Regulation

Brian Armstrong – Chief Executive Officer of Coinbase – thinks US and UK-based cryptocurrency entities could relocate to other countries if the domestic watchdogs do not implement proper legislation on the industry.  He also hinted that his exchange might consider such a move should the regulatory situation in the States remains the same. ‘Anything is on the Table’ According to Armstrong, the American and British authorities should enforce appropriate crypto rules to prevent...

Andrew Griffith – economic secretary to the UK Treasury and Member of Parliament – said the Kingdom’s authorities plan to impose a regulatory framework on the cryptocurrency industry in the next 12 months.  The rules will aim to drive the sector forward and turn Britain into a digital asset hub.  Regulation is on its Way In a recent interview for CNBC, Griffith said the UK government is willing to enforce pertinent rules on the crypto sector and will discuss the matter until...

Government officials have confirmed the city’s crypto commitments at the Hong Kong Web3 Festival this week as it aims to become a fully regulated crypto hub attracting investment and Web3 startups. On April 12, Financial Secretary Paul Chan Mo-po reiterated that appropriate regulations and oversight were of paramount importance. “I believe that everybody has learned from recent events that appropriate regulations are a must to create a sustainable development environment and...

Not long ago, we published an article about former Pennsylvania Senator Pat Toomey, a republican who chose not to run for another term despite serving in politics for over 20 years. Pat Toomey Shows Two Faces When Discussing Crypto Going that long, Toomey was clearly a popular figure, and in our piece, he discussed his many thoughts on crypto and how he was against regulation given everything comes with hiccups, and those hiccups shouldn’t be an excuse to bring whatever...

On April 12, Andrew Bailey, governor of the Bank of England, stated during a press conference at the Institute of International Finance in Washington that stablecoins should be regulated in the same way as fiat money. According to Bailey, stablecoins lack an “assured value,” one of the main characteristics that people look for when investing in this type of “digital money” that seeks to resemble fiat. He argues that because of this, the country needs to focus on providing a...

Italy’s data protection agency Garanate has set out multiple conditions for OpenAI to implement and comply with the GDPR rules. In March 2023, the European Nation of Italy announced a ban on OpenAI’s newly released told ChatGPT, which has created a storm in the tech world. This happened on the charges of breaching data privacy rules in Italy. In the latest development, Italy’s data protection agency Garanate suggested certain actions that OpenAI must take in order to revoke the imposed...

The decision coincides with the announcement of stricter crypto regulation by the Canadian Securities Administrators (CSA). As crypto regulation broadens in Canada, blockchain infrastructure platform Paxos has announced plans to shut down its operations in Canada. In a statement published on the company website, the firm advised its Canadian customers to begin withdrawing any funds from their accounts. “Beginning June 2nd, you will no longer be able to transact from your Paxos account,” it...

At a Hong Kong media event, the Binance CEO stressed the importance of all-round active engagement in creating effective crypto regulations. Binance CEO Changpeng “CZ” Zhao recently weighed in on the formation of crypto regulations as a guiding principle over the digital asset class. According to Zhao, regulators need a deep understanding of digital currencies to formulate proper rules for effective oversight. The Binance CEO also added that regulatory clarity can only be reached via...

The Chinese tax authority claim Bitmain was issued with a tax violations notice in August last year but has withheld paying individual tax income of about $2.4 million. Bitmain Technologies Ltd., a Beijing-based company that is well known for designing application-specific integrated circuit (ASIC) chips used in Bitcoin mining, has reportedly been fined approximately 25 million Chinese yuan, equal to about $3.7 million, for allegedly failing to pay personal income taxes in China....

Former Senator Pat Toomey of Pennsylvania – who ended his congressional career in early January of this year when he chose not to run for another term – recently offered his thoughts on the crypto space and the fall of FTX. Pat Toomey on FTX and Crypto In the interview, Toomey said that if Congress had taken the time to implement appropriate crypto legislation and monitor the space, FTX likely never would have existed on the scale that it did. He said: It’s not clear...