Government officials have confirmed the city’s crypto commitments at the Hong Kong Web3 Festival this week as it aims to become a fully regulated crypto hub attracting investment and Web3 startups. On April 12, Financial Secretary Paul Chan Mo-po reiterated that appropriate regulations and oversight were of paramount importance. “I believe that everybody has learned from...Read More
Earlier this week, the United States Treasury Department came out with some strong words while elaborating on the risk assessment of decentralized finance (DeFi) in the first report of its kind in the world. While the agency managed to start an important conversation on the much-needed industry guidance, crypto advocates have been firm on regulation...Read More
On April 12, Andrew Bailey, governor of the Bank of England, stated during a press conference at the Institute of International Finance in Washington that stablecoins should be regulated in the same way as fiat money. According to Bailey, stablecoins lack an “assured value,” one of the main characteristics that people look for when investing...Read More
Bitfinex became the first cryptocurrency exchange to be registered as a Digital Asset Service Provider (DASP) by the regulators of El Salvador. The Latin American country is a pioneer in the industry, embracing bitcoin as a legal tender in 2021. Under the rule of President Nayib Bukele, it purchased amounts of the primary cryptocurrency on...Read More
While some US regulators propose launching a Central Bank Digital Currency (CBDC) controlled by the Federal Reserve that could be as manipulated as the dollar, Texas wants a digital currency exchangeable for physical gold and cash. Senate Bill 2334, introduced by Senator Bryan Hughes, and House Bill 4903, introduced by Representative Mark Dorazio, together represent...Read More
The California Department of Financial Protection and Innovation (DFPI) joined a multi-state settlement with Robinhood, which will pay approximately $10.2 million in fines for registering operational deficiency that negatively affected investors during the COVID-19 crisis. The crypto-related company was slapped with another $30 million penalty last summer by the New York State Department of Financial...Read More
Poor cybersecurity practices within the decentralized finance (DeFi) industry present a threat to crypto, consumers, and national security, according to a new report from the United States Treasury Department. The first-of-its-kind document argues that DeFi’s peer-to-peer nature presents new illicit finance risks that require extra legal supervision to address. The Risks of DeFi Released on...Read More
Japan’s Financial Services Agency (FSA) issued a warning letter to four leading cryptocurrency platforms (Bitget, Bybit, MEXC Global, and BitForex) for failing to receive proper registration. The watchdog alerted in 2021 that Bybit had started offering services without obtaining the necessary licenses. The FSA’s Latest Warning The Japanese regulator maintained in a recent letter that the...Read More
Crypto firms in the United Kingdom are struggling to obtain banking services, Bloomberg reported Sunday, citing multiple sources. Local crypto executives expressed frustration with rejected applications, frozen bank accounts, and overwhelming paperwork. The situation was exacerbated by the departure of United States-based lenders Silvergate Capital, Signature Bank, and Silicon Valley Banks. Banking Restrictions Hinder Crypto...Read More
Indian tax authorities collected Rs 158 crore (approx. $19 million) in TDS on the transfer of virtual digital assets (VDA) till March 20, Minister of State for Finance Pankaj Chaudhary told the Parliament on Tuesday. Given that the financial year ended on March 31, it can be taken as the final figure for the entire...Read More
On March 31, Bittrex, one of the largest and oldest US exchanges, announced the closure of its operations due to the country’s current “regulatory and economic environment.” According to the official statement, users’ funds will remain secure and available for withdrawal at any time during the wind-down of US operations. This announcement will not affect...Read More
SEC chair Gary Gensler pulled no punches against crypto in a testimony to the House Financial Services Subcommittee on March 29. The meeting addressed the agency’s fiscal year 2024 budget request, and Gensler acknowledged the high pace of technological change. However, he was quick to attack the digital asset sector yet again with this sweeping...Read More
A controversial bill to ban the popular social media app TikTok could potentially be used to clamp down on crypto, say legal policy experts at Coin Center. The crypto-focused non-profit claimed that, in extreme cases, the legislation could be used to “block Americans’ access to open source tools or protocols like Bitcoin.” A Silent Attack...Read More
The intercontinental political forum consisting of the seven biggest economies in the world (better known as the G7) is reportedly willing to implement rigid rules on the cryptocurrency industry after the numerous negative events which took place recently. The final version of the framework should be ready by July this year, while the nations will...Read More
Republican congressman Tom Emmer has introduced more crypto-related legislation – this time to help blockchain developers from unreasonable financial reporting requirements. The new bill may help to correct controversial language within the Biden Administration’s infrastructure bill in late 2021, which could theoretically label a swath of the blockchain \network participants as digital asset “brokers.” Clearing...Read More
