crypto regulations

The SEC seeks a $US2 billion penalty from Ripple Labs in a landmark case.

Welcome to Forkast IQ, presented by Forkast’s Megha Chaddah, where we look beyond the headlines to get you insights that power smarter decisions. In this special edition, Forkast News spoke to one of the leaders of the Web3 industry, Yat Siu, co-founder and chairman of Animoca Brands.

Over 1,000 crypto firms will have to complete their applications by Nov. 17 to avoid regulatory consequences.

The central bank expects to release the final set of regulations by 2025.

The registration enables PayPal to advertise its crypto services to U.K. customers.

The U.K. intends to introduce rules on fiat-backed stablecoins in early 2024, according to the government’s latest cryptocurrency policy update published on Monday.  See related article: Singapore, Thailand clarify crypto rules; NFTs become new cultural frontier Fast Facts See related article: Blockchain tech in Thailand gets boost from new pro-crypto lead

The exchange added that it will also stop releasing new products and services in the country.

Singapore’s major payment institution license will enable Upbit to continue offering regulated digital asset services while awaiting its full license.

The Australian Department of the Treasury said it will accept feedback on the draft bill by December.

Bahamian Prime Minister Philip Davis said the island nation will continue to be a pioneer in the digital asset space.

FTX’s collapse and the crypto winter helped regulators familiarize themselves with the rapidly evolving crypto industry, said Christina Rolle of the Bahamas Securities Commission.

The regulator said that DeFi doesn’t pose a risk to financial stability, due to its small size, but said it needs to be monitored in the future.

The Malaysian Securities Commission has given crypto firm, Hata, a conditional approval to operate a “digital asset exchange” with a “digital broker” license.

The largest U.S.-based cryptocurrency exchange will be launching more products and services in the Lion City, Coinbase’s Hassan Ahmed says.

Welcome to Forkast IQ, presented by Forkast’s Megha Chaddah, where we look beyond the headlines to get you insights that power smarter decisions.

The Asia-Pacific branch of Ripple Labs has received a Major Payments Institution license from the Monetary Authority of Singapore.

The Philippine Securities and Exchange Commission delayed the publishing of a crypto framework earlier this year citing the FTX collapse in late 2022 as the reason.

Asia is stepping up the regulatory ground for the digital asset and take a look at El Salvador’s Bitcoin future.

It’s a week for regulatory enforcement in the cryptocurrency space as blockchain takes center stage in the Philippines.

The JPEX scandal sheds light on the vulnerabilities in Hong Kong’s crypto marketplace, prompting reflection on regulatory safeguards as the city aspires to be a global digital asset hub, former SFC regulator Angelina Kwan says.

A U.S. federal judge has denied the U.S. Securities and Exchange Commission immediate access to Binance.US’ software, in response to the regulator’s motion demanding more detailed information from Binance and greater availability of its executives for depositions.

Dubai-based cryptocurrency exchange JPEX is shutting trading its platform amid a probe by the Hong Kong’s Securities and Futures Commission that said the firm was operating as an unlicensed entity, according to media reports. 

Bitcoin started the week below US$26,000 while Ether dropped to US$1,611. Toncoin and XRP lead losers in the last 24 hours.

With nine months under its G20 presidency belt, India’s approach to cryptocurrency governance remains static. Amid regulatory ambiguity, the nation’s crypto industry struggles to cope with stringent tax rules.

Bitcoin, Ether and most other top 10 cryptos dropped on Thursday after a Wednesday rally on news of Grayscale receiving a favorable ruling against the SEC.

CoinSwitch, an Indian cryptocurrency exchange backed by Tiger Global and Sequoia Capital, has laid off 44 employees from its customer support team due to a drop in customer queries with falling trading volumes.

Amid growing concerns around algorithm biases and their societal impact, India Prime Minister Modi calls for international consensus on ethical AI and crypto governance at the B20 summit. 

