The US Department of the Treasury recently took action against the Palestinian news network Gaza Now for its alleged support of Hamas. This move by the Office of Foreign Assets Control (OFAC) targeted not only Gaza Now but also several crypto addresses associated with the network and its affiliates. The sanctions specifically included the designation
Regulation
Portugal’s National Data Protection Commission (CNPD) recently announced its decision to ban Worldcoin from collecting biometric data, specifically data related to the iris, eyes, and face, for a period of three months. The CNPD justified this restriction by highlighting several key issues. Firstly, it pointed out that Worldcoin lacks a reliable mechanism for verifying the
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has recently imposed sanctions on several entities and individuals in the financial services and technology sectors of the Russian economy. This move comes in response to reports of these entities engaging in activities that enable the evasion of US sanctions, particularly in the
WisdomTree, the issuer of a Bitcoin exchange-traded fund (ETF), has successfully obtained regulatory approval from the New York State Department of Financial Services (DFS) to operate its digital asset business within the state. This approval comes in the form of a charter granted to the asset management firm to operate as a limited-purpose trust company
The recent approval by the Commodities and Futures Trading Commission (CFTC) for Coinbase Derivatives Exchange to list futures contracts tied to Dogecoin (DOGE), Bitcoin Cash (BCH), and Litecoin (LTC) has garnered significant attention in the crypto community. These listings are set to go live and begin trading on or after April 1, 2024, according to
The recent regulatory filings from the US Securities and Exchange Commission (SEC) have revealed a delay in the approval process for several highly anticipated Ethereum exchange-traded funds (ETFs). This news has impacted proposals from various investment firms, including VanEck, Ark Invest, Hashdex, Grayscale, and Fidelity. The delays have sparked discussions within the crypto community about
Recently, the UK Financial Conduct Authority (FCA) made an announcement regarding its intention to recover approximately $8 million in costs associated with supervising stablecoins and cryptocurrency. The funds will be obtained through fees imposed on stablecoin issuers and digital asset custodians. This initiative aims to recover £6.2 million for new stablecoin regulations and a wider
The Securities and Exchange Commission (SEC) Chair, Gary Gensler, recently criticized the practice of “AI washing” in the financial sector, highlighting the potential violations of securities laws associated with false claims about the use of artificial intelligence (AI). Gensler’s remarks on March 18 shed light on the deceptive practices employed by some investment advisers and
Recently, a Federal High Court in Nigeria has made a ruling that Binance must supply detailed information on all of its users in Nigeria to the Economic and Financial Crimes Commission (EFCC). This decision comes as tensions continue to rise between the cryptocurrency exchange and Nigerian officials due to the collapse of the country’s fiat
The Asia Pacific region (APAC) has been making significant strides in the technology industry, particularly in the realm of Web3 innovation. The progressive regulatory stance in key jurisdictions has been a critical driver of this evolution. Countries like Singapore have taken the lead by implementing stablecoin regulations, setting a clear standard for fostering a secure
In a recent regulatory filing, Grayscale announced its intentions to convert its Ethereum Trust into a spot exchange-traded fund (ETF). This move represents a significant shift in the company’s approach and has the potential to open up new opportunities for investors. The filing, dated March 15, includes several key amendments that strengthen the company’s case
The recent letter from Senators Jack Reed and Laphonza Butler to SEC Chair Gary Gensler has raised serious doubts about the approval of Ethereum ETF applications. The lawmakers emphasized the need for stricter scrutiny of Bitcoin ETFs and expressed concerns about allowing ETFs for other cryptocurrencies, including Ethereum. They argued that these alternative cryptocurrencies lack
Recently, the Securities and Futures Commission (SFC) in Hong Kong issued a public warning about Bybit, adding it to the list of suspicious virtual asset trading platforms. The SFC expressed concerns about Bybit offering products to Hong Kong investors without the necessary license to conduct regulated activities in the region. This lack of licensing raises
Recently, blockchain analytics firm Elliptic uncovered that the notorious North Korea-backed hacker group Lazarus has once again turned to the sanctioned crypto mixer Tornado Cash to hide their illicit transactions. This comes after the group had temporarily stopped using Tornado Cash following US government sanctions. Last year, when the US government imposed sanctions on Lazarus
