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
Regulation
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
In a significant development for the cryptocurrency landscape, the Hong Kong Virtual Asset Exchange (HKVAX) has recently obtained official licensing from the Hong Kong Securities and Futures Commission (SFC). This milestone positions HKVAX as the third licensed cryptocurrency exchange in Hong Kong, recognized under a regulatory framework that was established two years ago to govern
Japan’s Financial Services Agency (FSA) has embarked on a pivotal journey to revisit its approach to cryptocurrency regulations, aiming for significant developments by 2025. The agency’s forthcoming review, slated to take place through the winter months, has garnered attention in financial circles due to its potential impact on the crypto landscape in Japan. As global
In a transformative move for the blockchain and financial services landscape, Ripple has garnered in-principle approval from the Dubai Financial Services Authority (DFSA). Announced on October 1, this milestone makes Ripple the pioneering blockchain-based payment service provider to achieve licensure under the DFSA. This approval not only reinforces Ripple’s position as a regulated global player
In a landmark ruling on October 2, 2023, the United States Court of Appeals for the District of Columbia Circuit sanctioned the legality of prediction markets that facilitate betting on U.S. elections. This verdict emerged amidst the ongoing tussle between the U.S. Commodity Futures Trading Commission (CFTC) and Kalshi, a prominent prediction market firm. The
The legal tussle between the Securities and Exchange Commission (SEC) and Ripple Labs continues to capture headlines, particularly after the SEC announced its intent to appeal a pivotal ruling in their ongoing dispute. This situation not only has far-reaching implications for Ripple and its digital currency, XRP, but it also highlights broader issues surrounding regulatory