Fabio Panetta, a board member of the European Central Bank (ECB), has emphasized the importance of a digital euro to ensure that central bank money continues to be used as people increasingly turn to digital currencies. In an interview with Les Echos, Panetta, who is leading the ECB’s central bank digital currency (CBDC) project, said
Regulation
Hong Kong is preparing to introduce new regulations for virtual asset regulation. The Securities and Futures Commission (SFC) has released its conclusions from weeks of consultation on regulatory guidelines for cryptocurrency platforms. The new guidelines will come into force on June 1, and Hong Kong crypto exchanges will have to seek licenses under the Securities
Pascal Gauthier, the CEO of Ledger, recently addressed concerns over the new Recover program, which allows user wallet seeds to be shared and stored by three different parties. The crypto community raised concerns that shard holders could reveal user seeds or gain direct control of user wallets through this feature. Gauthier Addresses Concerns on What
ConsenSys, the owner of Ethereum wallet MetaMask, has clarified that it does not collect taxes from cryptocurrency users. The company made this statement in response to rumors circulating in the crypto community that MetaMask and ConsenSys’s terms of service indicated that certain parties were required to pay taxes, and that MetaMask could freeze user funds
A Nevada man has been charged by the U.S. Department of Justice (DOJ) for his role in a cryptocurrency scheme called CoinDeal. Bryan Lee, the Nevada resident, was charged for his involvement in defrauding investors through CoinDeal leader Neil Chandran’s companies. The Scheme The DOJ alleges that Lee conspired with Chandran to defraud investors. Lee
On May 19, the US Treasury and the Office of Foreign Assets Control (OFAC) imposed sanctions on several entities that have ties to Russia. One of the firms that have been sanctioned is Huriya Private FZ LLE, a UAE-based company that has been accused of money laundering and procuring passports for Russian actors since Russia’s
Paradigm, a crypto venture capital firm, has filed an amicus brief in the ongoing case between the New York Attorney General (NYAG) and KuCoin. The NYAG sued KuCoin in March for operating in the state without registering and facilitating the trading of tokens like Ethereum (ETH), which the regulator classified as securities. However, Paradigm disagrees
The Filecoin Foundation has rejected the Securities and Exchange Commission’s (SEC) assertion that its FIL token is a security. The SEC had previously asked Grayscale to withdraw its registration statement for Filecoin Trust because the token met the definition of a security. The Filecoin Foundation’s Response In a statement shared with CryptoSlate, the Filecoin Foundation
Pakistan’s Minister of State for Finance, Aisha Ghaus, stated that the country could not legalize cryptocurrency trading due to its recent removal from the Financial Action Task Force’s (FATF) “Grey List” and concerns about terror financing. During a Senate Standing Committee on Finance meeting, the minister explained that FATF had imposed strict conditions for using
The US House Committee on Financial Services has given an ultimatum to Gary Gensler, the chair of the Securities and Exchange Commission (SEC), to respond to its inquiries. The Committee had previously requested the SEC to provide internal non-public documents regarding its activities. These include charges against Sam Bankman-Fried, the bankrupt FTX founder, crypto regulations,
Estonia has seen a significant drop of 80% in the number of registered crypto firms after it implemented a new law to prevent money laundering. The Financial Intelligence Unit, the money laundering regulator in the country, has revealed that the number of valid authorizations has decreased to just 100 from the previous 389 due to
The UK Financial Conduct Authority (FCA) has taken action against unregistered crypto ATMs in the country, citing their potential for money laundering. The regulator conducted inspections in Exeter, Sheffield, and Nottingham in collaboration with local police. While crypto ATMs are legal in the UK, they must be registered with the FCA before operating. However, none
Several New York lawmakers have thrown their support behind a new Crypto Regulation, Protection, Transparency and Oversight (CRPTO) Act. On May 5, New York Attorney General Letitia James introduced the legislation, which would widen the scope of regulatory authority over crypto firms. According to James, the proposed bill will “tighten regulations on the crypto industry
During her testimony before the Senate Armed Services Committee on May 4, Senator Elizabeth Warren emphasized how cryptocurrency has become the preferred method for countries to evade sanctions, fund weapons programs, support spying, and promote cyber attacks. Warren noted that although much cryptocurrency-related crime is hidden, more than $20 billion in illicit transactions took place
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
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