Regulation & Law

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.

For crypto to grow for the long term, the industry must show greater respect for global standards that combat crime, writes Slava Demchuk of AMLBot.

Stablecoins are a key part of the crypto ecosystem, but banks like JPMorgan are now exploring deposit tokens as an alternative. Which is better, and why?

A South Korean ruling party lawmaker proposed all public officials and candidates disclose their crypto holdings in a new bill unveiled last Friday.

Circle Vice President of Global Policy Corey Then says he is optimistic that U.S. regulatory developments can eventually benefit local players despite ongoing scrutiny.

Investors remain cautious as U.S. debt talks continue despite slowing inflation and large NFT purchases.

Top blockchain and crypto news: Fighting words over USDT erupt on Twitter. Litecoin surges amid memecoin fever. Chinese city bids for blockchain business.

In a new report, U.K. lawmakers suggest treating Bitcoin and Ether like gambling due to significant consumer financial risks.

China’s top legal authority issued a commentary on Monday about the risks and potential in NFTs, highlighting the need for legislation.

As part of the ongoing legal dispute between the two, the U.S. Securities and Exchange Commission said it would not be hurried into a response to Coinbase demands.

Crypto users need not fear the increasing KYC/AML requirements around the world and loss of privacy, writes Kurt Hemecker of the Mina Foundation. Here’s why.

The U.S. Department of Justice is aiming to crack down on cryptocurrency exchanges that help criminals facilitate money laundering

Bank of Korea, the central bank, seems uncomfortable with the Financial Services Commission, the country’s regulator, having the mandate over the cryptocurrency industry. The bank is pushing for more say, arguing crypto can influence the stability of the overall financial market and that involves the central bank.

China’s Fuzhou City on Friday unveiled a raft of policies to attract investment by blockchain-related companies, including rent subsidies and cash awards.

Top blockchain and crypto news: Memecoin fever strains BTC network. Binance slams brakes on Bitcoin withdrawals. Chinese court allows crypto for repaying debt.

Welcome to The Daily Forkast – May 11, 2023 – presented by Jeff Cheung for the latest in the crypto markets. Bitcoin saw a minor spike in it’s price after the U.S. consumer price index for April was released, but dipped again as crypto exchanges Jane Street Group and Jump Crypto announced it would cease […]

Cryptocurrency firms moving to Hong Kong should expect tight regulations as part of the city-state’s new regulatory regime, said Eddie Yue.

Cryptocurrencies in China can be legally used to settle basic relations debts such as exchange and labor, according to the Supreme People’s Court of China.

Welcome to Forkast IQ, presented by Forkast Editor-in-Chief Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show: JPMorgan Chase set to rescue First Republic Bank. CITI cuts Coinbase stock Weekly crypto market wrap; “US$100K for Bitcoin” – Standard Chartered report; Weekly NFT market […]

Top blockchain and crypto news: JPMorgan swoops as another bank falls. NFT market rivalry heats up. Bitget seeks Hong Kong exchange license.

CFTC and SEC disagree over whether cryptocurrencies are securities, and two big lawsuits clouding the industry’s future invoke laws that long predate the digital era.

Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority, urged local lenders to provide banking services to regulated crypto firms.

The current US approach to regulating crypto flies against its history of supporting tech innovation and undermines its own national interest, writes Hamilton Keats of Krayon Digital.

Top blockchain and crypto news: Coinbase in court to force SEC’s hand. PEPE surge lifts memecoin mood. China paves CBDC path with payroll.

The lack of clarity in crypto rules in the U.S. not only affects exchanges but also this U.S.-based blockchain gaming company, John Linden said.

Christopher Giancarlo, the former chair of the CFTC, said the U.S. is resisting cryptocurrency innovation due to its threat to vested interests in the financial system.

South Korea’s legislation on how to regulate digital assets passed the first phase of review in the country’s National Assembly on Tuesday.

Coinbase sued the U.S. SEC on Monday, asking that a court require the regulator to publicly respond to the Coinbase July 2022 petition asking for clearer crypto regulation guidelines. 

A clear and balanced legal framework will encourage more crypto investment, while the industry can promote best practices, writes Mahin Gupta of Liminal.

The European Parliament has approved the Markets in Crypto-Assets Act (MiCA), a legislation aimed at standardizing regulations and establishing harmonized rules for crypto assets across the European Union

Top blockchain and crypto news: Bittrex in SEC line of fire. Bored Apes fall after whale sale. Chinese banks court crypto clients.

