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November 2022

Binance set to swallow FTX as run on exchange allows CZ to swoop

Top blockchain and crypto news: FTX concedes defeat in long battle with Binance. Crypto eyes Congress races. Hong Kong U-turns on digital assets.

U.S. midterms: gridlock… and progress on crypto industry regulation?

In a period of toxic divide between the Democrats and Republicans, the need to figure out how to regulate the growing cryptocurrency industry is one of the few issues both parties seem to agree on.
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Japan’s Web 3.0 lawmaker urges further easing of country’s crypto regulation

Japan needs to further relax rules for its crypto industry, said lawmaker of Japan’s ruling Liberal Democratic Party Masaaki Taira.

SEC gets more time to file reply briefs in XRP lawsuit against Ripple

The U.S. SEC has received approval from the court to extend the time for all parties to submit reply briefs, in the ongoing lawsuit the SEC filed in 2020 against Ripple.

Hong Kong needs engineering talent to reclaim role as digital asset hub

Hong Kong’s latest FinTech policies indicate it wants to reclaim its position as a hub for cryptocurrencies and digital assets, but that means finding the right people for the job.
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Curiosity ‘always’ fuels innovation, says blockchain co-creator Stuart Haber 

U.S. computer scientist Stuart Haber, recognized with Scott Stornetta as the co-inventor of blockchain, says he is excited to see the evolution of the technology, not only in the financial sector, but also in entertainment, business, and technology industries.

Digital wallet Cryptillian seeks to back Ripple against SEC in XRP lawsuit

Digital wallet service provider Cryptillian Payment Systems has requested to file an amicus brief to support Ripple Labs Inc. in the latter’s ongoing court battle against the U.S. Securities Exchange Commission (SEC).

Can blockchain tech in green finance attract more investors and deter bad actors?

As governments look towards zero carbon emission goals, new means of creating climate-related financial products are being tested on the blockchain.

S.Korea sees passing crypto investor protection as a priority: report

The country looks to pass an initial bill that focuses on protecting digital asset investors and preventing unfair trade acts, ahead of wider legislation.

Bankman-Fried calls wealth-based barriers to crypto investment classist, racist

The billionaire founder of crypto exchange FTX, Sam Bankman-Fried, criticized regulations in Hong Kong and elsewhere that limit access to crypto investment to wealthy investors.

October 2022

Hong Kong announces policies to win back role as digital asset hub

Hong Kong reveals digital asset policies to distinguish itself from China, where cryptocurrency trading was banned in September last year.

Hong Kong mulls plans to legalize retail crypto trading: Bloomberg

Hong Kong is mulling plans to legalize retail crypto trading to regain its status as a global digital asset hub.

FTX CEO Sam Bankman-Fried says action needed on global rules for cryptocurrencies

Bankman-Fried says the global crypto industry needs a “passporting” policy framework that lowers barriers for crypto businesses.

SEC takes no position on two motions in support of Ripple in XRP lawsuit

The SEC is not taking a position on two motions, submitted by non-profit organization Investor Choice Advocates Network and crypto wallet provider SpendTheBits, which seek to weigh in on the lawsuit between the SEC and Ripple.

How Europe’s MiCA can pave the way for crypto’s revival

Europe’s new MiCA framework for regulating crypto shows the good that can happen when government works with and not against the industry, writes Nick Saponaro of Divi Labs.

Singapore floats tests for retail crypto traders, plans to regulate stablecoins

The central bank is also considering options such as banning crypto firms from offering credit facilities, leverage or staking services to retail traders.

US alleges Chinese spies used Bitcoin to bribe law enforcement officer

Two Chinese intelligence officers allegedly paid a double agent to help steal files related to a federal investigation into a China-based global telecom firm, reported to be Huawei.

UK lawmakers vote to regulate digital assets as financial instruments

Lawmakers in the British Parliament’s lower house voted in favor of recognizing cryptocurrency assets as regulated financial instruments and products Tuesday.

As US midterms approach, poll says voters want policy interests to align with crypto, technology

Survey reveals popularity of crypto ownership among voters, their hopes for the industry’s growing potential and the need for regulation to protect consumers.

