Tag Archives: Regulations

Financial technology company Revolut is reportedly planning to halt cryptocurrency purchases for its business clients in the United Kingdom. As stated by Revolut, the suspension will enable the company to make necessary adjustments in response to the new rules on crypto promotion by the UK’s Financial Conduct Authority (FCA), which will take effect in January 2024. Revolut to Temporarily Stop Crypto Purchases Revolut’s UK business customers will only be able to sell and hold...

With a mere fortnight left in the year, Stuart Alderoty, the Chief Legal Officer of Ripple, has provided perspectives on what lies ahead for the cryptocurrency landscape in 2024. The exec has predicted setbacks for the US SEC and even a possible Supreme Court confrontation. Despite these bullish prognoses, Alderoty anticipates difficulties on the legislative front. Ripple CTO Doubles Down on 2024 Predictions According to Alderoty, the lingering legal battle between Ripple and...

The Financial Accounting Services Board (FASB) announced on Wednesday that it has officially adopted fair value accounting for crypto assets starting next year. The change is expected to make Bitcoin and other digital currencies far more welcoming to hold on corporate balance sheets, despite their intermittent price volatility. FASB’s Major Accounting Change Per FASB’s latest Accounting Standards Update (ASU), the revised standard is a response to overwhelming stakeholder...

A recent move was the introduction of the Digital Asset Anti-Money Laundering Act, another bill aiming to curtail the use of cryptocurrencies in America. On Dec. 11. the bill gained five new Senators as cosponsors, including, unsurprisingly, three members of the Banking Committee.  Crypto advocate Evan Van Ness posted a list of Senators he claimed were “paid off by the banks to cosponsor Elizabeth Warren’s anti-crypto bill,” A list of US senators paid off by the banks to...

C1 Fund – established by a team of former Coinbase legal professionals and investors – has engaged in discussions with numerous local venture firms, explicitly proposing the purchase of private holdings from investors at a discounted rate ranging between 50% and 80% of their most recent valuation. The development comes as the crypto sector has once again captured the interest of investors, driven by a prevailing bullish stance on Bitcoin. This has resulted in the world’s...

The Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury has placed sanctions on cryptocurrency mixing service Sinbad, alleging that the mixer served as a money laundering channel for the notorious North Korean hackers Lazarus Group. According to the enforcement agency, Sinbad has been used to launder millions of dollars worth of stolen crypto assets from high-profile hacks. Lazarus Group Preferred Sinbad to Launder Stolen Crypto Funds In a...

The largest US-based crypto exchange experienced a threefold increase in law enforcement requests in the current year compared to 2020, as revealed in its latest transparency report. The total number of requests during the reporting period amounted to 13,079, marking approximately a 6% rise from the previous year. Notably, the United States maintained its position as the leading country in both 2022 and 2023, with a slight uptick in the number of requests in 2023. Coinbase...

The Brazil Senate has approved new rules that will mandate locals to pay up to 15% tax on income generated from cryptocurrencies on offshore exchanges. According to a live recording from the Federal Senate, the new rule applies to crypto users with assets worth more than R$6,000 ($1,200) on all offshore exchanges. Brazilian Crypto Users to Pay 15% Tax The proposed bill has gained approval from the Chamber of Deputies and the Senate’s Economic Affairs Committee. It is on its...

BC Technology Group, the parent company of Hong Kong’s publicly listed crypto exchange platform OSL, noted that Hong Kong regulators were swiftly approving cryptocurrency products after the scandal that rocked the digital asset exchange JPEX. Another fintech provider stated that the participation of banks in the virtual assets sector in Hong Kong will facilitate mass adoption and development. Crypto Approvals Improve After JPEX, Says OSL Executive While Hong Kong authorities...

Following the conclusion of the extensive investigation and pursuit of cryptocurrency exchange giant Binance, reports suggest that the U.S. Commodity Futures Trading Commission (CFTC) now intends to pursue other platforms that violate trading laws. Despite experiencing a significant unforeseen event, the cryptocurrency industry has effectively mitigated the impact and is now observing signs of price recovery. CFTC to Intensify Crypto Crackdown Binance, the world’s largest...