Tag Archives: Regulations

BitGo, a US-based digital asset custodian, has received a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This regulatory approval will allow BitGo to offer its custody services to clients in Singapore, a crypto hub in Asia. This development comes after the custodian received an in-principle approval (IPA) earlier this year in January. In a press release, BitGo mentioned, “BitGo now offers regulated digital payment token services in Singapore. Clients...

Tornado Cash founders face serious legal challenges and regulatory scrutiny. OKX has issued strict instructions to users regarding interacting with Tornado Cash due to regulatory risks. Tornado Cash, a decentralized cryptocurrency mixer known for maintaining asset tracks, is facing increased regulatory scrutiny. U.S. Treasury penalties and legal actions against its inventors have brought attention to the technology, which is frequently used to conceal illegal operations. As the legal battle...

Several crypto industry figureheads met with White House officials on Thursday morning to attempt to mend relations between the emerging fintech sector and the U.S. Democratic Party, according to FOX Business. The meeting reportedly grew tense when the government denied the industry’s claims that there was a coordinated effort to cut off crypto firms from the banking system – a conspiracy widely referred to as “Operation Chokepoint 2.0.” Crypto’s Banking Troubles As reported...

India’s Directorate General of Goods and Services Tax Intelligence (DGGI) has sent a show cause notice to Binance, claiming it owes $86 million (or Rupees 722 crores) in unpaid Goods and Services Tax (GST). The agency stated the exchange collected fees from Indian users and did not pay any taxes between July 2017 and March 2024. This notice issued by the DGGI marks the first time it has gone after a cryptocurrency exchange. The massive tax bill comes from Binance not registering with the...

India has no immediate plans to regulate cryptocurrency sales and purchases The government is assessing crypto risks and benefits, aiming for a policy by September 2024. The Ministry of Finance states that India does not currently have any plans to regulate Cryptocurrency transactions. GM Harish Balayogi, a member of the Lok Sabha, asked questions concerning the country’s laws governing virtual digital assets (VDAs). Pankaj Chaudhary, the Minister of State for Finance, responded in writing...

Two U.S. Senators have introduced a bill that proposes to give the Secret Service the ability to prevent money laundering using cryptocurrencies. Charles Grassley (R-Iowa) and Catherine Cortez Masto (D-Nevada) brought the bill titled “Combatting Money Laundering in Cyber Crime Act of 2024” on August 2. If passed, the bill would allow the Secret Service to go after criminal organizations using crypto to evade money laundering laws and commit fraud against U.S. financial institutions. Senator...

The French financial regulator, the Autorité des Marchés Financiers (AMF), is now open to scrutinizing applications of companies that want to register as crypto asset service providers (CASPs). With the markets in crypto assets (MiCA) legislation set to take full effect by year-end throughout Europe, CASPs must register in any of the bloc’s countries to operate legally in the EU. France has become the first major EU economy to accept CASP applications. The AMF’s announcement read, “With six...

South Korea has introduced new supervisory fees for cryptocurrency exchanges. These regulations have affected major players like Upbit and Bithumb. Starting next year, these exchanges will need to pay these fees as part of updated regulations announced by the Financial Services Commission on July 1. The new rules are part of the revised ‘Enforcement Decree of the Act on the Establishment of the Financial Services Commission’ and the ‘Regulations on the Collection of Financial Institution...

South Korea’s crypto framework, the Virtual Assets User Protection Act, came into force on July 19. This regulation offers guidance to the crypto exchanges operating in the country. Many have stated these laws, formulated by the country’s Financial Services Committee (FSC), are on the stricter side. A press release issued by the FSC read, “The Financial Services Commission announced that the Act on the Protection of Virtual Asset Users, which intends to establish a sound order in the virtual...

The Security and Exchange Commission’s accounting bulletin 121 (SAB 121) requires companies, including banks, to hold crypto assets for clients as a liability on their balance sheets. This makes it inefficient for large banks to offer crypto custody services. Both the House and Senate passed a bipartisan Congressional Review Act (CRA) resolution to nullify this guidance, which the Biden Administration vetoed in May. However, a House vote to overturn the veto failed to reach...