Top “UK Crypto Hub” proponent Rishi Sunak to become prime minister

Rishi Sunak, who previously spearheaded the UK’s crypto hub ambitions as finance minister, has been elected by the Conservative Party on Monday following Liz Truss’ resignation last week. 

Scammers Paradise?

Crypto crimes are costing Hong Kong billions every year – but what’s being done about it and what can the rest of the world learn from it?

SEC asks court to deny Ripple motion for summary judgment in XRP lawsuit

The U.S. SEC has filed a legal rebuttal to Ripple’s motion for summary judgment, a day after Ripple took a similar move against the SEC.

Crypto becomes approved financial product in South Africa

South Africa’s financial markets regulator has declared crypto assets as a financial product, setting the legal grounds to bring cryptocurrencies under regulatory purview. See related article: Nigeria to become 1st African country to launch a central bank digital currency Fast facts Crypto is not issued by a central bank but can be traded, transferred and […]

Japan eases token vetting process to expand crypto offerings: report

Japan’s Virtual and Crypto assets Exchange Association (JVCEA), the self-regulatory body that oversees local crypto exchanges, will allow platforms to list cryptocurrencies without an existing lengthy screening process, according to Bloomberg. See related article: Japan pushes for tougher crypto AML regulations amid N. Korean cyberattacks Fast facts The easing is expected to take place as […]

Coinbase mulls lawsuit against users who made millions from pricing error

“No finders keepers’ law”: Coinbase considers legal action against some 1,000 users in east Europe’s Georgia who took advantage of a pricing glitch on the platform.

One country, two systems? Hong Kong seems set to diverge from China on digital assets

Hong Kong seems set to put out a new welcome mat for the blockchain and crypto industries, but will it work after concern about regulatory restrictions convinced many cryptocurrency operators to leave?
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Japan pushes for tougher crypto AML regulations amid N. Korean cyberattacks

The Japanese government approved amendments to existing financial regulations to prevent money laundering utilizing cryptocurrencies and increase penalties on those involved, according to local media reports. See related article: North Korea’s Lazarus Group attacks Japanese crypto firms, police say Fast facts The Cabinet, Japan’s executive body, approved the revisions to laws associated with the country’s […]

India’s headache, or opportunity?

India’s crypto sector has been having a tough time – we’re taking a look on what has been happening lately.

India wants global, tech-driven regulatory framework for crypto

As India prepares to begin its one-year presidency of the Group of 20 (G20) beginning Dec. 1, it will look to work toward a global, tech-driven regulatory framework for cryptocurrency, India’s finance minister Nirmala Sitharaman said. See related article: India’s finance minister calls on G20 to share information on crypto Fast facts “During our engagements, […]

US Regulation Delays

There’s a power struggle over who regulates crypto in the US – and it could all depend on how the midterm elections go this year.

Coin Center files lawsuit over Tornado Cash sanctions, defends crypto privacy rights

Coin Center, a non-profit think tank on cryptocurrencies and public policy, announced Wednesday it was filing a lawsuit against the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC), alleging the agency overreached its authority when it sanctioned cryptocurrency mixer Tornado Cash in August. See related article: What is the future for cryptocurrency mixers after […]

Fed’s top bank watchdog eyes new regulation for banks doing crypto

Crypto-asset related activities may pose “novel risks” to banks and their customers, prompting the U.S. Federal Reserve to develop further regulations, Fed vice chair for supervision Michael Barr said in a speech Wednesday at D.C. Fintech Week. See related article: U.S. Fed has growing interest in CBDCs, says Jeng at Crypto Council for Innovation Fast […]

What is the future for cryptocurrency mixers after U.S. sanctions on Tornado Cash?

