Regulation & Law

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

The joint study aims to create the infrastructure for issuing regulatory-compliant stablecoins for improved cross-border settlement.

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

Bankman-Fried’s sentencing hearing is scheduled for March 28, 2024.

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

Bankman-Fried trial nears end: defense claims good faith as prosecution alleges misuse of funds.

This marked Bankman-Fried’s fourth and final day of testimony before Wednesday’s closing arguments.

Prosecutors pointed out inconsistencies in Bankman-Fried’s public statements before FTX collapsed in a four-hour grilling.

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

Taiwan’s new bill mandates crypto platform permits, addressing self-regulation gaps.

The lawsuit alleges that the companies defrauded over 230,000 investors.

The new data sharing rules will go into effect 20 days after their publication in the Official Journal.

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

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 congressional committee accused Changpeng Zhao and three other executives, along with 45 individuals, of running a financial pyramid scheme in the country.

The committee said fraudulent non-fungible token advertising could harm both NFT artists and investors.

Gary Wang, co-founder and former chief technology officer of cryptocurrency exchange FTX, testified on Friday that Alameda Research, the sister trading firm of the exchange, had a special line of credit of up to US$65 billion from FTX, that allowed the firm to spend US$8 billion of customer funds. See related article: Little-known FTX co-founder […]

The European Securities and Markets Authority (ESMA) is seeking feedback on the second consultation paper on the Markets in Crypto-Assets (MiCA) bill, published on Thursday.  See related article: Binance ICO raised less than US$5 mln: Forbes Fast Facts See related article: What Europe’s new spot Bitcoin ETF means for global markets

Top blockchain and crypto news: Spotlight on Bankman-Fried, Pudgy Penguins’ new revenue stream and Google’s Web3 goggles

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.

Top blockchain and crypto news: U.S. SEC steps up regulatory enforcement. Gaming giant Zynga moves into NFTs. Woes ahead for JPEX exchange after HK arrests.

Billed as Asia’s largest crypto event, Token 2049 took place over Sept. 13-14 in the Southeast Asian city-state of Singapore. Drawing over 10,000 attendees from all parts of the world, there was excitement about blockchain adoption in the region. But repeat references to one man were a reminder of the U.S. regulatory concerns weighing heavily on the crypto industry.

FTX’s former CEO, Sam Bankman-Fried, faces DOJ scrutiny with seven charges. Here are the six key figures in the coming crypto courtroom showdown.

The gates are opening for ordinary investors to buy into real-world assets like rare art and fancy real estate. But regulations and compliance hurdles remain.

The annual Korea Blockchain Week conference in Seoul is running from Sept. 4 to 10. Crypto industry leaders and advocates from around the world have gathered in the South Korean capital to discuss all things blockchain, including the growing regulatory gap between the U.S. and Asia.

The general public does not know this yet, but there is no longer any doubt that a Bitcoin spot ETF will come to the US market, writes Charlie McGlynn of XREX. It’s just a matter of when.

Blockchain innovation in the U.S. could suffer from over-regulation of the crypto industry, cybersecurity expert Carole house said.

A U.S. district court on Wednesday dismissed charges against a group of five firms for alleged securities violations on the Uniswap DeFi platform.

The Hong Kong branch of SEBA Bank has received an in-principle approval from regulators to provide virtual asset trading services in the jurisdiction.

The U.S. SEC charged Impact Theory, a Los Angeles-based media and entertainment company, on Monday with offering unregistered securities in the form of NFTs.

The Monetary Authority of Singapore unveiled a stablecoin regulatory framework on Tuesday as the city-state aims to become a global hub for the crypto industry.

SEC seeks to appeal a court ruling in July that the programmatic sale of Ripple’s XRP cryptocurrency did not qualify as sales of financial securities.

Moves by big financial institutions into digital assets are worrisome to crypto purists, but it could be just what crypto needs to shake off its doldrums, writes Konstantin Horejsi of Blocktrade.

Officials at the U.S. Department of Justice (DOJ) are considering fraud charges against Binance, according to news site Semafor.

Shanghai plans to build a blockchain infrastructure by the end of 2025 and establish links with Hong Kong and Singapore.

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.”

