Tag Archives: Regulations

On August 23, 2024, U.S. District Judge William H. Orrick denied crypto exchange Kraken’s motion to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC). The SEC alleges that some of Kraken’s cryptocurrency transactions could be classified as investment contracts and thus fall under securities regulations. According to the received evidence, Judge Orrick decided that Kraken generated more than $43,000,000 in revenue for the trading fees and allowed almost any transaction...

Kraken was found guilty of providing its product without conducting a target market determination and operating a credit facility in Australia. The ASIC, the regulator that brought the suit, and Kraken’s local entity, Bit Trade, have seven days to negotiate settlements. Australian federal court ruled against Kraken’s local entity, Bit Trade, in a suit brought against it by the Australian Securities and Investments Commission (ASIC). The regulator claimed that Bit Trade launched its product...

Hong Kong’s FSC is dissatisfied with the exchange services provided by deemed-to-be-licensed crypto firms. If the exchanges do not adhere to the FSC’s requirements, they will not receive full licenses to operate legally in the jurisdiction. A Bloomberg report revealed that Hong Kong’s Securities and Futures Commission (SFC) is dissatisfied with crypto exchanges in the process of receiving a full operational license. Unnamed sources close to the matter told Bloomberg about on-site visits...

FSRA’s latest proposals seek to regulate Fiat-Referenced Tokens (FRTs) to improve stability. FSRA will assess feedback submitted by the public until October 3 before making a final decision. The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has issued Consultation Paper No. 7 of 2024, which outlines ideas to improve its regulatory framework to support the issuance of Fiat-Referenced Tokens  (FRTs). This is an important milestone as the FSRA seeks to enhance...

Turkey’s new crypto legislation has sparked an influx of 47 license applications. 76 crypto exchanges, including Coinbase and KuCoin, have applied for licenses in Turkey. Turkey has witnessed an enormous spike in interest from crypto companies seeking to enter the industry. The Turkish Capital Markets Board (CMB) has revealed that 76 cryptocurrency firms have sought licenses under the newly adopted legislation. Notable candidates include Bitfinex, Binance TR, and OKX TR.  Crypto Exchanges...

Republican presidential candidate Donald Trump has announced that Howard Lutnick, CEO of Cantor Fitzgerald, will co-lead his transition team if he is re-elected in 2024. Lutnick has been a significant figure in the financial services sector and a supporter of cryptocurrency. He will work alongside Linda McMahon, the former U.S. Administrator of the Small Business Administration. Trump’s vice presidential pick, J.D. Vance, and Trump’s sons, Donald Trump Jr. and Eric Trump will serve as...

The International Monetary Fund (IMF) recently suggested a significant increase in electricity taxes for cryptocurrency mining, which could lead to a global reduction in carbon emissions. Two IMF executives, Shafik Hebous and Nate Vernon-Lin, proposed raising electricity taxes by up to 85% for crypto miners. They believe this move could help reduce the environmental impact of crypto mining. The proposal involves a tax of $0.047 per kilowatt hour on electricity used by crypto miners. This...

In a significant development, Binance has agreed to pay 9.6 million reais (about $1.76 million) to settle an investigation with Brazil’s Securities and Exchange Commission (CVM). This investigation focused on Binance’s unauthorized derivatives trading in Brazil, concluding a regulatory dispute that lasted over four years. The problem started in June 2020 when the CVM claimed that Binance was providing derivatives trading without the right authorization. The regulator first insisted on...

More than half of cryptocurrency-related ads on Facebook are scams or in violation of Meta’s advertising policies, according to Australia’s consumer regulator, the Australian Competition and Consumer Commission (ACCC). The ACCC took Meta to court over these deceptive ads in 2022. It accused the company of publishing misleading ads. These ads falsely used the likeness of celebrities to promote scams. The regulator argued that Meta had engaged in false and deceptive conduct. In addition to...

The US Internal Revenue Service (IRS) has updated changes to its previous finalized crypto tax form, implementing changes that the industry was vocal about. This new version is streamlined, reducing the data required by the last iteration. With that, the privacy concerns engendered by the reporting requirements previously have been addressed. The 1099-DA form will be offered by crypto brokers to clients starting in 2026. For the most part, brokers will comprise crypto exchanges in the US,...