Government Policies and Cryptocurrency Adoption 8

India Issues Compliance Notices to Offshore Crypto Exchanges for Violating Money Laundering Laws

In a significant move, India’s Finance Ministry has issued compliance show-cause notices to nine major offshore cryptocurrency exchanges, including industry giants like Binance, Huobi, and Kucoin. The government accuses these platforms of operating illegally within the country’s borders without adhering to local money laundering laws.The notices demand an explanation for their non-compliance with the established […]

Crypto Compliance and Risk Management: Navigating the Evolving Regulatory Landscape

The growing Web3 market presents challenges in compliance and risk management for companies operating in the blockchain industry. With the complexities of decentralized finance (DeFi) and the increasing security risks, there is a critical need for robust compliance solutions.The regulatory landscape for crypto assets is constantly evolving, with different approaches taken by jurisdictions worldwide. The […]

India’s Financial Intelligence Unit Issues Show Cause Notices to Offshore Cryptocurrency Operators for Violating Money Laundering Laws

In a move to regulate the cryptocurrency sector, India’s Financial Intelligence Unit (FIU) has issued show cause notices to nine offshore Virtual Digital Assets (VDA) service providers for allegedly violating the Prevention of Money Laundering Act (PMLA) of 2002. The targeted firms, located in Seychelles, Cayman Islands, and Switzerland, include popular platforms such as Kucoin, […]

Former President Donald Trump Sells $2.4 Million Worth of Ethereum, Continues NFT Ventures

Former President Donald Trump has reportedly sold off 1,075 ETH, worth an estimated $2.4 million, over the past three weeks. The sale was made from a crypto portfolio believed to belong to Trump, and the ETH was sent to Coinbase. Trump has been trying to revive his non-fungible token (NFT) trading card business, but with […]

Argentina Proposes Bill to Regularize Cryptocurrencies, Boost Economy

The Argentine government has introduced a bill that aims to regulate undeclared cryptocurrencies, including bitcoin, under a new tax regime. The proposal, known as the “law of bases and starting points for the freedom of Argentines,” seeks to establish a legal framework for the regularization of assets, including cryptocurrencies and cryptoassets. This move recognizes the […]

Argentina’s New Government Plans to Ease Crypto Legalization for Taxpayers

The newly formed government of Argentina, led by libertarian Javier Milei, has introduced a bill to ease the path to legalizing cryptocurrency holdings, even for those who have not declared their taxes. The bill, known as the Law of Bases and Starting Points for the Freedom of Argentines, encompasses various reforms in tax, labor, criminal, […]

Calls for Removal of SEC Chair Gensler Intensify Amidst Scandal and Criticism

In recent years, the United States Securities and Exchange Commission (SEC) has faced criticism from the crypto industry for its aggressive approach towards enforcement actions and lawsuits targeting crypto firms and leaders. Many in the industry have called for new leadership within the SEC to support innovation and enable the growth of the crypto sector.US […]

Japan’s Cabinet Proposes Tax Breaks for Unrealized Crypto Gains

Japan’s Cabinet has approved a proposal to eliminate corporate tax on unrealized cryptocurrency gains, potentially revolutionizing the crypto landscape in the country. If this proposal becomes law, it would mean that companies would no longer have to pay taxes on the difference between the market and book values of their crypto assets. This move is […]

Chinese Authorities Bust $2.2 Billion Underground Banking Operation Using Cryptocurrency

Chinese authorities have reportedly cracked down on a $2.2 billion underground banking operation that used foreign virtual currency trading platforms to help clients bypass the country’s capital controls. The operation involved underground banks purchasing virtual currencies and then selling them through overseas trading platforms to obtain foreign currency, thus circumventing China’s strict foreign exchange regulations. […]

Hong Kong Proposes Licensing Framework for Fiat-Referenced Stablecoins

Hong Kong is considering accepting and regulating fiat-referenced stablecoins (FRS) through a proposed licensing regime. The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have published a consultation paper outlining the requirements for obtaining a license. The proposed criteria include full backing of stablecoins with reserves, segregation and safekeeping […]