Tag Archives: Regulations

The bipartisan legislation introduced earlier this week – titled the Crypto-Asset National Security Enhancement (CANSEE) Act – that seeks to regulate the decentralized finance (DeFi) sector has caused quite a stir. Cypto advocacy groups are voicing objection to the bill arguing that such an approach would stifle innovation in the United States. Coin Center, for one, lashed out at the bill and called it a messy, arbitrary, and unconstitutional approach to DeFi. CANSEE: A...

Jeremy Allaire – Chief Executive Officer of Circle – believes American regulators should open arms to the cryptocurrency industry to prevent falling behind other nations.  He said the US government was among the first to propose recommendations regarding stablecoin regulation, adding that the White House, the Federal Reserve, and the Treasury Department are all focused on that mission.  ‘The US may be Late to the Party’ In a recent interview, Allaire regretted that the...

Ripple’s partial victory in its fight with the US Securities and Exchange Commission (SEC) in a court ruling paved the way for small but significant regulatory clarity that the cryptocurrency industry was deprived of for so long. Now all eyes are on the security regulator who, according to Congressman Ritchie Torres, is acting like “an overzealous traffic cop arbitrarily ticketing drivers while keeping the speed limit a secret.” As such, Torres wants the SEC to be...

South Africa’s financial regulator has asked exchanges operating in the country to obtain a license before the end of 2023. Crypto firms who fail to adhere to the directive before the deadline could be fined or have their businesses closed down by authorities. New Licensing Regime in South Africa The Financial Sector Conduct Authority (FSCA) has required crypto exchanges in South Africa to secure a license before the November 30 deadline. According to FSCA Commissioner Unathi...

The prominent American businessman, TV personality, investor, and owner of the Dallas Mavericks – Mark Cuban – lambasted the US Securities and Exchange Commission (SEC) for choosing “the wrong path” to regulate crypto.  He believes its approach has been one reason why FTX investors in America have parted with substantial sums. On the other hand, he praised the actions of the Japanese regulators, outlining that “no one in FTX Japan lost money.” Cuban Goes on the Offensive...

The Monetary Authority of Singapore (MAS) will reportedly insist that cryptocurrency firms keep clients’ assets in a designated trust by the end of 2023.  The step comes several months after the infamous meltdown of FTX, which triggered colossal investor losses. Numerous individuals and entities have blamed the exchange for comingling user funds and scamming customers.  The New Requirements As reported by Bloomberg, the Singaporean regulator will enforce the obligation to...

A Canadian House committee published a report on Wednesday providing 16 recommendations for how the nation’s government should regulate the blockchain industry – and they’re remarkably bullish. Crypto exchange Coinbase praised the report, saying it was “encouraged by the forward-thinking approach of the parliamentary committee.” Opening Canada to Crypto In its first recommendation, The Parliamentary Standing Committee on Industry and Technology (INDU) asked that the Canadian...

Jeremy Allaire – co-founder and CEO of the stablecoin-issuer Circle – said his company has been closely observing the regulatory developments in Hong Kong.  The authorities of the former British colony have recently allowed investors to trade cryptocurrency under a new regime as they carry “fundamental value.” Asia is a ‘Huge Area of Focus’ In a recent interview for Bloomberg, Allaire noted Hong Kong’s efforts to establish itself as a “very significant center for digital...

The President of Brazil – Luiz Inácio Lula da Silva, simply known as Lula – assigned the country’s central bank to supervise the local cryptocurrency sector. The legislation that comes into force on June 20 will give the financial institution jurisdiction to determine which firms can operate in the local market.  The bank will also cooperate with Brazil’s Securities and Exchange Commission (the Comissão de Valores Mobiliários, or CVM) to oversee coins deemed as securities. ...

Due to unclear regulations in the United States, more than half of the bitcoin (BTC) that crypto firms hold for their customers has moved to offshore and international exchanges. According to a CryptoQuant research report shared with CryptoPotato, BTC reserves on U.S.-based crypto exchanges are down to 2017 levels, as they are being lost to non-U.S. platforms. Offshore Exchanges Dethrone US Crypto Platforms The significant decline in BTC reserves on American exchanges stems...