South Korea’s new rules to protect users’ crypto assets took effect on July 19. These regulations, introduced by the country’s financial watchdog, aim to ensure safer handling of digital currencies by virtual asset service providers (VASPs). The “Virtual Asset User Protection Act” requires virtual asset service providers (VASPs) to follow new steps to keep users’…
On Thursday, people on Polymarket bet over $13 million on whether the SEC would approve Ethereum ETFs. Afterward, they debated if the approval actually took place. The U.S. Securities and Exchange Commission (SEC) has approved eight spot Ethereum ETFs, sparking a new debate about what “approved” really means. This argument was particularly intense on Polymarket,…
The US crypto industry has reached a milestone with the approval of the FIT21 Crypto Bill by the House of Representatives. This bill aligns regulations with crypto sector needs, aiming to clarify rules for digital asset trading and registration, potentially opening new opportunities for investors and the industry. In upcoming discussions, we will explore in…
The U.S. Congress recently passed a bill to reverse SEC’s Staff Accounting Bulletin No. 121, which currently mandates financial institutions to classify crypto assets as liabilities. However, President Biden has indicated he may veto the bill, underscoring his administration’s firm position on cryptocurrency regulation. The U.S. Congress has approved a bill aimed at changing SEC’s…
Senate votes to repeal anti-crypto rule SAB121, passing bill for Bitcoin custody by financial firms. U.S. Senator Elizabeth Warren opposes, citing safety concerns over digital assets held by banks. Senator Elizabeth Warren urges the Senate to reject a bill allowing financial firms to custody Bitcoin, citing safety concerns. Senator Cynthia Lummis supports the bill, emphasizing…
South Korea is tightening crypto rules, with potential life sentences for serious offenders. The new law, starting in July, targets illegal activities in the crypto market, like fraud and manipulation. The Financial Services Commission (FSC) of South Korea announced tough penalties, including jail time and hefty fines, for breaking the crypto law. Offenders could face…
Hong Kong, a global financial hub, is introducing regulations for over-the-counter (OTC) crypto trading platforms to enhance transparency and protect investors in the digital asset market. The Financial Services and the Treasury Bureau (FSTB) announced plans for a new regulatory framework in response to rising concerns over risks, including involvement in fraud cases, associated with…
Securities regulators in Canada are suggesting new rules to bring more clarity and reduce risks for public investment funds involved in crypto assets. The proposed changes aim to limit the actions that public investment funds can take with cryptocurrencies and establish specific standards for holding these digital assets. Proposed Crypto Regulations for Canadian Investment Funds…
Turkey is almost finished with its technical work on rules for digital assets, and the draft rules will be out soon, confirmed the country’s finance minister, Mehmet Şimşek. These rules will focus on digital asset exchanges and aim to safeguard investors while establishing operational standards. The minister shared this information in an interview with the…
On Wednesday, the Securities and Exchange Commission approved important applications from markets wanting to introduce these innovative products. Starting Thursday, these ETFs will be available for trading. For more than ten years, the asset management industry has been working on introducing a regular Bitcoin ETF. There’s optimism that this move will attract more investors to…
Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), has introduced stronger regulations. These measures aim to improve the rules that oversee financial activities in the country. Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS), has introduced stronger regulations to protect individuals and restrict their involvement in cryptocurrency…
Taiwan is moving towards cryptocurrency regulation with a new law proposal. If this proposal becomes law, all crypto platforms in Taiwan will have to obtain permits to operate. Although the timeline for the second reading is not set, the initial reading of the draft law has passed in Taiwan’s parliament, the Legislative Yuan. Yung-Chang Chiang,…
California Governor Gavin Newsom has approved a bill that introduces regulations for the cryptocurrency industry in the state. These regulations mandate that companies in the crypto sector must acquire a license to operate. Governor Gavin Newsom of California signed a bill on Friday to regulate cryptocurrencies within the state. This bill was approved by California’s…
David Hirsch, the person in charge of making sure people follow the rules for cryptocurrencies at the SEC, has mentioned that besides Coinbase and Binance, there are other places where people are not following the rules when it comes to exchanges and DeFi. The person in charge of making sure that crypto businesses follow the…
In a significant move, European Parliament lawmakers have voted overwhelmingly in favor of a continent-wide tax-reporting rule for cryptocurrency transactions. With nearly 90% of votes supporting the measure, this decision underscores Europe’s commitment to combating fraud in the growing crypto market. During a plenary session held in Strasbourg, France, on September 13, European legislators expressed…
Leaders from the world’s 20 biggest economies are taking steps to put in place a system for tracking cryptocurrency activities globally. This framework, called the Crypto Asset Reporting Framework, is designed to ensure that crypto transactions and the people involved in them are more transparent to tax authorities. It involves sharing information between different countries,…
Grayscale’s Bitcoin Trust ($GBTC) has sent a strong letter to the SEC, questioning why there are different rules for spot Bitcoin ETPs and Bitcoin futures ETPs. They want the SEC to explain its regulations. Grayscale is urging the SEC to quickly make a decision on NYSE Arca’s Rule 19b-4 filing. They say the long wait…
Ripple said “No” to the SEC’s request to challenge a judge’s decision from July in their legal battle with the crypto company. Ripple, the cryptocurrency company, said that the SEC hasn’t given a strong enough reason for the appeals court to get involved in their ongoing legal fight. They made this argument in a new…
The IRS and Treasury have outlined proposed rules that would require brokers, exchanges, and potentially decentralized exchanges to enhance their tax reporting in the coming years. The U.S. Treasury Department has introduced proposed rules aiming to enhance tax reporting within the crypto industry. These rules would require brokers and exchanges to report specific crypto sales,…
Xiao Yi, a past Chinese government worker, has been given a life prison term for taking bribes and misusing power. Part of his wrongdoing is connected to helping Bitcoin mining. The Chinese official supposedly used his power to give money and support to Bitcoin mining companies, and he also helped them with getting electricity. Misuse…