Taiwan’s financial regulator, the Financial Supervisory Commission, has drafted new anti-money laundering regulations following amendments made to the laws in July. The new regulations will take effect on Jan. 1, 2025, and virtual asset service providers (VASPs) are expected to complete AML registration by the end of September. Otherwise, they could face imprisonment for up …
Monero’s price fell by 8% a day after Kraken announced it would stop supporting the privacy-focused cryptocurrency.
In an announcement on September 30, 2024, Taiwan’s Financial Supervisory Commission (FSC) greenlit foreign crypto exchange-traded funds (ETF) for professional investors. Foreign Digital Assets ETFs Approved For Professional Investors According to the announcement, Taiwan’s FSC permits institutional investors to invest in foreign digital asset ETFs through a re-entrustment process. The announcement notes: Professional investors include […]
Bithumb, one of South Korea’s largest crypto exchanges is considering a listing on the U.S. Nasdaq, the company told at a temporary shareholders’ meeting held on the 30th, according to Korea Economic Daily. Bithumb IPO Coming Up In late 2023, the exchange was reportedly planning to go public by listing its shares on Kosdaq, the …
In a major leap, ZA Bank, Hong Kong’s leading virtual bank, has become the first digital-only bank to receive approval from the Securities and Futures Commission (SFC) for Type 1 regulated activity, allowing it to offer cryptocurrency trading services. This move positions ZA Bank as a key player in Hong Kong’s rapidly growing crypto market, …
The former Chinese finance minister, Lou Jiwei has encouraged China to closely examine the advancements in cryptocurrency, during a speech at the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing. The ex-government official highlighted the potential risks crypto poses to financial stability, including volatility and money laundering. He also remarked the United States’ diverting stance …
Tether, announced today that it assisted the U.S. DOJ in successfully seizing over $6 million in assets linked to a crypto-confidence scheme based in Southeast Asia. To date, Tether has assisted more than 180 enforcement agencies across 45 jurisdictions, blocked $1.8+ billion USDT. In the past 12 months alone, Tether has assisted U.S. law enforcement …
The partnership comes shortly ahead of the implementation of the MiCA regulatory framework for crypto service providers.
The partnership comes shortly ahead of the implementation of the MiCA regulatory framework for crypto service providers.
In a latest development, SEC Commissioner Hester Peirce, known as “Crypto Mom” in the community, criticized the SEC for not confessing sooner that crypto tokens are not securities by default. While speaking at the Practising Law Institute’s SEC Speaks conference in Washington, D.C., she stressed the negative effects SEC’s regulatory ambiguity is having on the …
After a Bitcoin and Layer 2 conference in Japan, which focused on promoting crypto adoption at a governmental level, Samson Mow, a Bitcoin proponent, and CEO of JAN3, is now encouraging the Japanese government to acquire 167,000 BTC. Representatives from major banks, fintech firms, and regulatory bodies in Japan attended the conference. Mow emphasized BTC’s …
The crypto community remains on the edge as the appeal deadline for Ripple vs SEC gets closer. The SEC has remained silent on its intentions for an appeal, leaving XRP below last year’s high. Lawyers Mixed Opinions Over SEC Appeal The Pro-crypto lawyer Fred Rispoli recently increased his odds to 60:40 in favor of the …
India has made significant strides in combating money laundering and terrorist financing, receiving high praise from the Financial Action Task Force (FATF). A joint assessment by the FATF, Asia-Pacific Group (APG), and Eurasian Group (EAG) commended India for strong technical compliance with FATF standards. However, areas like the non-financial sector and virtual asset providers require …
Terraform Labs is officially shutting down as its bankruptcy plan has been accepted. The SEC has accused the company of fraudulent activities that caused its investors to lose $40 billion when the TerraUSD and Luna tokens collapsed in 2022. After a long legal battle, the court has accepted its plan for bankruptcy. The firm has …
Blockdaemon executive Andrew Vranjes said that tax regulations and the lack of uniform regulations across jurisdictions hold back institutions from adopting blockchain.