Welcome to The Daily Forkast – April 20, 2023 – presented by Megha Chaddah. Bitcoin is down more than 5% Thursday morning in Asia. Ethereum also fell to lose hold of the US$2,000 price support in a sell-off across all top 10 non-stablecoin tokens. In the multi-chain economy, the Forkast Labs indexes trade mixed.

UAE’s Securities and Commodities Authority said Monday it has started accepting applications for operating licenses from cryptocurrency businesses.

The U.S. House Financial Services Committee is set to hold a hearing on April 19 to discuss a draft bill released over the weekend on regulating stablecoins, a class of digital currency designed to offer price stability by being pegged to another asset’s value.

Binance CEO Changpeng Zhao said regulators need to come up with clear crypto regulations and should understand that the crypto industry is different from the traditional financial industry.

The U.S. SEC Investor Advisory Committee urged the federal agency to continue its aggressive enforcement on crypto players that offer unregistered securities.

Arkansas has joined Montana and Texas this year in proposing legislation to offer legal protections to companies operating crypto mining sites.

Top blockchain and crypto news: Arbitrum to segment AIP-1. DeGods NFT collection moves to Ethereum. Crypto on the agenda at ‘China’s Davos.’

Paxful Bitcoin exchange announced the indefinite suspension of the marketplace on Tuesday, citing regulatory challenges and staff departures.

The Philippines has licensing requirements and proactively monitors crypto firms, while the US regulates by enforcement only after consumers are already badly hurt, writes Robert De Guzman of Coins.ph.

Seattle-based crypto exchange Bittrex, Inc. will wind down its U.S. operations from April 30, citing continued regulatory uncertainty in the region.

Government officials from Hong Kong and mainland China talked about cryptocurrencies at the Boao Forum in China, as both chase Web3 ambitions.

Hong Kong may issue virtual asset trading licenses to at least eight cryptocurrency-related firms by the end of this year as part of the city’s new crypto licensing regime, said Angelina Kwan, chief executive officer of financial services firm Stratford Finance and a former regulator of the Hong Kong Securities and Futures Commission.

SEC Chair urges for increased funding to address challenges posed by crypto markets and rapid technological innovation during House Subcommittee testimony.

The SEC has charged the Beaxy crypto trading platform and its executives for operating as an unregistered exchange, broker, and clearing agency.

Russia has postponed the trial of a digital ruble originally scheduled for April 1, as it awaits a regulatory framework to be adopted before the pilot, according to a report by state-owned news agency TASS.

As US authorities continue to police crypto regulations, we take a look at the direction the country’s crypto innovation is headed.

European lawmakers have adopted legislation imposing a €1,000 (US$1,084) cap on anonymous cryptocurrency transactions, as part of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) package.

Top blockchain and crypto news: Binance targeted in CFTC lawsuit. Law catches up with Do Kwon. Chinese banks bet on Hong Kong crypto.

Bitcoin rallied above US$28,000 in Wednesday afternoon trade in Asia after losing ground earlier in the week when U.S. regulators filed a lawsuit against Binance, the world’s biggest crypto exchange, for allegedly breaching trading rules.

Seychelles-based cryptocurrency exchange OKX said it will apply for virtual asset licenses to operate digital asset services in Hong Kong.

Asia-Pacific nation are leading the way in developing global cryptocurrency regulations that favor innovation, which is something that U.S. regulators should also take note of, said Ripple Labs Inc. President Monica Long

Bitcoin and Ether continued to fall in Tuesday afternoon trade in Asia, along with most other top 10 cryptocurrencies by market capitalization, after regulators in the U.S. pulled up Binance, the world’s biggest crypto exchange, for allegedly violating trading mandates.

The Group of Seven industrial countries will discuss tougher rules on cryptocurrencies to improve transparency, protect investors.

Most cryptocurrencies saw a huge increase in price over the past week.

Hong Kong’s new crypto licensing regime isn’t the only bullish sign for the city’s digital asset industry, says Signum Digital, the first company to win a preliminary license to handle securitized tokens in the city.

Angelina Kwan, who helped shape early Hong Kong automated trading services and internet trading regulation, told Forkast the upcoming virtual asset licensing regime is almost identical to that for traditional financial institutions.

Hong Kong has opened its doors to the world once more, and it spared no time hosting blockchain and web3 focused summits.

The IRS intends to tax NFTs as collectibles in the U.S. and is soliciting public opinions on the proposal through June.

WazirX, India’s largest crypto exchange by trade volume, has blacklisted over 2,431 accounts between October 2022 and March 2023, based on its internal monitoring process as well as under the direction of law enforcement agencies (LEA). 

Over 80 foreign and Mainland China companies have expressed their interest in establishing a Web3 company in Hong Kong, ahead of new crypto regulations that will take effect from June