OPNX, the cryptocurrency exchange founded by Kyle Davies and Su Zhu, has obtained a virtual asset service provider (VASP) license from Lithuania. This license allows OPNX to offer spot crypto exchange services throughout the European Union. The exchange has emphasized its commitment to high standards of compliance and security, implementing a robust Know Your Customer […]
The European Banking Authority (EBA) has proposed new guidelines for stablecoin issuers in the European Union (EU). The aim of these guidelines is to ensure that stablecoins can be quickly redeemed, even in turbulent market conditions, to prevent bank runs and contagion during a crisis. Under the proposed rules, stablecoin issuers must offer fully redeemable […]
The Commodity Futures Trading Commission (CFTC) has released its enforcement outcomes for Fiscal Year 2023, revealing a significant increase in digital asset cases. The CFTC’s Division of Enforcement initiated 96 enforcement proceedings, resulting in penalties, restitution, and disgorgement totaling over $4.3 billion. Approximately 50% of the cases involved cryptocurrencies, with the CFTC filing 47 actions […]
The Central Bank of the United Arab Emirates (CBUAE) and other regulators in the country have released new guidelines for virtual asset service providers (VASPs) operating in the UAE. These guidelines include penalties for VASPs that operate without the proper licenses. The National Anti-Money Laundering and Combating Financing of Terrorism and Financing of Illegal Organisations […]
The U.S. Commodity Futures Trading Commission (CFTC) has released its enforcement results for the 2023 fiscal year, revealing that nearly half of its enforcement cases involved digital assets. Out of the 96 enforcement actions taken, 47 were related to cryptocurrencies. Some notable cases include charges against individuals and companies like Sam Bankman-Fried, FTX, Alameda Research, […]
Gemini’s U.K. branch has announced that it will restrict cryptocurrency transfers exclusively to Travel Rule Universal Solution Technology (TRUST)-registered Virtual Asset Service Providers (VASPs) starting November 17. This decision is in response to the Travel Rule regulations, which require VASPs to share sender and receiver information for crypto transactions. Gemini has partnered with TRUST to […]
In a recent interview with Yahoo Finance, Senator Cynthia Lummis expressed her disapproval of the Securities and Exchange Commission’s (SEC) intensified crackdown on the crypto industry throughout 2023. Lummis criticized the aggressive nature of the SEC’s actions, deeming it unnecessary and overreaching. She specifically opposed the SEC’s controversial new crypto policy, “Staff Accounting Bulletin 121,” […]
A United States lawmaker has proposed a controversial amendment to the Financial Services and General Government bill, which aims to reduce government spending. The amendment suggests reducing the salary of Securities and Exchange Commission (SEC) chair Gary Gensler to just $1 per year. This move is part of a wider proposal to defund the regulator. […]
A series of documents have been released in the United Kingdom regarding the regulation of stablecoins. The Financial Conduct Authority (FCA) and the Bank of England (BOE) have both published discussion papers on the topic. In addition, the BOE’s Prudential Regulatory Authority (PRA) has issued a letter to CEOs of deposit-taking institutions, and the BOE […]
John Deaton, a prominent crypto lawyer and founder of Crypto Law, has shared his opinion on the ongoing lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). According to Deaton, a settlement of $20 million or less in the lawsuit would be a 99.9% legal victory for Ripple. He argues that those […]
