Two prominent crypto companies, Coinbase and Revolut, faced contrasting fates with UK authorities recently. While the UK’s Financial Conduct Authority (FCA) slapped Coinbase’s subsidiary, CB Payments Limited (CBPL), with a hefty £3.5 million fine for Anti-Money Laundering breaches, Revolut celebrated receiving a restricted banking license from the UK’s Prudential Regulation Authority (PRA). The FCA’s fine
Regulation
The founders of Andreessen Horowitz (a16z), Ben Horowitz and Marc Andreessen, recently expressed their concerns about the regulatory challenges that the crypto industry is facing under the Biden-Harris Administration. They openly criticized the administration’s handling of the industry, pointing out a series of regulatory hurdles that they believe are hindering innovation and growth in the
The recent passing of a bill by the Russian State Duma legalizing Bitcoin mining and allowing the use of cryptocurrency for international trade marks a significant shift in the country’s approach to digital assets. The legislation, which is set to take effect on September 1 pending final approval, is aimed at addressing the challenges faced
Recently, the United States House of Representatives passed the Financial Technology Protection Act with unanimous approval. This act is designed to combat the use of digital platforms for illicit activities and terrorism financing. Representative Zach Nunn introduced the bill, which was subsequently approved on July 22, 2024. The main goal of this legislation is to
The Digital Chamber recently sent a letter to Vice President Kamala Harris, urging her to adopt a forward-looking approach to digital assets and blockchain technology. The Chamber emphasized the immense potential of these technologies for innovation, economic growth, and financial inclusion. Despite key leaders in the Democratic Party showing support for the industry, there is
The CEO and founder of DAIM, Brian Korshain, has expressed strong optimism regarding the potential impact of former President Donald Trump’s support for Bitcoin. Korshain believes that Trump’s rumored plan to make Bitcoin a strategic reserve asset for the US government is not only possible but could also lead to significant changes in the regulatory
10x Research recently made a bold claim that President Joe Biden’s withdrawal from the 2024 presidential race would pave the way for former President Donald Trump to secure a “decisive victory” in the November election. The firm believes that no credible candidate exists who could seriously challenge Trump, indicating that the election outcome may have
The Basel Committee on Banking Supervision has released a final disclosure framework for banks’ crypto exposures and made targeted amendments to its cryptoasset standards. These standards are set to come into effect on January 1, 2026. The Committee, which is part of the Bank for International Settlements (BIS), has been working on this framework for
After a period of consultation, Hong Kong’s financial regulators have finalized a licensing program initiative for fiat-referenced stablecoin (FRS) providers. This initiative received feedback from various stakeholders, showing overwhelming support for the need for a regulatory regime for FRS issuers. The regulators believe that this is necessary due to the rapid growth of digital assets
The latest study conducted by Social Capital Markets has unveiled a significant surge in lobbying expenditures within the crypto industry over the past seven years. The data reveals a staggering 1,386% increase in lobbying spend by crypto companies, soaring from $2.72 million in 2017 to an astonishing $40.42 million in 2023. This surge highlights a