Tag Archives: Regulations

Coin Centre – a non-profit crypto policy think tank – is considering a court challenge against the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC).  The challenge is a response to the OFAC’s recent addition of privacy protocol Tornado Cash to its Specially Designated Nationals And Blocked Persons (SDN) List. Coin Centre has provided extensive legal analysis arguing that this exceeds the office’s statutory authority. Why Was Tornado Sanctioned? Per the think...

On August 10, the Dutch Crime Agency (FIOD) announced the arrest of a 29-year-old developer of Tornado Cash, a cryptocurrency mixer built on the Ethereum network that was sanctioned earlier this month by the U.S. Treasury Department. The U.S. banned Tornado Cash because the platform had a large-scale currency laundering lending potential and helped anonymize the funds of several individuals linked to criminal activities. According to the FIOD, the suspect is allegedly...

The Circle CEO continued to push the adoption of digital currencies as he viewed cash’s features, including portability, privacy and role in securing individual sovereignty, are what could make digital cash alluring to people. “Cash Is King” In a panel discussion hosted by the World Economic Forum, Circle CEO Jeremy Allaire elaborated his bullish thesis on the power of physical cash, saying that economic sovereignty is the predominant feature that makes people prefer it over mobile money....

Australia’s newly-elected Prime Minister – Anthony Albanese – reportedly has three top issues to deal with it as the new leader of the country. These include battling climate change, reducing the cost of living, and imposing comprehensive rules on the cryptocurrency industry. Crypto Included as a top Priority The Australian Labor Party won the government elections and will try to guide the nation through the economically turbulent times ahead. For his part, the leader of the...

The President of the European Central Bank (ECB) – Christine Lagarde – reiterated her negative stance on cryptocurrencies, claiming they are “based on nothing” and should be strictly regulated. Nonetheless, she revealed that one of her sons had distributed some of his wealth into the digital asset market. Diving Into Crypto Despite Mom’s Advice Numerous central bankers have criticized the cryptocurrency sector over the past few years. The French politician and the ECB’s...

According to James Mwangi (CEO of Kenya’s largest banking conglomerate Equity Group Holdings), the African continent will significantly develop technologically and economically if it opens its arms to the digital asset industry. To do so, local authorities should cooperate with regulators, convincing them of crypto’s benefits. Crypto Could be Africa’s Stepping Stone In a recent interview for Bloomberg, Mwangi argued that the African countries should dive into the fourth...

With the crash of TerraUSD —the largest algorithmic stablecoin in the ecosystem— and the de-pegging of other stablecoins like Stasis, DEI (not to be confused with DAI and even Tether), financial institutions like the European Central Bank, used this weakness in their favor and started promoting their new CBDCs. On May 16, Italian economist and Executive Board member of the European Central Bank (ECB), Fabio Panetta, said in a lecture at the National College of Ireland (NCI)...

The catastrophic failure of Terra’s algorithmic stablecoin, TerraUSD (UST), last week exacerbated the chaos in the crypto industry and accelerated plans to regulate the stablecoins market. Following the market meltdown, global financial regulators started proposing different legislations to regulate stablecoins better and prevent similar incidents from occurring in the future. UK to Legalize and Regulate Stablecoins Over the weekend, the United Kingdom Treasury revealed plans...

Portugal’s Finance Minister Fernando Medina has confirmed plans to apply capital gains taxes on cryptocurrency profits. Though he has not committed to a specific date, he stressed that there can no longer be gaps within the tax system around transactions involving digital assets. Ending the Tax Haven? Cryptocurrencies are currently subject to very few tax rules in Portugal, making the country something of a crypto hub. However, the government finally committed to creating a...

The new government of South Korea will reportedly finalize the regulatory framework on the local digital asset ecosystem next year and enforce it in 2024. The legislation will aim to incorporate cryptocurrencies like bitcoin into the country’s institutional system. In addition, the authorities have greenlighted the Bank of Korea’s efforts to launch a CBDC in 2023. South Korea Embracing Crypto Just two months after Yoon Seok-youl secured a victory in South Korea’s presidential...