The Brazil Senate has recently passed legislation that will require Brazilian residents to pay up to a 15% tax on income generated from cryptocurrencies held on offshore exchanges. This new taxation rule is set to take effect from January 1, 2024. Details of the New Tax Rule The law, which applies to crypto users with...
New UK regulations are cracking down on fraudulent cryptocurrency investment promotions, with the Financial Conduct Authority issuing 146 alerts on the first day of regulation. The FCA warned consumers about companies offering cryptocurrency assets without regulatory clearance. Despite pressure from a minister to be lenient with companies struggling to meet the demands of the new...
Binance, a major player in the cryptocurrency exchange realm, has ceased the registration of new users from the UK. This development ensued following the termination of its partnership with a third party responsible for approving its platform communications, a mandatory compliance measure under the UK’s recently tightened financial regulations. UK’s Tightened Grip on Crypto Platforms...
The US Commodity Futures Trading Commission’s enforcement division has reportedly found that the co-founder of Voyager Digital violated derivatives regulations before the company’s bankruptcy last year. Stephen Ehrlich is accused of misleading customers about the safety of their assets, according to sources. Voyager filed for bankruptcy in July 2020 due to a fall in crypto...
Today marks the start of the trial for Sam Bankman-Fried, the founder of FTX, a former cryptocurrency exchange, in a courtroom located in New York City. Bankman-Fried and former executives of FTX are on trial for allegedly orchestrating one of the biggest financial frauds in US history. FTX collapsed last November, claiming $8 billion in...
The Federal Reserve has released a comprehensive working paper delving into asset tokenization and Risk-Weighted Assets (RWA). As the financial landscape continues to evolve, these innovative financial instruments garner significant attention for their potential to revolutionize investment strategies and reshape traditional markets. The paper explains that tokenization, similar to stablecoins, consists of five core components:...
South Korea is poised to witness the launch of tokenized asset investment products, allowing investors to buy and sell assets such as artworks, music royalties, and real estate in fractional amounts similar to securities. This anticipated launch is scheduled for later this month as the Financial Supervisory Service (FSS) said on Tuesday that several of...
While industries seldom relish regulation, Canada’s property and casualty (P&C) insurers can take solace in the knowledge that draft rules around their exposure to crypto-assets are limited. That’s because the latest Office of the Superintendent of Financial Institutions (OSFI) draft guidelines only allow P&C insurers to hold a single category of crypto-assets for collateral purposes....
Recently, representatives from Saudi Arabia’s Central Bank (SAMA) and the Hong Kong Monetary Authority (HKMA) held a meeting with the aim of enhancing cooperation and integration in financial services. The meeting, which took place on July 27, sought to strengthen the existing partnership between the two regions and improve their respective financial systems. During the...
Hong Kong, Japan, Singapore and Thailand have regulations supporting the growth of tokenization, showing the world the benefits of fractionalizing assets. Tokenization, the process of digitally representing assets, rights, or items of value through a smart contract on a blockchain, has gained significant attention in recent years. By enabling assets to be divided into smaller...
