Australia’s approach to Central Bank Digital Currencies (CBDCs) has changed course. Rather than the development and testing of retail CBDCs in an effort to promote them to the public, the country has actively taken up the use of wholesale CBDCs. This decision is in line with the purpose of implementing CBDCs to improve the existing…
Japanese authorities are said to be looking at ways to relax the country’s laws regarding cryptocurrencies as more and more companies see the potential of blockchain. The decision of Japan can be attributed to the increasing appreciation of the impact of blockchain technology to business operations and the overall economy. Since the country is well-aware…
Cryptocurrency market may experience a massive shift with the possibility of China being at the helm of a $1.4 trillion shakeup. This is based on the recent policies that have begun to be implemented in China towards cryptocurrencies as well as its efforts to shape the direction of the future of assets and blockchain solutions. …
September 17, 2024 at 12:30 PM GST updated: September 17, 2024 at 11:43 AM 2 mins read News All five SEC Commissioners will testify before the House Committee for the first time since 2019, amidst scrutiny of the agency. SEC Chair Gary Gensler faces allegations of violating federal law by considering political affiliations in hiring…
The U. S. Securities and Exchange Commission (SEC) has recently acknowledged the emerging state of confusion regarding its position on cryptocurrencies’ securities. It was made after years of enforcement actions and regulatory guidance that put the crypto industry into turmoil. However, the SEC persists in the regulation of digital assets, the agency underscores the difficulties…
Russia is stepping up its measures to control cryptocurrencies in a broader campaign within BRICS to demonetize the British pound and the US dollar. As geopolitical realities remain fluid, the BRICS countries including Brazil, Russia, India, China, and South Africa are looking at how to reduce the US dollar’s hegemony in foreign trade. Russia’s latest…
September 16, 2024 at 01:20 PM GST 2 mins read News The SEC’s strict crypto regulation allegedly led to a $15 billion loss for retail investors, according to pro-crypto attorney John Deaton. The SEC recently clarified that cryptocurrencies are not securities, marking a change from its previous regulatory stance. John Deaton, now a Senate candidate,…
A U.S. congressman has introduced the Bridging Regulation and Innovation for Digital Global and Electronic Digital Assets Act (BRIDGE Act), aimed at improving collaboration between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on digital asset regulations. The bill proposes forming a Joint Advisory Committee to unite both agencies and…
China is moving to update its legislation to tackle new money and cryptocurrency money laundering crimes. The Chinese Congress is set to introduce new money laundering concepts in the second review of the money laundering law draft revision, which will establish additional requirements for monitoring tech-related new money laundering risks. China to Address Crypto Money…
The attorney general of Brazil has come out openly endorsing the possibility to suspend operation of X. The platform is in news as of late, because of the controversy it has generated regarding the spread of fake news. As concerns grow, the Brazilian government is looking to regulate information that is fake news, especially in…
The Worldcoin is a less known project that is headed by the CEO of OpenAI, Sam Altman. It has received attention across the world and has been associated with privacy issues. Since it aims at implementing a decentralized system for identity verification through the use of scanning of the iris, the project is facing criticisms…
It is worth noting that UK courts recently classified Tether (USDT) as property under the law. This is a tremendously positive measure for the digital asset industry as it is the first time the court in England has come to this conclusion after a trial. The case provides a clear guideline regarding the treatment of…
Tesla and Spacex CEO Elon Musk has warned that without substantial government reform, laws and regulations will worsen annually, potentially stifling major initiatives. He has reiterated his call for significant U.S. government changes and agreed to help former President Donald Trump lead a new government efficiency commission, an idea he proposed. Musk believes reducing wasteful…
Fintech startups face significant challenges when expanding to Kenya, primarily due to the lengthy and complex process of obtaining an operating license. Obtaining a payment service provider (PSP) license can take up to two years, forcing startups to rely on workarounds such as partnerships with established players like telcos and banks. High market entry barriers…
Hong Kong’s Securities and Futures Commission is adjusting its regulatory approach with regard to cryptocurrencies. The expansion of the market of digital assets became a reason for reconsidering the rules and increasing the activity of the SFC. These changes would affect the way OTC cryptocurrencies’ transactions occur and how the market players are regulated. These…
The UK has recognized the potential in this market and has been opening up to it with the newly passed legislation seeking to regulate the Cryptocurrency market. The world economy is currently in the process of formulating well-coordinated legislation for digital currencies, so a significant victory was won by the British community of cryptocurrency users. …
Republican politicians from the United States have recently launched extensive research on the process of employing the head of the Securities and Exchange Commission, Gary Gensler, for political bias and preference. This investigation by the House Financial Services Committee will seek to find out whether Gensler has appointed political allies to the aforementioned positions in…
September 12, 2024 at 11:20 AM GST updated: September 12, 2024 at 10:21 AM 2 mins read News The UK introduced a bill recognizing digital assets, including cryptocurrencies and NFTs, as personal property under British law. The bill addresses a legal gap, providing stronger protections for digital asset owners against fraud, theft, and disputes. The…
