Crypto regulation shift: Canada mandates annual disclosure by 2027
The Canadian authorities said that they are introducing a new financial law that will involve cryptocurrency service providers. This is so because it’s connected with the federal budget regulations made in 2024, and it is all about elaborate reporting. Among the main rules designed to prevent money laundering and terrorist financing are the mandatory annual […]
UK to enforce new crypto law by mid-2024, official says
With the European Parliament plenary vote expected later this year, the UK will soon enforce the new cryptocurrency and stablecoin law by mid-2024. The Economic Secretary of the Treasury, Bim Afolami, declared this at the same event as the Innovate Finance Global Summit. This Act is meant to set up a comprehensive regulatory regime for […]
XRP lawyer John Deaton clashes with Elizabeth Warren over crypto regulation
The pro-XRP attorney John Deaton recently gave Senator Elizabeth Warren a snub for the comments she made regarding crypto regulations. Senator Warren said in a Senate Banking Committee meeting that stablecoin issuers and crypto validators should be subjected to stringent regulations. However, he contended that, in actual fact, Warren had an erroneous interpretation of blockchain […]
U.S. Consumer Financial Protection Bureau comes for crypto
The United States Consumer Financial Protection Bureau (CFPB) has put the spotlight on crypto gaming, issuing a stark warning about potential scams and a general lack of safeguards for gamers. The focus is on bridging virtual items with real-world value, according to their latest report, “Banking in video games and virtual worlds.” As gaming becomes […]
Binance-linked HKVAEX ends Hong Kong operations by May
HKVAEX, which is thought to be associated with Binance, has pulled out its license application for Hong Kong. This development followed a deadline set by the Securities and Futures Commission of Hong Kong (SFC) for cryptocurrency exchanges. The date was targeted to formalize the operations of the crypto exchanges within the area by February 29. […]
Coinbase wallet victory sparks debate on crypto regulation
The decision is regarded as a win for self-custody wallets and decentralized finance (DeFi) applications. The ruling was made by U.S. District Judge Katherine Failla on March 27, stating that the Securities and Exchange Commission (SEC) had failed to prove that Coinbase Wallet was engaged in broker activities. This judgment provides a ray of hope […]
SEC subpoenas spark fear over Ethereum ETF futures
Recent actions by the United States Securities and Exchange Commission (SEC) have raised alarms across the cryptocurrency industry. On March 20, Fortune reported the issuance of multiple subpoenas by the SEC to entities associated with the Ethereum Foundation. This move is part of what some see as an effort to classify Ethereum’s native cryptocurrency, Ether […]
FDIC vice chair seeks clearer SEC crypto asset guidelines
In a recent statement, the FDIC Vice Chair, Travis Hill, made a compelling plea to the Securities and Exchange Commission (SEC). He emphasized the need for more precise regulatory guidance within the cryptocurrency sector. Hill pointed out the challenges posed by the current broad interpretation of “crypto-assets” by the SEC. He stressed that the definition […]
Court limits SEC use of new cases in Binance crypto battle
The US District Court Judge, Amy Berman Jackson, issued an order limiting the U.S. Securities and Exchange Commission (SEC)’s ability to leverage supplemental authority in ongoing litigation involving the crypto exchange Binance. The directive, dated March 11, signifies a significant turn in the legal proceedings, as it directly addresses the SEC’s strategy of citing additional […]
CFTC Chair urges congress to craft crypto regulatory laws
During a recent session with the House Agriculture Committee, Rostin Behnam, Chair of the Commodity Futures Trading Commission (CFTC), emphasized the necessity for Congressional action to better define regulatory boundaries in the cryptocurrency sector. Behnam highlighted the importance of addressing regulatory gaps, especially with the volatility observed in the price of bitcoin (BTC). He dismissed […]
EU Financial Services Committee to tackle crypto in April meeting
April is setting the stage for a pivotal moment in the realm of cryptocurrency regulation within the European Union. Top officials are gearing up for discussions that are poised to shape the future of digital asset oversight. A peek into a “non-paper” – an informal and unattributed document circulating among EU institutions – offers a […]
DAAMLA stands to harm US crypto industry – Former government officials caution
The Blockchain Association, together with 80 former national security and military officials, wrote another letter to Congressional leaders on Tuesday, this time urging lawmakers to reject a plan that would subject crypto companies to anti-money laundering regulations. In a letter to four Representatives and two Senators, signatories stated that the Digital Asset Anti-Money Laundering Act […]
TradeStation crypto ends US operations after SEC settlement
TradeStation Crypto, a prominent trading platform, has agreed to a settlement with the United States Securities and Exchange Commission (SEC) and a coalition of state regulators. The settlement, announced on February 6, comes after allegations that the company failed to register an interest-bearing crypto lending product. As part of the agreement, TradeStation Crypto will pay […]
Ripple Lawyer Stuart Alderoty exposes SEC and Yellen’s crypto regulatory clash
