Tag Archives: Regulations

The Securities and Exchange Commission (SEC) can no longer rely on in-house judges to settle suits, ruled the US Supreme Court last week. Going forward, the SEC must take all its cases to federal court and fight them through trials with neutral juries and judges present while enforcing securities laws and penalizing perpetrators. As per the Supreme Court verdict, in-house tribunals violate the Seventh Amendment, which offers the constitutional right to a jury trial, thereby giving the SEC...

The Australian Tax Office (ATO) has implemented a new tracking program that will allow it to identify cheaters every tax season starting this year. As 30 June marks the last day to file taxes in the country down under, those cashing out on their crypto and not reporting the gains will receive responses from the ATO, at best. Repeated failures to report gains will attract enforcement action. Crypto users must start reporting and paying their taxes despite the exchange they use to sell their...

The free reign stablecoin issuers had in the European markets is ending on June 30 as the EU’s MiCA (Markets in Crypto Assets) regulations will enforce caps on transaction volumes and value. That means asset-referenced stablecoins not pegged to the Euro, witnessing over a million transactions or facilitating the movement of value over $215 million will need to be discontinued in the bloc. Transactions considered for the caps will include those conducted for payments of goods and services...

The Nigerian Securities and Exchange Commission (SEC) has released new guidelines geared to Virtual Asset Service Providers (VASPs). An amendment of the Rules on Digital Assets Issuance, Offering Platforms, Exchange, and Custody, issued in May 2022, the SEC has now introduced the Accelerated Regulatory Incubation Program (ARIP). It comes with the appointment of the SEC’s new Director-General, Emomotimi Agama. VAPS must comply with the framework by 21 July 2024. The SEC issued a press release...

- Ad - Binance is yet again under legal fire – this time in India. The Indian Financial Intelligence Unit (FIU) has issued a penalty of $2.25 million (Rupees 188.2 million) to Binance for failing to abide by the nation’s Prevention of Money Laundering Act (PMLA), 2002. This financial watchdog previously banned it from providing services to Indian customers through a show cause notice. Numerous offshore exchanges servicing Indian clients also received such notices. The FIU announced on 19...

Nigeria’s Federal Inland Revenue Service (FIRS) has dropped tax charges against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. Gambaryan remains detained in the Kuje prison. Anjarwalla escaped the prison and fled Nigeria in March. The executives were arrested in February when a meeting with Nigerian officials took a turn. It was the second time they visited the country, with the previous one occurring a month ago, which also seemed off. The FIRS now holds Binance, the firm,...

A new bill made its way to the Senate that could foster the grounds for unfair treatment of open-source, decentralized protocols. The Intelligence Authorization Act of Fiscal Year 2025 was passed by the Senate State Committee and was approved unanimously. Section 423 of this bill concerns crypto and decentralized protocols as it uses language to cover assets and dApps extensively, providing the impetus to sanction them if they interact with illicit wallets and funds. The bill uses the term...

Turkey is not going to impose taxes on profits from trading crypto assets and stocks, clarified an official from the country’s finance ministry. The clarification comes after news reports mentioning Ankara’s plans to impose crypto taxes started making rounds few days ago. According to news reports from earlier this week, Mehmet Simsek – Turkey’s treasury and finance minister announced plans to put the country on the path of economic recovery.  Taxing income from cryptocurrency and stock...

Ripple has contributed $25 million to the Fairshake super PAC, aligning with an industry-wide effort to advocate for pro-crypto policies and politicians. Ripple’s decision to boost Fairshake’s efforts comes amid its own ongoing legal battle with regulatory bodies like the SEC. The agency’s lawsuit prompted the company to take a more proactive stance in advocating for fair and balanced regulation within the industry. Ripple Advancing Pro-Crypto Agenda In a press release,...

On May 11, the American businessman and television personality said if Joe Biden loses the presidential election, “there is a good chance you will be able to thank Gary Gensler and the SEC (Securities and Exchange Commission).” “Crypto is a mainstay with younger and independent voters,” he said before adding that SEC Chair Gensler “has not protected a single investor against fraud.” The outspoken entrepreneur didn’t stop there, adding that all the SEC has done is make it...