WASHINGTON, May 20, 2024 (Newswire.com)
– Fragrance Creators Association (FCA) President and CEO Farah K. Ahmed issued the following statement on funding to support the Food and Drug Administration’s (FDA) implementation of the Modernization of Cosmetics Regulation Act (MoCRA):
“FCA is asking Congress to provide at least $8 million for the FDA’s work to implement MoCRA in fiscal year 2025 (FY25). MoCRA ushered in a new era in cosmetics regulations but its success hinges on adequate funding. Consequently, FCA submitted letters to Congress today urging it to prioritize sound science, safety, and innovation and appropriate at least $8 million for FY25.
“Fragrance plays an essential role in cosmetics and personal care products, products that nurture skin health and hygiene, empower self-expression, lift confidence, and more. Sufficient funding for FDA to implement MoCRA will support responsible fragrance industry innovation, uphold safety, increase consumer confidence in the products they know and love, and advance environmental sustainability.”
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Fragrance Creators Association is the trade association representing the majority of fragrance manufacturing in North America. We also represent fragrance-related interests along the value chain. Fragrance Creators’ member companies are diverse, including large, medium, and small-sized companies that create, manufacture, and use fragrances and scents for home care, personal care, home design, fine fragrance, and industrial and institutional products, as well as those that supply fragrance ingredients, including natural extracts and other raw materials that are used in perfumery and fragrance mixtures. Fragrance Creators established and administers the Congressional Fragrance Caucus, ensuring ongoing dialogue with members of Congress and staff. Fragrance Creators also produces The Fragrance Conservatory, the comprehensive digital resource for high-quality information about fragrance—www.fragranceconservatory.com. Learn more about Fragrance Creators at fragrancecreators.org—for people, perfume, and the planet.
OKX exchange is set to implement new compliance measures for its U.K.-based consumers to comply with the upcoming FCA regulations.
The exchange announced today that all users residing in the U.K. must complete a detailed investor questionnaire beginning the following week. This questionnaire assesses their understanding of the risks of purchasing and trading cryptocurrencies.
There will also be an additional questionnaire to determine the suitability of crypto investments for each user. OKX emphasized that users who cannot successfully complete these questionnaires or those who fail to demonstrate a clear understanding of the associated risks will not be eligible to maintain an account with the exchange.
These steps align with the new FCA regulations, set to be enforced starting Jan. 8th. This development comes after regulatory changes across the UK’s cryptocurrency market. Notably, Binance ceased accepting new U.K. users on Oct. 16th, following enhanced restrictions by the FCA and its ban on advertising for unregistered exchanges.
Meanwhile, OKX proactively adapts to the impending regulations by reducing its digital asset offerings to roughly 40 tokens and incorporating prominent risk warnings within its user interface.
OKX has recently revamped its security measures to ensure robust user trading. Last week, the exchange announced the delisting of several privacy tokens. This reflects the overall regulatory caution among crypto exchanges across the board.
According to an Oct. 31 update, PayPal UK Limited secured registration as a cryptoasset business by the Financial Conduct Authority (FCA).
This makes PayPal the fifth firm to receive the FCA’s crypto registration this year, alongside names like Interactive Brokers, Bitstamp and Komainu.
One of the 14% approved
Under PayPal’s listing on the FCA website, the status can now be found as “Registered Since Oct. 31, 2023” for “certain cryptoasset activities.”
In a statement to a local news site, a spokesperson said that this announcement “enabl[es] the transfer of PayPal’s UK customer accounts to this new UK entity from PayPal Europe on Nov. 1, 2023.”
Background and registration statistics | Source: FCA website
Since January 2020, the FCA has received 326 applications, of which only 14% or 43 received registration status. Of this number, only 34 were submitted this year, with a mere 6% or five being classified as registered.
Forthcoming regulations
On Oct. 30, the UK government made the official announcement of its commitment to imposing stricter regulations on cryptoasset activities, aligning them with the regulatory framework governing traditional financial services.
