Financial regulators in Denmark are coming after cryptocurrency service providers, declaring that local banks are not allowed to hold cryptocurrency to hedge against trading risks. On July 4, the Danish Financial Supervisory Authority (DFSA) officially ordered the local investment bank Saxo bank to dispose of its own holdings in crypto. The regulator said that Saxo
Regulation
The Reserve Bank of India (RBI) is currently in dialogue with its counterparts from at least 18 other countries on the possibility of cross-border payments in the “digital rupee”. The report about RBI’s ambitious foreign trade plans for the Indian central bank digital currency (CBDC), appeared in the Economic Times on June 27. It cites
A lawyer leading the United Kingdom’s Law Commission’s review of the application of British laws toward digital assets has stressed the need for further clarity around cryptocurrency lending. Laura Burgoyne unpacked the details of the organization’s four major recommendations to the U.K. government in an interview with Cointelegraph. This comes after a lengthy review process of
South Africa’s financial regulator has announced that all crypto exchanges in the country will be required to obtain licenses by the end of the year, according to a report by Bloomberg. Financial Sector Conduct Authority (FSCA) Commissioner Unathi Kamlana stated that the FSCA has received approximately 20 license applications since its recent opening, and expects
Binance Australia is working with local authorities on meeting compliance requirements amid reports alleging that the company’s offices were searched on July 4. “We are cooperating with local authorities and Binance is focused on meeting local regulatory standards in order to serve our users in Australia in a fully compliant manner,” a spokesperson for Binance
Billionaire entrepreneur Mark Cuban has again locked horns with former securities chief John Reed Stark, this time over who was ultimately to blame for FTX’s collapse and the impact on creditors. During a heated back-and-forth exchange, Cuban argued had the United States Securities and Exchange Commission set “clear regulations,” no one would have lost money
Lawmakers in the upper house of the Parliament of the United Kingdom are moving forward with legislation aimed at expanding authorities’ ability to target cryptocurrencies used for illicit purposes. In a meeting of the U.K. Parliament’s House of Lords on July 4, lawmakers conducted a third reading of the Economic Crime and Corporate Transparency Bill
The United Kingdom’s Financial Conduct Authority, or FCA, has announced that all cryptoasset firms marketing to users in the country must be in compliance with its financial promotions regime by October 2023. In letters dated July 4, the FCA said starting on Oct. 8, companies operating in the U.K. will have only “four routes to
The Chinese government has announced plans for export controls on metals predominantly used to manufacture semiconductors used in the development of artificial intelligence (AI) systems. On July 3, the Chinese Ministry of Commerce issued a joint statement with the General Administration of Customs which said the controls are aimed at protecting the interests of national
Industry experts believe Hong Kong’s shifting attitude towards blockchain technology, cryptocurrencies and Web3 could entice businesses away from the United States. The city has made a series of moves over the past year to foster the development of the Web3 space and enable retail investment into cryptocurrencies. The latest example of this is the formation
New York-based law firm McDermott Will & Emery filed for compensation of $5.1 million from the creditors of bankrupt crypto brokerage firm Voyager Digital. The bill is for legal services offered between March 1 and May 13, 2023. In a July 3 court filing, the law firm billed the legal fees to the “Official Committee
Despite recent narratives suggesting differently, the United States won’t be losing its allure as a crypto hub, according to the CEO of blockchain analytics firm Merkle Science. A swathe of hostile regulatory actions leveled at crypto firms in the United States in recent months has led many top crypto executives to turn their gaze elsewhere. Despite
The co-founders of collapsed crypto hedge fund Three Arrows Capital (3AC) have pledged to donate a portion of earnings from their newest crypto venture to creditors who lost money in the fund’s 2022 collapse. In a July 3 Twitter Space, 3AC co-founder Kyle Davies said it would be “good karma” to “donate” the potential earnings
European Union (EU) lawmakers have agreed to move ahead with the controversial European Data Act, which has previously drawn criticism from the crypto community. The act, aimed at encouraging greater use of data resources to train algorithms, would update the EU’s rules on smart contracts to include a kill switch option that would allow them
Pamela Draper, president and CEO of crypto platform Bitvo, has weighed in on firms escaping the Canadian market amid the regulatory environment. Speaking to Cointelegraph at the Collision Conference in Toronto on June 29, Draper said despite crypto companies like Binance, dYdX, and Bybit announcing their departure from Canada in 2023, the country was “one
The United Kingdom’s Law Commission is pushing for the creation of a ‘distinct’ category of personal property to accommodate and protect unique features of cryptocurrencies and digital assets. The body made the recommendation alongside three other key points following a mandate from the British government to carry out a common law analysis unpacking how legal
Singapore’s central bank is introducing new measures to improve investor protection and market integrity in the cryptocurrency industry. On July 3, the Monetary Authority of Singapore (MAS) announced new requirements for crypto service providers to hold customer assets into a statutory trust by year-end. “This will mitigate the risk of loss or misuse of customers’
Thailand’s Securities and Exchange Commission (SEC) has issued new rules for digital asset service providers focused on investor protection. The new guidelines require digital asset service providers to offer adequate warnings highlighting risks associated with cryptocurrency trading. All platforms must display a message that reads: “Cryptocurrencies are high risk. Please study and understand the risks
The Belarusian foreign ministry is working on legal amendments to prohibit peer-to-peer, or P2P, transactions in cryptocurrencies like Bitcoin (BTC). The Ministry of Foreign Affairs (MFA) of the Republic of Belarus on July 2 issued an official announcement on Telegram about new legislation that would ban P2P crypto exchange for individuals. The authority cited a
False rumors have again been spreading over the resignation of United States Securities and Exchange chair Gary Gensler — this time, however, artificial intelligence has seemingly played a part. On July 1, a news story appeared on a website dubbed “thecryptoalert.com” claiming that SEC chair Gary Gensler had “submitted his resignation following an internal investigation,”
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