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March 2023

China’s parliament member to propose NFT regulation at ‘Two Sessions’

NFTs have entered China’s Two Sessions, with a delegate to propose an NFT regulatory framework.

Thailand to offer tax breaks to firms issuing investment tokens

The Thai Finance Ministry will waive corporate income tax and value-added tax for firms that conduct initial coin offerings (ICOs), according to a spokesperson.

Fed’s Powell says stablecoins could have role in financial sector if properly regulated

Stablecoins could have a place in the U.S. financial services sector if appropriate regulation is put in place, Federal Reserve Chairman Jerome Powell said on Tuesday at a hearing before Congress.

Bitcoin ATM firm accused of profiting from crypto scams via unlicensed machines: U.S. Secret Service

A crypto tech firm and three of its executives have been indicted for allegedly operating unlicensed Bitcoin ATMs in the U.S. that profited from scams.

What Web3 must do if it wants to attract 1 billion users

Web3 is growing more rapidly than the early internet, writes Ken Timsit of Cronos Labs. But to achieve mainstream success, the following issues must be addressed.

February 2023

Janet Yellen urges strong regulatory framework for crypto as India leads G20 push for regulation

U.S. Treasury Secretary Janet Yellen told Reuters after the G20 meeting in India on Saturday that while the U.S. has not indicated any outright bans, it is critical to put in place a strong regulatory framework for the cryptocurrency industry. 

Asia’s Opportunity to Lead Crypto Regulations

Crypto industry’s interaction with regulators is important and quite common in Asia but missing in the US, says Brooks Entwistle of Ripple Labs.

IMF releases crypto action plan, advises against legal tender status

World governments should not grant cryptocurrency legal tender status, the International Monetary Fund’s (IMF) executive board said in its new nine-point action plan on how countries should approach crypto assets published Thursday. See related article: India working with IMF, FSB on crypto regulations, says economic affairs secretary Fast facts See related article: India’s finance minister […]

SEC accused of ‘back door’ labeling of crypto as securities in Coinbase insider trading case

A U.S.-based blockchain advocacy group has urged a federal court to dismiss SEC charges against an ex-Coinbase employee accused of insider trading.  

Hong Kong’s Crypto Dream

Hong Kong’s economy is shrinking, but a recent budget draft published by the government lists some changes that could help the city recover – and crypto is at the center of it all.

Canada gives crypto companies 30 days to meet updated registration guidelines

Cryptocurrency companies in Canada have 30 days to meet updated crypto registration guidelines released on Wednesday or risk losing their users.

Taiwan must mandate a central authority to oversee crypto by May 16, says lawmaker

A Taiwanese lawmaker has reiterated that the cabinet will have to mandate an acting central authority to shape regulatory frameworks and development roadmap for the cryptocurrency industry by May 16, a move that would push Taiwan closer to adequate crypto regulation.

Hong Kong’s new crypto regulation may lure Web3 firms back, experts say

Hong Kong’s proposed crypto licensing regime received Huobi Global’s pledge to return to the city, and more companies may follow, industry experts told Forkast.

Blur lives up to name as its trading volume surpasses OpenSea

Top blockchain and crypto news: Blur’s success spurs changes at OpenSea. Is Binance eyeing US exit? Taiwan asset disclosure rules may include crypto.

Hong Kong begins public consultation on crypto licensing regime

The Hong Kong Securities and Futures Commission is calling for public feedback on its new proposals to regulate the crypto industry set to take effect in June.

Trust in crypto is in shambles. How can we rebuild it?

Greater transparency and confidence in who you are transacting with could go a long way toward alleviating public mistrust, writes Travis Nelson of Quadrata.

Taiwan may mandate public servants to declare crypto holdings

Taiwan’s Ministry of Justice said on Wednesday that it may be adding cryptocurrencies to the list of properties for public servants to declare. 

Industry reacts: US cracks down on crypto, India calls for regulatory collaboration

The cryptocurrency industry this week reacted to the recent moves by U.S. authorities against Kraken and Paxos. Meanwhile, India has been calling for a collaborative approach to crypto regulations.

Binance expects to pay penalties to settle U.S. probes: Wall Street Journal

Binance expects to pay to settle U.S. authorities’ investigations into its business and past crypto offerings, according to its chief strategy officer.

EU begins regulatory sandbox for blockchain technology

The European Commission (EC), has started a regulatory sandbox to test use cases of blockchain technologies and provide legal clarity for the industry.

Paxos ordered to stop minting Binance stablecoin as SEC mulls legal action

Top blockchain and crypto news: Paxos halts BUSD issuance. Kraken faces disclosure charges. Beijing backs new blockchain research center.

Digital asset industry comes under fire at hearing by U.S. Senate on ‘Crypto Crash’

The cryptocurrency industry faced criticism during a Senate committee meeting on Tuesday entitled “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.”

S. Korean regulators to probe local crypto staking services following U.S. crackdown: News1

S.Korean regulators are planning to review crypto staking services on local exchanges following recent regulatory enforcements from the SEC.