The government, in response to a consultation initiated earlier this year, revealed its intention to introduce the necessary legislation in 2024 to enact these regulatory changes, as announced by the Treasury.
The timing of PayPal’s registration couldn’t be more fitting for the firm.
The FCA issued a statement on Oct. 25, warning crypto firms that they still need to comply with the new rules on financial promotions for crypto assets.
The FCA said it has identified 221 breaches of the rules by crypto firms since then and will take “robust action” against them.
The new rules require crypto firms to provide clear and prominent risk warnings, accurate and balanced information, and appropriate safeguards for consumers when they market their products and services to UK consumers.
The papers also classify crypto assets as “Restricted Mass Market Investments, ” meaning they can only be promoted to certain types of investors, such as professional clients or high-net-worth individuals.
The regulator said it found that many crypto firms still need to comply with these rules and are making misleading or inaccurate claims about the benefits, safety, security, or ease of cryptocurrency use without highlighting the risks involved. The FCA also said it had received reports of consumers being pressured or incentivized to invest in crypto assets or offered free tokens or discounts.
The FCA warned that crypto firms that breach the rules may face sanctions, such as takedown requests, restrictions on their activities, or enforcement action. The FCA also reminded consumers that they should be wary of crypt promotions and may not have access to compensation schemes or ombudsperson services if things go wrong.
The FCA’s statement comes after it issued a “final warning” to crypto firms in September, urging them to prepare for the new regime and seek necessary approvals or exemptions before the deadline. The FCA also said it was disappointed by the lack of engagement from the crypto industry and that it had received only 18 responses to its consultation paper on the rules.
Bitcoin (BTC) ATMs have become both convenient and worrying, with scammers taking advantage of unsuspecting victims. Authorities in the US and other jurisdictions are now waging a war against crypto-ATM-based scams.
California takes a stance on new cryptocurrency laws
The state of California has introduced rules for cryptocurrency transactions. Senate Bill 401, signed by Governor Gavin Newsom, means you can only make $1,000 worth of cryptocurrency transactions at ATMs each day, and starting in 2025, the maximum they can charge you is $5, or 15% of the transaction. Whichever is higher.
Initially, some Bitcoin ATMs allowed up to $50,000 in transactions with fees ranging between 12% and 25% above the value of the digital asset. These changes are intended to protect people from scams and high fees, explained Sen. Monique Lemon, one of the co-authors.
Scammers taking advantage of the convenience of Bitcoin ATMs have been a growing concern, with the Federal Trade Commission reporting that more than 46,000 people have lost more than $1 billion to cryptocurrency scams since 2021. New transaction limits give victims more time to spot scams before loss of money. But Charles Bell of the Blockchain Advocacy Coalition worries that these rules could hurt the cryptocurrency industry and small businesses.
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FBI Alerts About Bitcoin ATM and QR Code Scams
The Federal Bureau of Investigation (FBI) has raised the alarm about fraudulent schemes exploiting ATMs for cryptocurrencies and quick response (QR) codes for payments. These schemes take various forms, including online impersonation, romance scams, and lottery fraud, all using cryptocurrency ATMs and QR codes as tools.
QR codes, which smartphone cameras can scan, simplify cryptocurrency payments. However, criminals are now using it to trick victims into paying money. Victims are often asked to withdraw money from their accounts and use a QR code provided by scammers to complete transactions at physical cryptocurrency ATMs.
Once the victim makes the payment, the cryptocurrency is transferred to the scammer’s wallet, making recovery nearly impossible due to the decentralized nature of cryptocurrencies. The FBI offers several tips to protect against these schemes, focusing on caution, verification, and avoiding cryptocurrency ATM transactions that promise anonymity using only a phone number or email.
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Cryptocurrency regulation efforts in California
The passage of Senate Bill 401 in California is part of a broader effort to regulate the cryptocurrency industry while protecting consumers. Another law, scheduled to take effect in July 2025, will require digital financial asset companies to obtain licenses from the California Department of Financial Protection and Innovation. This represents a clear shift towards tightening government regulation and oversight in the world of digital finance.
