Israel’s Authority for Combating Terror Financing and Money Laundering will reportedly impose new regulations on various digital financial products, with cryptocurrencies being some of them. The government unit raised hopes that the legislation will diminish crypto’s use in criminal activities and grant more support to the local investors. Clear Standards for Crypto A recent report...Read More
Binance believes the future of crypto needs to be user-focused. Amidst mounting regulations, the CZ-led cryptocurrency exchange has published a list of what it considers to be the basic rights for every digital asset user. Beyond the hype of Bitcoin (BTC) and Dogecoin (DOGE), Binance stated that there is more to the cryptocurrency sector. Its...Read More
Joe Biden’s controversial Infrastructure Bill is almost ready for implementation. But there are still politicians and consultants battling to clarify its contents. Sen. Cynthia Lummis (R-WY) and Sen. Ron Wyden (D-OR) today announced a legal proposal that would protect the country’s cryptocurrency industry by improving certain key concepts in the Infrastructure Bill, notably the definition...Read More
The Q3 woes have not hindered FTX.US from posting impressive figures for the same time period. As a matter of fact, the platform claims to lead all crypto asset exchanges in the United States with respect to liquidity. FTX.US’ Volume Soars More Than 500% According to the latest report, the average daily volumes of FTX.US...Read More
The National Ulema Council (MUI) has reportedly announced a ban on the use of crypto, citing Shariya law. Even as the Indonesian government has acknowledged crypto as a commodity, it still cannot be legalized under Islamic law. According to the reports, the head of religious decrees, Asrorun Niam Soleh, stated that the rejection ignites from...Read More
SEC Commissioner Caroline Crenshaw has published a “Statement on DeFi Risks, Regulations, and Opportunities” on November 9, advising decentralized finance platforms to contact them. In it, she acknowledged that crypto is now part of the vernacular, whether on news, social media, entertainment, and in investment portfolios. In an effort to clarify the regulatory status of...Read More
Bitcoin ETFs have been a smash hit this year, especially since the launch of the first futures one in the United States last month. But the Spanish counterpart may not be far behind as well. As a matter of fact, the Spanish multinational financial services company Banco Santander is looking to release its very own...Read More
The government of Kazakhstan reportedly plans to put local companies working with digital assets under its regulatory scope. According to a proposed bill, those entities will have to give detailed information about their crypto operations to the country’s financial watchdogs to prove they have no connections to money-laundering schemes. Kazakhstan May Tighten Its Crypto Rules...Read More
Andrew James Bragg, Australia’s senator for New South Wales, recently acknowledged that cryptocurrency enthusiasts in the country are very eager to receive regulations on their activities in the country. Demand for Regulation Continues to Increase In an official statement on Tuesday, Bragg noted that a clear and comprehensive regulatory framework for digital assets will increase...Read More
Gary Gensler – chairman of the Securities and Exchange Commission (SEC) – recently revealed the US government’s completed stablecoin report. It outlines risks associated with such tokens and provides “prudential” recommendations to congress on how to address them. Stablecoins: Benefits and Risks The POTUS’ Working Group on Financial Markets (PWS) produced the report in collaboration...Read More
The Financial Action Task Force (FATF) has released guidance on virtual assets and virtual asset service providers (VASP). But the inclusion of decentralized finance (DeFi) and non-fungible tokens (NFT) have sparked a fresh debate. Just a week after the FATF had announced finalizing its crypto guidance, the global anti-money laundering watchdog released an updated version...Read More
The Indian government will reportedly implement a regulatory framework for operating with cryptocurrencies by February next year. Instead of a complete ban, this time, the authorities will debate whether to accept bitcoin and the altcoins as an asset class. India’s U-Turn The world’s second most populated nation is one of the fastest-growing markets for cryptocurrencies....Read More
Coinbase stock [COIN] has largely mimicked the price action of the broader cryptocurrency market recently. But the powerful rally may have come to a halt. The shares took a beating and depreciated by 1.45% at $320.82 on Tuesday afternoon trading. This came hours after the multinational investment bank Citi provided a very bullish price target...Read More
Thanks to the growing influence of stablecoins on the financial system, regulators across the world are racing to regulate the sector. The stablecoins realm is a step closer to achieving regulatory clarity as the US Securities and Exchange Commission (SEC) has geared up to propose legislation and supervise the $131 billion industry. US Financial Watchdog...Read More
Following the growing interest in cryptocurrencies globally, the Senate’s Committee on Australia as a Technology and Financial Center has recommended that the country should establish favorable digital asset regulations to promote the development of the industry. Fostering Crypto Growth The committee said in a report published by Reuters today that the proposed laws should focus...Read More
