Bybit CEO Ben Zhou has confirmed that users in mainland China can access the platform by using virtual private networks (VPNs), even though the crypto exchange will not be supporting yuan trading anytime soon. Speaking during a media briefing on Dec. 3, Zhou stated that Bybit has no intention of accepting China’s local currency but...
The government of Hong Kong has announced a plan to provide fresh tax exemptions aimed at attracting private equity and hedge funds, covering a broader scope of assets, including private credit, overseas property, and carbon credits. The proposed tax exemptions are part of an effort to position Hong Kong as a more competitive global financial...
Tether, the issuer of the world’s largest stablecoin, USDt (USDT), has announced it will discontinue support for its euro-pegged stablecoin EURt (EURT). The company made the official announcement on Nov. 27, advising users to redeem their EURt holdings within the next year. Tether will no longer support EURt on any blockchain, and the minting of...
The Commodity Futures Trading Commission (CFTC) is taking steps towards the integration of tokenized assets in traditional finance. On Thursday, the CFTC’s Global Markets Advisory Committee approved recommendations to use tokenized money-market fund assets, such as those from BlackRock and Franklin Templeton, as collateral in derivatives trading. This move brings tokenized assets closer to mainstream...
The United States Securities and Exchange Commission (SEC) achieved a new record for penalties and fines in the fiscal year 2024, largely due to a substantial settlement with cryptocurrency firm Terraform Labs. According to the SEC’s annual report released on Nov. 22, the agency netted $8.2 billion in financial remedies, marking the highest total in...
A draft regulatory framework for crypto assets in the United Kingdom is expected to be ready early next year, according to a Treasury official who spoke at City & Financial Global’s Tokenisation Summit in London on Nov. 21. The regulatory framework, which was initially anticipated last summer, was delayed due to a general election and...
South Korea’s Democratic Party (KDP) is advancing its plan to implement a crypto gains tax beginning in 2025, while also suggesting an increase in the taxable gains threshold. On Nov. 20, Seoul Shinmun Daily reported that the KDP has challenged the ruling People’s Power Party’s (PPP) proposal to delay the taxation of cryptocurrency gains until...
Blockchain advocacy group CEDAR Innovation Foundation has urged Securities and Exchange Commission (SEC) Chair Gary Gensler to resign following the recent election. In a statement dated Nov. 18, the group criticized Gensler for not following the precedent set by previous SEC chairs who announced their resignations soon after the administration that appointed them lost an...
Cryptocurrency ownership among investors in the United Kingdom is on the rise, prompting increasing regulatory attention from the country’s top financial authority. According to a Nov. 26 announcement by the Financial Conduct Authority (FCA), over 12% of UK adults now hold cryptocurrency, with an average value of up to 1,842 British pounds ($2,318). This marks...
Authorities in Paju, South Korea, are ramping up efforts to collect unpaid taxes by seizing the cryptocurrency holdings of residents with outstanding debts. On Nov. 18, local news outlet Yonhap reported that the Paju city administration issued notices to 17 residents with a combined tax debt of 124 million Korean won, approximately $88,600. Officials have...