Tornado Cash, the Ethereum coin mixer slapped with sanctions by the U.S. Treasury back in August, has returned to the software hosting website GitHub amid a flurry of lawsuits against the Treasury for its action.
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European Parliament agrees on preliminary crypto regulation

The European Parliament passed a preliminary legal framework for the crypto space on Monday that aims to increase standards and requirements  for digital asset companies, ahead of a final vote expected soon.  See related article: Europe cancels AML amendment that would have forced identity verification for non-custodial wallets: report Fast facts EU lawmakers voted heavily […]

Want the next-generation internet? Start legislating for it

Web3 communities need to join forces with policymakers to draft rules for the next iteration of the online world, says Haun Ventures’ Tomicah Tillemann

Binance gets nod to operate in Kazakhstan

Binance has obtained a “permanent license” to operate a digital asset platform and provide custody services at Kazakhstan’s Astana International Financial Center, the world’s largest cryptocurrency exchange announced in a blog post on Thursday. See related article: Binance targets expansion in Philippines, Turkey, executive says Fast facts The license gives Binance the status of a […]

S.Korea gov’t failed, special prosecutor needed on Terra-LUNA, lawmaker says

South Korean ruling party lawmaker Yoon Sang-hyun asserted that the country needs to appoint a special prosecutor to investigate the Terra-LUNA collapse, which affected over 280,000 people locally, in comments at the National Assembly’s parliamentary audit on the Financial Services Commission (FSC), South Korea’s top financial regulator. See related article: South Korea’s investigation of Do […]

S.Korea financial regulator restates support for blockchain, crypto protections

Kim Joo-hyun, the chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), said on Thursday the agency will promote blockchain technology and user protections in the crypto market. See related article: South Korea’s all-encompassing crypto law is coming — what we know so far Fast facts “In cooperation with the National Assembly, […]

Tornado Cash Debate – The Role of Law

Forkast Editor in Chief Angie Law spoke with some of the industry experts to talk about the implications of the Tornado Cash sanctions.

‘It raises really interesting questions’: How regulators are approaching DAOs

Panelists at Forkast’s live-streamed event ‘Crypto Rising: The Role of Law: An International Debate post Tornado Cash’ co-hosted by the Crypto Council for Innovation (CCI) said attempting to regulate DAOs highlights the shortcomings of international enforcement.

Privacy vs. security: an international debate on Tornado Cash

Panelists at Forkast’s live-streamed event ‘Crypto Rising: The Role of Law: An International Debate post Tornado Cash’ co-hosted by Crypto Council for Innovation (CCI) said the significance of the sanctions could not be understated.

US Treasury says Congress needs to act to mitigate crypto risk to stability

The Financial Stability Oversight Council report says the lack of clear regulations in the cryptocurrency industry could pose a risk to overall U.S. financial stability and urges congress to write up new rules of the road.

How will the crypto tax debate play out in the UK?

Like many nations, the UK is formulating new rules and guidelines for crypto taxation. Will they help or hinder its crypto hub aspirations?

3 reasons crypto will spring back after Crypto Winter

The crypto market has been down for months, but the industry’s long-term future is brighter than ever, writes Guilhem Chaumont of Flowdesk. Here’s why.

Two firms seek to weigh in on XRP lawsuit between SEC, Ripple

Two companies have sought to be amicus curiae (Latin for friend of the court) in support of Ripple Labs in the lawsuit that the Securities and Exchange Commission filed in 2020 against Ripple. See related article: XRP price surges after U.S. court rejects SEC objection in Ripple lawsuit Fast facts I-Remit Inc., a global payment […]

September 2022

India’s ED freezes more crypto in E-Nuggets money laundering case

India’s financial crime fighting agency has frozen additional cryptocurrencies worth around US$58,000 as part of an ongoing money laundering probe against mobile gaming application E-Nuggets and its former executive. See related article:  Indian authorities probe alleged $125 mln money laundering cases involving crypto, report says Fast facts The additional cryptocurrencies include WRX, the utility token […]

Institutional finance, role of regulators in focus at TOKEN2049 crypto conference

The second Forkast report on Asia Crypto Week’s anchor event explores what bets TradFi players are making, how Asian investment patterns differ from those elsewhere, and what cooperation between crypto companies and regulators should look like

