Learn about the latest approvals in the industry

Cryptocurrency companies have moved to improve compliance worldwide amid the 2022 bear market, with many platforms increasingly securing licenses and approvals.

Since one can find it difficult to track all global regulatory milestones in crypto, Cointelegraph has picked up some of the latest developments in accordance with the last couple of weeks.

Global crypto firms have recently been active in increasing presence and compliance in North America, with exchanges such as China-founded Huobi Tech entering Canada.

Huobi Technology Holdings announced on Tuesday that its subsidiary Hbit Technologies has obtained a Money Services Business (MSB) license from the Financial Transactions and Reports Analysis Center of Canada.

cuWith the new license, Huobi Tech is officially authorized to engage in regulated foreign exchange, money transfer and virtual currency trading activities in Canada. The new compliance milestone came shortly after Hbit received the MSB license in the US in July.

Binance.US, the US partner of Binance, another crypto exchange founded in China, has also been actively improving its regulatory efforts in North America recently. On Thursday, the exchange received a Money Transmitter License from the Nevada Department of Business and Industry, Financial Institutions Division.

Nevada became the seventh jurisdiction where Binance.US secured its license in 2022, following West Virginia, Connecticut, Wyoming, Rhode Island, Idaho and Puerto Rico. Binance.US said it operates in 46 states and Puerto Rico, and offers investment and trading for more than 120 cryptocurrencies.

Clear Markets, a crypto derivatives platform linked to Japanese financial giant SBI, has also secured major approval in the US. Backed by SBI, Clear Markets received approval from the Commodity Futures Trading Commission in mid-August to trade over-the-counter crypto derivatives for US subsidiary Clear Markets North America.

Among other compliance developments in North America, major crypto exchange Crypto.com completed its Service Organization Control (SOC) 2 Type II Compliance audit on Tuesday. Developed by the American Institute of CPAs, SOC 2 is an audit procedure that aims to ensure secure handling of data and confidentiality. Previously, Crypto.com became one of 37 crypto exchanges to be registered with the UK’s Financial Conduct Authority.

Elsewhere in the world, Singapore-based crypto exchange Bhex.sg received its Standard Payment Institution license from the Monetary Authority of Singapore (MAS) on Friday. The MAS approval requires licensees to meet a high standard of compliance to protect consumers, allowing the exchange to offer digital payment token services in Singapore.

Related: The European Central Bank is considering guidance on the licensing of digital assets

Other recent compliance developments also include Socios, a major fan-token platform working alongside the fan-token cryptocurrency Chiliz. On Thursda, Socios secured regulatory approval as a virtual currency and digital wallet service provider for its fan engagement and rewards platform in Italy.

The recent compliance developments in the crypto industry mark another milestone in the global crypto regulatory landscape, but international regulators have yet to come up with clear rules for crypto companies. Earlier this week, economists from the International Monetary Fund highlighted the need to establish clear guidelines for regulated financial institutions in Asia. Some experts believe that some regulatory clarity could be harmful to crypto.