DeFi fraud and thefts rose 600% in 2021 to reach $10.5B
Billions have been stolen through hacks from decentralized finance protocols, with Ethereum seeing the bulk of losses, according to a report by Elliptic.
India’s 1st parliamentary meeting on crypto ends with consensus on regulation — and no ban
While the government has yet to figure out the details, a crypto regulatory regime is expected to be released before February.
What are the challenges to regulating DeFi?
Developing regulations for decentralized finance is easier said than done. Attorneys Victor Ho, Andre Da Roza and Saranpaal Calais discuss the many legal and practical hurdles.
Russia to legalize crypto mining; Korean candidate goes all out crypto
Russia to legalize crypto mining; Korean candidate goes all out crypto
Russian parliamentarian proposes to study and regulate crypto mining
The Russian government could be looking to legalize cryptocurrency mining, as parliamentarian Andrey Lugovoy proposed the creation of a working group to discuss the issue, according to a Thursday press statement from State Duma, the country’s lower house of the parliament. Fast facts Lugovoy, also a deputy chairman of a committee on security and anti-corruption, […]
Why the crypto industry needs compromise and education
FTX founder and CEO Sam Bankman-Fried says building products that people want is what matters most, and the crypto industry and regulators will need to find compromises to resolve some of the industry’s pressing issues.
Middle-ground India crypto bill could be introduced this month
The Indian government is looking to introduce a cryptocurrency bill in the winter session of parliament in a bid to “fast track” regulation of a rapidly growing ecosystem, CNBC-TV18 reported. Fast facts India first drafted a bill to ban all cryptocurrencies in the budget session of 2021, but it was never tabled for discussions. Officials […]
How Singapore is looking at Web 3.0 and DeFi as it prepares for a digital Singapore dollar
Speaking at the Singapore FinTech Festival, Singapore central bank chief Ravi Menon announces the launch of Project Orchid, a digital dollar project.
Is 2021 the year of crypto’s coming of age?
Blockdata co-founder Jonathan Knegtel thinks so. Almost a teenager, Bitcoin is reaching a level of maturity that’s defying the predictions of its critics.
How DeFi regulation can propel the next economic revolution
DeFi is here to stay, but regulations are still lacking. Jason Blick of EQIBank explores the challenges and how authorities can move forward.
Biden administration report on stablecoins calls for laws to mitigate risks
The highly awaited report outlines recommendations for stablecoin regulation and asks regulatory bodies to combat risks until Congress introduces new laws.
FATF updates regulatory guidance for crypto industry
The global AML watchdog provides clarifications on how crypto is to be regulated — and why DeFi could see more scrutiny.
CFTC wants to be the primary crypto regulator
The Commodity Futures Trading Commission is ready to be the “primary cop on the beat” for digital assets, CFTC acting chair Rostin Behnam said at his confirmation hearing on Wednesday. Fast facts As of Tuesday, “the total size of the digital asset market was US$2.7 trillion and among that $2.7 trillion, nearly 60% were commodities. […]
How can we better protect digital assets and guard against hackers?
As Asia warms to crypto, cyber attacks are growing in sophistication, writes Shahnawaz Backer of F5. What can be done to thwart bad actors?
India’s long-awaited crypto regulation coming in February, finance ministry officials say
Recent developments indicate the government is looking to regulate the sector instead of quashing it, and industry experts remain optimistic.
SEC set to receive formal authority to regulate stablecoins
U.S. Securities and Exchange Commission chair Gary Gensler has reiterated over time that most stablecoins are securities and should, therefore, fall under the purview of the securities watchdog. Now, Gensler is one step closer to achieving his aim of regulating stablecoins. Fast facts The U.S. Treasury Department and other agencies are putting together a report […]
Australia looks to regulate crypto; Ethereum hits all-time high
Australia’s Senate report into fintech regulations includes 12 recommendations for a clear digital assets framework.
Australia’s Senate releases long-awaited crypto report
The Senate unveiled its most comprehensive look at blockchain regulation, hoping to transform the country into a global industry leader.
What Singapore’s novel crypto license scheme means for the future of payments
In a special Q&A, CEO Louis Liu describes the hoops FOMO Pay jumped through to win Singapore’s first crypto license and calls its regulator a ‘collaborator.’