U.S. Congress, not the SEC, will set cryptocurrency regulations, says Blockchain Association

The Blockchain Association Chief Policy Officer Jake Chervinsky said the U.S. Congress will ultimately set the laws in the country to govern the cryptocurrency industry and not the Securities and Exchange Commission

SEC may make it harder for hedge funds to work with crypto firms: Bloomberg

The U.S. Securities and Exchange Commission (SEC) plans to propose rule changes that would make it difficult for cryptocurrency firms to hold digital assets.

Crypto Clampdown Begins

As financial regulators around the world continue to crackdown on stablecoins, some are asking if they are overreaching their jurisdiction.

Be careful what you wish for? Regulators pick up pace in the crypto industry crackdown

Last year was memorable in the emerging world of digital assets for the sheer number of corporate failures. The industry itself has been asking for clearer legal guidelines to help development. Is that what’s happening now?
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Singapore’s DBS bank plans to apply for crypto license in HK: report

Singapore’s DBS Group plans to apply for a license to offer crypto to Hong Kong customers as the city pushes to become a hub for digital assets.

India discussing crypto, regulation with G20, says finance minister

As India moves forward with its one-year presidency of the Group of 20 (G20), it is discussing cryptocurrency and regulation with the group’s members, India’s Finance Minister Nirmala Sitharaman said. 

Head of crypto, FX trading platform EminiFX pleads guilty to US$248 million fraud charges

Mastermind of the EminiFX fraud has pleaded guilty to soliciting investments worth more than US$248 million from tens of thousands of investors, says US DOJ.

Crypto Clarity Coming?

The UK and Europe are following suit in trying to regulate crypto. Just how far along have they come and what more do they have in store?

Markets: Bitcoin, Ether prices extend losses; Dogecoin sole gainer among top 10 cryptos

Bitcoin continued to trade below US$22,000 in Monday afternoon trading in Asia. All other top 10 non-stablecoin cryptocurrencies dropped except Dogecoin.

Jury sides with fashion giant Hermès in MetaBirkins NFT case

Luxury fashion house Hermès International won its lawsuit against NFT artist Mason Rothschild on Wednesday for violating its Hermès’ Birkin trademark.

Crypto Regulation Race

2023 could be the defining year for crypto regulation – but who’s leading the race to regulation and what’s the best way about it?

Binance makes Korea comeback with GOPAX acquisition

Top blockchain and crypto news: GOPAX deal sees Binance return to South Korea. Inflation fight spooks crypto markets. Chinese liquor giant gives cheers to NFTs.

Beijing regulator warns about NFT speculation, illegal fundraising. Crackdown coming?

Beijing’s market regulator warned that projects marketed in the country as non-fungible tokens or with metaverse-related concepts risk being involved in illegal fundraising or fraudulent activities.

What is CeDeFi, and why it is the future of finance

CeDeFi offers the benefits of CeFi and DeFi without their shortcomings, writes Alexander Tkachenko of VNX. Here’s how it works.

South Korea issues guideline on cryptocurrencies as securities tokens ahead of planned legalization

South Korea published guidelines on Monday for defining what specific cryptocurrencies would fall under regulations applicable to financial securities.

India working with IMF, FSB on crypto regulations, says economic affairs secretary

India, the current holder of the G20 presidency, has been working with the IMF and the Financial Stability Board FSB to develop a regulatory approach for cryptocurrencies.

Why the cloud will be critical to US competitiveness in world finance

The future global financial system will be reliant on the cloud, especially when it comes to CBDCs and stablecoins, writes Michael Greenwald and Logan Weber.
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Bitcoin mining fund soars as BTC powers into 2023

Top blockchain and crypto news: BTC mining ETF outperforms. SBF under pressure as accusations mount. ‘China’s Instagram’ embraces NFTs.

Hong Kong to mandate stablecoin licensing as early as this year

The HKMA said in a consultation conclusion that algorithmic stablecoins will not be allowed in the city.

January 2023

South Korea regulator recommends unified crypto disclosure system to protect investors

South Korea’s Financial Supervisory Service has recommended a unified system for mandatory disclosure from issuers of cryptocurrencies.

Bitcoin trades higher in Nigeria amid cashless economy drive

Bitcoin price was trading at a premium in Nigerian cryptocurrency exchanges on Monday following the central bank’s limit on ATM cash withdrawals.

A crypto regulatory storm front is coming in 2023. Are we ready for it?

Laws to prevent another FTX blowup, crackdowns on crypto tax cheats, and a ruling on Ripple are likely imminent. A bull’s eye is also on DeFi, writes Gergo Varga of SEON.

China’s Hainan province to step up NFT supervision

Hainan province, a popular tourist destination in South China, published a notice on Sunday vowing to step up oversight on non-fungible tokens, or “digital collectibles,” which authorities said come with risks of fraud, money laundering and illegal fundraising.

Coinbase fined US$3.6 mln by Dutch central bank

The Dutch central bank (DNB) has fined U.S.-based cryptocurrency exchange Coinbase €3.3 million (US$3.6 million) for failing to obtain correct registrations

EU looks to place limit on banks holding crypto

European Union lawmakers have voted in favor of a draft bill that imposes stricter capital requirements on banks holding crypto assets.

