As a part of its reform of crypto regulation, Indonesia will create a crypto exchange in 2023, according to reports. The platform is planned to be launched prior to a shift of regulatory power from commodities to securities authority. On Jan. 4, the head of the Commodity Futures Trading Regulatory Agency of Indonesia (Bappebti), Didid
Regulation
Cryptocurrencies will be a hot topic as the United States Congress resumes and the battle lines are drawn between lawmakers for and against the fledgling financial industry. But the Blockchain Association reports that more than 100 crypto industry advocates are fighting to help strike the right balance between protection and innovation. The 118th U.S. Congress
The United States Attorney’s Office for the Southern District of New York (SDNY) has formed an FTX Task Force to “trace and recover” missing customer funds, as well as handle investigations and prosecutions related to the exchange’s collapse. The announcement came via a statement from U.S. Attorney Damian Williams who is the federal prosecutor in
United States federal bank regulatory agencies started off the new year with a statement on crypto assets looking back at the troubles of the crypto sector in 2022. The Federal Reserve, Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) released a joint statement on Jan. 3 on past
The Bahamas will have legal representation in the unfolding FTX case. The Caribbean nation chose Brown Rudnick as counsel “in certain matters of engagement related to the collapse of FTX Digital Markets Ltd.,” alongside Bahamian lawyers and other experts, according to a statement released by the law firm. FTX Digital Markets is headquartered in the
Former FTX chief executive officer Sam Bankman-Fried has pled not guilty to all criminal charges he’s facing related to the collapse of the crypto exchange including wire fraud, securities fraud, and violations of campaign finance laws. Multiple observers in the United States District Court in the Southern District of New York on Jan. 3 reported
When it comes to the “crypto” part of cryptocurrencies, David Chaum’s work predates the crypto ecosystem. His efforts as a renowned cryptographer date back to 1989, long before Bitcoin (BTC) was a thing. Chaum developed the protocols that act as the basis of DigiCash — the world’s first digital currency secured by cryptography. As the
The legal team behind former FTX chief executive officer Sam Bankman-Fried has petitioned a court to redact certain information on individuals acting as sureties for his $250-million bond, citing threats made against his family. In a letter dated Jan. 3 filed to Judge Lewis Kaplan for the United States District Court in the Southern District
Business intelligence firm MicroStrategy made headlines ahead of New Year’s Eve as the sale of a portion of its Bitcoin (BTC) holdings drew the attention of industry experts and critics. A regulatory filing with the United States Securities and Exchange Commission (SEC) on Dec. 28 detailed the first time the firm sold some of its
Morocco may see its first crypto bill introduced “in the following days.” The document is already written by the Central Bank and will be discussed with the industry stakeholders. On Jan. 3, during the press conference, the Governor of Morocco’s Central Bank, Bank Al-Maghrib (BAM), Abdellatif Jouahiri, announced a series of discussions between the BAM and
As liquidity issues surround the Digital Currency Group (DCG), Three Arrows Capital (3AC) founder Su Zhu made a Twitter thread containing allegations against DCG and FTX. However, the founder immediately got called out by the crypto community for blaming others and not taking accountability. In the thread, Zhu alleged that DCG had a role in
Lee Jung-hoon, the former chair of the South Korean cryptocurrency exchange Bithumb, was found not guilty on Jan. 3 by the 34th Division of the Criminal Agreement of the Seoul Central District Court. Jung-Hoon was on trial under accusations of violating the Act on the Aggravated Punishment Of Specific Economic Crimes due to fraud. The
The Securities Commission of The Bahamas (SCB) has denied FTX debtors’ claims and expresses concern that the investigation has been ‘impeded.’ According to a statement released on Jan.3, The Securities Commission of The Bahamas (SCB) has had to correct material misstatements made by John J. Ray III, the representative of the United States-based FTX debtors,
There is little agreement among Bitcoin’s commentators over the last few weeks, with crypto execs, research analysts and billionaire investors offering wildly different takes on what’s in store for Bitcoin for the year ahead. One crypto exchange founder expects Bitcoin (BTC) to spike to $40,000 by the “summer” of 2023, while a Bitcoin billionaire has
Although having been granted the opportunity to enjoy Christmas and the New Year with his family, former FTX CEO Sam Bankman-Fried has very few reasons for optimism in 2023. The United States Department of Justice has launched an investigation into the whereabouts of approximately $372 million in missing digital assets from FTX and its U.S.-based
Many United States lawmakers from both sides of the aisle have at one point expressed support for legislation banning members from investing in stocks or cryptocurrencies — an initiative the 118th Congress could address following a shift in leadership. Beginning on Jan. 3 as the next session of the U.S. Congress opens, Republicans will take
On Dec. 29, 2022, days before the year’s end, Italy’s Senate approved its budget for 2023, which included an increase in taxation for crypto investors — a 26% tax on capital gains on crypto-asset trading over 2,000 euros (approximately $2,13 at time of publication). The approved legislation defines crypto assets as “a digital representation of value
The United States economy could be in for an upset. Data from a Wall Street Journal survey revealed financial experts expect the country to face an economic downturn this year. Over two-thirds of economists at 23 major financial institutions that do business with the Federal Reserve believe the U.S. will have a “shallow” or “mild”
New reports into Sam Bankman-Fried and his collapsed exchanges revealed that Alameda Research, the now-bankrupt crypto trading firm, almost collapsed in 2018, even before FTX was in the picture. A report published in The Wall Street Journal citing former employees revealed that Alameda incurred heavy losses from its trading algorithm. The algorithm was designed to
Financial services providers in Hong Kong are already taking the first steps to provide services to retail investors, according to local reports. Brokers and fund managers in the region have reportedly asked for advice on licensing requirements ahead of new legislation. Lawmakers in Hong Kong passed an amendment to the Anti-Money Laundering and Counter-Terrorist Financing