Tag Archives: Regulations

South Korea is looking to amp up regulations to prevent unfair trade in the industry. As such, the Financial Services Commission issued instructions to five major crypto exchanges in the country to delist and classify digital assets that have similar properties to that of securities. The implosion of the once-prominent Terra ecosystem tokens was the first domino to fall in an ensuing series of other high-profile collapses. The subsequent failure of hedge fund Three Arrows...

The government of the United Kingdom is willing to strengthen the rules on the local cryptocurrency sector to prevent another adverse event like the FTX collapse. The recently-appointed Prime Minister – Rishi Sunak – is known as an advocate of blockchain technology, arguing the country should emerge as “a global cryptoasset technology hub.” People’s Protection is Most Important Andrew Griffith – Economic Secretary to the Treasury – revealed the government’s intentions to...

The New York Department of Financial Services reportedly launched an investigation against Gemini, alleging that the cryptocurrency exchange told its 340,000 Earn users they were FDIC-protected. The program, which provided clients up to 7.4% APY on their holdings, went down after the platform’s partner – Genesis – halted withdrawals and filed for bankruptcy. The NYDFS Targets Gemini As reported by Axios, New York’s regulator started investigating the Winklevoss-led trading...

The crypto market seems to have priced in last year’s string of crypto company bankruptcies. But the crypto firms that survived will still be paying off bank loans to cover their positions for some time. Crypto prices continue to edge upward while the market bears and bulls regroup. Even the recent bankruptcy of Genesis hasn’t dampened crypto investors’ enthusiasm. Regulators Worry Meanwhile, at least two banks with a high-profile roster of cryptocurrency companies for...

The Biden Administration announced on January 27th that it will launch a new legal framework for cryptocurrencies in the coming months to combat the multiple cryptocurrency scams that impacted the crypto market last year, causing multi-million dollar losses. According to a statement published by the White House, “2022 was a tough year for cryptocurrencies.” Hence, this new regulatory framework aims to ensure that cryptocurrencies cannot undermine the financial stability of...

A new bill introduced to the New York Senate seeks to make certain cryptocurrencies a legal form of payment for state agencies. This would include accepting crypto as payment for civil penalties, fines, taxes, and other fees charged by the state.  As detailed in the legislation set forth on Thursday, accepted cryptocurrencies would include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, though it could include more.  Specifically, the legislation describes cryptocurrency as...

The New York State Department of Financial Services (NYDFS) urged firms to set apart customers’ cryptocurrency holdings from their own assets. The watchdog argued that co-mingling funds could trigger a significant financial loss for investors. The NYDFS’ Recommendation New York’s financial watchdog issued guidance to state-regulated companies on how they should better protect clients in the event of potential insolvency. It outlined the increasing interest in cryptocurrencies...

One of the poorest countries – the Central African Republic (CAR) – formed a team of 15 agencies, whose responsibility will be to draft a “comprehensive” cryptocurrency bill. The nation made the headlines last year, becoming the second after El Salvador to embrace bitcoin as a legal tender. Another Crypto Step Faustin-Archange Touadéra – President of the Central African Republic (CAR) – revealed that the government established a committee of 15 experts to design a pertinent...

On January 23, South Africa’s Advertising Regulatory Board (ARB) introduced new cryptocurrency-focused rules into the nation’s advertising code to protect consumers from misleading advertising. The new guidelines aim to ensure that cryptocurrency advertisements accurately state the risks involved with all cryptocurrency investments, making it clear to consumers that they stand to lose their capital due to market volatility. “Advertisements must expressly and clearly state...

As global influencers rubbed elbows at Davos, the IMF issued recommendations for crypto to global regulators. Depending on who you ask, crypto regulation could hurt the industry or open up vast new markets for normie investors. In a note published over the week, the International Monetary Fund wrote: “During times of stress, we’ve seen market failures of stablecoins, crypto-focused hedge funds, and crypto exchanges, which in turn raised serious concerns about market integrity...