Tag Archives: Regulations

Global cryptocurrency exchange OKX has officially received its full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS) for its Singapore branch, OKX SG. This license permits OKX SG to engage in digital payment services, transfers of money internationally, and spot cryptocurrency trading for any investor in Singapore. Apart from obtaining the license, OKX has also hired Gracie Lin as the CEO of its Singapore offices. Lin brings extensive experience to her...

The Chief Legal Officer at Ripple Stuart Alderoty has publicly criticized the U.S. Securities and Exchange Commission (SEC) over its use of the phrase “crypto asset security.” In a post published on his official X account, the lawyer argued that the term is a made-up concept that has no legitimate grounding. Lawyer, Court, Call Out Commission for Use of Phrase In addition, Alderoty accused the financial watchdog of using the words to mislead judges and the public in its legal...

The Middle East is making strides in crypto adoption and regulatory development. Qatar now adds to that by introducing a comprehensive digital assets framework. More specifically, the regulations were introduced in the Qatar Financial Centre (QFC) by the Qatar Financial Centre Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA). Like the UAE’s multiple free zones, the QFC is an independent economic zone aimed at fostering businesses and innovation in various fields. It...

Nasdaq is seeking regulatory approval to introduce and trade options on a new Bitcoin index, the exchange operator announced on Tuesday. The US Securities and Exchange Commission (SEC) has not yet approved options for any of the spot Bitcoin exchange-traded funds (ETFs) that have started this year, including Nasdaq’s request for options on BlackRock’s iShares Bitcoin Trust ETF which is worth $21.3 billion. Matt Hougan Advocates for Bitcoin Options to Boost Market Efficiency The Bitcoin index...

Bitget’s partnership with KoinX offers automated syncing and detailed tax reports for users. The collaboration improves security and compliance also making it easier to manage crypto investments. As tax season approaches, crypto investors often encounter the tricky task of minimizing their tax liabilities. To solve this, Bitget has formed a strategic unity with KoinX, a market leader in cryptocurrency tax reporting solutions. This collaboration intends to improve the user experience by...

New Zealand Implements OECD Crypto Reporting Rules to Enhance Tax Compliance. Non-compliance penalties include fines up to $6,200 for providers and $621 for users. On August 26, 2024, New Zealand’s Minister of Revenue, Simon Watts, proposed a significant legislation amendment to improve transparency in cryptocurrency transactions. The “Taxation Annual Rates for 2024-25, Emergency Response, and Remedial Measures” Bill, which includes the OECD’s Crypto-Asset Reporting Framework (CARF) and...

Arrest of Durov highlights global discussions about tech regulation and free expression. Rumble CEO Chris Pavlovski fled Europe amid fears following Telegram CEO Pavel Durov’s jail in France. Rumble CEO Chris Pavlovski tweeted that he has “departed from Europe” following the arrest of Telegram CEO Pavel Durov in France. Pavlovski’s exit comes as tensions between Rumble and France rise after the latter had threatened the video-sharing network. Rumble CEO Criticizes France’s Actions Pavlovski,...

The Secretary of the Department of Economic Affairs will draft a consultation paper by collaborating with Indian crypto stakeholders. Crypto regulations are much awaited by industry participants in India owing to its high adoption rate. The Indian government is engaging with crypto stakeholders to draft a consultation paper. That will help it develop its long-awaited regulations for the asset class. This approach of consulting stakeholders from the industry will allow the government to...

In Nigeria, there is increasing advocacy for a shift in the regulatory framework governing the cryptocurrency industry, with calls for a focus on compliance rather than criminalization. Obinna Iwuno is the former president of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN). He has emerged as a prominent advocate for a more balanced regulatory approach. Iwuno has also noted that the current legal framework, which has resulted in contract laws and legal battles, and...

German authorities seized nearly 250,000 euros ($279,000) in cash and 13 crypto ATMs during a nationwide crackdown. The operation, led by the Federal Financial Supervisory Authority (BaFin), is part of a broader effort to strengthen regulatory oversight in the country’s rapidly expanding cryptocurrency sector. Germany’s Raid on Crypto ATMs On August 20, German administrators executed a nationwide sting operation, targeting 35 locations where crypto ATMs were allegedly...