U.S. Senator and chairman of the Senate Banking Committee, Sherrod Brown (D-OH), spoke on Sunday about what actions regulators need to take after the implosion of FTX. He suggested that crypto may be something that “ought to be banned” if not for the risk of sending the industry offshore. Banning Crypto Speaking with NBC’s Chuck...Read More
Nigeria is planning to push a law to legalize the usage of bitcoin and cryptocurrencies, backpedaling its stance on the industry. According to a local newspaper, Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Markets and Institutions of Nigeria, disclosed details about the new law that seeks to amend the existing “Investment...Read More
Global regulators have been railing against crypto over the past month, and their wild condemnations are becoming more extreme. The latest to make one of these ludicrous accusations is incoming FCA chair Ashley Alder. On Dec. 14, he told politicians that crypto platforms were “deliberately evasive,” facilitated money laundering at scale, and created “massively untoward...Read More
With FTX’s collapse spurring global regulators into action against the crypto industry, the Canadian Securities Administrators (CSA) are no exception. On Monday, the association announced an expanded ruleset pertaining to crypto trading platforms in Canada, which would bar them from offering margin or leverage trading to Canadian clients. No More Leverage As announced by the...Read More
The world’s largest financial watchdog, the FSB, plans to roll out regulatory guidelines for crypto in 2023. According to the Financial Times, the FSB intends to set out a timeline for global regulators in the coming months. It will enable them to implement its first recommendations on global crypto regulation, it added. The move is...Read More
On December 13, 2022, Bahamian authorities denied parole to Sam Bankman-Fried, also known as SBF, after he was charged by U.S. lawmakers with eight counts of financial fraud. As reported by Reuters, Bahamian Chief Magistrate JoyAnn Ferguson-Pratt denied Sam Bankman-Fried’s lawyers’ request for parole, citing a “great” risk of him becoming a fugitive. Therefore, SBF,...Read More
On Dec. 8, the SEC’s Division of Corporation Finance released a statement “regarding recent developments in crypto-asset markets.” The guidance has targeted companies that have disclosure obligations under federal securities laws. Citing “widespread disruption” in crypto markets, the regulator said that companies should evaluate their disclosures and update them if crypto is involved. “In meeting...Read More
Hong Kong’s legislative council has added a new amendment to the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 to accommodate the cryptocurrency industry. The legislation will essentially introduce a licensing regime for virtual asset service providers (VASPs). Hong Kong’s Licensing For VASPs Under the new additions, VASPs seeking to start operations in the region...Read More
Yet another US politician at the center of crypto industry regulation has changed stances on Ether’s legal classification. Senator Cynthia Lummis (R-WY) revealed Wednesday that she now views the second largest cryptocurrency as a security – not a commodity. Bitcoin is the Only Crypto Commodity: Lummis Lummis expressed her changed view on the asset with...Read More
Following the controversial interview between Sam Bankman-Fried and journalist Andrew Ross Sorkin at the New York Times DealBook Summit, SBF received a cordial invitation on December 13 from Congresswoman Waters to understand what happened during the FTX collapse. However, SBF declined Waters’s invitation, saying he didn’t feel it was the right time to appear before...Read More
A prominent Indian cryptocurrency trade body – Bharat Web3 Association (BWA) – has red-flagged the high taxes and regulatory uncertainty in its draft of concerns and recommendations submitted to the Indian Finance Ministry, which is holding consultations in the run-up to the budget for 2023-24. A meeting between the BWA representatives and the Indian finance...Read More
The latest critique came from the top leadership at European Central Bank (ECB), who stated that Bitcoin’s value “is likely to be artificially induced” while adding that the crypto-asset is on a “road to irrelevance.” In the blog post, ECB Director General Ulrich Bindseil and Analyst Jürgen Schaff went on to claim that the world’s...Read More
The lower house of Brazil’s parliament approved a cryptocurrency bill that seeks to establish a stringent regulatory framework in the country, a theme that resonates with several governments around the globe after the collapse of FTX. Now, the legislation has been sent to the President, Jair Bolsonaro, for his approval. Among other things, the bill...Read More
The U.S. Office of Foreign Assets Control (OFAC) has made it clear that it will keep imposing fines on cryptocurrency exchanges for alleged violations of the U.S. sanctions system. This time it was the turn of Kraken, one of the oldest crypto exchanges in the U.S. Who will be next? Kraken, a well-known American crypto...Read More
Belgium’s financial regulator does not consider crypto-assets such as Bitcoin (BTC) and Ethereum (ETH) to be securities. The Financial Services and Markets Authority (FSMA) released a statement in which it said cryptocurrencies that are issued solely by computer code do not constitute securities. The regulator’s response comes after receiving an increasing number of questions about...Read More
