Regulation

South Korean prosecutors have reportedly raided the offices of the two leading cryptocurrency exchanges in the country – Upbit and Bithumb – as part of an ongoing investigation against Kim Nam-kuk.  The politician faced public scrutiny after several reports indicated he acquired 800,000 Wemix tokens by bypassing necessary regulations. He transferred the coins from Bithumb to Upbit last year, and the authorities suggested the platforms could have been involved somehow.  The...

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000 Sign up How does crypto regulation work around the world? It appears to be different in every country, and the goal is to try and find the best approaches and take the best points from each to form a solid roadmap for traders everywhere. Crypto Regulation Differs Depending on the Country There has been a huge call for...

A high-ranking Hong Kong official has warned crypto exchanges to expect strict regulation and advises those in opposition to go elsewhere.  Hong Kong has stated that its upcoming crypto regulation would not promote a light-touch approach despite the city’s crypto-friendly disposition. The Chinese special administrative region is putting the finishing touches to digital asset licensing rules as it seeks to become a global crypto hub. Speaking at Tuesday’s Bloomberg Wealth Asia Summit, Hong...

Brian Armstrong, the co-founder and CEO of leading American cryptocurrency exchange Coinbase, believes the U.S. Securities and Exchange Commission (SEC) is on a lone crusade in the push for regulatory clarity in the country, as the agency’s stance on the matter is different from that of Congress and other federal regulators. During a Monday interview with CNBC, the CEO insisted that SEC chair Gary Gensler is attempting to regulate the American digital asset industry from an...

Three top European regulators will get together to discuss the implications of the Data Act and provide more clarity with the goal of not stifling DeFi innovation. As Europe embarks on its journey to bring clear crypto regulations in place, the blockchain industry is making a final push in preventing laws that would crush the smart contracts underpinning the decentralized finance (DeFi) protocols. The lawmakers are currently having negotiations over the Data Act, which will be concluded...

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000 Sign up Rajeev Chandrasekhar – the minister of state for IT and electronics – said crypto could present a “legitimate case of macroeconomic risks,” in a recent report. He also said that a world without crypto regulation is a dangerous one. Rajeev Chandrasekhar on Crypto in India Chandrasekhar commented: It is a very...

The U.S. Commodity Futures Trading Commission (CFTC) is suing Binance and its founder Changpeng Zhao after the crypto exchange allegedly violated the Commodity Exchange Act and other regulations. The CFTC Is Going After Binance The agency claims Binance has had no regard for current financial laws and has been violating them for the past several years. Heads of the CFTC are now seeking financial penalties and a permanent ban in the United States. CFTC chair Rostin Behnam...

While enforcement actions have been a focus for the US SEC in the crypto industry lately, some crypto exchanges are now making efforts to expand into other territories. The United States Securities and Exchange Commission (SEC) has taken a step backward by withdrawing from its decision to classify digital assets. The regulator achieved this by removing the first official definition of “digital asset” from its most recent household hedge withdrawal regulations. Notably, the SEC first...

Not long ago, South Dakota Governor Kristi Noem vetoed a bill that would have paved the way for crypto regulation in her state. It was recently announced that the House of South Dakota has failed to override the veto, and thus digital currency legislation will not be making its way into the state anytime soon. Kristi Noem Is Getting Her Way The bill had initially passed through the legislative branch, though it failed to hold any ground after Noem initiated the veto. The...

Crypto-supportive Republican policymakers Patrick McHenry and Cynthia Lummis provided the latest updates on digital asset legislation at Consensus 2023 – and they’re highly optimistic.  The former believes President Biden will have signed the first bill into law directly forming rules around cryptocurrency within the next 12 months.  Progress on the Lummis Bill During their panel discussion on Friday, Lummis began by clarifying that the next installment of her digital asset...