Regulatory

Huobi in hot water after being put on investor alert list. Meanwhile, we take a closer look into crypto regulation in Asia.

Huobi Global told Forkast it is working towards being in compliance with Malaysia after its securities regulator put the Seychelles-based cryptocurrency exchange on its investor alert list for operating the digital asset business without proper registration. See related article: Huobi to end crypto derivatives trading in New Zealand Fast facts “We are currently in discussions […]

The Treasury Department says its plan for how to regulate cryptocurrencies is unlike anything else in the world, but the country’s crypto industry isn’t sure that’s a good thing.

Virtual asset airdrops could be subject to gift taxes in South Korea, local publication Yonhap News Agency reported on Monday, citing tax authorities. See related article: S. Korea’s 20% crypto tax delayed by two more years Fast facts In response to a tax law interpretation inquiry, a government official said recipients of free virtual asset […]

The Australian Treasury under the ruling Albanese Government will prioritize “token mapping” in 2022 to help regulations Down Under keep pace and adapt with the crypto sector.  See related article: Singapore’s MAS to further strengthen crypto regulations Fast facts “Token mapping”, the primary step in the government’s reform agenda, intends to identify the appropriate direction […]

There’s growing interest from Australian self-managed super [retirement] funds (SMSF) to invest in crypto but are being let down by a lack of regulatory clarity, Caroline Bowler, chief executive officer of Australian exchange BTC Markets said at an industry panel on Wednesday. See related article: Australia’s Holon Global got ahead of BlackRock with funds shrugging […]

Tencent’s non-fungible token (NFT) marketplace Huanhe says it will allow buyers to refund purchased NFTs but will no longer issue the digital assets, citing a “focus on the company’s core strategic considerations.” See related article: Chinese e-commerce giant JD.com offers NFTs despite state media criticisms Fast facts The marketplace’s app will remain, but it will […]

The U.S  Federal Reserve published what it called “final guidelines” for how crypto banks could be granted “master accounts” that are needed to transact directly with the Fed and the broader global banking system.  See related article: Federal Reserve to taper bond purchases, prompting concerns over BTC impact  Fast facts The Fed referred to these […]

Regulatory compliance will be critical to improving crypto’s ‘Wild West’ image and public acceptance, writes Karen Er and Benjamin Bai of Amber Group. Here’s why.

Indian crypto exchange Bitbns said on Thursday that withdrawals in Indian rupees (INR) have been delayed as law enforcement officers have blocked its bank account.  See related article: India authorities freeze Vauld exchange’s assets worth $46.5 mln Fast facts “If a cybercrime case is raised for say even an amount of 10,000 Indian rupees (US$125), […]

The Bangko Sentral ng Pilipinas (BSP) slaps a moratorium on new virtual asset service provider (VASP) license applications starting Sept. 1.

A task force comprising private-sector experts and relevant ministries will “expedite the review process of bills on virtual assets,” said chairman of South Korea’s Financial Services Commission (FSC) Kim Joo-hyun at Thursday’s National Assembly meeting. See related article: South Korea’s all-encompassing crypto law is coming — what we know so far Fast facts Kim said […]

What’s a crypto trader to do when the government freezes exchange assets, sparking a war of words between supposedly ‘merged’ exchanges?

Thailand’s central bank will receive more power as the South-East Asian nation steps up regulation of digital assets, said Thai Finance Minister Arkhom Termpittayapaisith. See related article: Thailand bans Bitcoin and crypto payments Fast facts Thailand plans to tighten its supervision of platforms and exchanges that offer trading in cryptocurrencies and other digital assets, Bloomberg […]

Leading cryptocurrency exchange Binance will remove the off-chain fund transfer channel between India’s WazirX and itself beginning Aug. 11, following recent regulatory action taken against Zanmai Labs Private Limited, the entity operating WazirX. See related article:  Only the big fish will survive as India cracks the whip on crypto: Binance-backed WazirX Fast facts Users will […]

Indian crypto exchange WazirX said its operations are being conducted as usual, even after Binance denied owning equity in Zanmai Labs, the entity operating WazirX. The spat over ownership — Binance had reportedly acquired WazirX in 2019 — surfaced after Indian authorities reportedly froze US$8 million in WazirX assets, alleging possible violation of foreign exchange laws. […]

A U.K. parliamentary group is seeking advice from both industry players and policymakers on regulating cryptocurrencies and the digital asset sector, according to a press release. See related article: UK seeks to regulate stablecoins for payments in new markets bill Fast facts See related article: Bank of England calls for greater crypto regulation

Singapore is growing its digital assets industry while reducing risks, and its clear regulations allow firms to better plan for the future, writes Desmond Yong of DTC.

