Tag Archives: Regulations

The U.S. Securities and Exchange Commission (SEC) in its latest report revealed that the number of enforcement actions filed in the fiscal year 2023 (FY2023) increased by three percent from the previous record in the financial year of 2022. Some of the enforcement actions involved heavyweights in the crypto industry, with various accusations against cryptocurrency businesses and executives ranging from fraud to securities violations. Nearly $1 Billion Distributed to Harmed...

The United States has persistently stumbled in delivering clear regulatory guidance for digital assets. The Securities and Exchange Commission (SEC) presides over instruments and assets deemed as securities, while the Commodity Futures Trading Commission (CFTC) regulates the trading of derivatives on commodities. This landscape leaves a regulatory gap for digital assets that defy the categorization of securities or commodity-based derivatives. Amid this regulatory chaos,...

The New York State Department of Financial Services (NYDFS) has published a set of new rules guiding the listing and delisting of digital assets to ensure the activities of crypto firms protect investors from financial harm. According to an official post from the department, the new guidance is effective immediately and will replace older standards issued in 2020. All virtual asset firms are expected to incorporate the latest standards into their coin listing and delisting...

The co-founders of Opyn, a prominent DeFi options protocol, have announced their departure from the company and the crypto industry. This decision comes in the wake of charges filed against Opyn by the Commodity Futures Trading Commission (CFTC) in September. Opyn’s Co-founders Announce Departure from Crypto Opyn co-founders CEO Zubin Koticha and Alexis Gauba recently announced their departure from the crypto world. Koticha, in a post on X, stated, “After the regulatory...

The recent conviction of Sam Bankman-Fried (SBF) marks a pivotal moment in the cryptocurrency industry, carrying significant implications for its leaders and stakeholders. As the founder of the now-defunct FTX crypto exchange, SBF held a prominent position in the sector, making his fall from grace a broad industry concern. His conviction on fraud, conspiracy, and money laundering is a stark reminder of the need for accountability and transparency in the crypto space. This...

The Indian government has lost $420 million in what could have been a substantial revenue stream as a result of its taxation, forcing traders to move their transactions outside the country. Experts are now suggesting that the Indian government should take a more relaxed approach to its controversial stance on crypto taxation. According to a recent study by Delhi-based think tank Esya Centre, the highly debated crypto policy in India, involving a 1% transaction tax deducted at...

In a move aimed at preserving the autonomy of cryptocurrency users and safeguarding their ability to self-custody digital assets, U.S. Senator Ted Budd (R-NC) has introduced the Keep Your Coins Act. This legislative proposal, which came after last year’s FTX exchange collapse, seeks to protect individuals’ rights to conduct cryptocurrency transactions without relying on third-party intermediaries. Senator Ted Budd’s Keep Your Coins Act U.S. Senator Ted Budd announced on...

As different jurisdictions gear up for regulations on the digital asset sector, DeFi remains a tricky subject. The International Organization of Securities Commissions (IOSCO) had recently weighed in on the matter and recommended that governments should identify the “Responsible Person” behind ostensibly decentralized finance applications and subject them to regulatory oversight similar to conventional financial market participants. Prominent blockchain software company –...

In response to the widespread interest and concern generated by its proposed crypto reporting regulations, the Internal Revenue Service (IRS) has decided to extend the comment period by an additional two weeks. This move grants stakeholders more time to express their opinions, with the new deadline of November 13, 2023. Previously, stakeholders were required to submit comments on the proposed regulations by October 30, 2023. IRS Grants Extra Time for Public Input The Treasury...

The proactive approach to framing crypto-specific guidelines comes as a respite after years of conversations about an outright ban on the sector that was initially mooted by the Reserve Bank of India. The Indian government may have shelved its plans to impose a blanket ban on crypto, but there’s still a long way to go, and the latest development depicts that the country’s approach has been a bit of a rollercoaster ride. A “Positive Precedent” for the World Indian financial...