Singapore has made progress in its regulatory framework for the engaging cryptocurrency industry, evidenced by its changes to its offense of payment services that involve custody of digital assets and a wider range of firms involved in fund transfer. During the 2024 hearings, Singapore’s policy of becoming a leading global destiny for cryptocurrency institutions shall…
Deribit has announced its plans to relocate its headquarters to Dubai. This strategic decision comes after Deribit FZE, the Dubai subsidiary of the Deribit group, secured a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Asset Regulatory Authority (VARA). This development marks a pivotal moment for Deribit, known for facilitating trades in Bitcoin and…
Amidst the breakthrough in Hong Kong’s cryptocurrency-monitoring/” target=”_blank” rel=”noopener”>cryptocurrency infrastructure, HKVAEX, a local digital asset trading platform, made its intermittent closure plan public, resulting in a final shutdown on May 1st, 2024. This decision occurred amid the ongoing pressure for regulatory oversight of the cryptocurrency industry, following the region’s example of Hong Kong. Regulatory scrutiny…
Let’s cut to the chase. The crypto industry just got hit with a bombshell that’s got everyone from day traders to big-time execs sweating bullets. The heart of the matter? A U.S. court just gave Coinbase, a giant in the crypto playground, a hard no on their attempt to swat away the SEC’s lawsuit. This…
Here we go again, folks. It seems like the drama between the United States Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) just got a new episode, and it’s all about KuCoin this time. Caroline Pham from the CFTC threw the first punch by hinting that their latest move on the…
The authorization of a specific industry group by the Ministry of the Interior is an essential step in the oversight and management of Taiwan’s cryptocurrency sector. Establishing a more organized structure is the goal for many in the local crypto community, making this achievement significant for their progress. This decision to approve the formation of…
The Central Bank of Nigeria (CBN) has been in the news over the developments concerning the regulation of cryptocurrencies in the country. In a recent turn of events, Yemi Cardoso, the governor of the Central Bank noted that crypto regulation in the country is under the jurisdiction of the Securities and Exchange Commission of Nigeria…
The Philippines Intends to Block Access to Binance: SEC’s Apprehensions and Regulatory Action The Securities and Exchange Commission (SEC) of the Philippines has announced its intentions to prevent local users from accessing Binance, the world’s largest cryptocurrency exchange. This decision comes in response to concerns regarding Binance’s unlicensed operations within the country. The SEC has…
Hong Kong’s Securities and Futures Commission (SFC) Issues Alert Against Suspicious Crypto Trading Platform HKCEXP The Hong Kong Securities and Futures Commission (SFC) has recently taken action against a suspicious crypto trading platform named HKCEXP, which has been falsely claiming registration with the regulatory body. This development comes at a critical juncture as the SFC…
Revolutionizing Crypto Regulation in Estonia: A New Era The tiny Baltic nation of Estonia has taken the crypto industry by storm with its groundbreaking efforts in crypto regulation. Known for its digital savvy and e-residency perks, Estonia is set to bring crypto service providers under the watchful eye of the Financial Supervision Authority (FSA), marking…
Miles Jennings’ Critique of SEC’s Handling of Crypto Regulation: A Turning Point in the Debate Over Crypto Regulation Background and Context of Miles Jennings’ Critique Miles Jennings, General Counsel at a16z Crypto, one of the world’s leading venture capital firms, has recently delivered a scathing critique of the United States Securities and Exchange Commission (SEC)…
Bipartisan Progress Towards Stablecoin Regulation in the U.S. Congress: A Look into the Ongoing Efforts The world of cryptocurrencies and stablecoins has been under close scrutiny by U.S. lawmakers, with representatives from both houses of Congress making significant strides towards the introduction of a stablecoin bill during the current legislative year. The latest updates on…
In a noteworthy development that is poised to redefine the cryptocurrency sector in Uzbekistan, the National Agency for Prospective Projects (NAPP) has revealed a new mandate aimed at amplifying the monthly operational fees for participants in the crypto market. This announcement was made public on Tuesday, March 19, 2024. Background: A Revised Fee Framework The…
Unified Call for Regulatory Clarity: Industry Players and Advocacy Groups Urge SEC to Establish Guidelines for Cryptocurrency Markets In an attempt to address the regulatory ambiguity plaguing the cryptocurrency space, a coalition of prominent industry players and advocacy groups have rallied together, urging the United States Securities and Exchange Commission (SEC) to establish comprehensive guidelines….
Genesis Global Capital Agrees to Settle SEC Dispute for $21 Million On March 19, 2024, the United States Securities and Exchange Commission (SEC) announced that Genesis Global Capital had agreed to pay a substantial civil penalty of $21 million to settle a legal dispute. The allegations stemmed from the Gemini Earn lending program, which the…
The Nigerian Securities and Exchange Commission (SEC) is set to implement new regulations for Virtual Asset Service Providers (VASPs) within its jurisdiction. These rules aim to strengthen oversight and regulation of the crypto industry, with a particular focus on companies facilitating the trading, exchange, and transfer of virtual assets. Nigeria’s SEC Announces New Regulations for…
Recent Regulatory Developments: Hong Kong’s SFC Lists Unlicensed Crypto Exchange MEXC on Its Cautionary List Hong Kong’s SFC Takes Action Against Unlicensed Crypto Exchange MEXC In a recent regulatory move, the Securities and Futures Commission (SFC) of Hong Kong added the cryptocurrency exchange MEXC to its cautionary list on March 15, 2023. This action signifies…
To Strengthen Oversight, Prevent Financial Crime, and Simplify Regulatory Procedures: The United Kingdom’s Treasury has recently announced a consultation paper detailing substantial updates to the money laundering regulations, with a primary focus on regulating crypto assets. Introducing a New Era of “Smarter Regulation”: The proposed modifications stem from a review of the Money Laundering, Terrorist…
Revolutionizing Financial Regulations: Dubai International Financial Center (DIFC) Introduces the World’s First Digital Assets Law The financial landscape is undergoing a significant transformation, with technological advancements leading to new opportunities and challenges in international trade and finance. In response to these developments, Dubai International Financial Center (DIFC), a leading financial hub based in the United…
Amidst the growing interconnectedness of the digital economy and traditional financial systems, the Hong Kong Monetary Authority (HKMA) is taking decisive actions to establish a regulatory framework for stablecoin issuers within the region. Understanding the significant risks and opportunities posed by the burgeoning virtual asset market, the HKMA’s regulatory endeavors aim to strike a balance…
