In a significant move aimed at bolstering the financial ecosystem, Singapore has unveiled a series of strict regulations targeting companies offering cryptocurrency services or digital payment token (DPT) services. The Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator, announced substantial amendments to the Payment Services Act and its subsidiary legislation on […]
In a bold response to the U.S. Securities and Exchange Commission’s (SEC) legal action, cryptocurrency giant Kraken staunchly defends itself against accusations of operating as an unregistered online trading platform. The exchange, with over 9 million users, asserts that the lawsuit has no impact on its commitment to clients and global partners. Kraken, in a […]
The Australian Taxation Office (ATO) has clarified its stance on the tax treatment of crypto assets, signaling potential challenges for users of decentralized finance (DeFi) protocols. The ATO now asserts that the capital gains tax (CGT) applies to any exchange of crypto assets, even if they are not traded for fiat currency. The ATO specifies […]
Binance, the global cryptocurrency juggernaut, has gone on the offensive against the U.S. Securities and Exchange Commission (SEC), contesting the regulator’s lawsuit alleging securities law violations. The exchange, alongside its U.S. affiliate Binance.US and CEO Changpeng “CZ” Zhao, filed a motion to dismiss the SEC’s charges. In a bold move, Binance and its co-defendants argue […]
In a joint statement presented to G20 leaders at a summit held in New Delhi, the International Monetary Fund (IMF) and the Financial Stability Board (FSB) highlighted the escalating risks posed by crypto assets to the global economy and financial stability. The paper, which has garnered significant attention, underscores the need for immediate action to […]
In a groundbreaking move, the US Securities and Exchange Commission (SEC) has taken its first-ever enforcement action against a non-fungible token (NFT) project, alleging the sale of unregistered securities. The SEC’s scrutiny has fallen upon Impact Theory, a media and entertainment company based in the vibrant city of Los Angeles. In 2021, they raised an […]
Worldcoin, a pioneering initiative committed to distributing a novel digital token (WLD) to every individual on the planet, finds itself in a complex web of regulatory scrutiny in various countries. The latest jurisdiction to raise questions about Worldcoin’s modus operandi is Argentina. The nation’s Agency for Access to Public Information (AAIP) announced on August 8 […]
The UK government has rejected a proposal by a group of lawmakers to regulate crypto trading like gambling, saying that it does not agree with their view. The proposal was made by the House of Commons Treasury Committee in a report published in May, which argued that crypto assets that are not backed by any […]
In a bid to tackle the evolving challenges posed by the crypto industry, the U.S. Senate is gearing up to take another swing at regulating decentralized finance (DeFi) protocols. The proposed bill, known as the Crypto-Asset National Security Enhancement Act of 2023, is set to introduce stringent anti-money laundering (AML) requirements to enhance security measures […]
