Coinbase’s Legal Battle with the SEC: Petitioning for Crypocurrency Industry Rulemaking In a significant development in an ongoing legal dispute between cryptocurrency exchange Coinbase and the United States Securities and Exchange Commission (SEC), Coinbase has taken its fight a step further by filing a petition in the Third Circuit Appeals Court to compel the SEC…
The Securities and Exchange Commission (SEC) of Thailand has announced a major development in the realm of cryptocurrency investment, granting institutional investors and very high-net-worth individuals access to crypto exchange-traded funds (ETFs). This landmark decision represents a significant departure from previous regulations and signals an increasing acceptance of digital assets within the traditional financial landscape….
U.S. President Joe Biden’s recently unveiled budget proposal for the fiscal year 2024 includes several measures targeting the cryptocurrency sector, which the administration believes could potentially generate substantial revenue for the government. The proposals revolve around extending existing financial regulations to digital assets and enforcing stricter reporting requirements. Application of Wash Sale Rules to Digital…
The Philippines National Telecommunications Commission (NTC) has taken a significant step forward in regulating the burgeoning cryptocurrency market by launching an initiative to tackle unlicensed cryptocurrency companies operating within the country. This move comes in response to recent reports that websites affiliated with crypto firms MiTrade and OctaFX have been blocked by one of the…
Title: Mathew White, CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), Discusses the Imperative Role of UAE Banking Sector in Embracing Virtual Assets and Institutional Players Mathew White, the charismatic CEO of Dubai’s Virtual Asset Regulatory Authority (VARA), recently shared his insights on the current state and future plans of the virtual asset ecosystem in…
Central Bank of Nigeria’s Strategic Partnership with Gluwa: A Leap Forward for eNaira Adoption and Revolutionizing Credit The Central Bank of Nigeria (CBN) recently announced an exciting new collaboration with Gluwa, a blockchain credit infrastructure company. This strategic alliance is designed to enhance the adoption of the CBN’s digital currency, eNaira, by utilizing Gluwa’s innovative…
In a recent legal turn of events, the High Court of Montenegro has rendered a decision in favor of extraditing Do Kwon, the co-founder of Terraform Labs, to South Korea to face criminal charges related to the May 2022 collapse of his multibillion-Dollar cryptocurrency enterprise. This ruling overturns a previous decision that had approved his…
UK’s Official Incorporation of OECD Crypto Reporting Standards: A Game Changer in Tax Transparency and Revenue Generation The United Kingdom (UK) has taken a significant step towards enhancing tax transparency and generating substantial revenue by officially incorporating the Organization for Economic Co-operation and Development’s (OECD) cryptocurrency reporting standards into its legal and fiscal framework. This…
The United Kingdom’s Proactive Approach to Crypto Regulation: Embracing Innovation and Ensuring Financial Stability The cryptocurrency market, stablecoins, and central bank digital currencies (CBDCs) are experiencing exponential growth, and the United Kingdom is making significant strides towards establishing a comprehensive regulatory framework to accommodate these innovative financial instruments. Varun Paul, who previously served at the…
Title: SEC Cracks Down on Crypto Firm ShapeShift: A Pivotal Moment in the Regulatory Landscape of Cryptocurrencies The SEC’s Crackdown on ShapeShift: A Significant Development in the Crypto World In a groundbreaking move for the cryptocurrency sector, the United States Securities and Exchange Commission (SEC) has imposed a cease-and-desist order against ShapeShift, a cryptocurrency company….
A Political Action Committee (PAC) Backed by the Crypto Industry: Fairshake, invests $10 Million in California Senate Elections Fairshake PAC’s $10 Million Investment Against Katie Porter in California Senate Race A Political Action Committee (PAC) named Fairshake, backed by the crypto industry, has invested an impressive $10 million in advertising campaigns targeting Katie Porter’s bid…
In a groundbreaking move to fortify their stance against economic crime and terrorism financing, the UK’s law enforcement agencies are on the precipice of acquiring heightened powers to seize cryptocurrency assets associated with illicit activities. This development, which is set to be executed on April 26, follows the recent approval of secondary legislation that supports…
The Financial Stability Institute (FSI) has recently released a trailblazing set of recommendations intended to guide the regulation and supervision of global stablecoins (GSCs). This initiative arrives at a crucial juncture, as GSCs continue to garner significant attention from markets across the globe, offering both opportunities and challenges for the financial ecosystem. The FSI’s comprehensive…
The House Financial Services Committee (HFSC) has taken a pivotal step forward in the ongoing regulatory discourse surrounding cryptocurrencies by voting in favor of a resolution aimed at overturning a Securities and Exchange Commission (SEC) guideline concerning crypto custody. This resolution seeks to annul Staff Accounting Bulletin No. 121 (SAB 121), a guideline introduced in…
South Korea’s political landscape is undergoing a significant transformation as the ruling People Power Party puts on hold its plans to loosen cryptocurrency regulations, including the lifting of the ban on local spot bitcoin exchange-traded funds (ETFs). This decision comes in response to challenges in aligning the party’s crypto policies with those of the government…
In a groundbreaking development for the digital asset market in Singapore, HashKey Technology Services Pte. Ltd., more commonly known as HashKey OTC, a prominent member of the renowned HashKey Group specializing in over-the-counter (OTC) trading of digital assets, has been granted in-principle approval for its Major Payment Institution license by the Monetary Authority of Singapore…
Spain’s Financial Regulator Issues Warning to Investors about Unlicensed Crypto Companies Background: CNMV Lists 18 Unauthorized Companies, Some in the Crypto Sector The National Securities Market Commission (CNMV) of Spain has published a list of 18 companies that are operating within the country without the necessary licenses. Among these entities, several companies operating in the…
Cryptocurrency exchange HTX, previously known as Huobi Global, has recently withdrawn its application for a license from the Securities and Futures Commission (SFC) in Hong Kong. This announcement was made public on February 23 through an SFC Website filing, marking a significant development in the regulatory landscape for virtual asset trading platforms in the region….
Amidst the rapidly evolving digital landscape, the Financial Stability Board (FSB) is taking proactive measures to address the challenges posed by crypto assets. In a recent letter to G20 finance ministers and central bankers, FSB Chair Klaas Knot outlined the agency’s plans to focus on asset tokenization as part of its support for the G20…
As the clock ticks down towards the crypto-etf/” target=”_blank” rel=”noopener”>regulatory deadline for crypto exchanges in Hong Kong to secure the necessary licensing from the Securities & Futures Commission (SFC), there has been an increasing level of scrutiny on the industry, following a string of scandals and regulatory actions. The Pressing Importance of the Licensing Deadline…
