In October 2023, South Korea’s government made headlines by announcing plans to regulate cross-border stablecoin transactions. As the digital currency landscape continues to evolve, stablecoins, particularly those pegged to the US dollar, have grown in prominence within international trade. This regulatory response seeks to address the challenges posed by the rapid expansion of these assets
Regulation
Recent developments from Taiwan’s Financial Supervisory Commission (FSC) indicate the country is poised to revolutionize its financial landscape by introducing a pilot program aimed at digital asset custody services. As of October 8, 2023, local media sources have reported that this initiative will mark a significant milestone in Taiwan’s pursuit of financial modernization and regulatory
In a significant progression for the digital asset landscape, the United Arab Emirates (UAE) has taken a decisive step by exempting cryptocurrency transactions from value-added tax (VAT). This anticipated amendment, effective from November 15, 2024, marks a pivotal shift in the adoption and acceptance of digital currencies within the region’s financial ecosystem. The change is
In a rapidly evolving financial environment, the European Union (EU) stands at a crossroads. With digital assets and distributed ledger technology (DLT) on the rise, there is a pressing need for Europe to transform its fragmented capital markets into a unified, efficient system. Piero Cipollone, a prominent member of the European Central Bank (ECB) Executive
The Hong Kong Securities and Futures Commission (SFC) is taking significant strides towards shaping a more regulated environment for cryptocurrency firms in the region. As reported by local media on October 7, the SFC intends to expand the number of licenses granted to crypto businesses by the end of the year, marking a pivotal moment
In a pivotal move within the cryptocurrency landscape, TrustToken and TrueCoin, the developers behind the TrueUSD (TUSD) stablecoin, recently reached a settlement with the U.S. Securities and Exchange Commission (SEC). This comes in response to allegations involving fraudulent and unregistered securities transactions associated with TUSD. The two companies collectively agreed to disburse $700,000 in penalties
In a significant move reflecting the ongoing evolution of financial practices, Ohio State Senator Niraj Antani has introduced legislation that could vault Ohio into the forefront of cryptocurrency adoption within state governance. The proposed legislation, introduced on September 30, aims to legitimize the use of Bitcoin (BTC) and other digital assets for fulfilling tax and
The Hong Kong Virtual Asset Exchange (HKVAX) has marked a significant milestone by obtaining licensing from Hong Kong’s Securities and Futures Commission (SFC). This achievement positions HKVAX as the third licensed cryptocurrency exchange in the bustling metropolis, further cementing its reputation as a regulatory beacon in an evolving market. What sets HKVAX apart is its
As global interest in cryptocurrencies surges, Japan stands at a crossroads, meticulously recalibrating its regulatory landscape to adapt to the evolving digital asset sphere. The Financial Services Agency (FSA) of Japan has initiated a critical reassessment of its existing cryptocurrency regulations, with foundational changes expected by 2025. This reassessment, aimed at creating a more conducive
Ripple, the leading blockchain technology firm known for its innovative payment solutions, has recently achieved a remarkable milestone by obtaining in-principle approval from the Dubai Financial Services Authority (DFSA). This development, announced on October 1, underscores Ripple’s aspirations to enhance financial service innovation within the United Arab Emirates (UAE). As the first blockchain-based payment service