The U.S. bill to bring cryptocurrencies under the oversight of the Commodities Futures and Trading Commission is likely to hasten legislation of such digital assets around the world.

Lawmakers are pulling together regulations for trading in digital assets. If all goes to plan, the so-called Digital Asset Basic Act will be in shape by the first half of 2023.

The Philippines’ Securities and Exchange Commission (SEC) has cautioned the public not to invest with Binance, the world’s largest cryptocurrency exchange by trading volume, in response to think tank Infrawatch PH’s request to ban Binance in the Philippines. See related article: Philippines think tank calls for ban on Binance Fast facts In a letter responding […]

The U.S. Senate Agriculture Committee introduced a bill on Wednesday to put the Commodity Futures Trading Commission (CFTC) at the helm of regulating all cryptocurrencies classified as commodities.  See related article: US crypto bill could undermine market protections: SEC, Gensler Fast facts The bill would give the CFTC “exclusive jurisdiction” over all “digital commodities,” which […]

The New York Department of Financial Services (NYDFS) slapped a US$30 million fine on the crypto arm of trading app Robinhood on Tuesday for allegedly violating the bank secrecy act, anti-money laundering, and cybersecurity regulations. See related article: Sam Bankman-Fried buys 7.6% of Robinhood; stock jumps Fast facts The financial regulator also asked the firm […]

Binance founder and CEO Changpeng Zhao Monday said the world’s largest cryptocurrency exchange by trading volume spent over US$1 billion on compliance efforts with its market share continuing to increase. See related article: Binance’s Changpeng Zhao sues Bloomberg publisher in HK Fast facts Zhao Monday said on his verified Twitter handle that a recent CoinDesk […]

A stolen painting may be lost forever, but a fraudulent Bitcoin transaction — with these legal strategies and tracing tools — can lead right to the criminal.

Bitcoin and Ethereum see significant gains in spite of Fed rate hike. Meanwhile, Dubai Police announces NFT launch.

The crypto market shrugs off IMF’s predicted recession risk. Also, U.S lawmakers racing to introduce the stablecoin bill.

Aiming to uncover the next “BTS in finance,” Chairman Kim Joo-hyun of the Korean Financial Services Commission (FSC) is calling for “bold reforms” in financial regulations, including in crypto assets.

Binance founder and CEO Changpeng Zhao is suing the Hong Kong publisher of Bloomberg Businessweek for defamation for an article published last month. See related article: Binance fined by Dutch central bank for improper registration Fast facts Zhao Monday filed a lawsuit in Hong Kong against Modern Media Co. Ltd., which publishes the Chinese edition […]

The crypto world is consumed by a spiritual battle between its believers and haters, and it is in need of a rebirth and new identity, writes Prof. Yanto Chandra of Hong Kong Polytechnic University.

Taiwan’s financial regulator is asking banks and credit card companies not to allow credit cards as a means of payment for virtual assets services, local media reported Thursday. See related article: Taiwan has a chance to develop crypto amid China’s clampdown, Filecoin Foundation director says Fast facts Taiwan’s Financial Supervisory Commission Friday told Forkast that […]

The Financial Services and Markets Bill introduced in the U.K. parliament on Wednesday seeks to regulate stablecoins as a means of payment.  See related article: Financial Stability Board calls for high regulatory standards for stablecoins Fast facts The legislation was largely awaited as it aimed at strengthening the U.K. financial system post-Brexit.  In April, then-Chancellor […]

The U.S. Senate is unlikely to vote on the bipartisan cryptocurrency bill this year, Republican Senator Cynthia Lummis said Tuesday at the Bloomberg Crypto Summit.  See related article: US crypto bill leaves ‘open question’ on securities: Tessler Fast facts “It’s a big topic, it’s comprehensive, and it’s still new to many U.S. senators,” Lummis said […]

The Monetary Authority of Singapore (MAS) said it will seek consultation in the next months on proposed measures toward regulating the crypto industry. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Singapore’s regulatory focus on crypto has been mainly toward containing money laundering and terrorist financing risks, MAS Managing […]

As a world leader, the US now offers a regulatory template for crypto that others are sure to follow, writes Michael Shing of XREX. Here are the key provisions.