The United Arab Emirates (UAE) has been changing its strategies in order to become one of the leaders in the sphere of cryptocurrency and blockchain. Recent occurrences suggest that the authorities within the country are moving a notch higher in new initiatives aimed at improving the country’s position in the digital asset markets. To enhance…
United Arab Emirates (UAE) regulators, SCA and VARA, have signed a cooperation agreement to strengthen the country’s position as a virtual assets hub. The agreement outlines licensing requirements for VASPs, establishes mutual supervision mechanisms, and aims to foster a stable and regulated virtual assets sector in the UAE. Both regulators will work together to ensure…
The crypto industry is still in its early stages of growth, despite a significant increase in adoption rates. Experts believe that the sector’s future depends on factors like regulatory developments and market stability. Singapore has emerged as a leading crypto hub due to its favorable regulatory environment and government support, partly driven by China’s crackdown…
Singapore is increasing its focus on the prevention of money laundering by banning crypto casinos. This major step by the MAS (Monetary Authority of Singapore), is an effort to reduce the embrace of crypto casinos in unlawful transactions. The decision made by the regulatory body leaves no doubt that Singapore intends to sustain its position…
September 10, 2024 at 10:30 PM GST updated: September 10, 2024 at 11:02 PM 2 mins read News John Deaton claims less than 1% of crypto transactions are illicit, while banks handle billions in money laundering annually. Deaton argues he’s contributed more to crypto regulation clarity than Senator Warren, accusing her of favoring big banks….
In one of the most high profile cases, the UK’s Financial Conduct Authority (FCA) has cracked down on a man alleged to have been operating illegal crypto ATMs. The man whose identity remained anonymous was charged on the 10th of September 2024, thus being one of the few UK firsts in relation to crypto ATM…
Swiss-based crypto bank Amina has recently received the VASP license in Austria. This can be considered as a turning point for the company that is interested in the further development of its services in Europe. Securing this license enables Amina to fit into the rapidly growing Austrian crypto market and provide the following services; which…
The Australian Federal Court ruled that Kraken’s fiat margin extensions are subject to regulatory obligations, but crypto margin extensions are not. Kraken acknowledged the decision but stressed the need for clearer crypto regulations in Australia. Following the ruling, Kraken adjusted its margin product to restrict fiat margin trading for non-wholesale investors, while crypto margin extensions…
The Indonesian exchange Tokocrypto, which is owned by the Binance Group, has recently gained a Physical Crypto Asset Trader (PFAK) license on its home turf. This is a big step in the compliance processes of Tokocrypto and Binance in Indonesia as it aimed at adapting to the new regulation of cryptocurrency in Indonesia. Regulatory Approval…
September 9, 2024 at 05:28 PM GST updated: September 9, 2024 at 12:55 PM 2 mins read News The CFTC seeks an emergency block on Kalshi’s election contracts, citing potential risks to election integrity. Kalshi’s court victory may lead to legal battles as the CFTC warns of “irreparable injury” if election contracts go live. Supporters…
Kalshi, a prediction market platform, has an issue since the U. S. Commodity Futures Trading Commission (CFTC) has not decided on the election betting contracts. As the 2024 U. S. presidential elections are coming up the outcome of this case may have a significant impact on Kalshi’s business model. This is considered to bring huge…
Revelo Intel’s CEO, Nick Drakon, has recently resigned after a terrible armed robbery incident. It also places into spotlight the physical danger crypto executives are exposed to beyond the already notoriously high digital risks that are intrinsic to the crypto space. This arises a number of questions on the safety and security of people dealing…
September 8, 2024 at 04:55 AM GST updated: September 8, 2024 at 03:24 AM 2 mins read News Ripple eyes Japan for RLUSD launch amid US regulatory delays, seeking clearer legal pathways. Ripple to challenge USDT, USDC in $170B stablecoin market with upcoming RLUSD on XRP and Ethereum. Japan’s favorable crypto laws attract Ripple for…
When the CFTC filed an emergency motion – a request to a federal judge to immediately suspend the election contracts offered by Kalshi for two weeks. The major prediction market platform that is in the middle of this storm is Kalshi that wants to offer election-based contracts. The CFTC stated that these contracts which let…
September 7, 2024 at 01:10 PM GST updated: September 7, 2024 at 12:06 PM 2 mins read News WisdomTree withdrew its Ethereum trust application amid increasing U.S. regulatory scrutiny on cryptocurrency products. WisdomTree continues to offer a Bitcoin ETF in the U.S. and ETNs for Bitcoin and Ethereum in the UK despite pulling the Ethereum…
Critics of the regulatory approach to cryptocurrencies in the U. S. can be heard from the former presidential candidate, Vivek Ramaswamy, who called actions of the SEC and other bodies the “anti-American” crackdown on innovation. Ramaswamy said there are simply too many rules that stifle the growth, given that the primary purpose of such assets…
The South African government is tightening its grip on cryptocurrency trading. Tax authorities (SARS) are issuing tax notices and clarifying regulations, likely using AI to identify non-compliant traders. The central bank meanwhile has clarified rules for crypto purchases, allowing individuals limited investment but restricting companies. SARS Using AI to Track Down Tax Dodgers South African…
Telegram’s policies would now allow moderation of private chats. Such a shift is in line with other measures that the company has taken to address instances of abuse, disinformation and other unwanted messages from users. New rules of Telegram have been put in place in order for administrators to monitor and report any forms of…
September 6, 2024 at 11:40 AM GST updated: September 6, 2024 at 01:50 PM 2 mins read News Binance founder Changpeng Zhao is permanently banned from managing the company but retains influence as the majority shareholder. Zhao holds 90% of Binance shares, granting him voting rights on key decisions despite being banned from day-to-day operations….
