Regulation

Regulation is needed to open the crypto ecosystem to a larger public, United States Federal Reserve Board Governor Christopher Waller told an audience at the SNB-CIF Conference on Cryptoassets and Financial Innovation in Zurich, Switzerland. Financial intermediaries can help manage risk for new crypto users, but cannot eliminate it, Waller said, and new and fast-growing

On Friday, June 3, South Korea’s Financial Supervisory Service (FSS) began an investigation into payment gateway services that work with digital assets. The FSS is South Korea’s financial regulator that operates under the Financial Services Commission (FSC), both of which are government institutions. As reported by local news outlet Money Today Co., the FSS had

In discussion with the International Monetary Fund (IMF), T Rabi Sankar, the deputy governor of the Reserve Bank of India (RBI), reflected an anti-crypto stance as he spoke about India’s potential to disrupt the crypto and blockchain ecosystem.  Rabi Sankar started the conversation by highlighting the success of the Unified Payments Interface (UPI), India’s in-house

The New York State Senate approved a controversial proof-of-work (PoW) mining ban bill that would prohibit any new Bitcoin (BTC) mining operations in the state. The PoW mining ban bill was first passed by the state assembly in April last month. It aims to prohibit any new mining operations in the state for the next

Japan is moving forward with legislation regarding the issuance of stablecoins i.e. digital assets with their value pegged to fiat currencies or stabilized by an algorithm.  On June 3, Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions, local news agency Nikkei reported.  The bill reportedly stipulates that the issuance of stablecoins

Former Securities and Exchange Commission lawyer Alma Angotti says this week’s news about an OpenSea employee being charged with insider trading could open the doors to non-fungible tokens being labeled as securities.  On Wednesday, in a first for the industry, prosecutors in Manhattan charged former OpenSea product manager Nathaniel Chastain with insider trading. The U.S.

The United States Commodity Futures Trading Commission (CFTC) filed suit against Gemini Trust Co. in the U.S. Southern District Court of New York on Thursday. The CFTC claimed in the civil suit that Gemini made false or misleading statements to the CFTC in 2017 during in-person meetings and in documents, violating the Commodity Exchange Act

The increase of crypto lobbyists recently sparked an effort from anti-crypto individuals in the tech space to urge regulators through a letter to resist the influence of blockchain advocates. In response, the crypto community criticized the move and laid out counterarguments against the contents of the letter.  Signed by 26 tech personalities, the letter sent

Capital Union, a Bahamas-based bank that reportedly holds a portion of reserves by the Tether (USDT) stablecoin issuer, has been itself actively involved in the cryptocurrency industry. The banking institution has rolled out crypto trading and custody services to its professional clients as part of the bank’s trading desk, a spokesperson for Capital Union told

Anti-crypto technology experts urged United States lawmakers to resist the influence of pro-crypto lobbying efforts.  Bruce Schneier, a lecturer at Harvard, reportedly said that blockchain advocates’s claims are “not true.” He added that the technology is not secure and not really decentralized. According to Schneier, systems where you can “lose your life savings” when you

On Tuesday, the United States Federal Reserve released a study on the possible effects of a retail central bank digital currency (CBDC) on U.S. monetary policy implementation. The study, dated April, was a staff working paper titled “Retail CBDC and U.S. Monetary Policy Implementation: A Stylized Balance Sheet Analysis.” The paper considered four scenarios that

The Terra ecosystem’s rise and fall has had major consequences all around the world, but there’s no doubt that South Korea, the birthplace of its’ creator, was the most concerned country of them all. Amid signs that Terraform Labs co-founder Do Kwon was facing legal trouble in South Korea, the country’s ruling party announced Tuesday

The Department of Economic Affairs of India is finalizing a consultation paper on crypto currencies, which then will be handed over to the federal government. The implementation of the document could bring the country of 14 billion people closer to the international regulatory consensus on digital assets.  On Monday, May 30, during an event hosted

Australian consumer advocacy group CHOICE has called on the federal government to provide better protection for crypto investors while submitting a proposed regulatory framework for cryptocurrency exchanges operating in the country. The regulatory framework was submitted in response to the federal Treasury’s consultation paper for “crypto asset secondary service providers” (CASSPs) defined as firms providing

Paraguay is viewed by many as a potential hot spot for cryptocurrency adoption due to low electricity costs and relatively soft taxation. The government has recognized this opportunity by pushing forward new legislation around digital assets.  On May 25, a bill that regulates cryptocurrency trading, mining and custody was approved by the Paraguayan Congress on

Crypto miners account for two percent of the total electricity consumption in Russia, according to the latest government estimate. The energy consumption share of the crypto mining industry has exceeded the country’s agricultural sector, showing signs of recovery after Russia fell out of the top three in the global Bitcoin (BTC) mining hash rate share.

Crypto volatility is nerve-wracking, and it may not be over yet. The turmoil may make crypto investors and crypto-related businesses less enthusiastic than when prices seemed ever to be climbing. With the market falling off a cliff, there will be big losses to claim on your taxes, right? Not necessarily. As your United States dollars

Regulators from Europe, the United States and elsewhere are busily hammering out details on how to designate decentralized exchanges (DEXs) as “brokers,” transaction agents or similar entities that affect a transfer and cooperate with each other. The U.S. called for multinational cooperation in its executive order on responsible digital asset development, as did the European

Further cementing India’s decision to introduce an in-house central bank digital currency (CBDC) in 2022-23, the Reserve Bank of India (RBI) proposed a three-step graded approach for rolling out CBDC “with little or no disruption” to the traditional financial system. In February, while discussing the budget for 2022, Indian finance minister Nirmala Sitharaman spoke about

“The Metaverse” and “Web3” are the buzzwords of the moment, with their concepts permeating across the worlds of fintech, blockchain, and now even mainstream media. With decentralization thought to be at the core of the Web3 Metaverse, the promise of a better user experience, security and control for consumers is what’s driving its growth. But