The Hong Kong Securities and Futures Commission (SFC) issued a warning on Monday, Aug. 7, to virtual asset trading platforms (VATPs) involved in what it practices, emphasizing the potential legal and regulatory consequences. This notice comes on the heels of the SFC’s observation of unlicensed VATPs falsely claiming to have submitted licensing applications, and other
Regulation
Worldcoin, despite facing early regulatory challenges in various jurisdictions, has reported a doubled demand for its global World ID verifications during the first week of its launch. This surge in demand can be attributed to the release of new Orbs worldwide, which have significantly boosted the weekly verifications numbers. It is important to note that
In a recent announcement, financial technology company Revolut revealed that it will be “suspending” crypto services for its customers in the United States. This decision comes as a result of the evolving regulatory environment and uncertainties surrounding the crypto market in the US. Starting from September 2, 2023, Revolut’s US customers will no longer be
Cryptocurrency has become a significant player in the financial world, with a market capitalization of over $2 trillion. However, its rapid rise has exposed several loopholes, particularly in terms of tax reporting. The US government, in an attempt to address the estimated $50 billion crypto tax gap, enacted the Infrastructure Investment and Jobs Act (IIJA)
In a significant development, Ripple, the renowned blockchain-based payment company, has recently made the critical decision to remove the particulars of its XRP transactions from its quarterly reports. This move comes as a direct consequence of the ongoing legal feud between Ripple and the U.S. Securities and Exchange Commission (SEC). Ripple’s July 31 report candidly
The Internal Revenue Service (IRS) has recently released new guidelines regarding the taxation of cryptocurrency staking rewards. This move has significant implications for taxpayers who participate in staking activities and receive additional cryptocurrency units as validation rewards. Under the new directives, taxpayers who engage in staking of cryptocurrency native to a proof-of-stake blockchain are required
In a significant breakthrough for Binance, the leading digital asset exchange has been granted an Operational Minimum Viable Product (MVP) license by Dubai’s Virtual Assets Regulatory Authority (VARA). This comes as a welcome development for the exchange, as it faces regulatory challenges in various European regions such as Germany, the Netherlands, and the U.K. This
U.S. Senator Elizabeth Warren recently reintroduced the Digital Asset Anti-Money Laundering Act, backed by an unlikely ally — the Wall Street banks. The Bank Policy Institute, a financial policy think tank consisting of several banks, has thrown its support behind the legislation, recognizing the need to address the national security risks associated with cryptocurrencies. This
In a surprising turn of events, Jason Lowrey, the author of “Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin,” has chosen to withdraw his book from public access. This decision has generated speculation among both readers and academics, as his work was initially well-received and highly regarded. Furthermore, the
In a recent tweet, Commissioner Hester Peirce of the United States Securities and Exchange Commission (SEC) expressed her concerns about the regulator’s stance on transparency in the cryptocurrency industry. Peirce questioned why the SEC wants to discourage good-faith efforts to provide more transparency. This comes in response to a statement made by the SEC’s chief
