Tag Archives: Regulations

The South Korean government is taking extra steps to ensure the protection of crypto investors from unfair market activities and criminals by imposing higher fines and punishments for violations of certain provisions. According to a press release, crypto criminals face jail terms of more than a year or a fine equal to three to five times the stolen amount. Depending on the weight of the offense, individuals who make illegal profits of more than five billion won ($3.8 million)...

On Feb. 6, House Financial Services and Agriculture Committee leaders sent a letter to Treasury Secretary Janet Yellen regarding the lack of regulation in the spot market for digital assets that are not securities. The letter was sent from Patrick McHenry, Glenn Thompson, French Hill, and Dusty Johnson, all chairmen of various House committees. They requested that Janet Yellen, in her capacity as Chair of the Financial Stability Oversight Council (FSOC), provide answers to...

Authorities in South Korea are looking to investigate major cryptocurrency exchange OKX over complaints of the platform’s improper registration in the country. According to a report by News1 Media, South Korea’s Financial Intelligence Unit (FIU) received complaints from the country’s Digital Asset Exchange Association (DAXA). OKX Under Regulatory Probe DAXA, an alliance of South Korea’s five major crypto trading platforms, including Upbit, Bithumb, Coinone, Korbit, and Gopax,...

Speculation about the South Korean government rethinking its hostile stance on spot Bitcoin exchange-traded funds (ETFs) may be true, as the country’s financial regulator has officially indicated interest in the products. A report from local media outlet Hankyung has revealed that the Financial Supervisory Service (FSS) of South Korea intends to meet with the United States Securities and Exchange Commission (SEC) to discuss the crypto industry and spot Bitcoin ETFs. FSS to...

Last year, the European Union unanimously voted for the Markets in Crypto Assets (MiCA) bill, considered by most to be the first comprehensive piece of legislation addressing the crypto industry as a whole. MiCA is, in itself, part of a larger set of financial laws known as DORA – but it has also given many crypto companies a reason to consider moving the bulk of their operations across the ocean. Several Adjustments to The Bill Although MiCA was published back in June 2023,...

Hester Peirce, a commissioner for the United States Securities and Exchange Commission (SEC), has expressed her disagreement with the agency’s denial of a petition to amend a rule that prevents defendants from denying any allegations in settlement enforcement actions. According to an official statement from the commissioner, popularly known in the digital asset community as “Crypto Mom,” the prohibition of denials from defendants prohibits the American public from lodging...

The Indian crypto industry is seeking parity, urging fair regulations against foreign exchanges exploiting regulatory gaps amidst dwindling market share for local exchanges while investors face legal uncertainties. With unstable banking ties hindering operations, the sector is currently grappling with hurdles. However, India’s finance minister, Nirmala Sitharaman, refrained from providing any updates on the regulation and taxation of crypto during her interim budget address...

Thailand’s Securities and Exchange Commission (SEC) has ordered cryptocurrency exchange Zipmex to suspend its trading and brokerage services temporarily. According to an official announcement, Zipmex’s services will remain suspended for 15 days until the firm fixes its financial position and operational issues. Zipmex Ordered to Halt Services The SEC revealed that it issued a letter on January 12 ordering Zipmex to amend the maintenance of its net liquid capital, bring it up...

DeFi regulation has been a major bone of contention among regulatory watchdogs across the world. A recent paper, authored by Rebecca Rettig, Katja Gilman from Polygon Labs, and Michael Mosier from Arktouros, proposes a strategy to classify truly decentralized DeFi protocols as critical infrastructure. This classification would place them under the oversight of the US Treasury’s Office of Cybersecurity and Critical Infrastructure Protection (OCCIP). Although the OCCIP isn’t a...

The United States Financial Industry Regulatory Authority (FINRA) has revealed that about 70% of retail communications concerning cryptocurrencies violate its rule of misleading claims. According to an official report, FINRA identified communications that failed to provide sound bases for evaluating digital assets by excluding explanations of how they are issued, held, transferred, and sold. Misleading Crypto Communications FINRA’s findings come from an exam launched in...