Cryptocurrency exchange Binance has been fined in the Netherlands for operating without proper registration, the Dutch central bank said on Monday. See related article: Binance gets nod from Spain to offer crypto exchange, custody services Fast facts De Nederlandsche Bank (DNB), which oversees crypto service provider registrations, said it imposed a 3.3 million euro (US$3.4 […]

Huobi Technology has applied to become a regulated virtual asset trading platform with Hong Kong’s securities watchdog, as the city moves on to clarify and tighten rules on cryptocurrency-related businesses.  See related article: Hong Kong to propose bill to license crypto exchanges Fast facts Huobi said on Thursday the Securities and Futures Commission (SFC) has […]

Bitcoin once again falls below the US$20,000 mark. Meanwhile, Celsius pays over US$113 million in debt and recovers more.

The failure of a crypto market player may have spillover effects on traditional finance such as short-term funding markets, says the Basel-based international body.

Singapore wants to attract institutional capital while shielding its people from crypto — but it can’t have it both ways, writes Donovan Choy.

Binance’s third approval in Europe came after the Bank of Spain allowed its Spanish subsidiary to register as a virtual asset services provider (VASP), the world’s largest crypto exchange by volume said Friday.  See related article: SEC said to probe Binance for rule violation in 2017 initial coin offering: report Fast facts The registration will […]

The U.S. Office of Government Ethics (OGE) said federal employees of the executive branch owning cryptocurrencies or mutual funds investing in the sector need to recuse themselves from any matter related to the industry. See related article: CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins Fast facts The July 5 memo clarified that the […]

The U.K. Treasury on Friday named Hong Kong Securities and Futures Commission (SFC) CEO Ashley Alder as chairman of the U.K. Financial Conduct Authority (FCA). He is expected to start in January next year. See related article: UK finance watchdog to spend £11M to warn young people off crypto investment Fast facts See related article: […]

Top blockchain and crypto news: Three Arrows target bankruptcy protection. Polium’s Web3 game plan pilloried. China’s tech giants get hands-on with NFTs.

European Union officials agreed to the Markets in Crypto-Assets (MiCA) law on Thursday, placing cryptocurrencies, issuers and service providers under the EU’s first regulatory framework for the industry. The rules are expected to kick in as early as 2024. See related article: European Union to track all crypto transfers Fast facts All stablecoins will fall […]

Chinese tech giants including Ant Group, Tencent, Baidu and JD.com are joining yet another self-disciplinary initiative on eliminating speculation of non-fungible tokens (NFTs), also known as “digital collectibles.” See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts The companies pledged to resist secondary trading and ensure real-name identification in a […]

The crash of Terra-LUNA threw the entire crypto space into a dark funk, and raised questions about the safety and role of stablecoins. CFTC Commissioner Caroline D. Pham offers a regulators’ viewpoint at a Forkast+ exclusive event.

Lack of public trust remain a big barrier to crypto adoption, writes Tristan Roozendaal. Here’s why regulators should ‘move fast and break things.’

Non-fungible token (NFT) marketplace Yucang Digital Collectibles announced that it is buying back assets sold on its platform due to lack of regulatory clarity.  See related article: NFTs in China must be reviewed: China media watchdog Fast facts The marketplace said operations will continue, but sales and transfers of digital collectibles will be frozen and […]

The legal and ethical dilemmas plaguing technology today will only grow more acute in the metaverse, writes Brian Harley. How will real-world laws apply?

Deeper structural flaws in crypto make it unsuitable as the basis of a monetary system that serves society, the Bank for International Settlements said in its annual report.

Testifying before the Senate Banking Committee on Wednesday, the chair of the U.S. Federal Reserve said the central bank is “not really seeing significant macroeconomic implications so far” with regard to the recent cryptocurrency volatility. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Powell testified at the Senate Banking […]

Three financial regulators in Shenzhen said they would “prevent further risks” in crypto trading, while warning that cryptocurrencies and related businesses are illegal in the mainland.  See related article: Law can’t cover crypto losses, China court reiterates Fast facts See related article: Why domestic and overseas Chinese should worry about China’s crypto ban

Terra UST’s crash and burn is prompting calls for regulations. But lawmakers shouldn’t paint all stablecoins with the same brush, writes Alan Chiu.