Blockchain technology in Thailand could soon receive a boost by new Prime Minister Srettha Thavisin, who had promised during his campaign to give 10,000 baht (US$300) through digital wallets to every Thai citizen aged 16 years and above.

CoinDCX, one of India’s largest cryptocurrency exchanges, said on Wednesday it is laying off 12% of its staff due to the impact of a prolonged bear market and local tax rules. 

This first installment in a 3-part series on the U.K. digital asset industry looks at recent efforts to regulate crypto and expand the sector.

Australian banks are heightening scrutiny on digital asset exchanges and restricting crypto payments due to rising scams and frauds. Caroline Bowler, CEO of BTC Markets highlights the challenges and opportunities faced by the industry in the country.

Two U.S. senators have re-introduced the ‘‘Digital Asset Anti-Money Laundering Act of 2023’’ after months of delay, which puts greater emphasis on industry participants such as miners and validators. If the bill is passed, all crypto participants will be required to report transactions of over US$10,000.

NAB, one of Australia’s “big four” banks, announced it is taking action to block some payments to “high-risk” cryptocurrency exchanges, as part of its new measures aimed at protecting customers from scams.

The Financial Stability Board (FSB) published on Monday a global regulatory framework for crypto-asset activities to provide a global regulatory and supervisory foundation for crypto. The recommendations made to the G20 – the 20 leading economies of the world – are based upon the principle of “same activity, same risk, same regulation.”

Scrutiny on the stablecoin’s reserves has intensified since USDT’s latest depegging scare. Paolo Ardoino, CTO of Tether and Bitfinex, delves into the composition of USDT reserves, explaining how the firm ensures dollar redemptions, irrespective of secondary market prices.

Cryptocurrency service providers in Singapore will have to keep customer assets under a statutory trust before the end of the year, for safekeeping purposes, the city state’s central bank announced Monday.

A U.K. bill to recognize cryptocurrency trading as a regulated financial activity passed into law on Thursday.

Bitcoin and Ether continued to slide amid lawsuits against top crypto exchanges in the U.S.

The Official Journal of the European Union published on Friday the European Union’s landmark Markets in Crypto Assets law (MiCA), stating that the regulation would enter into force in 20 days from the date of publication.

From US crackdowns on Binance and Coinbase to new business-friendlier frameworks in Hong Kong and Europe, seismic shifts in crypto regulations are under way.

The U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler allegedly offered to serve as an advisor to Binance, the world’s largest cryptocurrency exchange, in 2019, according to a CNBC report on Wednesday that cited documents filed by the regulator. 

The U.S. Securities and Exchange Commission (SEC) has been ordered on Tuesday by the United States Court of Appeals for the Third Circuit to respond to cryptocurrency exchange Coinbase’s pending petition for rulemaking within seven days. 

FATF’s travel rule is looming over the crypto industry as an existential threat, writes Jack Jia of Unlimit. Here’s why it’s especially worrying to DeFi and self-custody wallet users.

Japan will introduce strict anti-money laundering rules on cryptocurrency transactions from June 1, the Southeast Asian nation’s cabinet decided on Tuesday.

For crypto to grow for the long term, the industry must show greater respect for global standards that combat crime, writes Slava Demchuk of AMLBot.

Seychelles-headquartered cryptocurrency exchange Bitget announced on Tuesday that it successfully registered as a virtual asset service provider in Poland.

Hong Kong will allow licensed cryptocurrency trading platforms to offer services to retail investors and will implement a slew of measures to protect individual traders, the Securities and Futures Commission (SFC) said on Tuesday.

Bitcoin gained 1.71% and Ether climbed 2.35%. Polygon gained the most in 24 hours followed by Tron.

The Securities Commission Malaysia (SC), the capital markets regulator, has charged cryptocurrency exchange Huobi Global and its chief executive officer Leon Li for operating a digital asset exchange (DAX) without registration.

In a new report, U.K. lawmakers suggest treating Bitcoin and Ether like gambling due to significant consumer financial risks.

