Cryptocurrency Regulations

"OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities," OpenSea co-founder and CEO Devin Finzer said. A Wells notice is a formal declaration that SEC staff intend to recommend an enforcement action.

Crypto investors in Nigeria have asked the government to follow India’s approach and regulate crypto businesses rather than taking extreme measures. While Nigerian authorities are embroiled in a court battle with the exchange after imprisoning two of its executives, India dealt with a similar situation with a measured approach, crypto traders fro...

The government of India will be taking some more time in following other regions like the EU and the UAE in presenting a detailed crypto rulebook. As per Chaudhary, all of the G20 nations are currently in a phase where they are expected to analyse the pros and cons that crypto could bring.

Coinbase has onboarded three new board members. These include Chris Lehane, a member of the executive team at OpenAI; Paul Clement, former US Solicitor General under President George W. Bush; and Christa Davies, chief financial officer for Aon.

Built like crypto but regulated by the RBI, India's eRupee CBDC is currently under its advanced trial phase. The country’s apex bank, at this point, is looking at the eRupee to become a tool to improve India’s cross border transactions and take the INR to an international level.

US regulators have issued an official warning against an emerging category of crypto scams, where scammers pose as professors or academicians. Social networking platforms including Facebook, WhatsApp, and Telegram are being exploited by cyber miscreants to find and communicate with potential victims.

Indian fintech firms have hailed the Basel Committee of Banking Supervision's (BCBS) crypto rules, and called the decision progressive and driven towards bringing more transparency to the relationship between cryptocurrencies and banks on an international level.

The European Banking Authority (EBA) has imposed a ‘travel rule’ over crypto firms that aims to reduce instances of money laundering and terror financing using crypto assets, transactions through which often leave no trails that could lead to criminals.

On Thursday, July 4, the Financial Supervisory Service of Korea released a statement alerting all crypto exchanges to ramp up transaction monitoring on their respective platforms. This move from South Korea comes as the country’s Virtual Asset User Protection Act is ready to go into effect on July 19.

While cryptocurrency currently stands at the crossroads of opportunity and uncertainty, with regulation, education, and understanding, it may well evolve into a cornerstone of the financial landscape.

The crypto sector was briefly mentioned in RBI’s recently released Financial Stability Report. Talking in particular about DeFi, the report said that global regulatory bodies like the Financial Action Task Force and the International Organisation of Securities Commissions (IOSCO) are constantly examining developments around DeFi.

The CBDC transactions that had hit the mark of one million transactions per day in December 2023, has dropped to just around 100,000 daily transactions. In a report citing official sources familiar with the matter, Reuters claimed that a lack of organic demand to use the eRupee is evident.

India has claimed that Binance, touted as the largest in the world, was not adhering to the Prevention of Money Laundering Act, 2002 (PMLA). Binance was supposedly given a written as well as a verbal submission about FIU’s concerns. The FIU has said that the charges regarding Binance having violated India’s legal requirements to operate its bus...

MiCA (Markets in Crypto Assets) draft technical regulations were published by the European Banking Authority (EBA), ahead of the July deadline. The EBA has addressed a number of issues in its MiCA draft technical standards, including those related to liquidity requirements, stress testing programme, asset reserves, and recovery plans.

South Korean regulators will classify bulk or large scale non-fungible tokens (NFTs) as virtual assets. With this, South Korea could become one of the first countries to define where NFTs stand in-terms of their role and use in the Web3 arena.

"OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities," OpenSea co-founder and CEO Devin Finzer said. A Wells notice is a formal declaration that SEC staff intend to recommend an enforcement action.

Crypto investors in Nigeria have asked the government to follow India’s approach and regulate crypto businesses rather than taking extreme measures. While Nigerian authorities are embroiled in a court battle with the exchange after imprisoning two of its executives, India dealt with a similar situation with a measured approach, crypto traders fro...

The government of India will be taking some more time in following other regions like the EU and the UAE in presenting a detailed crypto rulebook. As per Chaudhary, all of the G20 nations are currently in a phase where they are expected to analyse the pros and cons that crypto could bring.

Coinbase has onboarded three new board members. These include Chris Lehane, a member of the executive team at OpenAI; Paul Clement, former US Solicitor General under President George W. Bush; and Christa Davies, chief financial officer for Aon.

Built like crypto but regulated by the RBI, India's eRupee CBDC is currently under its advanced trial phase. The country’s apex bank, at this point, is looking at the eRupee to become a tool to improve India’s cross border transactions and take the INR to an international level.

US regulators have issued an official warning against an emerging category of crypto scams, where scammers pose as professors or academicians. Social networking platforms including Facebook, WhatsApp, and Telegram are being exploited by cyber miscreants to find and communicate with potential victims.

Indian fintech firms have hailed the Basel Committee of Banking Supervision's (BCBS) crypto rules, and called the decision progressive and driven towards bringing more transparency to the relationship between cryptocurrencies and banks on an international level.

The European Banking Authority (EBA) has imposed a ‘travel rule’ over crypto firms that aims to reduce instances of money laundering and terror financing using crypto assets, transactions through which often leave no trails that could lead to criminals.

On Thursday, July 4, the Financial Supervisory Service of Korea released a statement alerting all crypto exchanges to ramp up transaction monitoring on their respective platforms. This move from South Korea comes as the country’s Virtual Asset User Protection Act is ready to go into effect on July 19.

While cryptocurrency currently stands at the crossroads of opportunity and uncertainty, with regulation, education, and understanding, it may well evolve into a cornerstone of the financial landscape.

The crypto sector was briefly mentioned in RBI’s recently released Financial Stability Report. Talking in particular about DeFi, the report said that global regulatory bodies like the Financial Action Task Force and the International Organisation of Securities Commissions (IOSCO) are constantly examining developments around DeFi.

The CBDC transactions that had hit the mark of one million transactions per day in December 2023, has dropped to just around 100,000 daily transactions. In a report citing official sources familiar with the matter, Reuters claimed that a lack of organic demand to use the eRupee is evident.

India has claimed that Binance, touted as the largest in the world, was not adhering to the Prevention of Money Laundering Act, 2002 (PMLA). Binance was supposedly given a written as well as a verbal submission about FIU’s concerns. The FIU has said that the charges regarding Binance having violated India’s legal requirements to operate its bus...

MiCA (Markets in Crypto Assets) draft technical regulations were published by the European Banking Authority (EBA), ahead of the July deadline. The EBA has addressed a number of issues in its MiCA draft technical standards, including those related to liquidity requirements, stress testing programme, asset reserves, and recovery plans.

South Korean regulators will classify bulk or large scale non-fungible tokens (NFTs) as virtual assets. With this, South Korea could become one of the first countries to define where NFTs stand in-terms of their role and use in the Web3 arena.