state to operate. It also removes portions of the 2023 law that limited local governments’ ability to enact measures regulating the sound decibels generated by the facilities.
“Let’s do what we can to help those who have been impacted in a negative way, and work for better solutions,” Republican Rep. Rick McClure said before the vote.
Sponsors of the measure have described the bills as a stop-gap until lawmakers return for next year’s regular session and take up more comprehensive changes.
The legislation also prohibits businesses and individuals from several countries, including China, from owning crypto mining operations in the state.
Democratic Rep. Andrew Collins, who voted against both bills, said he was concerned about the way that limit was worded and the impact it could have on foreign investment.
“We’re casting a net that is both too wide and too narrow,” Collins said during a committee hearing on the bills Tuesday. “It’s going to catch people up who are totally innocent, and it’s going to miss a lot of people who are either home-grown or are from countries not on this list.”
Lawmakers passed the legislation as the House and Senate gave initial approval to bills detailing the state’s $6.3 billion budget for the coming year. Both chambers are expected to give final approval to that legislation Thursday.
Sanders plans to sign the crypto mining bills into law, her office said.
Copyright 2024 The Associated Press. All rights reserved.
Crypto
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Crypto
UK Treasury to regulate cryptocurrency under new legislation
The UK is set to introduce new legislation by 2027 that will bring cryptocurrencies, including Bitcoin, under a regulatory framework akin to traditional financial products.
The Treasury has unveiled plans for these new laws, which will mandate crypto firms to adhere to a specific set of standards and rules. These will be rigorously overseen by the Financial Conduct Authority (FCA).
This move comes amidst a broader push to reform the burgeoning crypto market, which has seen a surge in popularity as both an alternative investment and a method of payment.
Currently, unlike established financial instruments such as stocks and shares, the cryptocurrency sector lacks comparable regulation, potentially leaving consumers with reduced protection.

The Government said the new rules, coming into force in 2027, will make the industry more transparent and make it easier to detect suspicious activity, impose sanctions or hold firms to account over their activity.
Chancellor Rachel Reeves said: “Bringing crypto into the regulatory perimeter is a crucial step in securing the UK’s position as a world-leading financial centre in the digital age.
“By giving firms clear rules of the road, we are providing the certainty they need to invest, innovate and create high-skilled jobs here in the UK, while giving millions strong consumer protections, and locking dodgy actors out of the UK market.”
Crypto firms, which can include crypto exchanges and digital wallets, currently have to register with the FCA if they provide services that fall within the scope of money laundering regulations.
The changes will bring firms that provide crypto services into the remit of the FCA with the intention of supporting legitimate businesses.
City minister Lucy Rigby said: “We want the UK to be at the top of the list for cryptoassets firms looking to grow and these new rules will give firms the clarity and consistency they need to plan for the long term.”
Crypto
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