On March 14, the bank Anchorage Digital announced the layoff of 20% of its workers due to the crypto winter and regulatory uncertainty in the US. According to the official statement, the departure of 75 of its employees (approximately 20% of its team) is necessary to focus its resources on other essential processes. This is...Read More
Popular UK-based financial institution National Westminster Bank (NatWest) has restricted the funds its customers can spend on crypto purchases to reduce their exposure to the volatile asset class. According to a Bloomberg report, NatWest account holders now have a transfer limit of £1,000 ($1,215) per day or £5,000 ($6,090) every 30 days into crypto exchanges....Read More
Barney Frank – a board member for Signature Bank and former member of U.S. Congress – believes the government had “no objective reason” to force his company into receivership on Friday. Rather, he interpreted the action as an attempt by regulators to “send a very strong anti-crypto message,” throughout the country. Why Close Down Signature?...Read More
Former NBA star Shaquille O’Neal and professional tennis player Naomi Osaka may avoid being held accountable in the collective lawsuit against cryptocurrency exchange FTX due to a lack of notification. As per the order issued on March 9, US District Judge Kevin Moore stated that it is unclear if O’Neal and Osaka were notified of...Read More
According to a March 9 Fox Business report, the next salvo in Uncle Sam’s war on crypto could be a massive class action lawsuit filed on behalf of retail investors against top exchanges. The outlet reported that leading securities lawyer Tom Grady is preparing for potential litigation against America’s largest crypto companies, including Coinbase, Robinhood,...Read More
New York Attorney General Letitia James has sued cryptocurrency exchange KuCoin for selling both commodities and securities on its platform without necessary registration. One of the “securities” it alleges KuCoin to have illegally sold is Ether – the second largest cryptocurrency next to Bitcoin. Ethereum is a Security, Says NYAG Per the lawsuit filed with...Read More
U.S. President Joe Biden released his official 2024 budget plan this Thursday – and cryptocurrency transactions are in its crosshairs. His many proposals include subjecting crypto to the same wash sale rules as stocks and bonds, while also raising capital gains taxes for the wealthiest Americans. Biden’s Budget Plan The plan, according to the White...Read More
The Australian Treasury will most likely delay enforcing new cryptocurrency rules for the middle of 2024 or even 2025. The local government was expected to impose rules by the end of 2022. Some expected the authorities would rush to do so this year, especially after the multiple collapses and investor losses that undermined the sector...Read More
The G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting on February 24-25 in Bengaluru, India, concluded with a strong commitment to regulations for the cryptocurrency sector. The International Monetary Fund (IMF), Bank for International Settlements (BIS), and Financial Stability Board (FSB) have been tasked to come up with recommendations and a roadmap for regulating...Read More
America’s largest cryptocurrency exchange is pulling out all the stops to ensure U.S. policymakers get things right with how they treat the crypto industry. The company has announced Crypto435 – a grassroots initiative to expand pro-crypto advocacy to citizens across all 435 Congressional Districts. Coinbase’s Advocacy Mission As tweeted by Coinbase on Tuesday, the initiative...Read More
The Tel Aviv Stock Exchange (TASE) is willing to enable clients of its non-banking members to trade cryptocurrencies. Its proposal comes as a result of the turmoil experienced in the sector last year, which according to numerous watchdogs, was a prerequisite for imposing stricter regulations. Authorizing NBMs The TASE – Israel’s only public stock exchange...Read More
Gary Gensler’s recent interview with New York Mag (NYMAG) has ruffled feathers across the crypto industry again. The SEC chair reiterated that he considers all crypto assets and all transitions to be subject to U.S. securities laws, aside from spot trading for Bitcoin. Although crypto assets have yet to be officially classified, Gensler said “everything...Read More
On February 22, Republican Congressman Tom Emmer of the US House of Representatives introduced a bill to ban the Federal Reserve (Fed) from issuing a central bank digital currency (CBDC). The “CBDC Anti-Surveillance State Act” aims to protect the financial privacy of American citizens by prohibiting the creation of a CBDC by the Fed without...Read More
America’s 3 federal bank regulators had a clarifying message for banking organizations on Thursday: servicing the crypto industry is neither illegal nor discouraged. That said, the institutions – including the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) – named various risks to keep in mind when...Read More
The first Finance Ministers and Central Bank Governors Meeting of G20 under India’s presidency, taking place from February 23 to 25 at Bengaluru, is expected to discuss cryptocurrencies, among other issues, Reuters said in a report. Indian Finance Minister Nirmala Sitharaman, who plays the host, earlier said that the group is exploring if it can...Read More