Stuart Alderoty, a senior legal figure at Ripple, has brought to light the contrasting views of the Securities and Exchange Commission (SEC) and Treasury Secretary Janet Yellen on regulating the cryptocurrency market. Through a series of tweets, Stuart Alderoty pointed out the SEC’s characterization of the cryptocurrency market as a minor component of the global […]
US Congress seeks answers on crypto regulation from Yellen
Members of the US Congress have raised concerns over Treasury Secretary Janet Yellen’s recent calls for enhanced cryptocurrency regulation. A letter seeking clarity on the regulatory framework for digital assets has been sent to Yellen, indicating a critical examination of the current approaches to crypto regulation. This letter, backed by prominent figures such as House […]
South Korea to enforce major crypto regulatory overhaul in July
South Korea is set to enforce stringent regulations on digital asset trading by implementing the Virtual Asset User Protection Act and the Virtual Asset Industry Supervision Regulations, scheduled for July 19. The Financial Service Commission (FSC) announced the enactment date after a legislative notice on January 22, aiming to enhance the integrity of the cryptocurrency […]
Canadian regulator accuses Einstein crypto exchange of fraud
In a significant development within the cryptocurrency sector, the British Columbia Securities Commission (BCSC) has accused the now-defunct Einstein Exchange of operating as a Ponzi scheme following its insolvency in 2018. This announcement brings to light the precarious nature of the operations behind the Canadian cryptocurrency trading platform, which had promised to offer a reliable […]
Singapore’s new bill set to tighten crypto financial regulations
The Monetary Authority of Singapore (MAS) can receive expanded powers if parliament passes the Financial Institutions (Miscellaneous Amendments) Bill 2024. This legislative change is set to considerably impact cryptocurrency firms, particularly those holding Capital Markets Services Licences (CMSL). Enhanced powers for Singapore MAS over unregulated business activities The bill specifically targets CMSL holders who engage […]
Nigeria’s Crypto Regulation: The Lack of a Clear Oversight
It is difficult to understand how Nigerian policymakers are addressing the misgivings about Nigeria’s crypto policy because the Central Bank of Nigeria(CBN), has continued to undermine SEC Nigeria, the nation’s capital market regulator. Not only is the West African country struggling to establish a clear-cut regulatory framework befitting her socio-economic conditions, but it is also […]
Satoshi Nakamoto’s fatal flaw: How Bitcoin’s creator unwittingly paved the way for regulatory takeover
In the world of crypto, where anonymity often reigns supreme, one name stands out as both an enigma and a revolutionary force—Satoshi Nakamoto. The elusive creator of Bitcoin, Nakamoto, introduced the concept of decentralized digital currency in 2008 through the publication of the Bitcoin whitepaper, igniting a financial revolution that would disrupt traditional banking systems […]
UK is planning a crypto revolution – But will it succeed?
The United Kingdom stands on the cusp of a bold adventure, eyeing a seismic shift in the financial world with its ambitious plan to become a global hub for the crypto industry. This isn’t just about adopting new technology; it’s about reshaping the financial landscape, where traditional securities and cutting-edge digital innovations collide. But as […]
South Korea puts out regulations for virtual assets
In a key move towards bolstering the virtual asset landscape, South Korea’s Financial Services Commission (FSC) has announced specific regulations regarding the enactment of the Virtual Asset User Protection Act. In the meantime, planned to come into effect on July 19, 2024, these regulations aim to ensure a secure environment for users and support integrity […]
UK crypto users face new HMRC tax penalties – Are you in trouble for unpaid taxes?
The United Kingdom’s (UK) crypto users find themselves at the crossroads of innovation and regulatory scrutiny. As the digital asset space continues to grow, so does the attention of tax authorities seeking to ensure compliance with fiscal regulations. The latest development comes in the form of new tax penalties imposed by the UK’s HM Revenue […]
Dubai’s virtual asset regulatory authority appoints new CEO as it commences fining spree
Dubai’s Virtual Assets Regulatory Authority (VARA) in a press release has announced that Mathew White will be the new CEO of VARA as the authority moves towards the next phase of ramping up to full scale market operations. This comes as VARA gears up towards fining a dozen crypto firms. As per the press release, […]
Why India’s Supreme Court rejected crypto regulation framework
The Supreme Court of India’s recent decision to dismiss a Public Interest Litigation (PIL) seeking the establishment of a regulatory framework for cryptocurrency trading has sparked significant discussion in the financial and legal communities. This ruling is a decisive moment in the ongoing dialogue about the integration and regulation of digital currencies within India’s legal […]
New bill by Ted Budd aims to protect self-custody of crypto
In a move that could significantly reshape the cryptocurrency landscape in the United States, Senator Ted Budd has introduced the ‘Keep Your Coins Act’, a groundbreaking bill designed to safeguard the rights of American citizens to self-custody Bitcoin and other cryptocurrencies. This legislative proposal aims to ensure that individuals can use their crypto assets to […]
The U.S. House’s spending bill becomes a barrier for SEC’s Gensler in tackling crypto
Tom Emmer, a vocal crypto supporter, recently suggested a regulatory amendment that was debated and agreed by lawmakers. The senior House member advocated for the insertion of an SEC blocking provision and implemented it in the government’s spending plan. The United States Securities and Exchanges Commission (SEC) has been known to take action against crypto […]