The crypto policy landscape and how to educate policy makers about Web 3.0 | Ep. 5
How the crypto economy is engaging with legislators, what policy makers need to know about Web 3.0 and what role the U.S. infrastructure bill has played in kickstarting better cryptocurrency education.
How Singapore’s crypto regulations are shaping its DeFi space
Singapore is a major crypto hub. But for whom? In this primer, Malcolm Tan explains the island-state’s regulatory evolution and which groups are no longer in its favor.
Is Estonia, once a trailblazer in crypto, now killing it off?
Estonia revoked more than 70% of all crypto licenses last year. Its recently appointed anti-money-laundering chief wants to nullify the rest.
As regulators circle above, how should the DeFi industry respond?
Traditional finance evolved over centuries while DeFi is coming into its own in a few years, writes Adi Ben-Ari of Applied Blockchain. Are its risks inevitable?
Why global regulations for stablecoins can help catalyze crypto adoption
In this special Q&A, industry leaders tell Forkast.News why global stablecoin regulations can help catalyze crypto adoption.
A look at how global stablecoin regulations are evolving
As international regulators seek to implement oversight, crypto industry players say it is a positive sign that regulators are now considering including stablecoins in banking regulations.
Sri Lanka to study digital banking, blockchain and crypto mining regulation
Sri Lanka has formed a panel to recommend a regulatory framework covering the growth of digital banking, blockchain and cryptocurrency mining, the government has announced. Fast facts Developing an integrated system of digital banking, blockchain and cryptocurrency mining is crucial for Sri Lanka to keep up with its regional neighbors while expanding international trade, the […]
Crypto travel rule transactions tested between Abu Dhabi, Singapore
Notabene, a travel rule solution provider, this week announced that it has successfully completed travel rule test transactions between four Abu Dhabi Global Market (ADGM)-licensed firms and three crypto companies in Singapore. Fast facts In July, the Financial Action Task Force (FATF) — the global anti-money laundering (AML) and counter-financing of terrorism (CTF) standards-setter — […]
U.S. crypto enforcement team to target cybercrime
Making the most of cybersecurity awareness month, which marks its 18th year this October, the U.S. Department of Justice has announced it is launching a national cryptocurrency enforcement team targeting cybercrime. Fast facts During a virtual speech at the Aspen Cyber Summit on Wednesday, Deputy Attorney General Lisa Monaco said: “Cryptocurrency exchanges want to be […]
Australian Tax Office warns: taxpayers on the hook for crypto tax earnings
Officials are concerned that many investors may not be aware crypto trading is taxed in a similar way to share trading.
How should the world tackle crypto criminals and digital dangers?
Top blockchain and crypto news: US leads charge in ramping up cybersecurity. Crypto fans crow as Facebook flops. China bears down on metaverses.
Brazil seeks to make Bitcoin a legal ‘payment currency’
Brazil’s legislators are expected to discuss in the next few days a bill that seeks to establish a regulatory framework for cryptocurrencies, which may be a major step toward making Bitcoin a legal “payment currency” in the country if approved by the congress. Fast facts Bill 2.303/15, proposed by Federal Deputy Aureo Ribeiro, aims to […]
Global bodies propose regulatory standards and greater oversight for stablecoins
The Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) today published a joint report proposing that international standards for payment, clearing and settlement systems should be applied to “systemically important stablecoin arrangements.” Fast facts The BIS, CPMI and IOSCO report comes amid the […]
Petitioners oppose looming 20% crypto tax in South Korea
Crypto investors say virtual asset gains will be taxed on uneven grounds compared to stock capital gains.
What is Hong Kong’s future as a crypto hub?
Hong Kong, a hotbed for crypto startups and exchanges, is at a crossroads, writes Jeremy Ng of Gemini. Here’s how the industry can better secure its future.
What are stablecoins, and why are some governments so afraid of them?
Stablecoins combine the portability of crypto with the price stability of fiat currencies. But are they all that stable?
