Kenyan police officers have reportedly raided a warehouse belonging to the recently launched crypto project Worldcoin, carting away documents and machines for investigative purposes. According to a report by local media KahawaTungu, police officers showed up at the Nairobi-based warehouse over the weekend with a search warrant and multi-agency officials. They left with equipment believed...Read More
The House Financial Services Committee (HFSC) approved a slew of proposals related to digital asset regulation last month, of which any could be the first piece of crypto-specific legislation signed into U.S. federal law. Here’s a summary of the differences between the most important bills, and what each could mean for crypto as a whole....Read More
Revolut – a leading financial technology company that enables customers to buy and sell a variety of cryptocurrencies – will cease such options for its US users from September this year. It said the main reason behind the terminated service is the regulatory uncertainty in the world’s largest economy. As reported by Reuters, Revolut will stop...Read More
The Kenyan government has ordered the suspension of all activities related to the registration of the recently-launched cryptocurrency project Worldcoin and the distribution of its native token WLD. According to an official statement by Kithure Kindiki, Cabinet Secretary for the Interior and National Administration, the government is concerned with the registration of Kenyans through the...Read More
Well-known crypto critic, Senator Elizabeth Warren, won support from Washington-based banking advocacy group, the Bank Policy Institute (BPI), for newly introduced bipartisan legislation that seeks to regulate the crypto industry and eliminate loopholes for illicit activity. Its support has been viewed as a peculiar move because both Warren and the Wall Street banks have hardly...Read More
The House Financial Services Committee (HFSC) failed to reach an agreement for stablecoin legislation on Thursday due to a number of disagreements Democrats had with its existing text. Committee Chair Patrick McHenry (R-NC) blamed the White House for holding up the bill, while Democrats alleged that Republicans were attempting to rush incomplete legislation. No Compromise...Read More
The rapidly changing digital asset landscape has resulted in a flexing of regulatory muscles between different watchdogs in defining terms and drawing lines of authority. This is especially true in the case of the United States where the SEC and CFTC are engaged in a turf war over regulatory oversight of the space. But this...Read More
U.S. Congress undertook its first-ever markup for digital asset legislation on Wednesday, attempting to establish clear jurisdiction for the nation’s chief market regulators. The bill was not well received by Democrats, however, many of whom find it overly friendly to the crypto industry, and similar to what disgraced FTX boss Sam Bankman-Fried had advocated for....Read More
The Indonesian government has unveiled the country’s crypto bourse and clearing house to increase monitoring of the cryptocurrency sector and also improve investor protection in the country. The launch of the new crypto asset exchange comes after an initial announcement in 2021. National Crypto Exchange Finally Launches Indonesia’s crypto bourse, which began operations earlier in...Read More
Andrew Griffith, economic secretary to the UK Treasury, said that equating crypto assets as a form of gambling would risk creating misalignment with international standards and approaches from other major jurisdictions, including the European Union. Responding to a Treasury Committee’s report on regulating crypto, Griffith said that such a move would potentially create unclear and...Read More
The bipartisan legislation introduced earlier this week – titled the Crypto-Asset National Security Enhancement (CANSEE) Act – that seeks to regulate the decentralized finance (DeFi) sector has caused quite a stir. Cypto advocacy groups are voicing objection to the bill arguing that such an approach would stifle innovation in the United States. Coin Center, for...Read More
Kuwait’s financial regulator issued a circular banning the use of cryptocurrencies for payments or investments. Securities and other financial instruments which are regulated by the Central Bank of Kuwait and the Capital Markets Authority (CMA) are currently excluded from the prohibitions. Besides prohibiting cryptocurrencies for payments or investment, the Capital Markets Authority of Kuwait has implemented...Read More
On July 17, Gary Gensler said he was “disappointed” with the judge’s ruling that Ripple’s XRP token was not a security when it was sold to retail investors on exchanges. The ruling was celebrated as good news for the wider crypto industry and retail investors, but Gensler doesn’t agree. 🚨BREAKING: @GaryGensler addresses the @Ripple Summary...Read More
Ripple’s partial victory in its fight with the US Securities and Exchange Commission (SEC) in a court ruling paved the way for small but significant regulatory clarity that the cryptocurrency industry was deprived of for so long. Now all eyes are on the security regulator who, according to Congressman Ritchie Torres, is acting like “an...Read More
On July 12, an amended crypto bill by Senators Cynthia Lummis and Kirsten Gillibrand will be submitted. The revamped “Responsible Financial Innovation Act” aims to classify most crypto assets as commodities, similar to gold. This would bring them under the umbrella of the Commodities Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission,...Read More
