Recently, crypto exchange KuCoin announced that it would be implementing a 7.5% value-added tax (VAT) on trading fees for its Nigerian users starting July 8th. This decision has brought about significant implications for the cryptocurrency industry in the country, raising questions about the impact of such taxation measures on the growing market. Implications of the
Regulation
Galaxy Digital CEO Mike Novogratz recently shared his optimistic outlook on the future of cryptocurrency regulations in the United States, regardless of the outcome of the 2024 presidential election. In a CNBC interview, Novogratz emphasized the importance of bipartisan support for the crypto industry, stating that it cannot afford to have one party in favor
The Monetary Authority of Singapore (MAS) has recently heightened the risk level of Digital Payment Token (DPT) service providers as part of its latest Counter-Terrorism regulation update. This move, which took effect on July 1, saw the MAS elevate the risk level of DPTs from medium-low to medium-high. The decision was made following a comprehensive
Billionaire investor Mark Cuban has recently called upon the US Securities and Exchange Commission (SEC) to revise Form S-1 to make it easier for token-based companies to register with the regulatory body. This plea comes in the wake of SEC Commissioner Mark Uyeda’s critique of the agency’s approach to crypto disclosure filings, labeling it as
The Bahamas is facing a significant challenge in increasing adoption rates of its central bank digital currency (CBDC), the “Sand Dollar.” Despite the currency being launched in 2020, the uptake has been slow, with the CBDC accounting for less than 1% of the country’s currency in circulation. This low adoption has prompted the Central Bank
Recently, Silvergate Capital found itself in hot water, settling with the SEC for a hefty $50 million. This settlement came as Federal Reserve governors and California financial regulators demanded an additional $63 million in fines on the company on July 1. The SEC alleged that Silvergate Capital, along with its subsidiary Silvergate Bank, and two
It has been confirmed by VanEck Head of Digital Assets Research, Matthew Sigel, that the company’s Solana spot ETF proposal is actually a bet on Donald Trump winning the US presidency. The application deadline for VanEck is in March 2025, putting it well past the US Presidential elections in November. This raises questions about the
Circle, a prominent player in the cryptocurrency industry, recently made headlines by securing an e-money license from France. This move positions Circle as the first global stablecoin issuer to adhere to the EU’s Markets in Crypto-Assets (MiCA) regulations. By obtaining this license from France’s financial regulatory body, the Autorité de Contrôle Prudentiel et de Résolution
Vitalik Buterin, one of the co-founders of Ethereum, has once again raised concerns about the state of cryptocurrency regulation, particularly in the United States. He points out a regulatory paradox where projects with unclear promises and ambiguous returns are given more freedom, while transparent projects are labeled as securities and face stringent regulations. Under the
The landscape of digital finance is rapidly evolving, with the emergence of crypto assets posing unprecedented challenges and opportunities for Regulators worldwide. The European Union, as the largest government body in this realm, has introduced the Markets in Crypto-Assets regulation (MiCAR) to provide proactive frameworks in regulating the crypto finance ecosystem. The Rise of Non-Custodial