South Korea Implements Crypto Accounting and Disclosure Rules for Transparency and Investor Protection South Korea has recently implemented new regulations pertaining to the accounting and disclosure practices within its crypto industry. Introduced by the country’s top financial regulator, these rules aim to enhance transparency and safeguard investors following the market upheaval experienced last year. The…
South Africa introduces new cryptocurrency regulations as part of FSCA’s 2023 plan (FSCA’s 2023 Regulation) South Africa’s Financial Sector Conduct Authority (FSCA) has revealed its 2023 Regulation Plan, which sets out rules for the cryptocurrency industry. The plan covers the period from April 1, 2023, to March 31, 2026, and aims to make things clearer…
Appointment of Crypto-Critic Deals Blow to Hopes of China’s Crypto Policy Shift. Pan Gongsheng, the current deputy governor of the People’s Bank of China (PBoC), is expected to become the next governor, according to unnamed sources cited in a recent Wall Street Journal report. This appointment signals a continuation of China’s anti-crypto stance under his…
Bill introduced in September moves closer to becoming law in Parliament The Economic Crime and Corporate Transparency Bill in the UK, designed to assist law enforcement in seizing and freezing cryptocurrency used in criminal activities, moved one step closer to becoming a law. The bill was passed by the upper chamber of Parliament on Tuesday,…
South Korea Takes Initial Step Towards Digital Asset Legal Framework South Korea Takes First Step with Virtual Asset User Protection Act, Establishing Legal Framework for Virtual Assets. The recently passed legislation in South Korea, set to take effect next year, is a comprehensive compilation of 19 proposals put forth by lawmakers. This groundbreaking legislation not…
Coinbase responds to SEC lawsuit, alleges due process violation and jurisdiction overreach. In its initial legal response to the SEC’s lawsuit, Coinbase, the U.S. cryptocurrency exchange, asserted that the digital assets listed on its platform are not within the regulatory scope of the U.S. Securities and Exchange Commission (SEC). In simpler terms, Coinbase argues that…
Proposed Agreement Addresses SEC’s Motion for Restraining Order. Federal Judge Approves Temporary Agreement: SEC, Binance, and Binance.US Collaborate to Restrict Access to Customer Funds to Local Employees Amid Ongoing Lawsuit. Late on Friday, the involved parties announced an agreement aimed at restricting access to customer funds solely to Binance.US employees for the time being. Judge…
The U.S. derivatives regulator plans a June 26 meeting to discuss initiating a new review of Kalshi’s event contracts for potential approval. On June 26, the Commodity Futures Trading Commission (CFTC) will determine whether to initiate a formal 90-day review of KalshiEX’s contract, which enables users to wager on the political party that will gain…
Terraform Labs’ legal team presented the argument that UST should not be classified as a security since its primary purpose is facilitating commercial transactions, rather than serving as an investment vehicle. During a recent hearing on Terraform Labs’ motion to dismiss the lawsuit filed by the U.S. Securities and Exchange Commission (SEC), the central question…
According to the Financial Times, Hong Kong regulator pushes HSBC and Standard Chartered to onboard Crypto Exchanges. Key Factors: HKMA urges HSBC and Standard Chartered to onboard crypto exchange clients. HKMA emphasizes streamlined due diligence for potential customers, especially for those establishing offices in Hong Kong. Banks seek to dissuade customers from participating in cryptocurrency…