On July 10, the Emirate’s Virtual Assets Regulatory Authority (VARA) issued a market alert stating that it had initiated an enforcement action against the BitOasis crypto exchange. BitOasis is one of the largest crypto platforms focused on customers in the Middle East. Dubai Regulators on Alert According to the alert, BitOasis is under review for...Read More
South Africa’s financial regulator has asked exchanges operating in the country to obtain a license before the end of 2023. Crypto firms who fail to adhere to the directive before the deadline could be fined or have their businesses closed down by authorities. New Licensing Regime in South Africa The Financial Sector Conduct Authority (FSCA)...Read More
On July 4, the Vice President of Hong Kong University of Science and Technology, Cai Wensheng, penned a proposal for an HKD stablecoin. The policy proposal was also made by Wang Yang, Lei Zhibin, and Wen Yizhou but was not endorsed by the Hong Kong government. The academics have a vision for a local currency...Read More
The Belarusian government has proposed a ban on peer-to-peer (P2P) transactions on crypto assets such as Bitcoin in a bid to address the rising rate of cybercrime in the country. The Ministry of Foreign Affairs (MFA) of the Republic of Belarus detailed the new legislation’s goals and its subsequent on crypto exchange users. Crypto transactions...Read More
The Monetary Authority of Singapore (MAS) will reportedly insist that cryptocurrency firms keep clients’ assets in a designated trust by the end of 2023. The step comes several months after the infamous meltdown of FTX, which triggered colossal investor losses. Numerous individuals and entities have blamed the exchange for comingling user funds and scamming customers. ...Read More
On June 28, King Charles III granted Royal Assent to a landmark bill to “regain control of the financial services rulebook.” The Financial Services and Markets Bill 2023 was approved by the upper chamber of the UK parliament on June 19. The bill includes measures to bring crypto assets and stablecoins into the scope of...Read More
A Canadian House committee published a report on Wednesday providing 16 recommendations for how the nation’s government should regulate the blockchain industry – and they’re remarkably bullish. Crypto exchange Coinbase praised the report, saying it was “encouraged by the forward-thinking approach of the parliamentary committee.” Opening Canada to Crypto In its first recommendation, The Parliamentary...Read More
Japan’s National Tax Agency published a partial revision of its corporate tax guidelines on June 20. They include a new set of rules for digital token issuers scrapping the previous taxes on unrealized gains from crypto assets issued by companies. The new tax rules would “make it easier for cryptocurrency-related companies to do business in...Read More
On June 22, the IMF reported on the benefits of CBDCs noting that they could lower remittance costs and improve financial inclusion. It also stated that crypto needs to be regulated for digital assets to safely remain part of the payment system. However, in conclusion, the IMF painted a positive picture of the crypto industry...Read More
The UK’s Financial Services and Markets Bill (a proposed legislation that touches upon traditional monetary services and cryptocurrencies) has moved forward after the Parliament’s upper chamber – the House of Lords – gave its nod. It will now enter into final reading, where the House of Commons is authorized to make amendments. The legislation can...Read More
The President of Brazil – Luiz Inácio Lula da Silva, simply known as Lula – assigned the country’s central bank to supervise the local cryptocurrency sector. The legislation that comes into force on June 20 will give the financial institution jurisdiction to determine which firms can operate in the local market. The bank will also...Read More
Hong Kong’s banking regulator is applying pressure on banks in the city-state, including HSBC and Standard Chartered, to take on crypto exchanges as clients, despite regulatory crackdowns in other parts of the world. At a meeting held last month, the Hong Kong Monetary Authority (HKMA) questioned the UK-based firms and Bank of China about their...Read More
On June 14, Coinbase chief legal officer Paul Grewal updated the situation on the SEC response to the company’s repeated calls for regulatory clarity. The watchdog, which has launched an outright attack on the industry this year, “repeated the fallacy that they haven’t made any decision on new crypto rules,” he reported from the filing....Read More
Due to unclear regulations in the United States, more than half of the bitcoin (BTC) that crypto firms hold for their customers has moved to offshore and international exchanges. According to a CryptoQuant research report shared with CryptoPotato, BTC reserves on U.S.-based crypto exchanges are down to 2017 levels, as they are being lost to...Read More
On June 7, attorneys from Gibson Dunn and Latham & Watkins, two of Binance’s law firms, made a court filing in response to the latest SEC crackdown. In it, they claim that SEC Chair Gary Gensler offered to serve as an advisor to Binance’s parent company in 2019. According to the filing, Gensler met with...Read More