Gavin Newsom’s decision to sign these bills into law demonstrates California’s commitment to strengthening the cryptocurrency industry and protecting its citizens. Balancing innovation and security remains a challenge, especially in a rapidly evolving digital landscape.
Bitcoin Depot’s historic debut on the NASDAQ
In July, Bitcoin Depot, a leading bitcoin ATM operator, went public on the Nasdaq. This milestone comes after Bitcoin Depot merged with GSR II Meteora, a blank check company.
The move to go public demonstrates the growing legitimacy and acceptance of cryptocurrencies in major financial markets.
Authorities vs. illegal crypto ATMs
The UK Financial Conduct Authority (FCA) is taking a strong stance against illegal cryptocurrency ATM operators. Using its power under money laundering regulations, the Financial Conduct Authority (FCA) has carried out raids on cryptocurrency ATMs suspected of illegal activities across England.
The measures, which follow previous operations in east London and Leeds, are part of the Financial Conduct Authority’s (FCA) efforts to crack down on unregulated cryptocurrency operations. This highlights global pressure for stronger cryptocurrency regulation, mirroring steps taken in California. The balance between innovation and security remains a fundamental concern for regulatory bodies around the world.
WASHINGTON, September 29, 2023 (Newswire.com)
– Fragrance Creators President & CEO, Farah K. Ahmed, issued the following statement on the passing of Senator Feinstein.
“Fragrance Creators mourns the passing of Senator Feinstein (D-CA). During her impressive tenure of over 30 years in Congress, Senator Feinstein consistently championed positive change for the American people.
“As the longest-serving female U.S. Senator, she not only shattered glass ceilings but also blazed a trail that has inspired countless women nationwide. Her courage and unwavering commitment to diversity and equality has enriched us all, as she actively fostered inclusive dialogue on pressing issues.
“She stood firmly in support of product safety and ardently advocated for the modernization of the Food and Drug Administration’s (FDA) oversight of cosmetics, including fragrances. Senator Feinstein’s genuine care for both people and the environment were evident in her persistent efforts to base legislation on rigorous science.
“Our thoughts are with her family, colleagues in Congress, and the many constituents she represented. Her indelible legacy will undoubtedly inspire generations of future leaders.”
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Fragrance Creators Association is the trade association representing the majority of fragrance manufacturing in North America. We also represent fragrance-related interests along the value chain. Fragrance Creators’ member companies are diverse, including large, medium, and small-sized companies that create, manufacture, and use fragrances and scents for home care, personal care, home design, fine fragrance, and industrial and institutional products, as well as those that supply fragrance ingredients, including natural extracts and other raw materials that are used in perfumery and fragrance mixtures. Fragrance Creators established and administers the Congressional Fragrance Caucus, ensuring ongoing dialogue with members of Congress and staff. Fragrance Creators also produces The Fragrance Conservatory, the comprehensive digital resource for high-quality information about fragrance—www.fragranceconservatory.com. Learn more about Fragrance Creators at fragrancecreators.org—for people, perfume, and the planet.
India’s forex reserves dropped by $3.847 billion to $524.52 billion for the week ended October 21, the RBI said on Friday.
The overall reserves had dropped by $4.50 billion to $528.37 billion in the previous reporting week, and have been declining for many months now.
In October 2021, the country’s forex kitty had reached an all-time high of $645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused majorly by global developments.
Foreign currency assets (FCA), a major component of the overall reserves, saw a drop of $3.593 billion to $465.075 billion during the week to October 21, according to the Weekly Statistical Supplement released by the RBI on Friday.
Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.
Gold reserves saw a decline of $247 million in value to $37.206 billion, it said.
The Special Drawing Rights (SDRs) were up by $7 million to $17.44 billion, the apex bank said.
The country’s reserve position with the IMF was down by $14 million to $4.799 billion in the reporting week, the central bank data showed.
