Regulation

In a significant development in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and major cryptocurrency exchange Binance, stablecoin issuer Circle has intervened, asserting that stablecoins should not be categorized as securities under existing financial regulations. This comes after earlier this year, Binance faced several legal accusations from regulators with the charges based on the exchange’s role in enabling transactions in multiple...

During his congressional testimony on Wednesday, Gary Gensler, the U.S. Securities and Exchange Commission (SEC) chairman, persisted in his criticism of the cryptocurrency industry. Despite partisan divisions and ongoing legal battles, Gensler did not disclose the SEC’s next moves regarding spot bitcoin exchange-traded funds (ETFs) following a recent legal setback. Gensler Accuses Crypto Companies Chair Gary Gensler continued his combative stance against what he called crypto...

This partnership is also a significant stride in the Japanese government’s endeavor to embrace blockchain technology and cryptocurrencies, fostering their broader adoption within the country and beyond. Binance Japan is partnering with Mitsubishi UFJ (MUFG) Trust Bank, a move squarely aligned with the Japanese government’s new Web3 policy. This collaboration aims to birth a new stablecoin, and the chosen platform for its development is the Progmat coin platform, a proprietary asset of...

The cryptocurrency industry is transforming significantly due to heightened government regulations, particularly in the United States. Many US-based crypto companies, especially exchanges, are considering strategies to shift their operations abroad, which includes exploring new markets and contemplating relocating entirely out of the country. In contrast, Europe has become an attractive destination for crypto firms seeking a more favorable regulatory environment. Several...

Swiss Federal Law on the transparency of legal entities and identification of beneficial owners This article discusses the consequences of implementing a new Swiss federal law on transparency for legal entities and other legal structures in Switzerland and focuses on the impact on advisors, lawyers, cantons, and the broader economy. It is in consultation phase where interested parties are solicited to provide their inputs until the end of November...

The Hong Kong Securities and Futures Commission, in their statement regarding the arrest of the alledged fraudsters, pointed out that JPEX was not licensed and lacked the authority to host a cryptocurrency trading platform within the community. Hong Kong police arrested six individuals in connection with allegations of fraud related to an unlicensed cryptocurrency exchange known as JPEX. According to the securities, this exchange was operating without the necessary license and...

The amount to be charged has not been revealed. Currently, the X platform has 550 million monthly users who generate 100 to 200 million posts every day. On Monday, tech billionaire Elon Musk had a conversation with Israeli Prime Minister Benjamin Netanyahu. The discussion was mostly about the theoretical risks of artificial intelligence technology and AI regulation. During the talks, Elon Musk also shared his plans for the upcoming future and revealed that the X platform (formerly Twitter)...

Aside from the EU, Hong Kong and the United Kingdom have also made progress with crypto regulation. Malta’s Financial Services Authority (MFSA) has begun a public consultation on the proposed changes to its crypto rulebook. The regulator circulated a draft document representing the revised version of its crypto regulation on Monday. Malta issued the rulebook for the first time in February 2019. Since then, the document has passed through five revisions to align it with best practices...

According to the CMA, the AI principles will help to promote competition in the UK, while also protecting consumers from exploitation. The United Kingdom’s (UK) antitrust agency has set principles that should form the framework for guiding artificial intelligence (AI) regulation. The Competition and Markets Authority (CMA) published a press release on Monday and included a report following a review of AI systems referred to as foundation models (FMs). In the press release, the CMA...

Popular game seller GameStop has announced an end of all ties to its crypto wallet system given the space is too uncertain. GameStop Withdraws from the Crypto Space The comments make sense in that there is very little crypto regulation permeating the U.S. Traders have no clear rules to follow and neither do the companies and platforms that hold their assets, and this is setting them up for some very harsh realities through financial agencies such as the Securities...