Two prominent crypto companies, Coinbase and Revolut, found themselves on opposite ends of the spectrum when dealing with the UK authorities recently. The UK’s Financial Conduct Authority (FCA) imposed a fine of £3.5 million ($4.5 million) on CB Payments Limited (CBPL), a subsidiary of Coinbase Group, for violations related to Anti-Money Laundering (AML). This hefty
Regulation
The crypto industry has been facing numerous challenges under the current administration, particularly in terms of regulatory clarity. Ben Horowitz and Marc Andreessen, the founders of Andreessen Horowitz (a16z), have openly criticized the Biden-Harris Administration’s handling of the cryptocurrency sector. Their main concern lies with the lack of clear guidance from the Securities and Exchange
The Russian State Duma recently passed a bill legalizing Bitcoin mining and allowing the use of cryptocurrencies for international trade. This bill, initially introduced a few years ago, is set to come into effect on September 1st. The legislation received overwhelming support with 404 votes in favor and no votes against or abstentions. The main
Recently, the United States House of Representatives unanimously passed the Financial Technology Protection Act, with the aim of combatting illicit activities and terrorism financing through digital platforms. This bill, introduced by Representative Zach Nunn, has significant implications for the regulation of cryptocurrencies and digital assets in the country. One of the key provisions of the
The Digital Chamber recently reached out to Vice President Kamala Harris, urging her to embrace digital assets and blockchain technology for their potential to drive innovation, economic growth, and financial inclusion. Despite previous perceptions of the Democratic Party as anti-crypto due to a cautious approach by the Biden/Harris Administration, key Democratic leaders such as Senator
President Joe Biden’s recent announcement of his withdrawal from the 2024 presidential race has sparked speculation about the potential implications for the upcoming November election. According to 10x Research, this move could pave the way for former President Donald Trump to secure a “decisive victory.” The firm expressed a belief that no credible candidate could
The CEO and founder of DAIM, Brian Korshain, expressed optimism regarding the potential impact of former President Donald Trump’s support for Bitcoin. He mentioned that Trump’s rumored plan to make Bitcoin a strategic reserve asset for the US government could be “possible” but also acknowledged that it could be “very difficult to get it done.”
The Basel Committee on Banking Supervision has recently introduced a final disclosure framework for banks’ crypto exposures. This framework, known as DIS55, aims to enhance transparency and promote a consistent regulatory approach in the digital asset space. The Committee has been working on this framework for over a year, with the standards set to come
OKX, a prominent crypto exchange, has recently chosen Malta as its Market in Crypto-Assets (MiCA) hub in order to cater to the 450 million residents of the European Union. This strategic decision was announced in a statement on July 18, with OKX emphasizing the importance of being able to offer services in compliance with local
After a consultation period concluded in February, Hong Kong’s financial regulators reported that they received 108 submissions from a variety of stakeholders regarding the licensing program initiative for fiat-referenced stablecoin (FRS) providers. The majority of respondents agreed that a regulatory regime for FRS issuers was necessary due to the increasing popularity of digital assets in