U.S. President Joe Biden has recently unveiled his proposed budget for the upcoming fiscal year, which includes several key provisions aimed at regulating the cryptocurrency industry and generating significant tax revenue. These measures, if implemented, could have far-reaching implications for…
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Hong Kong Enacts Stringent Regulations to Curtail Covert Cryptocurrency Transactions
In Hong Kong, a vibrant network of small shops has emerged, offering seamless conversion between cash and cryptocurrencies. These shops, also known as over-the-counter (OTC) crypto providers, have played a significant role in facilitating the city’s booming digital assets market.…
Financial Intelligence Unit of India (FIU) Imposes Shadow Ban on Crypto Exchanges
The Financial Intelligence Unit India (FIU IND) has taken a resolute stand against major cryptocurrency exchanges operating within the Indian market. Show Cause Notices have been sternly issued to nine prominent exchanges, including Binance, Kucoin, Gate, Huobi, Kraken, Bittrex, Bitstamp,…
South Korean Regulators Exempt NFTs from Crypto asset Regulations
In a recent development, South Korean financial regulators have made a significant ruling regarding non-fungible tokens (NFTs) and their classification under existing cryptocurrency regulations. The Financial Services Commission (FSC), the country’s top regulatory body, has declared that NFTs will not…
Federal Judge Questions SEC’s Treatment of DEBT Box, Raises Concerns and Potential Sanctions
The Securities and Exchange Commission (SEC) has come under fire from a federal judge over its handling of a case involving a crypto firm, DEBT Box. The judge expressed concerns that the SEC had made “materially false and misleading representations”…
Proposed Regulations for Crypto Service Providers in Singapore
In its ongoing efforts to enhance the regulatory framework for the cryptocurrency industry, the Monetary Authority of Singapore (MAS) has recently released the final tranche of responses to feedback on a consultation paper regarding proposed regulations for crypto service providers.…
Ripple CEO Fires Back at Former SEC Chair Jay Clayton
Key Insights: In recent developments, Brad Garlinghouse, the CEO of Ripple, has taken a firm stance against the comments made by former Securities Exchange Commission (SEC) Chairman Jay Clayton. The crypto world has been abuzz with the SEC’s regulatory actions,…
Hong Kong Strengthens Crypto Regulation: An Overview of Recent Changes
The Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have jointly issued a significant circular aimed at providing clarity on the rules governing companies offering services related to virtual assets. The circular specifically addresses the classification…
Bitstamp Crypto Exchange to End Canadian Operations by 2024
Major cryptocurrency exchanges are steadily exiting the Canadian market, citing complex regulation and lack of clarity as primary reasons. This exodus leaves traders with limited options and raises concerns about stifling innovation in the country. The departures started earlier this…
UK Financial Watchdog to Launch Digital Assets Sandbox in Early 2024
The UK’s Financial Conduct Authority (FCA) has revealed plans to launch a pioneering Digital Assets Sandbox (DAS) by the first quarter 2024. The move aims to promote digital asset innovation under bespoke regulatory conditions. Tailored rules to enable experimentation According…