Recently, the Nigerian Securities and Exchange Commission (SEC) has given the green light to two local crypto exchanges, Busha Digital Limited and Quidax, to operate under the Accelerated Regulatory Incubation Program (ARIP). This Approval-in-Principle marks a significant step towards complying with upcoming regulations on virtual asset service providers, set to be released in May 2022.
Regulation
OpenSea CEO, Devin Finzer, recently announced that the company has received a Wells Notice from the US Securities and Exchange Commission (SEC) due to the regulator’s belief that NFTs on the platform are securities. In a statement, Finzer expressed shock at the SEC’s aggressive stance against creators and artists, stating that they are prepared to
The recent settlement between the US Securities and Exchange Commission (SEC) and crypto lending firm Abra serves as a stark reminder of the importance of regulatory compliance in the cryptocurrency industry. The SEC filed charges against Abra for failing to register its crypto asset lending product, Abra Earn, and against Plutus Lending LLC, Abra’s owner,
France has emerged as a favored destination for major crypto businesses over the past decade. Companies like Binance, Crypto.com, and Circle have chosen Paris as their European headquarters. The country boasts of favorable tax rates, a diverse talent pool from across Europe, and a strong emphasis on innovation in the Web3 space. Additionally, France was
The joint statement from Meta CEO Mark Zuckerberg and Spotify CEO Daniel Ek highlights the challenges posed by the European Union’s fragmented regulatory structure on artificial intelligence (AI) innovation. They criticize the EU’s AI regulatory framework as being riddled with inconsistent implementation, which hampers the region’s companies from fully capitalizing on the AI wave. The
The DeFi Education Fund and the Blockchain Association have raised concerns about the Securities and Exchange Commission’s (SEC) Consolidated Audit Trail (CAT), citing significant privacy and security issues for participants in the digital asset market. The creation of a centralized database tracking all securities trades across US markets without the need for a warrant or
The Indian government is gearing up to implement comprehensive regulations for the crypto sector, signaling a significant shift in its approach. Reports from local media outlets suggest that the first step in this process will involve releasing a consultation paper to gather feedback from stakeholders. This initiative underscores the government’s dedication to establishing a regulatory
German authorities recently confiscated $28 million in cash and 13 crypto ATMs in a nationwide operation aimed at curbing unlicensed activities within the country’s rapidly expanding crypto market. Spearheaded by the Federal Financial Supervisory Authority (BaFin), the crackdown underscores Germany’s commitment to mitigating the risks associated with unregulated financial activities, especially those involving digital assets.
The Nigerian Federal Inland Revenue Service (FIRS) is gearing up to introduce new legislation to tax the rapidly growing cryptocurrency sector in the country. This move is seen as a significant step towards modernizing Nigeria’s regulatory framework and fostering economic growth through innovation. FIRS Executive Chairman Zacch Adedeji recently made the announcement during a session
Last night at a Crypto4Harris event, Senate Majority Leader Chuck Schumer made a compelling case for the importance of regulatory clarity in the crypto industry. He emphasized the need for bipartisan collaboration to shape the future of crypto and highlighted the responsibility of Congress to enact sensible regulations to bring together both sides of the