Government policy, laws and regulation shaping digital assets and the future of money.
Major cryptocurrency exchange Gate.io has stopped offering services in Japan, citing compliance difficulties. This move highlights the challenges crypto exchanges face in navigating complex regulatory environments. Japan enforces strict regulations on crypto exchanges through the Financial Services Agency (FSA) and acts like the Payment Services Act (PSA) and Financial Instruments and Exchange Act (FIEA). These … Read more
Hong Kong’s efforts to establish itself as a hub for regulated cryptocurrency trading hit another snag as HKX, a local exchange, withdrew its license application. This follows a string of similar decisions by other major players, casting doubt on the territory’s crypto ambitions. HKX announced the news on July 18th, citing a “careful consideration” by … Read more
The European Union (EU) is taking a firmer stance on crypto assets with the release of new classification guidelines under the Markets in Crypto Assets (MiCA) regulation. These guidelines aim to clarify how different types of crypto assets will be categorized and regulated. What is MiCA? MiCA, adopted in May 2023, establishes a comprehensive legal framework for … Read more
In a legal victory for the cryptocurrency exchange, a Chinese court has ruled in favor of Binance against Bloomberg in a defamation lawsuit. This decision comes after a period of public disputes between the two entities. Background of the Dispute: The specifics of the accusations and the nature of the alleged defamation remain unclear due … Read more
In a move to counter the effects of Western sanctions, Russia has unveiled a new crypto payments system designed to facilitate cross-border transactions. This initiative comes as traditional financial channels have become increasingly restricted due to sanctions imposed following the conflict in Ukraine. The new system, developed in collaboration with the Russian central bank and … Read more
The Bank for International Settlements (BIS) recently released new guidance aimed at regulating stablecoins, posing a significant challenge to the dominance of Tether (USDT) and USD Coin (USDC), the two largest stablecoins by market capitalization. Stablecoins, designed to maintain a steady value pegged to a reserve asset like the U.S. dollar, have become crucial in … Read more
Nigeria has commenced a comprehensive review of its national blockchain policy. This move is aimed at ensuring that the policy remains relevant and effective in light of the rapidly evolving technological and economic landscape. The review process was officially launched on July 17, 2024, as confirmed by Chimesie Chuta, the Chairman of the Steering Committee … Read more
Bolivia’s stance on cryptocurrencies remains complex and somewhat ambiguous in 2024. While no outright ban exists on owning or trading cryptocurrencies, the regulatory environment presents challenges for both individuals and businesses. Current Legal Framework: The primary legal framework regarding cryptocurrencies in Bolivia is a 2014 directive issued by the Central Bank of Bolivia (BCB). This directive … Read more
Australia has taken a proactive stance in regulating the cryptocurrency sector, aiming to balance innovation with consumer protection and risk mitigation. While the country doesn’t have specific cryptocurrency laws, existing financial services and consumer protection regulations apply. Key Regulatory Bodies Australian Securities and Investments Commission (ASIC): Oversees financial services licensing and consumer protection in the … Read more
The United States Securities and Exchange Commission (SEC) has reportedly given “preliminary approval” to at least three asset managers for their spot Ether (ETH) exchange-traded funds (ETFs), potentially paving the way for these investment vehicles to begin trading as early as next Tuesday. Sources familiar with the matter revealed to Reuters that BlackRock, Franklin Templeton, … Read more