Tag Archives: Regulations

TL:DR; IOG founder Charles Hoskinson said he will be a part of a team working to create regulatory policy for crypto during the Trump administration. ADA’s price jumped immediately to a multi-month high, but Perplexity now speculates about a potential top. Perhaps the most notable piece of news for the cryptocurrency industry this weekend came from IOG’s founder, Charles Hoskinson. As reported earlier, he outlined his plans for 2025, indicating that he will spend a big...

A group of Republican lawmakers, headed by Rep. Patrick McHenry and Sen. Cynthia Lummis, have raised concerns over the Securities and Exchange Commission’s (SEC) approach to regulating crypto custody. In a letter addressed to SEC Chair Gary Gensler, the lawmakers demanded the agency “rescind” its Staff Accounting Bulletin No. 121 (SAB 121). Critique of SAB 121 The letter, shared by Fox reporter Eleanor Terrett via an X post, highlights several issues with SAB 121. The...

German authorities have shut down 47 cryptocurrency exchanges operating in the country for allegedly facilitating large-scale money laundering operations for cybercriminals. According to an official statement by the Frankfurt main prosecutor’s office, the German office for combating Internet crime, and the federal criminal police office, these exchanges deliberately allowed their users to bypass Know You Customer (KYC) policies. The KYC policy is a verification process that...

Anthony Scaramucci, founder of the New York-based investment firm SkyBridge Capital, has revealed that he is working with Democratic presidential candidate Kamala Harris to draft crypto policies for her campaign. According to a CNBC report, Scaramucci made the revelation at the annual TOKEN2049 crypto conference on Thursday. He told a panel during the conference that several crypto advocates are currently in talks with Harris to draft industry-friendly policies ahead of the...

On-chain investigator ZachXBT has accused top crypto influencer Professor Crypto of using bots to manipulate his social media metrics. Following the allegations, the crypto influencer has deactivated his account without giving a response to the public. Fake Engagement Strategies In a post on X, the on-chain sleuth addressed the Youtuber, telling him to “lay off the thousands of bots” used on his social media platforms to “deceive people into thinking you have an influence.”...

The U.S. Department of the Treasury has imposed sanctions on Cambodian businessman Ly Yong Phat and his businesses, including his conglomerate L.Y.P. Group and the O-Smach Resort. This move, disclosed on Thursday, stands in response to their roles in human trafficking and forced labour as connected with cryptocurrency fraud. The penalties have been imposed to prevent and curtail human rights abuses and other related offenses. OFAC of the Treasury said that Ly Yong Phat businesses engaged in...

If the new regime takes effect, the SFC will collaborate with the C&ED to oversee OTC services in Hong Kong. Financial hub Hong Kong looks to introduce a new regime for over-the-counter (OTC) virtual asset trading services as the Securities and Futures Commission (SFC) conversed with multiple ‘industry participants.’ Should the jurisdiction proceed in that direction, the SFC will work with the Customs and Excise Department (C&ED) to better regulate the crypto industry. A proposal...

The U.S. Securities and Exchange Commission (SEC) has ramped up its enforcement actions against the cryptocurrency sector in 2024, imposing nearly $4.7 billion in fines. This figure represents a 3,018% increase from the $150.3 million in fines issued in 2023. Record Breaking Settlement According to a report from Social Capital Markets, 2024’s figures are largely attributed to the SEC’s $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon, in June making it...

If this goes through, Turkish citizens transacting more than $205 in the country will be fined 10% of the transacted amount. Turkey plans to impose a limit on cash payments and is considering imposing a 10% fine on anyone spending more than 7,000 Turkish liras ($205). The Turkish Revenue Administration started taking suggestions for the draft amending the General Communiqué of the Tax Procedure Law No. 459. The amendments place a $205 barrier to cash payments, leaving individuals and...

On Tuesday, Singapore’s Deputy Prime Minister, Gan Kim Yong, addressed Parliament regarding concerns about Worldcoin’s operations in the country. The concerns were on threats such as improper use of Worldcoin accounts and the possibility of the accounts being used to conduct money laundering. Gan Kim Yong stressed that Worldcoin does not currently operate as a payment service provider under Singapore’s Payment Services Act (PS Act). However, he stated that trading Worldcoin accounts would...