As the US is engulfed in regulatory strife, Asian countries are rolling out legal frameworks that attract crypto investment, protect consumers and encourage innovation.

The U.S. SEC has accepted BlackRock’s application for a spot Bitcoin ETF, a major step for the potential launch of the country’s first spot Bitcoin ETF.

Judge Analisa Torres ruled on Thursday that Ripple Labs’ programmatic sales of the XRP cryptocurrency did not qualify as the offer and sale of investment contracts.

South Korea’s FSC is requiring companies that issue or own cryptocurrencies to provide detailed crypto disclosures from 2024.

Hong Kong, Japan, Singapore and Thailand have regulations supporting the growth of tokenization, showing the world the benefits of fractionalizing assets.

South Korea approved a bill to protect cryptocurrency investors as part of building the country’s first legal framework devoted to digital assets.

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

Top blockchain and crypto news: Fidelity Investment is reportedly close to filing its own Bitcoin ETF. NFT traders seek liquidity. Singapore eyes asset tokenization.

Five countries in South and Southeast Asia now rank in the global top 10 for cryptocurrency adoption, embracing DeFi and defying government attempts to discourage crypto use. Is this a harbinger of larger trends to come?

The relationship between Hong Kong and crypto will likely only grow stronger over time, as it’s based on mutual respect as well as need, writes Lily King.

As the US grapples with crypto regulation, Hong Kong and Dubai are emerging as leaders in the global digital economy, writes Ben Caselin of MaskEX.

Amid growing regulatory scrutiny in the U.S., crypto firms eye Hong kong for its strategic location and friendly regulations, yet Singapore and Dubai remain strong competitors, says FinTech Association of Hong Kong’s Neil Tan.

Binance France is reportedly under investigation for “aggravated” money laundering and the illegal provision of digital asset services.

The final story in a three-part series on Asia metaverse developments looks at China’s national strategy, which has seen dozens of cities and provinces release spending plans and training schemes to adopt this digital world in real-world industries. China’s initiatives, however, face challenges from regulation and global competition.

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

SEC scrutiny sends NFT market into downturn. Traders liquidate or hold off as Forkast 500 NFT Index hits all-time low amidst crypto turbulence.

Prices of XRP, which powers some of Ripple Labs’ payment services, reversed gains that followed the release of internal SEC documents related to the lawsuit against Ripple.

To date, none of the 30-plus crypto bills in Congress have become law, so judges are stepping up to fill the void. What does this mean for crypto in America?

The SEC’s one-two punch of Coinbase and Binance couldn’t have come at a better time for Hong Kong and Singapore, as US crypto firms look to shift to friendlier shores, writes Hamilton Keats of Krayon Digital.

Ghassan Jumblat, fintech director at financial services company Integrated Communications Channel discusses the evolution of the cryptocurrency and blockchain industry in Dubai in the United Arab Emirates, as the city positions itself as a future hub for digital assets.

Local legislator suggests global cryptocurrency exchanges such as U.S.-based Coinbase set up operations in Hong Kong as the city’s new licensing regime for crypto retail trading took effect on June 1.

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. 

CCTV, China’s largest national TV broadcaster, ran about a minute-long segment on Tuesday flagging SEC’s lawsuit against Binance and its founder Changpeng Zhao.

The SEC sued Binance on Monday, amid mounting regulatory scrutiny of crypto exchanges. Industry experts shared insights on what this could mean for Binance and how it could drive crypto innovation out of the U.S.

MUFG, Japan’s leading bank, is pioneering the crypto industry by supporting stablecoin issuance on the Progmat Coin platform, offering an alternative route for entry and exit in the volatile cryptocurrency market.

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.

Virtual assets will receive the same regulatory clarity in Hong Kong as their real-world counterparts, says former Hong Kong SFC regulator Angelina Kwan.

The Central Bank of the United Arab Emirates and the Hong Kong Monetary Authority have agreed to strengthen cooperation in regulating virtual assets.

Top blockchain and crypto news: Asia’s crypto hub race. Is US debt ceiling fight a boon or a bane for crypto? China’s red carpet for metaverse investment.

South Korean lawmakers unanimously approved a new bill requiring public officials to disclose their crypto holdings to be implemented in December.

Analysts say the move could signal a bull run in cryptocurrencies.

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