CCE Regulatory and Legal Frameworks 2

Question 1

Which US agency primarily regulates cryptocurrency exchanges as money services businesses?

Accepted Answer

FinCEN

Answer

SEC

Answer

CFTC

Answer

OCC

Question 2

Under the EU's MiCA regulation, what does 'MiCA' stand for?

Accepted Answer

Markets in Crypto Assets

Answer

Management of International Crypto Accounts

Answer

Monetary Integration of Crypto Assets

Answer

Multilateral Interoperability of Crypto Assets

Question 3

A US cryptocurrency exchange that allows trading of crypto futures contracts must primarily register with which regulator?

Accepted Answer

CFTC

Answer

SEC

Answer

FinCEN

Answer

FDIC

Question 4

What is the primary purpose of the Bank Secrecy Act (BSA) as applied to cryptocurrency businesses?

Accepted Answer

To require crypto businesses to report suspicious activity and maintain records

Answer

To prevent banks from holding Bitcoin

Answer

To ban anonymous cryptocurrency transactions

Answer

To set maximum transaction limits for crypto

Question 5

Which legal doctrine did the SEC use to classify many ICO tokens as securities?

Accepted Answer

The Howey Test

Answer

The Ripple Test

Answer

The Bitcoin Standard

Answer

The Morrison Doctrine

Question 6

What is a 'Travel Rule' in the context of cryptocurrency regulation?

Accepted Answer

Requirements for VASPs to share sender/receiver information on transfers above a threshold

Answer

Rules restricting cross-border crypto transfers

Answer

Tax rules for crypto held in foreign wallets

Answer

Regulations on crypto used for international travel payments

Question 7

In the US, which state first enacted a comprehensive 'BitLicense' framework for cryptocurrency businesses?

Accepted Answer

New York

Answer

California

Answer

Wyoming

Answer

Texas