To say that last week was exciting would be a serious understatement. Bitcoin went on to chart a brand new all-time high at around $67K, we saw the approval of the first-ever futures BTC ETF in the US, a massive flash-crash on BinanceUS, and a correction towards $60K. Let’s dive in. Starting with Bitcoin. The...Read More
Gary Gensler – chairman of the Securities and Exchange Commission – recently explained his approval of a Bitcoin Futures ETF. He believes the ProShares ETF falls under current investor protections more easily than a spot-traded fund. However, many bitcoiners and other crypto supporters remain opposed to it. Protections for Futures ETF Users Gensler aired his...Read More
New York Attorney General Letitia James announced on October 18 that she had ordered the shutdown of an unidentified group of cryptocurrency lending platforms operating in the state. As per an official press release, the companies would be acting in contravention of the stipulations of General Business Law § 352 et seq —better known as...Read More
The United States Commodity and Futures Trading Commission (CFTC) has ordered Tether and Bitfinex to pay fines worth $42.5 million. In a release from today, October 15th, Tether Holdings Limited, Tether Limited, Tether Operations Limited, and Tether International Limited – all companies associated with the issuer of the largest stablecoin USDT, Tether, were ordered to...Read More
Binance – the world’s largest cryptocurrency exchange – recently hired Mark McGinness as its Chief Regulatory Liason Officer. McGinness is a former Head of International Relations at the Dubai Financial Services Authority (DFSA). How McGinness Helps Binance According to a press release shared with CryptoPotato, the hire is part of Binance’s effort to better cooperate...Read More
The People Power Party – the opposition party in South Korea – has reportedly proposed a one-year delay on the upcoming taxation rules on trading with digital assets. The lawmakers also intend to revise the tax rate percentage suggesting that investors who generate profits of more than $42,000 should pay 20%, while the initial legislation...Read More
Biden wants to regulate everything, and it seems that cryptocurrencies are directly in his crosshairs. Apparently, the president of the United States is seriously considering issuing an executive order on cryptocurrencies in order to get better clarity of the landscape and exercise a better control over the industry and the activities related to cryptocurrencies. The...Read More
Binance users based in South Africa will have until January 6th next year to manually close their derivatives positions as the exchange is halting these services. This is the latest action by the world’s leading crypto trading platform in its efforts to comply with local regulators. As announced earlier on October 8th, Binance has alerted...Read More
The United States continues to contemplate taking further action in regards to the growing crypto space. In the latest endeavor, the Justice Department has decided to create a task force to stop hackers from utilizing digital asset exchanges to conduct ransomware attacks. Ransomware on Exchanges As reported by Bloomberg, the new team’s goal is to...Read More
Lord Fusitu – a Tongan barrister, landowner, and MP – is a fervent supporter of making Bitcoin a true currency inside the nation’s borders. He plans on tabling a bill to make Bitcoin legal tender alongside Tonga’s national currency, the pa’anga. Why Make Bitcoin Legal Tender in Tonga? Tonga is a small island nation and...Read More
Speaking at CNBC’s Delivering Alpha conference on Sept. 29, a16z partner Katie Haun said the U.S. should look towards China for what not to do. She was referring to Beijing’s incessant crackdowns on the crypto industry and any activities related to the trade of digital currencies. In her view, financial regulators in the U.S. should...Read More
The world’s largest cryptocurrency exchange, Binance, continues to employ high-profile investigators as part of efforts to boost the company’s compliance measures. New Audit and Investigations Lead for Binance In an official press release on Thursday (September 30, 2021), Binance announced that Tigran Gambaryan will be the company’s new VP of Global Intelligence and Investigations. Gambaryan’s...Read More
The Swiss Financial Market Supervisory Authority (FINMA) has greenlighted the Crypto Market Index Fund to be the first cryptocurrency-oriented investment vehicle operating within the country with the proper licensing. According to the Reuters report from earlier on September 29th, the Crypto Market Index Fund will be available to qualified investors only. Switzerland’s financial watchdog said...Read More
The Chinese government is not holding back on its mission to stop all crypto activity in the country, and has continued to widen its crackdown against bitcoin and cryptocurrencies. Huobi Blocks New Chinese Users The intensified attacks have now forced Huobi, one of the major exchanges in the country, to suspend new user registration coming...Read More
The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) have recently issued a staff notice addressing improper marketing practices from Crypto Trading Platforms (CTPs) in the country and offered clarity on what rules to keep in mind. Cleaning Up CTP Advertising The regulators’ notice was released earlier this week on...Read More
