The United States Office of the Comptroller of the Currency (OCC) announced Oct. 27 that it will create an Office of Financial Technology early next year. The new office will incorporate the Office of Innovation, which was set up in 2016. It will be led a by a chief financial technology officer, who will report
Regulation
A Hong Kong-headquartered crypto investment platform, Q9 Capital, received provisional virtual asset approval from Dubai’s Virtual Asset Regulatory Authority (VARA). The company announced its expansion to the UAE and applied for a full operating license as well. According to its press release from Oct. 27, Q9 will establish a regional hub in Dubai and start
Respected former decentralized finance (DeFi) project founder and developer Andre Cronje has resurfaced after a lengthy hiatus to call for tighter regulations on the crypto sector amid the implosion of multiple firms this year. The comments echo similar sentiments to that of FTX CEO Sam Bankman-Fried (SBF), who also called for more stringent digital asset
The first federal budget under the Anthony Albanese led-government has outlined that Bitcoin (BTC) will continue to be treated as a digital asset, and not taxed like a foreign currency. This clarification comes in response to El Salvador’s adoption of BTC as legal tender in September last year, with the Australian government essentially ruling out
The Sushi DAO, a decentralized autonomous organization behind crypto exchange SushiSwap, has approved a legal restructuring on Oct. 26 that creates three new decentralized entities, aiming to provide more flexibility to its operations. The proposal, which received 100% votes in favor, will create the DAO Foundation, the Panamanian Foundation, and the Panamanian Corporation, each serving
Prometheum Ember ATS announced the launch of its alternative trading system (ATS) on Oct. 26. The new ATS is registered by the United States Securities and Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority. Prometheum Ember ATS will offer digital asset securities trading, clearing, settlement and custody. The new ATS
In 2018, the United Kingdom’s Financial Conduct Authority (FCA) wrote to the heads of the country’s biggest high street banks to emphasize the importance of due diligence when dealing with crypto businesses. That seems to have led to widespread high-risk ratings and bans on crypto-related banking, impacting both crypto businesses hoping to operate in the
Pham Minh Chinh, the prime minister of Vietnam, has reportedly said the country’s government should study crypto regulation in part based on residents continuing to trade digital assets despite their lack of legal recognition. According to an Oct. 24 report from online news outlet VnExpress, Chinh hinted a bill on anti-money laundering, or AML, should
The detective chief superintendent for the United Kingdom’s National Police Chiefs’ Council has said all police forces in the country have officers trained for investigations involving the enforcement and seizure of cryptocurrencies. In an Oct. 25 parliamentary debate on the U.K. Economic Crime and Corporate Transparency Bill, Andy Gould of the NPCC said that the
The Monetary Authority of Singapore (MAS) is introducing proposals to better regulate the cryptocurrency industry in the aftermath of the bankruptcy of the Singaporean crypto hedge fund Three Arrows Capital (3AC). The central bank of Singapore has issued two consultation papers on proposals for regulating the operations of digital payment token service providers (DPTSP) and
The United Kingdom moved forward on the Financial Services and Markets Bill on Oct. 25, hardening its vision for Bitcoin (BTC) cryptocurrency and “digital settlement assets” in the country. The Bill, proposed on Oct. 18, suggested would propose “A range of measures to maintain and enhance the U.K.’s position as a global leader in financial
A poll conducted by the Crypto Council for Innovation (CCI) has shown that a candidate’s position on crypto may impact the outcome of the United States midterm elections. Significant numbers of voters are well-disposed toward crypto and want to see it treated as a serious and valid part of the economy, and bipartisanship is strong
The United States Department of Justice has announced charges against two Chinese intelligence officers who allegedly bribed a double agent with Bitcoin. In an Oct. 24 announcement, the Justice Department said Guochun He and Zheng Wang attempted to obstruct the prosecution of an unnamed global telecommunications company based in China, which allegedly involved paying a
Several Democratic members of the United States Senate and House of Representatives have requested information from top regulators and agencies in the country regarding crypto firms hiring government officials upon their departure. In letters dated Oct. 24 addressed to the heads of the Securities and Exchange Commission, Commodity Futures Trading Commission, Treasury Department, Federal Reserve,
South African financial service providers have been primed to offer cryptocurrency products and services to customers after regulatory amendments in the country. This comes after South Africa’s Financial Sector Conduct Authority amended its financial advisory act from 2002 on Oct. 19, defining crypto assets in the country as financial products. Most importantly, the definition means
No matter how much attention the United States Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission gets in the crypto industry, for individual traders and investors, it often comes down to the Internal Revenue Service’s (IRS) position — and how much tax one owes. Last week, the IRS last week released a draft
The CEO of venture capital firm Hashed and early Terra (LUNC) investor Kim Seo-joon has cited “extreme stress” following the Terra crash as the reason for his no-show at South Korea’s National Assembly’s Political Affairs Committee. Seo-joon was one of six people selected to take part in the South Korean parliament’s latest inquiry to better
The United States Securities and Exchange Commission’s (SEC’s) more-than-enthusiastic crackdown on the crypto industry is being seen as a positive signal for the majority of crypto investors, according to a new survey. Around 60% of 564 survey respondents in the latest MLIV Pulse survey from Bloomberg said they viewed the recent flurry of crypto crackdowns
Australia’s federal law enforcement agency has highlighted the criminal use of cryptocurrency as an “emerging threat” in the country but says it’s a continuous challenge to keep up the pace with criminals. A spokesperson for the Australian Federal Police (AFP) told Cointelegraph that there has been an “increase in the number of offenders using cryptocurrencies
Rishi Sunak is set to become prime minister of the United Kingdom within days. Sunak was defeated for the top government post by Liz Truss on Sept. 5, but she resigned after 45 days in office. Indications so far are that his selection for the office is good news for the crypto industry. Sunak was