The eighth iteration of the Directive on Administrative Cooperation (DAC8) — a cryptocurrency tax reporting rule — was formally adopted by the Council of the European Union on Oct. 17. The regulation will enter into force after publication in the Official Journal of the EU. The DAC was sanctioned in May 2023 following the enactment
Regulation
The United Kingdom will be hosting the world’s inaugural international summit on artificial intelligence (AI) safety in November 2023. This event seeks to establish the U.K.’s presence as a mediator between the United States, China and the European Union in the critical field of technology post-Brexit. The summit scheduled for Nov. 1–2 will place significant
The use of cryptocurrency by Hamas militants to fund recent attacks on Israel may have set back Coinbase’s crypto lobbying efforts in the United States, says a new investment report from Berenberg Capital Markets. In an Oct. 18 research note, Berenberg lead analyst Mark Palmer said the primary driver of his “cautious stance” towards Coinbase
North Carolina Representative Patrick McHenry, chair of the United States House Financial Services Committee and crypto proponent in Congress, is still temporarily in the third most powerful role in government after one of his Republican colleagues failed to secure enough votes. In a vote conducted with members of the U.S. House of Representatives on Oct.
The United States Department of Commerce’s Bureau of Industry and Security (BIS) released a notice on Oct. 17 expanding the already existing export controls of artificial intelligence (AI) chips to China. The BIS wrote that the newly released rules “reinforce” those put in place back in October 2022, with the goal of restricting China’s ability
The European Union’s financial regulatory landscape is in flux with the introduction of multiple Anti-Money Laundering (AML) directives and related laws. These regulations, although designed to protect the financial system, come at a hidden, and sometimes steep, cost to consumers and financial institutions alike. It’s imperative to understand their wider implications, and to question whether
South Korea’s Financial Supervisory Service (FSS) is preparing regulations to supplement the Virtual Asset Users Protection Act passed earlier this year, according to local reports. New regulations should be ready by January, well ahead of the law entering into force, the FSS head said. The South Korean National Assembly Political Affairs Committee conducted an audit
Federal Reserve Board governor Michelle Bowman shared her views on financial innovation in a speech at Harvard Law School on Oct. 17. Bowman has spoken several times on the topic, and her position seems to be growing more bearish. Bowman spoke at length about central bank digital currency (CBDC) and stablecoin. She also considered “unified
Lawyers representing former FTX CEO Sam “SBF” Sam Bankman-Fried conducted their cross-examination of Nishad Singh, pressing the former engineering director on events leading to Alameda Research using funds from the crypto exchange. According to reports from the courtroom on Oct. 17, Singh admitted “there was a lot” he didn’t remember from June to July 2022
Russia’s largest telecommunications firm MTS claims that it will launch an advertising service targeting Russian Telegram users, while the social messaging application denies that it has any agreements in place. The company made the announcement on Oct. 17, outlining the launch of advertising services for clients targeting the audience of specific channels, categories, interests and
Cryptocurrency exchange Binance.US has updated its terms of service, hinting that direct withdrawals in United States dollars are no longer supported on the platform. Binance.US updated its terms of service on Oct. 16, modifying the section about the “BAM Fiat Wallet,” referring to Binance.US services related to U.S. dollar custody. In the updated terms, Binance.US
The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) released a consultation paper on Oct. 17, proposing to make it compulsory for banks to disclose their crypto exposure. The Basel Committee comprises central banks and financial authorities from 28 jurisdictions and is a forum for regulatory cooperation on banking supervisory matters.
Cryptocurrency investors in Europe are not yet protected under European Union cryptocurrency asset market rules and it will take some time for the protections to take effect. Europe’s securities regulator, the European Securities and Markets Authority (ESMA), on Oct. 17 issued a statement about the transition to the European crypto regulations known as Markets in
British citizens that hope to access legal assistance through the proposed ‘Help with Fees’ (HwF) scheme will not have cryptocurrency holdings classified as disposable income. The Ministry of Justice published its response following public consultation over its proposed legal aid scheme aimed at providing equal access to the justice system. HwF is aimed at providing
The Bank of Canada published a staff note on decentralized finance (DeFi) on Oct. 17, assessing the innovations that made it popular and the challenges and risks associated with its use. The staff note described DeFi as a multi-layered structure, with the Ethereum blockchain serving as the bottom layer (or settlement layer). Developers construct a variety
Nonfungible token (NFT) artist Ryder Ripps’ most recent attempt to dismiss the Bored Ape Yacht Club-related lawsuit against him appears to have fallen on skeptical ears. In an Oct. 17 hearing, three judges from the United States Court of Appeals for the Ninth District appeared largely unpersuaded by the arguments from the attorney representing Ripps
Customers of bankrupt crypto exchange FTX and FTX US could see over 90% of assets returned to them by the end of the second quarter of 2024 after a proposed settlement was reached between FTX creditors and debtors. On Oct. 17, FTX debtors said they reached a “major milestone” in their Chapter 11 case after
A Pennsylvania House Representative has cut a two-year crypto mining ban from their bill to regulate the sector’s energy consumption claiming trade labor unions pressured the change. On Oct. 16, the Pennsylvania House Environmental Resources and Energy Committee passed the Cryptocurrency Energy Conservation Act by a slim margin — 13 for and 12 against —
Nishad Singh, the former engineering director at now-defunct crypto exchange FTX, has reportedly said he “hopes for no jail time” as part of an agreement with prosecutors. According to reports from the criminal trial of Sam “SBF” Bankman-Fried on Oct. 16, Singh revealed details about his deal with the United States Justice Department which had
The administration of New York City Mayor Eric Adams released a plan for the adoption and regulation of artificial intelligence (AI) within the local government, along with a new integration into city applications. On Oct. 16, the administration released an update saying it is developing a framework through which city agencies can “carefully” evaluate AI
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