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...
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...
Lawmakers in the European Parliament have approved the world’s first comprehensive package of rules aimed at regulating the cryptocurrency industry. In a vote Thursday, the EU Parliament voted 517 in favor and 38 against to pass the Markets in Crypto Act, or MiCA. The legislation, which seeks to reduce risks for consumers buying crypto assets,...
The United States has moved towards regulating cryptocurrencies, beginning with a focus on stablecoins. Despite previous concerns about the ambiguous nature of crypto regulations, the U.S. is taking a proactive step in regulation. They also seem to be starting with the bridge between digital currencies and traditional fiat money. Stablecoin bill draft surfaces in U.S...
Nirmala Sitharaman, the finance minister of India, has proposed a common framework for G20 countries to deal with crypto. India has the presidency for the G20 Summit this year, and cryptocurrencies are a very important part of the discussion. Sitharaman told the Peterson Institute for International Economics meeting in Washington D.C., “Given so many collapses...
Germany continues its crypto-friendly stance by introducing a new law allowing companies to issue crypto shares. The German Ministry of Finance said it was working on the Future Financing Act, a law “intended to support private asset accumulation and mobilize more private capital for future investments .” Other key improvements include the reduction of minimum...
Andrew Bragg, an Australian senator, has advanced a bill to regulate the local crypto market. Will it really “protect consumers and promote investors”? Reports have emerged of the Australian government taking steps to tighten regulations on cryptocurrency in the Pacific nation. This has raised concerns among the cryptocurrency community. Many fear these actions could hinder...
Financial market regulators around the world hardly know what to make of cryptocurrency. This asset class doesn’t fit neatly into existing categories, while the collapse of FTX in 2022 made the need for smarter regulations painfully obvious. National governments want to assert their regulatory oversight of crypto because controlling currencies is how they manage their...
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said there is no need for additional legislation for cryptocurrencies, reports The Block. Existing securities laws cover most of the activity that happens in the cryptocurrency markets, Gensler told reporters after a March 29 hearing at the U.S. House Committee on Appropriations. During the hearing, he...