CFPB, U.S. Consumer Finance Watchdog’s vision for tech and crypto oversight
A recent proposal that is currently in talks could allow the supervision of nonbank payment providers by the CFPB. This would allow oversight of various crypto transactions, including ones between people. The Protection Bureau has set its sights on digital currencies as it sets out to amend similar rules to traditional financial institutions. The crypto […]
“SEC is overreacting on crypto,” says Sen. Cynthia Lummis
The United States Securities and Exchange Commission (SEC) has been making lots of moves against the crypto industry, placing allegations on major payers in the digital space. Their actions against cryptocurrencies have been met with heavy scrutiny among members of the crypto community, including top officials who are supporters of digital currencies. Senator Cynthia Lummis […]
Understanding UK’s new crypto rules under FCA
In the contemporary realm of crypto assets, the United Kingdom has asserted its stance with a new set of regulations that kicked in on October 8. However, this transition hasn’t been seamless; the low compliance levels are indicative of the existing confusion among crypto firms. In a move to bridge this gap and facilitate a […]
CFTC has paid $16m to crypto whistleblowers this year
In an astonishing revelation this year, the United States Commodity Futures Trading Commission (CFTC) has disclosed the whopping amount of $16 million paid out to whistleblowers, with a staggering 1,530 tips received, the majority of which were tied to cryptocurrency-related matters. The digital age has seen a significant increase in retail customers venturing into the […]
UK officially tightens the reins on crypto
The United Kingdom is not playing around when it comes to crypto regulation, and it’s about damn time. In a long overdue move, the UK government has decided to bring cryptoasset activities to heel, placing them under the same stringent regulations as traditional financial services. This isn’t just a half-hearted attempt; they’re planning on introducing […]
US Treasury takes point on new regulation against crypto mixers as a whole
The US Treasury has boarded the crypto regulation bandwagon. Recent years of crypto development have increased the wave of innovations in financial inclusion. These current developments in the crypto community have increased the scrutiny of digital assets. Recent reports on the US Treasury show the interest of the organization in increasing regulations on crypto mixers. […]
U.S. intensifies its battle against crypto – Details
Brace yourselves, crypto enthusiasts. The U.S. is tightening the noose on digital currencies, particularly focusing on shady transactions that cloak any whiff of transparency. At the heart of this aggressive scrutiny lies the core objective: demolishing any ties between cryptocurrency and sinister financing. The Hamas attack on Israel didn’t help the cause, intensifying the scrutiny […]
Heads up, Europe! Regulator flags impending crypto rules
Europe, you’d better be on your toes. The European Securities and Markets Authority (ESMA) isn’t playing games when it comes to digital currency oversight. With the vast digital frontier of cryptocurrency expanding every day, the oversight bodies are throwing down the gauntlet and demanding action. And let’s be clear; it’s about time. The Gritty Details […]
Australia’s crypto exchanges seek new licensing regime targeting 2024 draft legislation
In a bid to better crypto adoption, Australia seeks to release draft legislation for 2024 that covers licensing for digital assets. More importantly, the Australian crypto exchanges support the Australian Treasury’s recent proposal. The crypto exchanges will be under the financial service license regime, and if approved, the exchanges will have 1 year to transition. […]
US House Speaker drama challenges crypto prospects for 2023
The future of crypto legislation has been put to the test as its trajectory is threatened by the US House Speaker drama. Majority leader Steve Scalise stepped down, and this left the Republic Party in jeopardy, bringing doubts on prospects of digital asset legislation advancement. Trying to resolve this, Rep. Partick McHenry, the House Financial […]
Wanted: A Balanced Path Forward for Effective Crypto Regulation
The rapid growth of cryptocurrencies and digital asset markets has brought both opportunities and challenges. As the industry matures, the need for effective crypto regulation becomes increasingly evident. In July 2023, amidst ongoing concerns over investor protection, market integrity, and the prevalence of illicit activities, the discussion surrounding the path forward for regulating crypto markets […]
Hong Kong’s SFC puts up united front with police to monitor crypto platforms
The Hong Kong Securities and Futures Commission (SFC) has taken a significant step toward combating illegal activities within Virtual Asset Trading Platforms (VATPs). In partnership with the Hong Kong Police Force (HKPF), the SFC has formed a specialized working group, an initiative that was set in motion following a top-level meeting between the two organizations […]
Analysts tackle major crypto myths for regulators as digital asset market regulation intensifies
Since the unveiling of Bitcoin ten years ago, and the subsequent emergence of Blockchain technology and other cryptocurrencies, a lot has happened, contributing to the industry’s bad reputation, crippling most investors with fear, uncertainty, and doubt (FUD) of investing in the asset class. As the digital asset market continues its unprecedented growth trajectory, it has […]
