The United Kingdom finally has a new Prime Minister of the United Kingdom in the face of Liz Truss, who spoke positively about the cryptocurrency industry several years ago. To become the UK’s next PM, Truss was chosen over Rishi Sunak (Chancellor of the Exchequer from 2020 to 2022), who also favors digital assets. Earlier...Read More
Almost a month after Hodlnaut froze withdrawals, the crypto lender has been placed under Interim Judicial Management. For the uninitiated, Judicial management is essentially a debt restructuring method where an independent judicial manager is appointed to oversee the affairs, business, and property of a financially distressed company. With the latest judgment delivered on August 29...Read More
Dubai’s Virtual Asset Regulatory Authority (VARA) reportedly instructed local cryptocurrency-related firms to require a license from the watchdog before advertising their products. The initiative could secure maximum protection for investors and limit the spread of misleading marketing campaigns focused on digital assets. Over the past several months, Dubai has emerged as a global cryptocurrency center...Read More
The top financial watchdog of the Asian city-state – the Monetary Authority of Singapore (MAS) – reportedly intends to implement additional regulatory steps in the cryptocurrency industry to create maximum protection for investors. The agency might launch consumer suitability tests and cut the use of leverage and credit facilities by retail investors for trading digital...Read More
In an attempt to stay afloat, Zipmex has asked for meetings with the Securities Exchange Commission in Thailand as well as other government agencies as it works on a recovery plan. The firm intends to introduce its investors to the watchdogs. In a statement, Zipmex said, “We have requested meetings with Thailand’s Securities and Exchange Commission...Read More
On August 25, Coinbase, America’s leading cryptocurrency exchange, announced the launch of a crypto policy education initiative in the U.S. that will include a voter registration portal based on candidates’ positions on cryptocurrencies. According to Coinbase, the educational initiative will let users freely express themselves on the various political and regulatory issues in the U.S....Read More
Tether – the issuer of USDT, the world’s largest stablecoin – is yet to freeze addresses associated with the privacy protocol Tornado Cash. That means USDT holders can still technically use the smart contract to obfuscate their funds. However, it remains unclear whether Tether’s permissiveness amounts to a violation of U.S. sanctions. Tether and Tornado...Read More
The government of Australia reportedly plans to identify which cryptocurrencies are widely used in the country and place them under a regulatory framework by the end of 2022. Numerous Australian politicians have hinted about a possible crypto regulatory plan over the past few years. Earlier in2022, the Labor Party won the elections, while its leader...Read More
South Korea’s financial sector regulator Financial Services Commission (FSC), is planning to stop domestic access to foreign crypto exchanges that are not registered in the country. These trading platforms have been asked to obtain proper licenses by September 24. Failing to do so will instantly result in the blocking of their websites. Also, users who...Read More
Coin Centre – a non-profit crypto policy think tank – is considering a court challenge against the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). The challenge is a response to the OFAC’s recent addition of privacy protocol Tornado Cash to its Specially Designated Nationals And Blocked Persons (SDN) List. Coin Centre has provided...Read More
The world’s largest crypto exchange has tapped another regulatory nod, this time from the Astana Financial Services Authority (AFSA). The former Soviet Union state has been an important country for the crypto industry, being a hub for miners for years. The announcement from the company informed that the license from Kazahstan’s watchdog will allow it...Read More
On August 10, the Dutch Crime Agency (FIOD) announced the arrest of a 29-year-old developer of Tornado Cash, a cryptocurrency mixer built on the Ethereum network that was sanctioned earlier this month by the U.S. Treasury Department. The U.S. banned Tornado Cash because the platform had a large-scale currency laundering lending potential and helped anonymize...Read More
Major crypto firms Circle and Coinbase have been forced to comply with the US Treasury Department’s sanctions against Tornado Cash under Bank Secrecy Act (BSA) requirements, said Circle CEO Jeremy Allaire on Tuesday. The executive discussed the precedent set by the department’s latest move as it pertains to privacy and security on the internet, and...Read More
Robinhood Crypto – the cryptocurrency-focused unit of the online brokerage firm – has been slapped with a $30 million fine by the New York State Department of Financial Services (NYDFS). The department alleged on Tuesday that Robinhood violated both anti-money laundering and cybersecurity regulations, by neglecting to certify adequate programs for each. As a result,...Read More
The Aussie financial regulators reportedly greenlighted one of the leading cryptocurrency platforms – Huobi Group – to register as a digital currency exchange provider in the country. This is the company’s latest expansion step and first in Australia. Founded in China, Huobi had to move its operations abroad due to the adverse stance against the...Read More
