The United Kingdom government has released an update on its plans to regulate fiat-backed stablecoins. The aim is to facilitate and regulate the use of these stablecoins in the country’s payment chains. The government intends to introduce specific legislation in 2024, which will bring the regulation of fiat-backed stablecoins under the Financial Conduct Authority’s (FCA) […]
The Monetary Authority of Singapore (MAS) has announced its plans to collaborate with the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the United Kingdom’s Financial Conduct Authority (FCA) to promote joint digital asset pilots. This initiative is an extension of Singapore’s ongoing asset tokenization project, known as Project […]
Taiwan has introduced a new bill called the “Virtual Asset Management Regulations Draft” in an effort to regulate its growing virtual asset market. The bill aims to establish a comprehensive regulatory framework for the crypto industry, with the primary goal of protecting investors and maintaining financial stability. Currently, Taiwan only requires virtual asset service providers […]
Stuart Alderoty, the Chief Legal Officer of Ripple Labs, and the XRP community have shown their support for SEC Commissioner Hester Peirce’s stance on the LBRY lawsuit. Alderoty expressed gratitude towards Commissioner Peirce and suggested that in cases of perceived injustice, it may be necessary to disregard standard protocols and raise concerns more vocally and […]
Sam Bankman-Fried (SBF), the former billionaire and founder of FTX and Alameda Research, testified in court about the $8 billion shortfall that led to the collapse of the companies. SBF stated that he was blindsided by the shortfall and described the efforts made to address the situation and cooperate with regulatory authorities. The trial also […]
Kraken, a popular cryptocurrency exchange, has announced that it will suspend transactions involving several digital assets in Canada. The affected assets include USDT, DAI, WBTC, WETH, and WAXL. The decision comes in response to recent regulatory changes in Canada and after consultations with regulatory authorities. Kraken emphasized its commitment to meeting compliance standards and providing […]
Gemini, a cryptocurrency exchange, has filed a lawsuit against Genesis Global Holdco, a bankrupt crypto lender, over the fate of shares of Grayscale Bitcoin Trust (GBTC). These shares were used as collateral for loans made by Gemini users to Genesis. The collateral is currently worth close to $1.6 billion. Gemini claims to have received $284.3 […]
The Federal Reserve Board is actively researching a central bank digital currency (CBDC) and related technologies, according to Vice Chair Michael Barr. The focus of their research is on the system architecture, including ledgers, tokenization, and custody models for an intermediated CBDC. Barr emphasized that a digital dollar would require a congressional mandate, but learning […]
The U.S. Deputy Treasury Secretary, Wally Adeyemo, has warned digital asset companies about the need to prevent illicit financial flows. Speaking at London’s Royal United Services Institute, Adeyemo highlighted that some companies in the crypto industry are more focused on technological innovations and overlook the potential consequences of unlawful funds. He emphasized the importance of […]
The Securities and Exchange Board of India (SEBI) has taken action against social media influencers who provide financial advice without the necessary knowledge or experience. In a significant move, SEBI recently banned a finfluencer named Mohammad Nasiruddin Ansari, also known as ‘Baap of Chart,’ along with two others from the securities market. Ansari allegedly attracted […]