Why China’s latest stomp on crypto is turbo-charging DeFi growth
DeFi tokens like dYdX soared after China’s latest move to throttle crypto. Is this a short-term spurt or decentralized finance shifting into high gear?
Who in the world should worry about China’s new crypto ban?
As Chinese authorities take aim at crypto violations outside mainland borders, Forkast.News asks lawyers in the know: Who is in China’s line of fire?
How China’s crypto clampdowns could reshape the rest of the world
Against the global tide of digital asset adoption, China’s harshest crypto ban yet heralds golden opportunities, writes Richard Byworth of EQONEX. Other governments should take note.
Unmade in China: Beijing’s crypto cold war turns hot
Top blockchain and cryptocurrency news: Beijing’s crypto crusade comes to a head. Chinese mining caves in. Mr. Goxx reaps robust returns.
The curious timing behind China’s thunder and lightning at crypto
China assaulted crypto with a new ferocity just as Bitcoin options expired and Evergrande escaped death. Coincidence? Ben Caselin of AAX lays out the clues.
Binance to restrict Singapore users from buying crypto and spot trading on Binance.com
Amid growing regulatory heat, Binance — the world’s largest cryptocurrency exchange by trading volume — will restrict users in Singapore from buying cryptocurrencies using fiat, spot trading and liquid swaps on its main Binance.com platform starting Oct. 26, according to a company announcement. Fast facts Binance is advising Binance.com users in Singapore to cease all […]
China’s crypto ban: what you need to know
How is China’s latest clampdown on crypto different from its previous bans — and how do authorities plan to catch the scofflaws? Henri Arslanian of PwC breaks it down.
Crypto markets shrug off China’s latest saber-rattling
Is China’s influence over Bitcoin and the global crypto market waning? Chinese exchanges get a thrashing as decentralized exchanges get happy on clampdown news.
What does China’s crypto ban really mean? Insights from the ground
China’s hardline stance against crypto is already rippling beyond its borders. A mainland crypto insider explains the global shakeup yet to come.
Fewer South Korean crypto exchanges remain in business under new industry regulations
Around 35 virtual asset exchanges will vanish as of midnight Friday, as the country imposes new rules designed to protect consumers.
D-day for Korean crypto exchanges; e-CNY project speeds up
D-day for Korean crypto exchanges meanwhile e-CNY project speeds up
South Korea’s crypto crackdown: What you need to know
The country’s crypto industry has been turned upside down with stricter operating rules that take effect tomorrow.
Investors get ready, India crypto tax in the works
The Indian ministry of finance has formed a panel to examine how income from crypto investments can be taxed, according to a report by Inc42. Fast facts The panel will evaluate whether crypto income can be taxed as capital gains or if it requires the formation of a new category. The committee is required to […]
Why decentralization can help solve the content moderation problem | Ep. 3
Why is content moderation a cosmically huge problem, do humans need to be involved and how can the decentralized web ensure it’s a place for everyone.
India may not be ready to follow El Salvador’s lead, but don’t rule out cryptocurrency, finance minister says
Nirmala Sitharaman says ‘a futuristic thing can’t be shut out’ as the country considers crypto regulation, including a possible blanket ban.
Upbit passes Korea crypto race post; P2P transactions surge in India
Upbit passes Korea crypto race post meanwhile P2P transactions surge in India
Black Friday in South Korea as crypto exchanges announce shutdown
All but four platforms in South Korea obligated to announce the suspension of their services by today.
Laos backpedals on crypto ban, looks to trading, mining pilot program
The government of Laos has authorized six firms to trade and mine cryptocurrencies, ending a ban imposed in 2018, according to a recent notice from the prime minister’s office. Fast facts Laos had implemented a complete ban on cryptocurrencies three years ago, including on trading and mining activities. As recently as last month, the country’s […]
South Korea’s crypto ‘death note’ updated; 7 more exchanges to survive
Financial authorities reveal an updated list of virtual asset platforms that have complied with new regulations.