As part of the ongoing legal dispute between the two, the U.S. Securities and Exchange Commission said it would not be hurried into a response to Coinbase demands.

The U.S. Department of Justice is aiming to crack down on cryptocurrency exchanges that help criminals facilitate money laundering

Cryptocurrency firms moving to Hong Kong should expect tight regulations as part of the city-state’s new regulatory regime, said Eddie Yue.

India is not against the blockchain technology, but currencies have to be monitored by either the government or the central bank, Finance Minister Nirmala Sitharaman said on Saturday. 

CFTC and SEC disagree over whether cryptocurrencies are securities, and two big lawsuits clouding the industry’s future invoke laws that long predate the digital era.

Welcome to The Daily Forkast – April 20, 2023 – presented by Megha Chaddah. Bitcoin is down more than 5% Thursday morning in Asia. Ethereum also fell to lose hold of the US$2,000 price support in a sell-off across all top 10 non-stablecoin tokens. In the multi-chain economy, the Forkast Labs indexes trade mixed.

The U.S. House Financial Services Committee is set to hold a hearing on April 19 to discuss a draft bill released over the weekend on regulating stablecoins, a class of digital currency designed to offer price stability by being pegged to another asset’s value.

Binance CEO Changpeng Zhao said regulators need to come up with clear crypto regulations and should understand that the crypto industry is different from the traditional financial industry.

NYDFS superintendent Harris called the idea of Operation Choke Point 2.0 “ludicrous,” but industry participants largely disagree. Was the shutdown of the three largest crypto-friendly institutions a coordinated effort to unbank crypto?

A common regulatory framework for all countries is underway, India’s Finance Minister Nirmala Sitharaman said on Monday.

Hong Kong may issue virtual asset trading licenses to at least eight cryptocurrency-related firms by the end of this year as part of the city’s new crypto licensing regime, said Angelina Kwan, chief executive officer of financial services firm Stratford Finance and a former regulator of the Hong Kong Securities and Futures Commission.

Dubai-based Fasset says Indonesia digital asset adoption is still in early stages, but the country’s young population is taking to crypto faster, encouraging exchanges to move in despite infrastructure constraints.

Russia has postponed the trial of a digital ruble originally scheduled for April 1, as it awaits a regulatory framework to be adopted before the pilot, according to a report by state-owned news agency TASS.

European lawmakers have adopted legislation imposing a €1,000 (US$1,084) cap on anonymous cryptocurrency transactions, as part of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) package.

Bitcoin rallied above US$28,000 in Wednesday afternoon trade in Asia after losing ground earlier in the week when U.S. regulators filed a lawsuit against Binance, the world’s biggest crypto exchange, for allegedly breaching trading rules.

Seychelles-based cryptocurrency exchange OKX said it will apply for virtual asset licenses to operate digital asset services in Hong Kong.

Asia-Pacific nation are leading the way in developing global cryptocurrency regulations that favor innovation, which is something that U.S. regulators should also take note of, said Ripple Labs Inc. President Monica Long

Bitcoin and Ether continued to fall in Tuesday afternoon trade in Asia, along with most other top 10 cryptocurrencies by market capitalization, after regulators in the U.S. pulled up Binance, the world’s biggest crypto exchange, for allegedly violating trading mandates.

Angelina Kwan, who helped shape early Hong Kong automated trading services and internet trading regulation, told Forkast the upcoming virtual asset licensing regime is almost identical to that for traditional financial institutions.

The Securities and Exchange Commission has warned Coinbase, the largest cryptocurrency exchange in the U.S., it may face legal charges related to staking services and digital asset listings.

If there was a lesson from the crypto implosions of 2022, it is the demonstration of the superiority of open code and decentralization over central intermediaries, argues Voorhees at DC Blockchain Summit.

WazirX, India’s largest crypto exchange by trade volume, has blacklisted over 2,431 accounts between October 2022 and March 2023, based on its internal monitoring process as well as under the direction of law enforcement agencies (LEA).