Recently, Tether collaborated with the US Department of Justice and the Federal Bureau of Investigation (FBI) to seize $1.4 million USDT associated with a tech support scam network. The fraudulent scheme targeted vulnerable elderly individuals through deceptive pop-up advertisements, leading them to seek assistance from supposed tech support. Victims were then coerced into converting their
The Biden administration recently unveiled its proposed budget for 2025, which includes provisions aimed at regulating digital assets. These new rules are anticipated to bring in nearly $10 billion in additional tax revenue by 2025. The main focus of these budget proposals is to address a loophole that has allowed wealthy crypto investors to benefit
Worldcoin developer Tools for Humanity is taking a stand against Spain’s recent ban on its data collection and usage within the country. The ban, which lasts for three months, has prompted Tools for Humanity to file a lawsuit in an attempt to appeal the decision. The developers argue that Spain’s regulators did not follow the
The recent testimony by US Federal Reserve Chair Jerome Powell highlighted the regulator’s distance from considering or recommending a central bank digital currency (CBDC). During a Senate Banking Committee hearing on monetary policy, Powell reassured lawmakers about the Federal Reserve’s commitment to protecting the privacy of American citizens. He emphasized that the Fed would not
The Securities and Exchange Commission (SEC) filed a joint motion on March 5, urging the court to take further action against Binance.US. The SEC alleged that Binance.US failed to comply with regulatory requests for information on customer assets. The SEC pointed out various deficiencies in Binance.US’s inspections, lack of transparency in company operations, and refusal
Recently, the Indian government made a significant announcement regarding the regulation of artificial intelligence (AI) tools. This move aims to ensure the reliability and accuracy of AI technologies that are being introduced to the Indian market. The Ministry of Information Technology has issued a directive requiring technology companies to obtain government approval before releasing AI
The Securities and Futures Commission (SFC) in Hong Kong recently issued a warning against suspicious websites that are pretending to be licensed crypto exchanges in the city-state. These fraudulent websites have been impersonating both Hash Blockchain Limited and OSL Digital Securities Limited, leading to confusion and potential harm to investors who engage with them. It
Hungary is making strides in its financial sector by introducing a legislative proposal that allows banks, investment funds, and asset managers to offer services in Bitcoin and other cryptocurrencies. This initiative, according to a report by Bloomberg Law, signifies a significant development in Hungary’s financial landscape and aligns with a broader European trend towards digital
Senator Elizabeth Warren recently expressed her willingness to engage with the crypto industry as long as players in the industry adhere to regulatory standards similar to those in traditional finance. In a Bloomberg interview on February 27, Warren emphasized the importance of collaboration but questioned why the industry seems to advocate for space for criminal
In a bold move, a group of Senate Republicans, led by Senator Ted Cruz of Texas, is making legislative moves to limit the Federal Reserve’s ability to introduce a central bank digital currency (CBDC). This action is causing a stir in the political sphere, with implications for the 2024 presidential campaign discussions. The proposed bill,
The Energy Information Administration (EIA) recently faced backlash from the cryptocurrency mining sector after the launch of a lawsuit by Riot Platforms and the Texas Blockchain Council. The lawsuit, filed on Feb. 22, named the EIA, the Department of Energy, the Office of Management and Budget (OMB), and the heads of those agencies as defendants.
House Majority Whip Tom Emmer has raised concerns over the recent actions of government agencies under the Biden administration, specifically targeting Bitcoin mining firms. Emmer highlighted in a letter to the Office of Management and Budget (OMB) that an expedited request from the Energy Information Administration (EIA) has initiated a new data collection regime for
South Africa recently unveiled ambitious plans to integrate digital payments and cryptocurrency into its financial infrastructure in an effort to uplift marginalized communities and bolster the economy. The government’s commitment to building a digital economy through collaborations between public and private sectors is highlighted in the 2024 budget announcement. The goal is to improve access