The Hong Kong Monetary Authority (HKMA) recently introduced new regulatory standards for the sale and distribution of tokenized financial products by authorized institutions. These guidelines aim to promote innovation while maintaining strong consumer protection in the growing field of tokenization. With the use of distributed ledger technology, real-world assets (RWA) are represented digitally, leading to
Regulation
In a strategic move ahead of the upcoming general elections, the People Power Party (PPP) in South Korea has announced plans to push for a further two-year delay in the implementation of crypto taxation. The decision to explore the delay as a key campaign promise aligns with the government and legislative consensus to prioritize regulatory
As the Bitcoin industry eagerly anticipates the arrival of a Bitcoin ETF, there is a growing concern that the custody of these assets may fall into the hands of traditional financial institutions like Goldman Sachs and JPMorgan. This shift towards institutional custodianship represents a departure from the original ethos of Bitcoin, which aimed to eliminate
The US Security and Exchange Commission’s (SEC) Office of Inspector General (OIG) is currently conducting an investigation into cryptocurrency-related financial conflicts of interest. This investigation was initiated after Empower Oversight raised concerns regarding failures in the SEC’s Ethics Office, specifically involving a former official named William Hinman. Hinman is accused of engaging in matters where
Iowa’s Judiciary Committee recently approved a digital asset bill titled “An act relating to commercial transactions, including control and transmission of electronic records and digital assets.” This progressive legislation aims to integrate digital assets and electronic records into commercial transactions, addressing the complexities and opportunities presented by digital assets within the legal framework of commerce.
In a recent testimony to Congress, Brian Nelson, the Undersecretary for Terrorism and Financial Intelligence at the US Department of the Treasury, debunked widely held beliefs about the extent of cryptocurrency’s role in funding terrorist activities. Nelson’s insights, shared during the House Financial Services Committee hearing, challenged the narratives perpetuated by previous reports, specifically regarding
Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), has recently responded to lawmakers regarding a breach of the SEC’s X account. In his letter to the lawmakers, Gensler acknowledged the seriousness of the breach and assured them that the SEC takes its cybersecurity obligations seriously. Several House members, including Patrick McHenry,
In a recent court filing, it has been revealed that Elon Musk will be testifying in an inquiry conducted by the US Securities and Exchange Commission (SEC) regarding his acquisition of the social media platform Twitter, now known as X. Judge Laurel Beeler has upheld the SEC’s authority in this matter, stating that the subpoena
The New York Attorney General’s Office (NYAG) has recently expanded its fraud claims against Digital Currency Group (DCG) and its affiliates. The lawsuit, originally alleging over $1 billion in losses, has now been revised to include an additional $2 billion, bringing the total to a staggering $3 billion. This significant increase in losses is said
Treasury Secretary Janet Yellen has called on Congress to enact stricter regulatory measures for cryptocurrencies and to maintain vigilance on deploying artificial intelligence (AI) in financial services. Her recent testimony before the Senate Banking, Housing, and Urban Affairs Committee highlighted the increasing complexity and potential risks within the digital asset sector, as well as the