Regulators should not legitimize ‘purely speculative’ crypto activity: Singapore’s monetary authority chief

Regulators should not legitimize “purely speculative” activity in crypto markets following the collapse of FTX, said Monetary Authority of Singapore Chairmen.

Crypto ads should include risk warnings, says South African advertising regulation group

Crypto ads airing in South Africa must warn potential investors of risks, according to new guidelines by the country’s Advertising Regulatory Board (ARB).

Why Europe’s DORA regulation is a band aid but not a cure

EU’s new Digital Operational Resilience Act aims to help firms withstand cyberattacks. Monica Oravcova of Naoris Protocol explains why it doesn’t go far enough.

CFTC commissioner calls for clearer crypto regulations

Caroline Pham, commissioner of the U.S. Commodity Futures Trading Commission (CFTC) commissioner, has urged regulators to develop clearer crypto industry standards.

China NFT platforms expand into Hong Kong in face of compliance risks on mainland

Hong Kong’s new digital asset-friendly policies could set the city up as the home for secondary NFT marketplaces from China as trading of ‘digital collectibles’ remains a gray area on the mainland.

Thailand’s SEC issues new regulations for crypto custody services

The Securities and Exchange Commission of Thailand issued new rules for cryptocurrency custody services on Tuesday.

U.S. House of Representatives forms new cryptocurrency subcommittee

The U.S. House of Representatives has created a new congressional subcommittee focused on digital assets, as one of its first moves under the control of the Republican Party.

El Salvador establishes legal framework for all cryptocurrencies

El Salvador has passed landmark legislation that establishes a legal framework for all cryptocurrencies to build on the country’s “first-mover advantage.”

Shanghai Two Sessions: metaverse development requires stronger supervision

Shanghai Two Sessions’ delegate urges stronger supervision in the metaverse industry, as metaverse fever continues.

Hong Kong crypto exchanges to follow same laws as traditional finance

Hong Kong has passed a new licensing regime on for crypto exchanges that will subject providers to the same legislation and rules as traditional finance.

Ripples’ ripple?

The battle for who gets to regulate cryptocurrencies continues as SEC v. Ripple Labs carry on larger implications for the crypto world.

Digital Currency Group in spotlight over suspicious fund transfers

Top blockchain and crypto news: DCG under investigation. Lido DAO surges as Ethereum’s Shanghai upgrade looms. Hong Kong burnishes crypto credentials.

Hong Kong pushes ahead with crypto hub plans as tech firms, startups show interest: financial secretary

Hong Kong will continue pushing ahead with the development of the Web 3.0 industry as it aims to become a regional hub for the nascent industry despite the series of collapses of crypto exchanges, said Paul Chan, the city’s financial secretary on Monday.

Ripple Decision Soon?

Ripple expects a SEC ruling on a two-year-old suit and what regulations it could bring about.

Will crypto’s real-world impact become more evident in 2023?

Crypto Council’s Sheila Warren hopes to see more of crypto’s real-world use cases emerging in the media next year.

Crypto P2E game investments not protected by law, China court says

A Shanghai court ruled that investments in cryptocurrency-powered play-to-earn (P2E) games are not protected by law in China.

Alameda Research transfers spark suspicions as SBF denies involvement

Top blockchain and crypto news: Where is Alameda Research’s money going? US tax loophole may give crypto investors a break. China’s blockchain momentum builds.

Ripple expects SEC ruling in first half, clearer global regulations for digital assets in 2023 

Ripple Labs Inc. expects a court decision in the first six-months of this year in the case filed against the company by the U.S. Securities Exchange Commission. The SEC sued Ripple in December 2020 for allegedly selling US$1.3 billion in unregistered securities.

Happy birthday to Bitcoin! What will it become when it’s all grown up?

It takes a village to raise a child, and Bitcoin is no different — we must support its growth but also set firm boundaries, writes Justin d’Anethan of Amber Group.

December 2022

FTX customers file lawsuit for priority repayment

Former customers of FTX have filed a class action lawsuit against the bankrupt cryptocurrency exchange and its top executives, including Sam Bankman-Fried, to seek priority rights to repayment before any non-customer creditors.  

A year to remember, a year to forget: Crypto highs and lows of 2022

From Terra and FTX crises to Ethereum’s triumphant Merge and China’s inventive NFT industry, Forkast reviews a rollercoaster year and its consequences.

Why digital assets need regulations now more than ever

In times of market volatility, regulation can restore confidence and public trust in crypto, writes Albert Isola, Gibraltar’s minister for digital and financial services.

14 years on, why Bitcoin will survive its growing pains

Like an awkward teen, Bitcoin is facing a crisis of confidence, writes Eddie Hui of MetaComp. What lies in store for the original cryptocurrency in 2023?

Retiring U.S. Senator Pat Toomey introduces bill for regulating stablecoins

U.S. Republican Senator Pat Toomey introduced a bill on Wednesday to set regulations for stablecoins and to further “sensible” regulation of cryptocurrency.