The clash between regulatory bodies and crypto firms is becoming more pronounced as the Securities and Exchange Commission (SEC) takes decisive action against market participants. The recent charges against Cumberland DRW, a Chicago-based cryptocurrency market maker, raise significant questions about compliance, the nature of cryptocurrency itself, and the overarching regulatory framework that governs it. On
Regulation
On October 10, the Financial Services Commission (FSC) of South Korea unveiled the inception of the Virtual Asset Committee, marking a significant milestone in the nation’s approach to cryptocurrency regulation. This newly formed committee is tasked with the critical job of reviewing and approving spot cryptocurrency exchange-traded funds (ETFs), which have thus far been off-limits
On October 9, SEC Commissioner Mark Uyeda brought attention to the agency’s prevailing methods regarding cryptocurrency regulation, labeling it as a source of turmoil within the industry. This critical evaluation comes as the SEC intensifies its enforcement actions against major players in the crypto sphere, signaling a pressing need for a more defined regulatory framework.
Taiwan is on the threshold of a significant transformation in its financial landscape with the introduction of a pilot program aimed at digital asset custody services. Announced by the Financial Supervisory Commission (FSC) on October 8, the initiative signals the nation’s commitment to nurturing innovation while simultaneously laying down a comprehensive regulatory framework expected by
In recent years, stablecoins have emerged as a vital component of the digital finance landscape, significantly influencing international trade and commerce. These cryptocurrencies, particularly those pegged to stable assets like the US dollar, are gaining traction due to their ability to function as reliable mediums of exchange. However, their increasing use for cross-border transactions necessitates
In a world increasingly driven by digital innovation, Piero Cipollone, a prominent member of the Executive Board of the European Central Bank (ECB), has spotlighted the urgency for Europe to adopt digital assets and distributed ledger technology (DLT). At the recent Bundesbank Symposium on the Future of Payments, Cipollone articulated a compelling case for reimagining
In a significant policy shift, the United Arab Emirates (UAE) has announced the exemption of all cryptocurrency transactions from the 5% value-added tax (VAT) that was previously applicable. This change, set to take effect on November 15, 2024, is part of amendments to the Executive Regulation of the Federal Decree Law on VAT, which aims
As the global cryptocurrency market faces significant fluctuations and regulatory scrutiny, Hong Kong is taking proactive steps toward establishing a more structured licensing framework for crypto businesses. According to recent reports, the Hong Kong Securities and Futures Commission (SFC) intends to expand its licensing efforts for virtual asset enterprises by the end of the year.
In a significant legal development, TrustToken and TrueCoin, the creators behind the TrueUSD (TUSD) stablecoin, have reached a settlement with the U.S. Securities and Exchange Commission (SEC). This settlement stems from allegations asserting that the companies engaged in fraudulent and unregistered sales of investment contracts associated with TUSD. Without admitting or denying the SEC’s claims,
As the cryptocurrency market continues to expand, states across the nation are grappling with the implications of this digital revolution. Ohio’s State Senator Niraj Antani has taken a significant step forward by introducing a bill aimed at legalizing Bitcoin (BTC) and other cryptocurrencies for tax payments within the state. On September 30, 2023, Antani’s proposed