September 6, 2024 at 10:10 AM GST updated: September 6, 2024 at 09:54 AM 2 mins read News Donald Trump aims to make the U.S. the global leader in cryptocurrency if re-elected. Trump may join a crypto project tied to his family, World Liberty Finance. Trump pledges to cut regulations and boost domestic energy production…
India’s Financial Intelligence Unit (FIU) will likely sanction the operations of two more international cryptocurrency trading platforms in India. This comes after India started taking measures to control crypto operations to adhere to AML and KYC standards. Still, the FIU will continue to approve foreign exchanges to ensure the future of the booming Indian crypto…
Fintech start-up and trading app Robinhood has signed a $3.9 million settlement with the state of California. Indeed, all this settlement relates to numerous complaints regarding the platform’s activities, including odd manipulations with users’ accounts and cryptocurrency transactions. The main problem was associated with the limitation of any cryptocurrency withdrawals and other restrictions preventing users…
A California Superior Court has upheld the Digital Financial Assets Law, which includes a $1,000 daily withdrawal limit for cryptocurrency ATMs. The law also requires crypto ATM operators to obtain licenses and comply with fee limits and new disclosures. California Court Upholds Bitcoin ATM Withdrawal Limit The California Department of Financial Protection and Innovation (DFPI)…
The cryptocurrency market, which many consider a cutting-edge financial technology, is now experiencing increased pressure from governments from across the globe, who are keen on regulating the use of the new form of digital currency. That said, amidst these developments, some countries, including India and South Korea, have been at the forefront of this regulatory…
The United Nations has expressed serious concerns about the arrest and charges against Pavel Durov, founder of Telegram, citing potential human rights issues. A U.N. spokeswoman called for adherence to international human rights standards, emphasizing the need for legality and proportionality in regulating social media platforms. United Nations Raises Human Rights Concerns Over Arrest of…
Tesla CEO Elon Musk has expressed his eagerness to tackle excessive waste and regulations in the U.S. government, responding to a report that former President Trump is considering him for a role in auditing federal agencies. Musk emphasized the need to reduce wasteful spending to curb inflation and proposed forming a “government efficiency commission” to…
Stuart Alderoty, The CLO of Ripple has recently tried to challenge the concept of using the term “crypto asset security. ” He claims that it is an invented term that has no legal ground. This comes in the middle of litigation battles between Ripple and the authorities over the same issue. Regulators have used the…
September 3, 2024 at 04:55 AM GST updated: September 3, 2024 at 06:35 AM 2 mins read News Qatar launches QFC Digital Assets Framework, enhancing tokenization and smart contract regulation.” Over 20 fintech startups join QFC Digital Assets Lab since its inception in October 2023. QFC’s new framework sets to attract global fintech players, boosting…
Qatar has launched a new framework to regulate digital assets, aiming to create a secure and transparent ecosystem. The framework is expected to attract domestic and international players and support the development of a thriving financial services sector in Qatar. Building Foundation for Digital Assets Qatar has launched a comprehensive framework for creating and regulating…
The US SEC has expressed discomfort with FTX’s strategy of paying creditors via fiat currencies such as Bitcoin and Ether. The SEC is especially concerned that such assets might fall under the definition of ‘security’ according to federal law. It anticipates that in such a case, FTX would have to meet rather rigorous legal standards…
Over the years, a growing demand for better and more precise regulation has been growing to help frame the increasing cryptocurrency industry. More recently, Senate Majority Leader Chuck Schumer, Senators Cynthia Lummis, and Tim Scott remain hopeful that substantive crypto legislation will be approved in the United States by the end of 2024. This has…
August 30, 2024 at 11:20 AM GST updated: August 30, 2024 at 11:12 AM 2 mins read News Australia now hosts more Bitcoin ATMs than Asia, ranking third globally with a rapid installation spree in 2023. Major Asian economies collectively host 355 crypto ATMs, while Australia has reached 364, highlighting a significant growth difference. Leaked…