Regulatory

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.

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

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” activity in crypto markets following the collapse of FTX, said Monetary Authority of Singapore Chairmen.

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

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.

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

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.

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

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

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

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.

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

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

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

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

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

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 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.

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.

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.  

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

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.

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?

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

A year of scandals in the crypto industry has led to questions about the viability of regulation.

Top blockchain and crypto news: US senators push for crypto KYC. SBF faces the music in US courts. Alibaba Cloud to launch blockchain node.

Crypto proved to be breeding ground for scams in 2022. Will next year be different?

Julia Leung, the next chief executive of Hong Kong’s Securities and Futures Commission (SFC) due to start her three-year term on Jan. 1, called for stricter crypto regulation when speaking at the city’s Fintech Week last month.

A Japanese lawmaker called for more transparent regulations following the FTX meltdown, where investors were not warned of the risks with FTX Token.

As U.S. prosecutors line up charges against Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange, Senator Elizabeth Warren is seeking to pass bipartisan regulation to rein in the “dark underbelly” of the crypto industry.

Top blockchain and crypto news: SBF denied bail, US extradition likely next. The Block chief quits over secret FTX loans. Hong Kong readies digital asset rules.

John J. Ray III, the new CEO of FTX.com, said the company’s failure was caused by the “concentration of control in a very small group of grossly inexperienced and unsophisticated individuals.”

Prosecutors at the U.S. Department of Justice (DOJ) are reportedly split on filing charges against Binance and its executives on possible money laundering and sanctions violations, as part of a long-running criminal investigation.

Crypto is weathering this year’s extreme turbulence so far. But its long-term health will require the sector’s urgent attention to regulation, education and security, writes Oliver Linch, CEO of Bittrex Global.

The Hong Kong Securities and Futures Commission (SFC) is drafting regulatory requirements for the local licensed crypto exchanges, in light of the FTX debacle, according to a report on Monday by Hong Kong public broadcaster RTHK

S.Korean authorities may mandate companies to pursue direct approval from regulators to list their crypto on local digital assets exchanges.

Sam Bankman-Fried, the founder of the now-bankrupt FTX exchange, has missed the deadline set by the U.S. Senate Committee to confirm his appearance at an upcoming hearing.

U.S. cryptocurrency miners would be required to report greenhouse gas emissions under a new bill submitted to the Senate, reflecting criticism the industry is adding to use of fossil fuels blamed for global warming.

The embattled founder of failed cryptocurrency exchange FTX may be subpoenaed if he declines to testify at the two hearings on the platform’s meltdown in Washington DC next week.

Personal information privacy matters more than ever in a post-Roe world, writes Kayla Kroot of Koii Network. Can data from menstrual cycle tracking apps be used to prosecute women and girls for abortions?

Top blockchain and crypto news: AAX teeters on the brink. SBF hints at Congressional hearing no-show. Chinese court boosts NFT legitimacy.

The push to regulate DeFi is stronger than ever, and the sector would be wise not to fight but participate in that inevitability, writes Michael Shing of XREX.

Innovation and regulation are mutually exclusive in the world of crypto – and in the aftermath of the FTX collapse, getting the balance right is key.

When a crypto exchange fails, will your transaction records vanish, too? Here’s why investors should take responsibility over their own trading data.

Bankman-Fried beamed into New York from the Bahamas to give his version of what happened at FTX, mentioning his own failure of oversight and being “frankly surprised” by what was going on at his company’s sister brokerage.

Despite the myriad benefits of blockchain and cryptocurrency, institutional interest remains mixed in Asia Pacific. What lessons should the industry learn from 2022 to overcome the barriers to adoption?

Christine Lagarde of the European Central Bank said regulating cryptocurrency in the EU is an “absolute necessity” following the collapse of Bahamas-based exchange FTX.com.

The former CEO of the collapsed crypto exchange “needs to keep his mouth shut” and stop making public comments that could be used against him in future court cases, lawyers tell Forkast.

Russian lawmakers aim to launch a national cryptocurrency exchange, supported by the country’s Ministry of Finance and the Central Bank of Russia.

Digital asset custodian Hex Trust received the MVP license from Dubai’s Virtual Assets Regulatory Authority on Nov. 24.

As FTX victims and creditors sift through the pieces, how much of this blowup should regulators have seen coming — and could it happen again?

New York Attorney General (NYAG) Letitia James has recommended prohibiting crypto investments in defined contribution plans and individual retirement accounts (IRAs).

While the crypto industry grapples with the definition of blockchain-based digital tokens, South Korea wants to nail down the terminology.

China should integrate legislation on cryptocurrencies in order to better regulate crypto tradings, said Huang Hui, a deputy director of the Supervision and Inspection Department of State Administration of Foreign Exchange.

Investor confidence may be shaken, but crypto is here to stay, writes Alex Manson of Standard Chartered’s SC Ventures. Here’s how to restore trust and make the sector more resilient.

South Korea’s FSC is considering a requirement that crypto exchanges offset investor losses for the sudden suspension of withdrawal services.

Human greed and deception led to FTX’s fall. That’s why the antidote is not more regulations but could be found in blockchain’s original promises, writes Marieke Flament, CEO of NEAR Foundation.

The U.S. SEC has received support from sports investing group New Sports Economy Institute, which submitted its amicus brief on Friday to weigh in on the ongoing lawsuit between the SEC and Ripple.

Collapsed cryptocurrency exchange FTX Trading Ltd. and its affiliates owe their 50 largest creditors about US$3.1 billion, according to a court filing. The creditors were not named.

FTX Trading will be at a hearing on Nov. 22 in a bankruptcy court in Delaware, as the troubled exchange seeks to transfer a related case from New York to the Delaware court, according to a court filing.

The country is one of the first to say it will act to set up regulations to prevent a collapse similar to FTX, which filed for bankruptcy protection and froze the assets of hundreds of thousands of investors.

U.S. lobby group Blockchain Association, along with other institutions and firms, have formally filed amici briefs to support Ripple Labs Inc. in the ongoing lawsuit between the U.S. SEC and Ripple.

Yes, there is rivalry between the two global finance hubs. But their strengths are also complementary for Asia to become an even bigger crypto powerhouse, writes Lily Z. King.

Top blockchain and crypto news: FTX fallout spooks sector. Crypto.com’s $400 million ‘accident.’ Hong Kong’s new digital asset drive.

U.S.-based cryptocurrency exchange Coinbase has officially submitted its amicus brief to support Ripple in the lawsuit the U.S. SEC filed in 2020 against Ripple.

O’Leary remains committed to crypto even after losing his investment in FTX.com, but said that the industry will become more regulated.

Unlike the 2008 crash, the government won’t be bailing out FTX’s investors, writes Nick Saponaro of Divi Labs. Will regulators see this as a cue to crack down on exchanges?

Changpeng Zhao, founder and chief executive of Binance, tells the B20 Summit in Indonesia that the world’s largest cryptocurrency exchange aims to help improve business and operation standards in the crypto industry.

Changpeng Zhao, founder of the world’s largest crypto exchange, said its earlier pledge to acquire FTX fell through partially due to regulatory concerns.