Regulation

UAE reaches $40 billion in Bitcoin holdings. It has positioned itself as a global leader in cryptocurrency adoption with favorable regulations and investments. The United Arab Emirates (UAE) has reportedly reached $40 billion in Bitcoin holdings. This move has made a significant move in the cryptocurrency market. The development exhibits the country’s increasing part in the worldwide reception of blockchain innovation and computerized resources. Both the country’s government and private...

Morocco is set to become the first developing country with clear crypto regulations. It will also balance security, innovation, and financial growth. The Governor of Bank Al-Maghrib (BAM), Abdellatif Jouahri, recently shared that Morocco is close to adopting a legal framework for regulating crypto-assets. It seeks to first manage the use of crypto-assets and also encourage financial innovation. According to Jouahri, the framework was designed in line with G20 recommendations. At the same...

South Korean lawmaker Kim Nam-kook sentenced to prison for concealing $7.5M in cryptocurrency, sparking calls for stricter regulation. A South Korean congressman has been sentenced to six months in prison for concealing his crypto holdings. Former Democratic Party lawmaker Kim Nam-kook hid assets worth 9.9 billion won ($6.8 million) and 990 million won ($680,000) between 2021 and 2022. This was a breach of the law that bars public officials from holding any property without declaring it to...

Bybit will stop withdrawal and custody services for French users starting January 8, 2025, amid increasing regulatory scrutiny in France. Bybit, a major cryptocurrency exchange, has announced it will cease providing withdrawal and custody services to users in France starting January 8, 2025. This decision follows increased scrutiny from French financial regulators. Bybit reiterated it will fully adhere to all the laws and regulations in the applicable jurisdictions. However, because of the...

Bitpanda receives VARA approval to expand into the UAE, setting the stage for full operations with local partnerships and compliance. Bitpanda, Europe’s leading regulated cryptocurrency platform, is taking a significant step toward expanding globally. The company has received in-principle approval from the Virtual Assets Regulatory Authority (VARA) in Dubai. This approval takes Bitpanda closer to commencing its operations in the UAE under the entity, Bitpanda Broker MENA DMCC. However,...

The Federal Court of Australia has imposed an $8 million fine on Bit Trade, the operator of the cryptocurrency exchange Kraken in the country, for offering an unapproved margin lending product to local customers. The penalty follows allegations by the Australian Securities and Investments Commission (ASIC) that the firm violated financial regulations by failing to assess customer suitability for the product. Legal Implications The credit facility, which enabled users to...

Bank of England watchdog requests firms to disclose crypto disclosures to shape future regulations and ensure financial system stability. The Prudential Regulation Authority (PRA), part of the Bank of England, has taken a significant step to monitor the stability of the financial system concerning cryptocurrencies. On 12 December, the PRA put out a formal notice to organizations asking about their current and planned interactions with cryptoassets up until March 2024. This action is within a...

BitOasis obtains a full VASP license, enhancing its MENA activities. CoinDCX acquires BitOasis, strengthening its presence in the MENA region. Virtual asset-leading platform BitOasis has won the Virtual Asset Service Provider definitive license offered by Dubai’s Virtual Assets Regulatory Authority. This would be a step from onboarding under a provisional license from VARA back in 2022, followed then by winning an MVP license at the turn of 2023- this makes a march forward for BitOasis that...

Hester Peirce, a Commissioner at the U.S. Securities and Exchange Commission (SEC), has outlined a vision for the agency’s crypto regulatory strategy under President-elect Donald Trump. In a recent interview on Fox Business, Peirce identified three priorities to address what she sees as critical obstacles hindering the growth and clarity of the crypto industry. Pierces’s Roadmap to Clearer Crypto Regulations In the interview, highlighted by Fox Business reporter Eleanor...

Iran crypto market faces new regulations by the CBI. Expert Alhosseini suggests private sector involvement to balance compliance and growth. Iran is seeing increased scrutiny of its cryptocurrency market as the Central Bank of Iran (CBI) prepares to implement new regulations. Economic expert Mohammad Sadegh Alhosseini shared key insights on the current market. He continues to note that there are estimates that Iranians hold crypto assets of between $30 billion to $50 billion. This amount is...