Tag Archives: Regulations

Rug pulls have grown to become a menace in the space of decentralized finance and have resulted in hundreds of millions stolen from users. Being amongst the most common types of scams, some US politicians have taken aim and want to outlaw them. State Senator Kevin Thomas and Assembly member Clyde Vanel have introduced Senate Bill S8839. The bill calls for penalizing, defining, and criminalizing frauds that are specifically targeted at developers and projects designed to dupe...

Blockpass, a digital identity verification provider partnering with various crypto wallets and exchanges, has started offering KYC services to Cardano’s commercial arm, EMURGO. Cardano-based addresses will be added to the Blockpass App, and projects can directly access on-chain KYC services, if needed, to comply with regulatory requirements. Positioned as the axis of the Cardano ecosystem, EMURGO is responsible for developing the community’s NFT marketplace Fibo, Yoroi...

The French president has been known for his ambition of making the country a “startup nation” that is friendly to new technologies and appealing to talents and capital. When campaigning for his second bid for the presidency, Emmanuel Macron expressed his favorable opinions toward Web 3.0 and the Metaverse while maintaining that regulation led by public authorities is necessary for ensuring the sector’s long-term success. Proud of the made-in-France crypto unicorns like Ledger...

The U.S. government has just sanctioned the first cryptocurrency mining company, which also happens to be from Russia. This comes a day after the IMF warned that Russia could potentially evade economic sanctions by mining cryptocurrencies. On April 20, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned BitRiver, a cryptocurrency mining company based in Moscow, prohibiting any business relations with U.S. citizens. According to the statement,...

The Korea Fair Trade Commission (KFTC) is reportedly ready to impose tougher regulations on Dunama – the parent company of the country’s largest crypto exchange, Upbit – by classifying it as a “large enterprise.” The authority deems firms with more than 5 trillion won ($4.03 billion) assets subject to stricter regulatory scrutiny, requiring them to “disclose information on major intracompany dealings, board decisions, and shareholders.” Dunamu held 10.15 trillion won (US$8.19...

Once considered an attractive country for Chinese Bitcoin miners after the country’s crackdown on any BTC mining activity, Kazakhstan now seems to be set to creating new taxes that will negatively impact the industry. On April 14, the Minister of National Economy, Alibek Kuantyrov, said in a government briefing that his team is working on a tax plan that would link tax payments to the valuation of the mined tokens. According to Kuantyrov’s statement, first reported by...

Coin Center has vehemently pushed back the controversial SEC proposal that sought to redefine the definition of “exchange” within the Securities Exchange Act in a bid to “include systems that offer the use of non-firm trading interest and communications protocols to bring together buyers and sellers of securities.” The group deemed the regulator’s move as “unconstitutional.” The Washington-based non-profit that focuses on cryptocurrency policies, Coin Center, announced filing...

Two of India’s largest crypto exchanges – CoinSwitch Kuber and WazirX – have halted deposits in Indian rupees citing regulatory problems, triggering a wave of angry protests by investors on social media. It comes two days after Coinbase halted deposits in Indian rupees on Sunday, barely 3 days following its launch in India on April 7. The regulatory problem mentioned by these exchanges is a euphemism for the denial of instant retail payments services through the Unified...

Jan van Eck – Chief Executive Officer of the global investment manager VanEck – believes the cryptocurrency industry will continue its progress, while blockchain technology “will completely revolutionize Wall Street.” However, this will not happen so quickly as it requires constant collaboration with regulators, he added. ‘I’m Wowed by All the Technology’ In a recent interview, VanEck’s executive predicted that blockchain technology could “completely” reshape the operations...

Janet Yellen – Treasury Secretary of the United States – recently delivered her first speech solely dedicated to cryptocurrencies. While discussing the risks and benefits of crypto and CBDCs, the secretary listed five historical lessons she’ll be following as she regulates the space. A More Balanced Tone The speech was delivered before American University’s Kogod School of Business Center for Innovation on Thursday. Her words reflect significant evolution in how the Treasury...