Mark Cuban to Coinbase: ‘Go on the offensive’ against SEC over high-yield product
Billionaire investor Mark Cuban says Coinbase should “go on the offensive” against the U.S. Securities and Exchange Commission in its feud over high-yield savings account Lend. Brad Garlinghouse, CEO of Ripple — which is itself embroiled in ongoing litigation with the SEC — quipped “Welcome to the party” in a GIF tweet. Fast facts In […]
SEC pushes back on Ripple’s legal questions over XRP
Ripple wants to know how SEC regards Bitcoin, Ether and XRP, but SEC says Ripple is repeating the same questions as ‘they do not like the answers they received.’
El Salvador wowed the world by adopting Bitcoin as legal tender. Other countries are taking note
Following crypto’s adoption in one struggling economy, nations in Latin America and elsewhere are now weighing the pros and cons of digital currency
What decentralization means for internet censorship | Ep. 2
What was internet censorship like in the early days, how has it changed, and what role does decentralization play.
South Korean crypto exchanges in ‘purgatory’ plea for survival
Smaller virtual asset exchanges ask for mercy as a deadline looms to commit to Korea’s new standards.
Bitcoin price plunges; Metaverse actions heats up in China
Bitcoin price plunges however Metaverse actions heats up in China
Hong Kong regulator: ramp up oversight of virtual assets
An official from Hong Kong’s Securities and Futures Commission said on Tuesday that the regulator wants to increase oversight of virtual assets because scams related to them have emerged in the market, according to a report by local media etnet. Fast facts Julia Leung, deputy chief executive officer at SFC, said Tuesday at a webinar […]
South Korea expected to allow more crypto exchanges to survive do-or-die regulations
Only 21 out of 60 exchanges are expected to continue their services in Korea.
How aggrieved traders are uniting against Binance after the crypto crash
Too small to fight as individuals, Binance users are now banding together to take on the world’s largest crypto exchange in arbitration. David Kay of Liti Capital explains how it’s done.
So, no ban? India’s crypto bill will treat virtual currencies as commodities in the asset class
The veil of uncertainty that has shrouded crypto regulatory discussions seems to be lifting, but how the government will regulate and tax digital money remains to be seen.
Exchanges in South Korea race toward last chance of survival
Crypto trading platforms rush to meet a Sept. 24 deadline, hoping to comply with new rules designed to protect investors.
SEC charges BitConnect founder with $2B ‘textbook Ponzi scheme’
The founder of the now-defunct crypto exchange BitConnect is being sued for a US$2 billion “textbook Ponzi scheme” by the U.S. Securities and Exchange Commission, according to a Reuters report. Fast facts The SEC alleges BitConnect’s founder Satish Kumbhani, an Indian citizen, lied about the exchange’s ability to earn 40% returns on investments of BitConnect’s […]
Australian consumer protection body issues warning to crypto investors
The Securities and Investments Commission warned against investing in digital-asset financial products. Some say the warning lacks specifics.
SEC wants to watch videos of Ripple’s company meetings
The battle over discovery escalates between SEC and Ripple over what might have been said about the XRP at Ripple’s all-hands meetings since 2014. Will there be popcorn?
Philippines may classify Axie Infinity as a company running a payment system
The hot play-to-earn token game Axie Infinity is under increased scrutiny from Philippines tax authorities. The country’s central bank said it is closely monitoring how players use game tokens to decide whether to classify and regulate Axie’s parent company as an entity that runs payment systems. Fast facts The central bank, Bangko Sentral ng Pilipinas, […]
Cardano Foundation partners with Coinfirm for AML/CFT compliance
In the latest from the world’s third-largest cryptocurrency, which has gone from strength to strength this month, the Cardano Foundation is partnering with blockchain analytics provider Coinfirm.io to ensure the network complies with the Financial Action Task Force’s guidelines. Fast facts In a company announcement this week, the Cardano Foundation said it would be using […]
How regulators should consider the future of DeFi | Ep. 1
What is DeFi, why it’s poised to enable financial inclusion, and how the showdown between decentralized finance and regulators is taking shape.
Crypto bank in South Korea says it aims to comply with strict but unclear new law
Sandbank, a South Korean bank for virtual assets, says it is in the process of acquiring the necessary certification needed to legally operate in the country. However, the financial authorities have yet to decide whether their requirements apply to crypto banks. Fast facts In an announcement, Sandbank told its customers it has put acquiring the […]