Regulation

The Abu Dhabi Global Market (ADGM) Registration Authority has introduced comprehensive regulations governing Web3 organizations. The international financial free zone’s regulatory framework is “purpose-built” and the first of its kind, the agency claimed. The Distributed Ledger Technology (DLT) Foundations Regulations will provide for the operation of blockchain foundations, Web3 entities, decentralized autonomous organizations (DAOs) and

The Hong Kong government says the recent $165 million alleged scandal involving crypto exchange JPEX won’t  stifle its Web3 vision for the region. In a Nov. 2 keynote at Hong Kong Fintech Week, the region’s Secretary for Financial Services and the Treasury Christopher Hui said the saga hasn’t affected the government’s plan. “We’ve been asked

The United States Securities and Exchange Commission (SEC) announced Nov. 1 that it was charging SafeMoon and three of its executives with fraud and unregistered securities sales in connection with its SafeMoon token. The Justice Department unsealed charges against the men at the same time.  According to SEC allegations, SafeMoon creator Kyle Nagy, CEO John Karony and

The United Kingdom’s global summit on artificial intelligence (AI) safety, “AI Safety Summit” began on Nov. 1 and will carry on through Nov. 2 with government officials and leading AI companies from the world in attendance, including from the United States and China.  U.K. Prime Minister Rishi Sunak is hosting the event, which is taking

On the 15th anniversary of Bitcoin white paper release, Canadian Member of Parliament (MP) Joël Lightbound took the opportunity to thank the pseudo-anonymous creator Satoshi Nakamoto on the floor of the Canadian parliament while advocating for people to study Bitcoin. During his speech on the parliament floor, Lightbound disclosed that he owns Bitcoin himself but

Global payment giant PayPal has received approval from the Financial Conduct Authority (FCA) to offer crypto services in the United Kingdom. According to official FCA data, PayPal has been registered to offer “certain crypto asset activities” in the U.K. since Oct. 31, 2023. According to the register, PayPal has requirements or restrictions placed on the

Major cryptocurrency custody firm BitGo is reportedly expanding its regulatory compliance in Germany more than three years after launching a dedicated local subsidiary. BitGo has obtained a cryptocurrency license from the German Federal Financial Supervisory Authority (BaFin), according to a Nov. 1 report by Finance Magnates. The firm has been storing crypto assets like Bitcoin

As the Bank of Spain embraces the potential adoption of a digital euro, the country’s population doesn’t appear to have the same strong appetite for the European Central Bank’s digital currency project.  This emerges from the results of a survey published by the Bank of Spain entitled “Study on the habits in use of cash.” The

Turkey is reportedly drafting fresh regulations to govern crypto assets in an effort to convince the Financial Action Task Force (FATF) — an international organization responsible for combating financial crimes — to remove it from a “grey list” of nations that have not done enough to combat money laundering and terrorist financing. The FATF placed

Artificial intelligence developers heavily rely on illegally scraping copyrighted material from news publications and journalists to train their models, a news industry group has claimed. On Oct. 30, the News Media Alliance (NMA) published a 77-page white paper and accompanying submission to the United States Copyright Office that claims the data sets that train AI

Amir Bruno Elmaani, the 31-year-old founder of the now-defunct cryptocurrency scheme Oyster Protocol has been handed the maximum sentence of four years in prison for tax evasion. The United States Attorney’s Office said on Oct. 31 that Elmaani — also known by the alias “Bruno Block” — was sentenced to prison following his April 6

The United States commodities regulator has paid $16 million this year to whistleblowers who gave information leading to successful enforcement actions with a majority of the tips involving crypto. In an Oct. 31 statement, Commodity Futures Trading Commission (CFTC) commissioner Christy Goldsmith Romero said most of the tips received this year involved crypto which she

United States Senator Cynthia Lummis has scored another one for crypto with a Government Accountability Office (GAO) decision issued on Oct. 31. The GAO found that Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121 should be subject to congressional review. That bulletin, issued in March 2022, has been a source of ire for many

The rise of digital currencies, exemplified by Bitcoin (BTC), brought a groundbreaking shift in the financial landscape.  However, it also brought to light a critical challenge: price volatility. Bitcoin and many other early cryptocurrencies exhibited extreme price fluctuations, making them difficult to use for everyday transactions or as a reliable store of value. Users recognized

Bastion, a new cryptocurrency startup created by former Andreessen Horowitz (a16z) executives, has secured two money transmitter licenses (MTL) in the United States. Bastion has acquired MTLs in New Hampshire and Arkansas, the first two licenses obtained by the firm, Bastion announced on Oct. 31. The new licenses, granted by the New Hampshire Banking Department

Attorneys representing former FTX CEO Sam Bankman-Fried have written another letter to the presiding judge, seeking changes to the jury instructions. In the letter addressed to Judge Lewis Kaplan, the defense attorneys requested that the jury consider the role of English law in governing FTX’s terms of service. The proposal calls on the 12 jurors

The Dubai Virtual Assets Regulatory Authority (VARA) has issued a Virtual Asset Service Provider (VASP) license to the crypto wallet Backpack, resulting in the launch of Backpack Exchange.  Backpack’s VARA license is limited to crypto exchange services in Dubai and does not allow the company to offer any other of its virtual asset products and

A coalition of major social media platforms, AI developers, governments and non-governmental organizations (NGOs) have issued a joint statement pledging to combat abusive content generated by artificial intelligence (AI). On Oct. 30, the United Kingdom issued the policy statement, which includes 27 signatories including the governments of the United States, Australia, Korea, Germany and Italy,

Digital asset manager Valkyrie Investments is the latest firm to amend its spot Bitcoin (BTC) exchange-traded fund (ETF) filing with United States securities regulators. Valkyrie filed an updated spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC) on Oct. 30, according to the SEC database. The updated form S-1 registration statement for the Valkyrie

The Kenyan government plans to roll out its digital identification system in December 2023 after the testing period, which will take the next few months. According to the president of Kenya, William Ruto, whose speech at the East Africa Device Assembly Kenya plant in Athi River was cited by local media on Oct.30: “The digital