The major cryptocurrency exchange Binance has withdrawn its application for certain operations in Abu Dhabi. This decision comes as a result of a request from the Abu Dhabi Global Market (ADGM), the regulatory body responsible for overseeing these operations. The request, which came into effect on November 15, 2022, was officially withdrawn by Binance on
Regulation
Cryptocurrencies have been a subject of intense debate and scrutiny in recent years, with regulators worldwide grappling to establish a comprehensive framework for this emerging asset class. In New Jersey, Assemblyman Herb Conaway Jr. recently introduced a bill that seeks to categorize cryptocurrencies sold to institutional investors as securities. This article delves into the potential
Bitwise and BlackRock, two prominent asset managers, have recently submitted updated filings to the U.S. Securities and Exchange Commission (SEC) for their respective spot Bitcoin exchange-traded funds (ETFs). These filings come as a result of discussions between the SEC and ETF applicants, and they may address concerns raised during these talks. Increased Interest in Bitcoin
Terraform Labs, currently facing a securities lawsuit from the U.S. Securities and Exchange Commission (SEC), has recently filed a request for a summary judgment to conclude the case. The defense argues that the SEC misinterpreted facts in a separate case involving DEBT Box, pointing out the regulatory body’s misrepresentations. The presiding judge acknowledged the defense’s
In a recent development in the lawsuit against cryptocurrency firm Debt Box, U.S. District Judge Robert Shelby has expressed his dissatisfaction with the Securities and Exchange Commission (SEC)’s attorneys. According to court filings, Judge Shelby warned the SEC about possible sanctions for their “misleading” court proceedings in the case. This stern warning comes after the
The recent arrest of Alejandro Cao de Benos, a Spanish citizen, by the Spanish police has brought to light a case of alleged involvement in assisting Ethereum developer Virgil Griffith in violating U.S. sanctions and traveling to North Korea. The incident has sparked international interest and raises questions about the role individuals play in bypassing
Hong Kong, as a prominent city known for its dynamic financial landscape, is contemplating groundbreaking changes in its digital asset approach. In a recent proposal by Mr. Chen Zhihua, President of the Hong Kong Securities and Futures Association, the idea of introducing an “Initial Coin Offering (ICO) mechanism” in Hong Kong was put forward. This
In a recent development, a U.S. court has made a ruling regarding Jump Crypto’s involvement in the ongoing case between the Securities and Exchange Commission (SEC) and Terraform Labs. The court has granted Jump Crypto the ability to submit certain information confidentially, as stated in a November 28 order. Judge Jed S. Rakoff clarified that
The Spanish Tax Administration Agency, Agencia Tributaria, has announced new regulations that will require Spanish citizens to disclose their cryptocurrency holdings for tax purposes. Starting in January of next year, individuals and businesses will need to report any crypto assets held on non-Spanish platforms that exceed 50,000 euros (about $55,000). This move aligns with the
Despite recent fraud scandals involving crypto exchange platforms in Hong Kong, the city’s financial regulators have chosen to retain the grace period for cryptocurrency firms. This decision allows these firms to continue operating without a license until June 2024, providing them with ample time to comply with new regulatory standards. While some may argue that
European Central Bank (ECB) President Christine Lagarde recently shared a personal story about her son’s experience with cryptocurrency investments. According to Reuters, Lagarde revealed that her son lost a significant portion of his investments despite her warnings. In her own words, Lagarde stated, “He ignored me royally, which is his privilege… And he lost almost
The U.K. government, in collaboration with The Investment Association, the Financial Conduct Authority (FCA), and HM Treasury, has officially approved a project for authorized funds to develop tokenization in the investment sector. This initiative aims to enhance efficiency, transparency, and competitiveness in the industry, opening up new possibilities for fund management. The implementation of distributed
The Monetary Authority of Singapore (MAS) has recently announced enhanced regulations aimed at protecting retail cryptocurrency users from potential risks within the rapidly growing industry. These measures aim to discourage speculative trading and ensure the safety of consumers in the cryptocurrency market. MAS has directed Digital Payment Token (DPT) service providers operating in Singapore to
The recent settlement between Binance and the U.S. Department of the Treasury has sent shockwaves throughout the virtual currency industry. In a scathing statement, Secretary of the Treasury Janet Yellen accused Binance of willfully disregarding its legal obligations in favor of maximizing profits. The repercussions of Binance’s neglect are far-reaching and have facilitated the flow