Australia’s financial regulator, the Securities and Investments Commission (ASIC), has pledged to put crypto assets and decentralized finance (DeFi) firmly in its sights over the next four years. The regulator intends to focus on “digitally enabled misconducts” and to protect investors “from harms posed by crypto-assets.” Given the ASIC’s history of anti-crypto sentiments, such an
Regulation
The creators of Three Arrows Capital are missing. According to reports, when court-appointed liquidators recently visited the firm’s Singapore headquarters, all they discovered was a locked door and a stack of outdated mail. Singapore-based 3AC is among the flagship cryptocurrency firms that have crumbled in recent weeks under bear pressure and faced liquidity issues driven by
Binance representatives participated in a hearing of the Philippine Senate Banking Committee, according to a report in the local press Wednesday. Bangko Sentral ng Pilipinas deputy governor Chuchi Fonacier, the country’s Security Exchange Commission (SEC) chair Emilio Aquino, and members of FinTech Alliance Philippines and the Cagayan Economic Zone Authority also took part in that
The Monetary Authority of Singapore (MAS) has started taking measures to prepare for new cryptocurrency regulations addressing the ongoing liquidity crisis and withdrawal issues. Singapore’s central bank has sent detailed questionnaires to some applicants and holders of the MAS’ Digital Payment Token licenses, Bloomberg reported on Friday. Sent over the last month, the questionnaires were
The United States Securities and Exchange Commission (SEC) has pushed back a decision on the latest application for a Bitcoin (BTC) spot exchange-traded fund (ETF) by global investment firm VanEck. The company has long been trying to get the green light for what will be the first BTC ETF in America, with its first application
In a cease-and-desist letter to fast-growing crypto exchange FTX, the Federal Deposit Insurance Corporation (FDIC) shed light on a now-deleted tweet from the exchange’s president, Brett Harrison, and issued a stark warning over the company’s messaging. Harrison’s original tweet said, “Direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in
Major crypto exchange Binance has confirmed it restricted account access to $1 million in crypto for a Tezos tool contributor after being called out on social media. In a Thursday Twitter thread, Binance said it had restricted the account of Tezos staking rewards auditor Baking Bad “as the result of a law enforcement request.” The
The Celsius Network is one of many crypto lending firms that has been swept up in the wake of the so-called “crypto contagion.” Rumors of Celsius’ insolvency began circulating in June after the crypto lender was forced to halt withdrawals due to “extreme market conditions” on June 13 and eventually filed for chapter 11 bankruptcy
Major Indian crypto exchange CoinSwitch Kuber had five of its premises searched by anti-money laundering agents on Thursday over alleged violations of forex laws. According to an Aug. 25 report from Bloomberg, India’s Enforcement Directorate searched CoinSwitch Kuber’s offices as well as the residences of its directors and CEO Ashish Singhal. A source told the
Police have closed down at least 16 cryptocurrency exchanges in the Herat province of western Afghanistan in the last week, according to a report in Ariana News, an independent news outlet in that country. The report quotes a local police official as saying arrests had been made during the closures. The closures were carried out
A joint committee of the United States’s Uniform Law Commission (ULC) and the American Law Institute (ALI) finalized amendments to the Uniform Commercial Code (UCC), regulating the specifics of digital asset transactions and crypto-as-collateral secured financings. The amendments are “recommended for enactment in all the States,” although each case of final implementation may vary depending
Are cryptocurrency games innocent fun? Or are they Ponzi schemes facing an imminent crackdown by regulators in the United States? Tokens related to cryptocurrency games — known colloquially as “GameFi” — were worth a cumulative total of nearly $10 billion as of mid-August, give or take a few billion. (The number may vary depending on
On Wednesday, U.S. dollar stablecoin issuer Tether (USDT) said that it would not freeze smart contract addresses sanctioned by the U.S. Office of Foreign Assets (OFAC) Control’s Specially Designated Nationals and Blocked Persons (SDN) list for cryptocurrency trail-mixer Tornado Cash. In explaining the decision, Tether said: “So far, OFAC has not indicated that a stablecoin
Malaysia continues accelerating its pace of cryptocurrency adoption as one of the major local banks is moving into cryptocurrency trading as part of its default banking offerings. Kenanga Investment Bank Berhad, one of the largest private investment banks with more than 500,000 customers, has partnered with China’s tech giant Ant Group to launch a crypto-friendly
Crypto lending platform Celsius Network has filed a lawsuit claiming that custodian Prime Trust failed to turn over roughly $17 million worth of cryptocurrency. In a Tuesday filing with the U.S. Bankruptcy Court in the Southern District of New York, Celsius’ legal team brought a complaint against Prime Trust, alleging the company did not return
United States Congressman Tom Emmer sent a four-page letter to Treasury Secretary Janet Yellen on Tuesday regarding the Treasury Department’s sanctioning of cryptocurrency mixer Tornado Cash on Aug. 8. In his letter, Emmer posed a series of questions that seek to clarify the position of the Treasury Department’s Office of Foreign Assets Control (OFAC). Emmer
India is now home to an estimated 115 million cryptocurrency investors despite a historically negative attitude toward the sector from the government, according to new data. The latest gauge on the number of users in India comes from cryptocurrency exchange KuCoin, which released the findings of its ‘Into The Cryptoverse India Report’ survey on Tuesday.
Samsung Securities is among seven large South Korean securities companies that have applied for government approval to create a virtual assets exchange, according to a report in South Korean publication Newspim. The companies aim to create a corporation to open an exchange in the first half of next year. Newspim quoted an unidentified executive as saying
The number of unregistered cryptocurrency-related businesses continues to outweigh those signed up with the United Kingdom’s Financial Conduct Authority. Crypto.com became the latest business from the cryptocurrency ecosystem to register with the FCA, joining a list of a confirmed 37 companies with the green light to offer services in the country. Just seven businesses have gone
The South Korean Ministry of Strategy and Finance on Monday cleared that virtual asset airdrops, staking rewards and hard forked tokens would be subject to a gift tax under the Inheritance and Gift Tax Act despite the postponement of crypto gains tax to 2025. Cryptocurrencies are officially referred to as part of virtual assets under
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