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South Korea to Expel Crypto Exchanges Failing to Meet Its Stringent Conditions
15.2.2024
Cryptocurrency exchanges that fail to meet South Korea’s stringent operating standards will be expelled from the crypto market, the country’s financial intelligence agency has said. The Financial Intelligence Unit said its annual work plan incorporates the insights of cryptocurrency...
Australian Government Official to Question Regulator Over Its Failure to Warn Crypto Investors
10.1.2024
The Australian government’s assistant treasurer, Stephen Jones, has stated his intention to query the country’s securities regulator over its failure to warn investors about the risks of investing in the now-collapsed crypto investment firm Hyperverse. Jones stated that a “bunch”...
South Korea Financial Regulator Proposes Consumer Protection Rules for Crypto Users
11.12.2023
The rules are scheduled to take affect on July 19 next year
New York finance regulator tightens crypto listing guidance
16.11.2023
Crypto firms’ policies on coin listing and delisting must align with a list of standards set by the NYDFS
Crypto Regulation News Weekly Digest: SafeMoon Executive Charges and FinCEN’s Mixing Service Proposal
7.11.2023
Last week saw major regulatory actions against crypto mixing services and alleged fraud along with pushback from lawmakers. Image by Andrii, Adobe Stock. The cryptocurrency industry increasingly finds itself under the purview of regulators striving to balance innovation with consumer protection...
Tokenized Future: Hong Kong’s Regulatory Shifts Towards Digital Assets
2.11.2023
Hong Kong is mapping out clear guidelines for tokenization and digital assets. The city aims to achieve a mix of innovation and consumer protection for both the developers and the users. This initiative, as part of a broader push, is steered towards placing Hong Kong at the center of fintech...
US Consumer Protection Agency Might Introduce E-banking Laws to Digital Assets
9.10.2023
The director of the Consumer Financial Protection Bureau (CFPB) disclosed that the agency is considering transplanting e-banking laws to digital assets.
Speaking at the Bookings payment conference on Oct 6, Rohit Chopra said that the agency might apply the Electronic Fund Transfer Act (EFTA)...
Regulator Sues Crypto Exchange Kraken Provider in Australia
22.9.2023
Australia’s securities regulator has initiated civil proceedings against Bit Trade Pty Ltd, an entity providing Kraken services to Australian users. According to the government agency, the company failed to comply with regulatory obligations meant to ensure proper consumer protection. Australian...
Hong Kong Regulator Says Crypto Firms Claiming to Be Banks Are in Contravention of Banking Ordinance
21.9.2023
The Hong Kong Monetary Authority said on Sept. 10 that crypto firms presenting themselves as banks are in contravention of the region’s Banking Ordinance. The HKMA argued such descriptions “may mislead members of the public into believing that those crypto firms” are financial...
Kenyan Residents Asked to Participate in a ‘Public Survey on Virtual Assets’
18.8.2023
Kenya residents who wish to shape their country’s policy towards the crypto ecosystem can now do so by participating in a public survey on virtual assets and virtual assets service providers, the Financial Reporting Centre (FRC) has said. The FRC says the public’s feedback “will...
Scam Money Is Laundered via Crypto Exchanges — Australian Regulator
17.8.2023
A significant portion of scam money is getting laundered through cryptocurrency exchanges, the CEO of the Australian Banking Association has alleged. The Australian Financial Crimes Exchange said as much as 47% of all fraud and financial scam proceeds in the country are washed on crypto exchange...
Australian Regulator Sues Etoro to ‘Protect Consumers From High-Risk CFD Products’
4.8.2023
The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against the crypto platform Etoro. The lawsuit relates to Etoro’s contract for difference (CFD) product which ASIC alleges to be in breach “of design and distribution obligations and of Etoro’s license...
Namibia signs crypto exchange regulation bill into law
26.7.2023
The law will officially enter into force at a date determined by Namibia’s Ministry of Finance
Report: South Africa Regulator Says Unlicensed Crypto Exchanges in 2024 May Be Closed Down
6.7.2023
According to the regulator of the South African financial services industry, cryptocurrency exchanges based in the country must secure operating licenses before the year ends. Crypto exchanges that fail to abide by the requirement will either be fined or closed down, Unathi Kamlana, the Financial...
Italy’s central bank calls for framework to prevent stablecoin runs
29.6.2023
Bank of Italy is calling for closer regulator scrutiny of stablecoins, which they say “have not proved stable at all.”
EU consumer protection groups urge governments to investigate AI
20.6.2023
A coalition of watchdog groups in the EU urged governments to assess the risks and vulnerabilities consumers are subjected to due to generative AI
Chainalysis VP Caroline Malcolm: U.S. Crypto Policy Needs to Accomplish These 3 Things
15.6.2023
US Consumer Protection Agency Issues Warning on Payment Apps Following Collapses of Crypto Firms, Banks
2.6.2023
The US Consumer Financial Protection Bureau issued a warning on Thursday for people using person-to-person services to store funds, reminding them that they are not federally insured, in the wake of FTX and multiple bank collapses.
Transaction volumes on payment apps have “substantially...
Zambia to Complete Testing Real-Life Crypto Usage Simulations by June — Government Minister
18.4.2023
Zambia is set to complete real-life crypto usage simulations by the end of June, Felix Mutati, the country’s science and technology minister has said. The Zambian minister said his country is seeking a balance between innovation and consumer protection. Zambia Needs to Build Digital...
True Consumer Protection in Crypto Lies Between Centralization and Decentralization
15.4.2023