On July 27, José Manuel Campa, president of the European Banking Authority (EBA), said that he was “concerned” that the EBA could not comply with the regulations ordered by the MiCA due to the lack of qualified personnel specialized in cryptocurrencies. Campa said that the demand for specialized personnel in the technology and cryptocurrency area...Read More
The House Financial Services Committee has pushed back its long-awaited stablecoin bill to September following objections from Treasury Secretary Janet Yellen. This will delay congressional discussions on the subject until after the August recess, which ends on September 5th. Stablecoins and Bankruptcy The legislation – negotiated between Committee Chair Maxine Waters (D-Calif) and Patrick McHenry...Read More
Taiwan’s Financial Supervisory Commission (FSC) believes cryptocurrencies are risky and speculative assets. As a result, the regulator intends to prohibit the use of credit cards for crypto purchases. Taiwan to Ban Credit Card Crypto Purchases According to local reports, the FSC sent a letter to Taiwan’s Association of Banks earlier this month, asking credit card...Read More
On July 21, the U.S. Department of Justice filed an indictment against Ishan Wahi, a former Coinbase manager, and two other individuals for obtaining approximately $1.5 million through cryptocurrency insider trading on the Coinbase exchange. According to the Department of Justice, this is the first case of insider trading in the crypto industry. The defendants...Read More
In a tax reform introduced on Thursday, the South Korean government proposed to postpone the planned 20% tax on crypto earnings for two years. If accepted, crypto earnings in South Korea will be taxed from 2025. The tax plans for the digital asset sector were originally to kick in from January 2022. But in December...Read More
The pro-crypto regulatory framework proposed by U.S. Senators Cynthia Lummis and Kirsten Gillibrand is unlikely to see the light of day this year. Wyoming Senator Cynthia Lummis said on July 19 that the U.S. Senate is unlikely to vote on the bill this year. “It’s a big topic, it’s comprehensive, and it’s still new to...Read More
The United Nations (UN) advised the governments of Kenya and other developing nations to impose comprehensive regulations on their cryptocurrency sectors. Calling for a Clampdown The global organization that maintains international peace and security – the United Nations – seems to have the cryptocurrency industry in its sight. In a recent policy brief, it urged...Read More
On July 19, India’s Finance Minister Nirmala Sitharaman said in a speech at the Lok Sabha, the lower house of India’s bicameral Parliament, that crypto is a danger to international regulatory arbitrage and that they should be blocked or banned. Sitharam explained that any attempt to regulate or ban crypto should be global because cryptocurrencies...Read More
Leading American cryptocurrency exchange Coinbase said it had received regulatory approval from the Organismo Agenti e Mediatori (OAM) to operate as a crypto asset provider in Italy. The license allows the exchange to continue to offer its services to customers in the country. One of the First Announcing the development today, Coinbase said it had...Read More
The European Central Bank (ECB) has voiced concerns about the significant carbon footprint of Proof-of-Work (PoW) mining while hinting at a possible ban on such crypto assets, including Bitcoin, by 2025. In a paper published earlier this week, the bank’s researchers argued that Bitcoin and Ethereum have a significant carbon footprint and consume similar amounts...Read More
It comes as no surprise that the central bank wants to curtail crypto as much as it possibly can, advising EU lawmakers with a recent research paper. On July 12, crypto venture advisor at Presight Capital, Patrick Hansen, broke down the report, which focused primarily on what the ECB considers financial risks. It acknowledged that...Read More
The Financial Stability Board (FSB) – an organization created by the G20 countries that supervises the international monetary system – will reportedly propose a regulatory framework focused on digital assets. The draft bill comes as a result of the recent turmoil in the market and will have a global character. “Robust” Rules to Limit the...Read More
The UK is gearing up to close the regulatory vacuum present in the crypto market. The recent crash has only strengthened lawmakers’ resolve. As such, the Bank of England’s Financial Policy Committee highlighted the need for enhanced regulatory and law enforcement frameworks in the sector. Enhanced Regulatory Framework in Crypto In their latest report, the...Read More
Federal Reserve Vice Chairwoman Lael Brainard urged policymakers to toughen up regulatory scrutiny on the crypto industry in a speech given at the Bank of England conference on Friday. Once again, the Chair emphasized the risk of the crypto market crash spilling over to the core financial ecosystem because of the lack of targeted regulation...Read More
Tharman Shanmugaratnam – leading Minister of the Monetary Authority of Singapore (MAS) – says the regulator may restrict retail investment in the crypto sector through new consumer protection safeguards. These could include limits on leverage trading – a trading strategy that’s caused numerous crypto traders and firms to go bust in recent weeks. Crypto: Unsuitable...Read More