SEC is in a bigger regulatory Scoop! The highly anticipated SEC crypto hearing is set for September 18, as former officials prepare to testify against the agency’s handling of digital assets. The hearing, titled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets,” will examine the SEC’s enforcement-heavy tactics and perceived overreach …
The United States Securities and Exchange Commission (SEC) has been a major source of headwinds for the mainstream adoption of digital assets and web3 protocols. While its primary purpose is to enforce the law against market manipulation, the agency has been accused of overstepping its bounds regarding the cryptocurrency industry. Furthermore, the crypto community in …
Democratic nominee Kamala Harris’ winning odds increased following the presidential debate with Republican candidate Donald Trump. As the former US president and the Vice President’s chances tied in the polls, the flagship cryptocurrency’s price saw a mild 1.5% decline. Many investors awaited the mention of Bitcoin (BTC) and digital assets but were disappointed as the […]
Crypto exchange Swyftx estimates anywhere from two to six million Australians could enter the market if regulated.
Dallas-based United Texas Bank is the latest crypto-friendly bank to face a cease and desist order from the US Federal Reserve, according to a press release issued on September 4, 2024. Federal Reserve Keeping A Close Eye On Bank’s Crypto Business The US Federal Reserve has identified United Texas bank as having “significant deficiencies” in […]
In a recent announcement, Japan’s three megabanks—MUFG, SMBC, and Mizuho—are launching a pilot program for a cross-border stablecoin transfer platform called “Project Pax.” The initiative aims to improve the speed and efficiency of international business settlements. The trial will be run in collaboration with blockchain firms Progmat, Datachain, and TOKI, with the potential for more …
India on its Crypto Way! India’s Financial Intelligence Unit (FIU) plans to clear two offshore crypto exchanges for operations by March 2025, following approvals of Binance and KuCoin. These exchanges were banned for anti-money laundering (AML) violations. FIU-India is reviewing four more platforms, with two likely to resume, pending a thorough compliance assessment. Previously, Binance …
Uniswap is struggling to emerge from the scrutiny of US regulators. It looks like the New York State Attorney General Letitia James is following the footsteps of the SEC chairperson Gary Gensler, when it comes to crypto. During the previous month, some venture capital firms who have invested in Uniswap received summons from James’ office. …
The South Korean Financial Supervisory Service (FSS) has decided to increase the number of inspections of cryptocurrency exchanges in a bid to enhance the monitoring of suspicious activities and check compliance with the new rules. The South Korean local news, Koreatimes reported that this move comes on the heels of the “Virtual Asset User Protection …
The Qatar Financial Centre (QFC) in Doha has introduced its Digital Assets Framework 2024, inviting local and international companies to apply for licenses as token service providers. Launched on September 1, the framework establishes a legal and regulatory foundation for digital assets, covering tokenization, custody, transfer, exchange, and smart contracts. This initiative, developed with input …
The trial of Binance executive Tigran Gambaryan continued in Abuja on September 2, with Nigerian prosecutors arguing against his request for bail and minimizing his health issues. Lawyers for Nigeria’s EFCC argued that Gambaryan was not in poor health, even though the government regulator’s counsel submitted health records to the court showing he needed surgery. …
Russia will start its trial of cross-border payments using crypto next week to bypass international sanctions. However, several experts say that this effort may not work. The legislation passed does not lift an existing ban on using cryptocurrencies as legal tender for regular payments within Russia but instead allows cross-border payments with crypto. While the …
Prominent crypto analyst Lark Davis has taken a strong stance against the recent actions of the U.S. SEC, linking them directly to what he calls a broader “crypto reset” led by the Biden administration. Davis’s critique focuses on Vice President Kamala Harris, accusing her of having the power to stop SEC Chair Gary Gensler but …
The global crypto market is experiencing a notable rise, with a surge in total market cap rising by about 4.8% over the last 24 hours to reach $2.26 trillion. Bitcoin, the leading cryptocurrency, has also seen a notable increase, with its price climbing to $64,961. This recent surge follows statements from FED chair Jerome Powell, …
In a legal battle between SEC vs Kraken, the U.S. SEC has won a crucial battle in its ongoing lawsuit against Kraken, a major U.S.-based cryptocurrency exchange. On Friday, Judge William Orrick of the Northern District of California ruled that the SEC vs Kraken case could proceed, denying the exchange’s motion to dismiss the lawsuit. …