Regulation

Arguing over the prudence and implications of issuing a central bank digital currency (CBDC) in the United States has seemingly become one of Washington’s favorite icebreakers. As Congress considers the question, it is critical that Americans clearly understand and soberly consider the immense power a CBDC could grant governments as well as the unacceptable risk

The Washington State Department of Financial Institutions (DFI) has issued a consumer protection alert addressing the “alleged cryptocurrency exchange” known as Eucoinotrade.  At least one person may have fallen victim to what appears to be “advanced fee fraud,” per the report. This is a confidence scheme that involves soliciting large sum payments for fees under

The California Department of Financial Protection and Innovation said that the company behind cryptocurrency and stock trading platform Robinhood will likely pay more than $10 million in penalties “for operational and technical failures that harmed main street investors.” In an April 6 announcement, the DFPI said the settlement — up to $10.2 million — was

The German government is pushing for more welcoming regulations for startups working with financial innovation in the country, according to the newly drafted legislation of the “Future Finance Act” introduced by the finance ministry on April 5.  Key goals of the legislation include capital markets digitalization through the issuance of electronic securities on a blockchain

A new report from the United States Treasury Department analyzing decentralized finance concluded that actors from the Democratic People’s Republic of Korea as well as other scammers are able to exploit vulnerabilities to facilitate money laundering. In its ‘Illicit Finance Risk Assessment of Decentralized Finance’ report released on April 6, the U.S. Treasury said many

Islamic banking and finance is a system based on the principles of Shariah, or Islamic law, which, among many other things, prohibits the charging or paying of interest on loans and emphasizes ethical and equitable financial transactions.  One of the more notable traits of Islamic banking is its prohibition on charging or paying interest on

The Web3 project team of Japan’s ruling Liberal Democratic Party has released a white paper containing suggestions for expanding the nation’s industry, which has been incorporated into the national strategy by Prime Minister Fumio Kishida’s administration. The Web3 project team aims to bypass the usual bureaucratic processes to formulate regulatory proposals for everything from nonfungible

The Chinese government appears to be more bullish on the cryptocurrency industry than one might think, as a major state company is reportedly launching new cryptocurrency funds. CPIC Investment Management, a subsidiary of China Pacific Insurance Company (CPIC), is launching two crypto funds in partnership with the investment firm Waterdrip Capital, the local tech-focused agency

The collapse of the FTX exchange and its subsidiaries in November 2022 also led to the shutdown of its philanthropic arm, FTX Future Fund. The philanthropic arm had pledged $1 billion in donations toward research academics across prestigious universities. However, the team behind the project resigned after FTX filed for bankruptcy on Nov. 11, 2022. Many

Singapore regulators work together with traditional banks to develop uniform standards for screening potential customers from the crypto industry. The collaboration has been ongoing for the last six months.  According to a Bloomberg report from Apr. 6, the Monetary Authority of Singapore (MAS) has been working alongside the police forces to help local banks optimize

Trading firms Jane Street Group, Tower Research Capital and Radix Trading have been reportedly identified as Binance’s three “VIP” clients that were cited anonymously in the recent lawsuit filed against Binance by the United States commodities regulator. According to an April 5 Bloomberg report citing “people familiar with the matter,” Radix Trading is “Trading Firm

Some mainstream media outlets have objected to attempts to withhold the identities of non-United States customers of cryptocurrency exchange FTX during its bankruptcy proceedings. In an April 4 filing to a Delaware Bankruptcy Court, media outlets Bloomberg, The Financial Times, The New York Times, and its parent firm the Dow Jones & Company jointly objected

OpenAI, the creators of artificial intelligence (AI) chatbot ChatGPT, is under investigation by Canada’s privacy commissioner for alleged collection and use of personal information without consent. On April 4, The Office of the Privacy Commissioner of Canada (OPC) stated its investigation was brought about following a complaint from an unidentified person. Head Privacy Commissioner Philippe

The United States Treasury faces a renewed legal challenge that aims to overturn the decision to sanction the crypto mixer Tornado Cash from six individuals backed by cryptocurrency exchange Coinbase. A motion for a partial summary judgment was filed on April 5 in a Texas District Court, the Coinbase-backed plaintiffs moved for the U.S. Office

Adrienne Harris, superintendent of the New York Department of Financial Services, or NYDFS, has reportedly said the closure of the crypto-friendly Signature Bank in March had nothing to do with exposure to digital assets. According to an April 5 report from The Wall Street Journal, Harris made the remarks at the Chainalysis Links conference in

Crypto miner US Bitcoin Corp has come to a tentative agreement with the City of Niagara Falls that will allow it to reopen its mining operation in that city, according to a local news report. A state supreme court judge ordered its plant closed in early March. The settlement still requires the approval of the

Elizabeth McCaul, a supervisory board member of the European Central Bank (ECB), has called for additional oversight of crypto firms operating in a borderless state outside typical attempts at supervision. In an April 5 blog post, McCaul said there was currently no adequate regulatory or supervisory framework for crypto firms, but the collapse of the

The Virtual Assets Regulatory Authority (VARA), the entity that oversees crypto activities in Dubai, has asked Binance to provide more information about its business requirements in its efforts to tighten regulatory guardrails in the emirate, Bloomberg reported. Citing three anonymous sources, Bloomberg reported on April 5 that the regulator had asked Binance to submit more information

United States President Joe Biden stated on Tuesday that the safety of artificial intelligence (AI) is still uncertain and emphasized that technology firms should ensure that their products are secure before releasing them to the public. During a meeting with science and technology advisors, Biden acknowledged that AI could be beneficial in tackling issues such

The standards for Virtual Asset Service Providers (VASPs) in Hong Kong are set “incredibly high” as the Securities and Futures Commission (SFC) is wanting the crypto industry to match the same compliance standards as traditional financial firms. Speaking to Cointelegraph at the Hong Kong WOW Summit, Lucy Gazmararian, the founder of crypto venture firm Token