Texas regulators have set their sights on an individual who is allegedly promoting two cryptocurrencies that aim to capitalize on Elon Musk’s artificial intelligence (AI) pursuits. The cryptocurrencies are named Elon Musk AI Token and TruthGPT Coin, which is named after Musk’s proposed ChatGPT competitor. The Texas State Securities Board (TSSB) has filed a cease-and-desist
Regulation
The cryptocurrency industry in the US is convinced that the country’s financial watchdogs are deliberately preventing it from flourishing, due to repeated regulatory failures. According to a report by the Intelligencer, both written and unwritten policies and rules are making it difficult or even impossible for crypto-related companies to operate in the US. The CEO
Kenya has announced that it will impose a 1.5% tax on all commissions earned by foreign crypto companies from their customers. The new regulations include all foreign crypto exchanges that earn interest from facilitating buying and selling transactions of digital assets in Kenya. This new tax service expands the existing 1.5% digital tax service that
Binance, a leading cryptocurrency exchange, believes that the key principles of a regulatory framework for crypto-assets should be geared towards consumer protection, market integrity, and financial stability. This was in response to the UK’s HM Treasury’s recent consultation on the regulation of crypto-assets. Binance emphasized the need for a balanced approach to regulation, ensuring that
The Virtual Assets Regulatory Authority (VARA) in Dubai has issued a warning to the four founders of the OPNX Exchange and its CEO, Leslie Lamb. According to VARA, the exchange is unlicensed and unregulated, and therefore, the named individuals are breaking the law by operating and promoting it. The founders include Mark Lamb, Sudhu Arumugam,
The Federal Executive Council of Nigeria has approved the National Policy on Blockchain, which was drafted by the Federal Ministry of Communications & Digital Economy. This approval marks a significant milestone for the implementation of blockchain technology in Nigeria. Relevant agencies will work together to establish appropriate regulatory frameworks, and a steering committee led by
John Deaton, the founder of CryptoLaw and Ripple lawyer, has accused the US Securities and Exchange Commission (SEC) of capitalizing on the legal uncertainties surrounding cryptocurrencies as a means of redefining what should be considered a security under the Howey test. Deaton claims that the regulator’s litigations against crypto companies are pushing the boundaries of
The Nigeria Securities and Exchange Commission (SEC) has announced that it will allow tokenizing assets, including equities, property, and debt. The country’s financial regulator is currently processing applications for digital exchanges and firms that will act as sub-brokers, trading tokenized coins backed by assets, fund managers, tokenized coins issuers, and crowd-funding intermediaries. A probationary period
Poloniex, a popular cryptocurrency exchange platform, has agreed to pay $7.6 million to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) for violating sanctions in Cuba, Iran, Sudan, and Syria. OFAC found that Poloniex allowed customers in these countries to trade and transact more than $15.3 million of digital currencies through
New Brunswick’s main power company has started rejecting energy applications from crypto miners and other high-volume users. According to CBC’s report on May 1, the cabinet order that approved the moratorium contained concerns from the province’s main power company. Energy Concerns of N.B. Power N.B. Power voiced its concerns about the “additional load demand” and