SEC charges Hydrogen Technology for selling unregistered securities 

The SEC has filed charges against Hydrogen Technology Corporation and former chief executive Michael Ross Kane for alleged sales of unregistered “crypto asset securities” in the form of Hydro tokens. See related article: SEC’s Gensler says proof-of-stake cryptocurrencies may be securities Fast facts Moonwalkers Trading Limited CEO, Tyler Ostern, is also being charged for allegedly […]

Bitcoin ‘might double in price’ under CFTC regulation, its chairman says

Commodity Futures Trading Commission (CFTC) chairman Rostin Behnam said Thursday the crypto industry has “a massive opportunity for institutional inflows that will only occur if there’s a regulatory structure,” pushing for his office to lead the effort. See related article: Crypto community pushes back following CFTC charges against Ooki DAO Fast facts “Growth might occur […]

Are stablecoins like Tether ready for regulatory scrutiny?

The Terra UST disaster is spurring regulators to converge on global stablecoin standards, writes Michael Shing of XREX. But major issuers still fall short.

India ED freezes US$1.57 mln in crypto allegedly laundered through WazirX, Binance

India’s financial crime fighting agency has frozen over US$1.5 million in cryptocurrencies as part of a money laundering investigation against mobile gaming application E-nuggets, the Enforcement Directorate (ED) said on Wednesday.   See related article: Indian authorities probe alleged $125 mln money laundering cases involving crypto, report says Fast facts The ED launched a money laundering […]

Binance law enforcement training program to seek out ‘bad actors’

Binance, the world’s largest cryptocurrency exchange, has launched a dedicated program to “help law enforcement detect financial and cyber crimes,” in a move it claims to be an industry first to combat crypto crimes, the exchange said Tuesday, as it navigates regulatory headwinds and ramps up compliance efforts. See related article: Binance says it complies […]

Cryptocurrencies much more than trading tools, says Caselin at AAX exchange 

Who will regulate the regulators is a time-honored question and one Bitcoin enthusiasts raise when talking about the benefits of the token’s fixed supply versus the tendency of central banks to switch the money spigots off and on.

Crypto community pushes back following CFTC charges against Ooki DAO

The Commodity Futures Trading Commission faces criticism from cryptocurrency industry as opposition grows over “unprecedented” charges against the Ooki DAO.

California governor vetoes bill requiring crypto-related businesses to obtain special license

A bill that proposed a regulatory and licensing framework for crypto companies was rejected by Gov. Gavin Newsom amid a broader national debate concerning the policing of digital assets.

UK bill allows law enforcement to ‘seize, freeze, recover’ crypto assets

The United Kingdom has introduced a bill that would enable its law enforcement agencies to “seize, freeze and recover” crypto assets, to prevent cyber crime and money laundering.  See related article: UK watchdog: Crypto firms fall short on anti-money laundering rules Fast facts The reforms to the governmental Companies House, including issues beyond crypto, are […]

Binance taps ex-U.S. senator Max Baucus to chair global advisory board

Binance has tapped Max Baucus, a former U.S. senator and ambassador to China, to chair its new global advisory board, to advise the world’s largest cryptocurrency exchange on regulatory, political and social issues. See related article: Binance stablecoin conversion controversial, but what does it mean for users? Fast facts Binance said on Thursday in a […]

Ripple objects to SEC’s relief suggestion in XRP lawsuit

Ripple Labs Inc. has objected to the U.S. Securities and Exchange Commission’s suggestion that it may seek additional time and pages if other amici curiae (Latin for friends of the court) submit briefs, as the lawsuit the SEC filed in 2020 against Ripple drags on. See related article: SEC, Ripple seek summary judgment in attempt […]

South Korea unlikely to push out crypto regulation before the U.S., authority says

South Korea’s top financial watchdog Monday said it is difficult for the country to establish laws overseeing the cryptocurrency industry in the country ahead of a common global regulatory framework as cross-border enforcement would be a key determinant of effectiveness.

Crypto research firm founder accused of promoting ICO for compensation

Self-described crypto influencer charged with violating SEC regulations by trading and promoting an initial coin offering under undisclosed financial terms.