On the heels of the Terra LUNA meltdown and the bankruptcy of FTX, authorities from South Korea are proposing new amendments to the Digital Assets Bill seeking greater control over cryptocurrency exchanges. Congressman Yoon Chang-Hyun is preparing an amendment to expand financial authorities’ control capabilities to prevent the repetition of events such as the FTX...Read More
New York state governor Kathy Hochul has signed a moratorium on using fossil fuels to power Bitcoin mining operations in the region. The new legislation aims to address environmental concerns in the state to balance its economic development and climate goals. A Two-Year Ban The approved bill targets Bitcoin and other crypto mining companies leveraging...Read More
An FTX user is suing NBA team Golden State Warriors, accusing them of fraudulently promoting the FTX exchange after losing $750,000 due to the platform’s collapse. The plaintiff Elliot Lam, filed a class action lawsuit in San Francisco against Sam Bankman-Fried (SBF), former CEO of FTX, Caroline Ellison, CEO of SBF’s trading firm Alameda Research...Read More
The prominent bitcoin bull – Michael Saylor – opined that the FTX crisis will have certain benefits on bitcoin. In his view, the turbulence will eliminate thousands of useless digital assets while the primary cryptocurrency and a “handful” of other coins will be the only survivors. ‘Bitcoin Will be the Winner’ In a recent interview...Read More
Indonesia plans to give its Financial Services Authority (OJK) the power to regulate cryptocurrency investments and market oversight. The country’s Trade Ministry currently polices the digital asset industry in collaboration with the Commodity Futures Trading Regulatory Agency. However, Indonesia’s finance minister, Sri Mulyani Indrawati, said the country would transfer the authority to OJK to...Read More
The Canadian government will begin consultations on cryptocurrencies, stablecoins, and CBDCs. The ruling body maintained that such assets should function under strict supervision since they could facilitate illicit operations and pose “a challenge to democratic institutions.” Crypto is Among the Budget’s Priorities As disclosed in its mini-budget 2022, Canada’s federal government will aim to impose...Read More
The issuer of the stablecoin USDC – Circle – and the blockchain infrastructure platform – Paxos – received licenses from the Monetary Authority of Singapore (MAS) to offer services in the city-state. The country’s top financial regulator has greenlighted numerous digital asset firms over the past several months, including CryptoCom, Genesis, and Sparrow. Circle’s Authorization...Read More
Ethereum co-founder Vitalik Buterin recently weighed in on crypto regulation, noting that he is somewhat happy that watchdogs continue to reject crypto exchange-traded funds (ETFs) applications. In a lengthy controversial Twitter thread on October 30, Buterin stressed that the crypto industry is still in its early stages of attracting institutional adoption due to the need...Read More
China’s autonomous special administrative region – Hong Kong – reportedly aims to legalize cryptocurrency retail trading and emerge as a digital asset hub. According to the Co-Founder of BitMEX – Arthur Hayes – the state’s vision and crypto adoption could propel a new bull market. What Is on the Agenda? A recent coverage by Bloomberg...Read More
Singapore authorities have proposed a new set of regulatory measures to oversee the use of digital assets in the country and protect consumers. The country’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), recently published two consultation papers containing suggestions to tighten the country’s regulatory stance on digital assets. MAS Proposes Ban...Read More
A ray of light for the crypto industry has emerged amidst all the recent economic and political turmoil in the United Kingdom. Parliament convened on Oct. 25 to discuss a proposed Financial Services and Markets Bill for economic recovery following the country’s exit from the European Union. Several amendments to the bill were proposed, including...Read More
The power tussle between the United States Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over regulatory oversight of the crypto market continues to confuse investors about which rules to follow. In line with the turf war conflict between the two market watchdogs, CFTC chairman Rostin Behnam has reiterated that Bitcoin...Read More
South Korea’s top monetary regulator – the Financial Service Commission (FSC) – thinks cryptocurrencies and stablecoins could facilitate money-laundering activities. As such, it will reportedly closely monitor the actions of the country’s largest crypto holders (those who own over $70,000 worth of digital assets). According to a local coverage, the Financial Intelligence Unit (a division...Read More
The thorough analysis and several investigations that the US Securities and Exchange Commission (SEC) has launched on notorious crypto-related entities seem to be working out for the industry so far. 60% of the respondents in a recent survey said they are more likely to enter the digital asset ecosystem after seeing how the regulator interacted...Read More
Earlier this week, the crypto billionaire riled the industry by suggesting ways to confront the legal and hacking woes plaguing the ecosystem. Erik Voorhees, ShapeShift co-founder, is the latest one to detail concerns regarding the draft. The OFAC Conundrum While Voorhees noted that rules are important and that “voluntarily-adopted” standards are noble because they are...Read More
