Regulation

Aside from Coinbase has raised concerns about the potential adverse impact of the proposed law across various sectors within the digital asset ecosystem. The recent proposal from the US Internal Revenue Service (IRS) regarding crypto tax regulations has drawn strong criticism from Coinbase, the largest cryptocurrency exchange in the United States. Expressing deep concern, the exchange emphasized that the proposed IRS rule could pose a significant threat to both the crypto industry and the...

CCS Insight predicts that the EU will indeed be the first to introduce specific regulations for AI. CCS Insight, a leading technology research firm has made a bold prediction that generative Artificial Intelligence (AI) is in for a reality check in 2024, as the hype surrounding this transformative technology gives way to the practical challenges it poses. The Cold Shower for Generative AI in 2024 According to recent reports, CSS Insight shared this prediction in its annual roundup of top...

In a bold move aimed at safeguarding consumers, the FCA added 145 digital asset companies, including major exchanges Huobi-owned HTX and KuCoin, to its warning list. This decision follows the FCA’s expansion of regulations to include cryptoasset service providers, regardless of their geographical location. Cracking Down on Crypto The United Kingdom’s Financial Conduct Authority (FCA) has taken a decisive step in its efforts to safeguard consumers and regulate the growing...

Under the Act, companies building and deploying AI models would need to perform risk assessments and label AI-generated content. European Union (EU) negotiators are reportedly discussing placing additional restrictions on large artificial intelligence (AI) models as part of the upcoming AI Act. According to a Bloomberg report, representatives from the European Commission, European Parliament, and EU countries are in talks to implement a plan that would address the issues associated with...

The Hong Kong Monetary Authority (HKMA) recently completed a public consultation on stablecoins regulations. As the city of Hong Kong prepares for mainstream adoption of digital assets through a regulated manner, the officials are grappling with cases of crypto-related scams. In a bid to ensure maximum protection of investors’ funds, Hong Kong’s Secretary for Financial Services and Treasury Christian Hui has noted that trading of retail stablecoins is not yet allowed. With the regulations...

BIS continues to warn that crypto data can be “manipulated or distorted”. The Bank for International Settlements (BIS) has unveiled a new platform it calls “Project Atlas”. According to the Wednesday announcement, the decentralized finance data platform will play an important role in the future regulation of crypto market participants. In a joint report with the Dutch and German central banks, BIS confirms that Project Atlas, which is merely a proof-of-concept for now, has been used to...

Eastern Asia ranks as the fifth most active crypto market, contributing 8.8% of global digital asset activity between July 2022 and June 2023. Its decline over the last few years has been notable – largely propelled by the big blow to the Chinese trading activity and mining sector. Chainlysis’ latest analysis signals a potential tailwind for the region East Asia owing to Hong Kong’s crypto initiatives and industry-friendly regulations that have been launched over the past...

Binance – the world’s largest and most popular digital currency exchange – may not remain in Europe, according to various analysts. What Will Happen with Binance in Europe? Right now, Binance is being hit from both sides. In the U.S., for example, regulations are coming down hard. The company is the victim of a lawsuit filed against it by the Securities and Exchange Commission (SEC), and it has stated that it may shut down its America-based unit as a means of...

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...