If the UK wants to become a crypto hub, it must do better

Britain’s internal divisions could thwart its crypt ambitions, writes Nick Saponaro of Divi Labs. Will it be eclipsed by crypto-friendly Dubai?

SEC, Ripple seek summary judgment in attempt to speed up XRP lawsuit

The argument centers around if Ripple’s XRP sales were offerings of unregistered securities.

S.Korea finance regulator: crypto can be subject to capital markets law

South Korea’s Financial Supervisory Service (FSS) governor Lee Bok-hyun says he disagrees with the view that crypto cannot be seen as financial investment products or securities, while revealing he assisted local prosecutors in designating Terra-LUNA tokens as securities, according to local media reports. See related article: Securities or not? South Korea to evaluate Terra’s LUNA […]

South Korea will not rule the metaverse with game laws, science ministry says

South Korea will issue a guideline for regulating the metaverse instead of applying existing law on video games, the Ministry of Science and ICT (MSIT) announced at a government briefing on Wednesday. See related article: S.Korea’s science ministry announces ethical principles for the metaverse Fast facts The guideline that will be used to better promote […]

Fed vs The Merge; Crypto regulation conversations

Welcome to The Daily Forkast – September 14, 2022 – presented by Megha Chaddah. Coming up on today’s show: Will the Merge solve the market’s woes? Regulators paying heed to crypto. We’ll have more on those stories — and other news shaping the cryptocurrency and blockchain world — in this episode of The Daily Forkast […]

Crypto Fraud and Asset Recovery Network in U.K. launches Hong Kong chapter

The Crypto Fraud and Asset Recovery Network (CFAAR), which calls itself the first global network of its kind, has launched a Hong Kong-based chapter in collaboration with seven local finance, law, and crypto regulation experts.  See related article: Australia establishes federal crypto police unit Fast facts The Crypto Fraud and Asset Recovery network began in […]

Regulator alleges Celsius resembled Ponzi scheme in new filing

A financial regulator in Vermont has all but said that bankrupted Celsius Network LLC resembled a Ponzi scheme at times, alleging the crypto lender had used new investor funds to repay previous investors, as well as misled investors about its financial health and bolstered its balance sheets by using its CEL token. See related article: […]

Binance pushes out USDC in aggressive move to boost its own stablecoin

Top blockchain and crypto news: USDC gets the boot from Binance. MicroStrategy looks for Lightning strikes. STEPN heads to Hong Kong.

New UK PM, finance minister have previously supported crypto, blockchain

Britain’s new Prime Minister Liz Truss has appointed Kwasi Kwarteng, former head of the U.K.’s department for business, energy and industrial strategy, as the new finance minister, charging him with decisions that will impact British and global crypto markets. See related article: Bank of England calls for greater crypto regulation Fast facts Former Finance Minister […]

‘Doctor Bitcoin’ claims to be heading to prison for P2P BTC sale

Crypto entrepreneur Mark Hopkins, also known as Doctor Bitcoin” or “Rizzn”, claimed on Twitter that he has been sentenced to six to 15 months in federal prison for allegedly participating in peer-to-peer Bitcoin sales without a federal license. See related article: Tornado Cash arrest heralds storm season for crypto mixers Fast facts P2P sale of […]

Crypto exchange Bybit barred from brokering securities in Brazil

The Securities and Exchange Commission of Brazil (CVM) has banned Singapore-based cryptocurrency exchange Bybit from brokering “securities” within the country.   See related article: Thailand mandates warnings on crypto ads Fast facts The CVM released a declaratory act, in an announcement on Monday, that ordered the suspension of Bybit’s security offerings and intermediation services directly or […]

Anti-crypto U.S. congressman says too much power, money prevent all-out ban

U.S. Congressman Brad Sherman, who chairs a House subcommittee on investor protection and a leading crypto skeptic in Washington, is seeking more stringent cryptocurrency regulation, if not all-out bans, according to a report by the LA Times. See related article:  CFTC, SEC seek input on hedge fund crypto reporting rules Fast facts In an interview […]