Australian cryptocurrency exchange BTC Markets announced on Tuesday it has become the first crypto firm to receive an Australian Financial Service License (AFSL) from the Australian Securities and Investments Commission (ASIC). See related article: What does the new Australian Labor government mean for the crypto industry? Fast facts BTC Markets says the license will enable […]

The ban comes as Chinese companies seek to comply with Beijing’s diktat against speculative activity in non-fungible tokens (NFTs). See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts WeChat banned the official account of a Chinese NFT platform for “business activities related to secondary trading of digital collectibles or cryptocurrency.” […]

Digital collectibles in mainland China will enjoy copyright protection only after a review, National Press and Publication Administration blockchain copyright director Liu Tianjiao said. See related article: China’s diktat against NFT flipping spawns an ingenious industry Fast facts See related article: China-run media outlet criticizes NFT platform as a payment risk

Huobi Thailand will shut its cryptocurrency trading platform’s Thailand unit on July 1 after the country’s Securities and Exchange Commission (SEC) revoked its license. See related article: Can Thailand emerge as a ‘crypto-positive’ travel destination? Fast facts Huobi Thailand said the firm will no longer have any connections or legal bindings with Huobi Group following […]

After what seems like a dead cat bounce, cryptocurrencies are falling again in Asian trade as markets head into the Federal Reserve’s announcement of its decision on interest rates on June 15.

Inner Mongolia has closed 49 cryptocurrency mining farms in total, but only four since September, according to the Inner Mongolia Daily, indicating either the process has been successful or the shutdown drive mandated by Beijing is slowing. See related article: Beijing banned crypto mining, so China miners went underground Fast facts See related article: Crypto […]

A proposed US crypto bill may place crypto under the CFTC’s primary oversight, but that won’t exclude the SEC from the industry, Sidley Austin’s Lilya Tessler says.

Singapore investment behemoth Temasek has been in the digital asset space for several years, and it’s doubling down on its commitment, says its blockchain chief.

Alibaba Cloud on Wednesday said its service will help build NFT marketplaces in a fast and reliable way, without addressing compliance issues. See related article: Resist the temptation on NFTs, Chinese state-backed developer says Fast facts See related article: Move-to-earn app STEPN to limit service in China

Top blockchain and crypto news: Binance BNB slips amid allegations. STEPN marches through attacks. Is China’s slowdown straining crypto prices?

Falling prices, an imploding stablecoin, and more reports of hacks have occupied the cryptocurrency headlines in recent weeks, so it’s perhaps no surprise that regulators have noticed and they intend to do something about it.

Binance has fought back on a Reuters investigation that accused the crypto exchange of serving as a conduit for at least US$2.3 billion worth of illicit funds, calling the report a “breathless pearl clutching” piece. See related article: SEC probes Binance’s BNB for initial coin offering in 2017: report Fast facts “We’re aware of Angus […]

Non-fungible tokens (NFTs) can be regulated if they represent similar characteristics to securities, particularly in the category of “collective investment schemes,” Hong Kong’s Securities and Futures Commission (SFC) said on Monday.  See related article: Hong Kong retail investors blocked from Bitcoin spot ETFs Fast facts See related article: Hong Kong to propose bill to license […]

The Fed’s new No. 2 is ahead of the curve in her thinking — which bodes well for crypto’s future around the world, writes a former colleague of Brainard.

A prosecutor in Beijing has reportedly approved the arrest of a director of a Shanghai-listed Chinese big data company on suspicion of misappropriating the firm’s funds to mine Bitcoin, exchange filings showed. See related article: Beijing banned crypto mining, so China miners went underground Fast facts Li Qunnan, a director of the board of Zhongchang […]

The prospect of tighter codes for the crypto industry has given some players the jitters. Others, such as Crypto.com’s Eric Anziani, see it as an opportunity.

Crypto companies have voted with their feet in response to the city-state’s restrictions on their business. But they are still keeping an eye on opportunities.

The right balance of regulations can better protect gaming companies’ intellectual property as well as players’ assets, writes Henry Chang of Wemade.