Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), has highlighted the urgent need for comprehensive regulations in the cryptocurrency industry. Speaking at a panel discussion with the South Korean government and central bank, Georgieva emphasized the potential risks associated with the growing popularity of cryptocurrencies and stressed the importance of establishing a […]
The Department of Justice (DOJ) has recently targeted four individuals involved in an $80 million cryptocurrency investment scam. The scheme involved laundering over $20 million through shell companies. The indictment highlights the extent of the scam and the significant amount of money involved.The DOJ’s action against these scammers demonstrates their commitment to combating fraudulent activities […]
The Basel Committee on Banking Supervision, a part of the Bank for International Settlements (BIS), has proposed measures to enhance the stability of stablecoins. These measures aim to refine prudential standards for stablecoin exposure and address potential risks associated with these digital assets.The first proposal focuses on mitigating redemption risks during periods of extreme stress. […]
Russia is considering a new proposal that would allow cryptocurrency miners to categorize the digital coins they generate as export products. This potential shift in regulation could create a framework for recognizing and treating bitcoin mining activities within the context of international trade.The Deputy Finance Minister, Ivan Chebeskov, revealed that the ministry has drafted a […]
The Financial Accounting Standards Board (FASB) has recently adopted new accounting rules for Bitcoin, which will have a significant impact on corporate finance. These rules, effective from fiscal years beginning after December 15, 2024, introduce fair value accounting for Bitcoin, aligning its treatment with other financial assets.This move by the FASB represents a milestone in […]
The Basel Committee on Banking Supervision, a regulatory body comprised of central banks and financial authorities, has proposed measures to adjust its standard on banks’ exposure to cryptoassets. The committee published a consultative document on its website, outlining proposed changes to the prudential standards for stablecoins.The proposed changes primarily focus on the composition of reserve […]
CoinW, the world’s pioneering cryptocurrency exchange, has recently strengthened its presence in the Middle East and North Africa (MENA) region. The company participated in two industry events, the DATE Fintech Show in Saudi Arabia and the Global Blockchain Congress in Dubai, UAE, as part of its strategic move to expand globally into MENA.During the Global […]
The head of the Philippine Securities and Exchange Commission, Kelvin Lee, has clarified that the ban on cryptocurrency exchange Binance will come into effect three months after the advisory was issued. The advisory was issued on November 28, stating that Binance was operating without a license. Lee addressed the confusion surrounding the ban and explained […]
The Financial Conduct Authority (FCA), the financial regulator in the United Kingdom, has released a minute-long animated video to educate investors about its marketing rules for cryptocurrency firms. The video, presented in the style of a pixelated Wild West cartoon, aims to explain how to assess whether crypto companies comply with the FCA’s marketing regulations.The […]
Binance has submitted two key filings in response to an ongoing case launched by the U.S. Securities and Exchange Commission (SEC). The first filing seeks to dismiss the case, arguing that the SEC has not provided sufficient evidence that Binance tokens and services are securities or investment contracts. It also claims that the SEC’s claims […]
