Tag Archives: Regulations

Jeffrey Sprecher – CEO of Intercontinental Exchange Inc (ICE) – said watchdogs should regulate most cryptocurrencies as securities. Gary Gensler – Chairman of the US SEC – also classified the majority of digital assets as securities, meaning they should fall under his agency’s jurisdiction. ‘Exchanges Will be Separated From the Brokers’ Sprecher thinks the FTX collapse has shown that most cryptocurrencies should be classified as securities, or in other words, fall in the same...

Hong Kong’s legislative council has added a new amendment to the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 to accommodate the cryptocurrency industry. The legislation will essentially introduce a licensing regime for virtual asset service providers (VASPs). Hong Kong’s Licensing For VASPs Under the new additions, VASPs seeking to start operations in the region will have to undergo a licensing procedure complying with AML guidelines and...

Yet another US politician at the center of crypto industry regulation has changed stances on Ether’s legal classification. Senator Cynthia Lummis (R-WY) revealed Wednesday that she now views the second largest cryptocurrency as a security – not a commodity.  Bitcoin is the Only Crypto Commodity: Lummis Lummis expressed her changed view on the asset with CoinDesk on Tuesday while discussing the measures that may have prevented FTX’s collapse last month. She suggested that her...

Following the controversial interview between Sam Bankman-Fried and journalist Andrew Ross Sorkin at the New York Times DealBook Summit, SBF received a cordial invitation on December 13 from Congresswoman Waters to understand what happened during the FTX collapse. However, SBF declined Waters’s invitation, saying he didn’t feel it was the right time to appear before the committee to explain all the events that took FTX, the 2nd largest crypto exchange in the U.S., into...

A prominent Indian cryptocurrency trade body – Bharat Web3 Association (BWA) – has red-flagged the high taxes and regulatory uncertainty in its draft of concerns and recommendations submitted to the Indian Finance Ministry, which is holding consultations in the run-up to the budget for 2023-24. A meeting between the BWA representatives and the Indian finance ministry officials, particularly with officials of the Central Board of Direct Taxes (CBDT), is expected to take place...

The latest critique came from the top leadership at European Central Bank (ECB), who stated that Bitcoin’s value “is likely to be artificially induced” while adding that the crypto-asset is on a “road to irrelevance.” In the blog post, ECB Director General Ulrich Bindseil and Analyst Jürgen Schaff went on to claim that the world’s largest cryptocurrency has “never been used to any significant extent for legal real-world transactions.” The duo even blamed Bitcoin’s “conceptual...

The U.S. Office of Foreign Assets Control (OFAC) has made it clear that it will keep imposing fines on cryptocurrency exchanges for alleged violations of the U.S. sanctions system. This time it was the turn of Kraken, one of the oldest crypto exchanges in the U.S. Who will be next? Kraken, a well-known American crypto exchange, agreed to pay a fine of more than $362,000 to the Treasury Department’s Office of Foreign Assets Control (OFAC) for “apparently” violating U.S....

Belgium’s financial regulator does not consider crypto-assets such as Bitcoin (BTC) and Ethereum (ETH) to be securities. The Financial Services and Markets Authority (FSMA) released a statement in which it said cryptocurrencies that are issued solely by computer code do not constitute securities. The regulator’s response comes after receiving an increasing number of questions about the application of financial rules on the asset class. Win for BTC, ETH With a prominent...

On the heels of the Terra LUNA meltdown and the bankruptcy of FTX, authorities from South Korea are proposing new amendments to the Digital Assets Bill seeking greater control over cryptocurrency exchanges. Congressman Yoon Chang-Hyun is preparing an amendment to expand financial authorities’ control capabilities to prevent the repetition of events such as the FTX collapse. According to local media outlet News 1, Chang-Hyun is proposing to grant more authority to the...

An FTX user is suing NBA team Golden State Warriors, accusing them of fraudulently promoting the FTX exchange after losing $750,000 due to the platform’s collapse. The plaintiff Elliot Lam, filed a class action lawsuit in San Francisco against Sam Bankman-Fried (SBF), former CEO of FTX, Caroline Ellison, CEO of SBF’s trading firm Alameda Research and the Golden State Warriors, seeking $5 million in damages, according to Reuters, which had access to the lawsuit. Elliot Lam:...