Regulation

Binance.US said that it is prepared to defend itself against the US Securities and Exchange Commission after a court ruled that the regulatory agency’s case against the crypto exchange could continue. In its official statement on X, the US arm of crypto giant Binance affirmed that the “fight continues.” Binance.US Slams SEC’s Enforcement Tactics The crypto exchange said that it has used the “limited guidance” that the SEC has offered to the crypto industry to operate its...

The US Internal Revenue Service (IRS) has issued its final draft of rules for crypto brokers to report income, offering clarifications on the scope of industry participants required to follow the regulations. Decentralized protocols and self-managed crypto wallets are not included. However, stablecoins and real-world assets (RWAs) will fall under the reporting standards. IRS commissioner Danny Werfel stated, “We reviewed thousands of public comments and believe this new guidance addresses...

The free reign stablecoin issuers had in the European markets is ending on June 30 as the EU’s MiCA (Markets in Crypto Assets) regulations will enforce caps on transaction volumes and value. That means asset-referenced stablecoins not pegged to the Euro, witnessing over a million transactions or facilitating the movement of value over $215 million will need to be discontinued in the bloc. Transactions considered for the caps will include those conducted for payments of goods and services...

Ripple chief executive officer Brad Garlinghouse has slammed Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC), for his recent slander about most crypto executives going to jail. Garlinghouse stated in a tweet that Gensler and his approach to crypto regulation would cause U.S. President Joe Biden to lose the upcoming elections. Gensler on Crypto Execs During an interview with Bloomberg on Tuesday, Gensler spoke about the U.S. crypto...

A popular New York-based crypto exchange, Uphold, announced the delisting of six stablecoins in response to the upcoming MiCA regulation in the European Union, including Tether (USDT) – the largest of the cohort. This decision aligns with the Markets in Crypto Assets (MiCA) regulation, which fully takes effect on June 30th, 2024. Passed into law in May 2023 and partially enacted a month later, MiCA requires all digital assets to comply with its extensive regulations. However,...

The Nigerian Securities and Exchange Commission (SEC) has released new guidelines geared to Virtual Asset Service Providers (VASPs). An amendment of the Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody, issued in May 2022, the SEC has now introduced the Accelerated Regulatory Incubation Program (ARIP). It comes with the appointment of the SEC’s new Director-General, Emomotimi Agama. VAPS must comply with the framework by 21 July 2024. The SEC issued a press release...

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The Australian government has banned its users from indulging in online gambling, imposing fines of up to AU$234,750 on platforms that accept credit cards or crypto from users going forward. While this regulation will affect most forms of online gambling, some, like online lotteries and keno, will remain unbanned. The move comes as a way to protect users from throwing their money at luck-based games, as gambling can be very addictive. With numerous online platforms mushrooming worldwide and...

South Korea’s Financial Services Commission (FSC) will consider NFTs as virtual assets from July 19. NFTs used for payments and exchanges will be recognized and eligible to accrue interest when deposited in exchanges. The news clarifies the situation of NFTs in the FSC’s guidelines published last year. National governments and authorities across the globe are scurrying to accommodate the crypto world into their financial systems. Many are formulating new regulations, while some are revising...