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Crypto Regulation News Weekly Digest: Major Nations Commit to Crypto Tax Reporting Standard and EU Issues Draft Stablecoin Guidelines
14.11.2023
Nations and authorities advance crypto regulations across taxation, stablecoins, geo-blocking, and compliance this week. Image by motortion, Adobe Stock. Last week brought several noteworthy developments in the evolving crypto regulation scene across the globe. Major nations made efforts towards...
Indian Supreme Court Dismisses Plea Seeking Crypto Trading Regulations
13.11.2023
Source: Pexels The Indian Supreme Court on Friday declined to entertain a petition seeking to establish guidelines on crypto regulations. Cryptocurrencies, decentralized digital or virtual currencies operating independently of a central bank, have faced ongoing discussions regarding their...
US Regulator to Continue Going After Crypto Entities Despite Court Setbacks — Expert
9.11.2023
The U.S. Securities and Exchange Commission is unlikely to issue clear guidelines on the application of the law against the crypto industry before its case against Ripple is finalized, an industry expert has said. The U.S. securities regulator only needs to provide “additional facts”...
EBA Releases Liquidity Guidelines for Stablecoin Issuers
8.11.2023
Source: European Banking Authority (EBA) The European Banking Authority (EBA) has issued guidelines regarding liquidity and capital requirements for stablecoin issuers in line with the EU’s new Markets in Crypto Assets (MiCA) regulation. A third batch of #MiCAR public consultations has...
Now Is The Time For Universal Video Game Accessibility Guidelines
2.11.2023
As Kotaku’s resident Soulsbud, I was stoked to check out the action-Soulslike RPG Lords of the Fallen when it debuted back in mid-October, so I booted it up and immediately navigated to the settings menu. This is always my first stop when starting any game, to ensure I can actually play the thing....
Abu Dhabi Global Market Unveils New Regulations for Web3 Firms
2.11.2023
Abu Dhabi seeks to beef up its web3 landscape with new guidelines for blockchain-based firms as its crypto hub is projected to grow in the coming months. The Abu Dhabi Global Market (ADGM) announced new rules that create numerous blockchain foundations and how they operate within the jurisdiction...
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...
Web3 Protocol WalletConnect Halts Services in Russia, Following US Treasury Guidelines
1.11.2023
Web3 platform WalletConnect, which links cryptocurrency wallets, has restricted its services in Russia, in light of the latest US Guidelines. The US Treasury’s Office of Foreign Assets Control (OFAC) unveiled sanctions in Russia and a few parts of Ukraine. The restrictions came into effect...
White House’s AI Safety Order Leads to Slide for AI Tokens
1.11.2023
President Joe Biden’s recent Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence has impacted the cryptocurrency market, with AI-related tokens dipping in value. The White House’s Executive Order introduces a regulation framework...
UK Government Rolls Out Final Proposals for Stablecoin Regulation
30.10.2023
The United Kingdom has released proposals for a stablecoin framework alongside wider industry regulations in a bid to position the country as an investment destination and to protect users. In an Oct 30 release, His Majesty’s Treasury published a set of guidelines for regulating...
European Banking Authority, ESMA issue crypto entity suitability guidelines
20.10.2023
The joint guidelines include granting authorization for ART and CASP issuance and conducting prudential assessments for potential acquisitions
a16z’s Arianna Simpson Says Lack of Specific Guidelines is Pushing Crypto Firms Offshore
20.9.2023
a16z General Partner Arianna Simpson believes the US needs to establish a regulatory framework that instills confidence in crypto firms and allows them to build technology products without fear of potential consequences.
Simpson claimed that the lack of specific guidance in the US is causing...
NYDFS Proposes New Guidelines on Listing and Delisting Crypto on Trading Platforms
18.9.2023
The New York Department of Financial Services (NYDSF) seeks to introduce new guidelines on the listing and delisting of digital assets by venture capital entities.
On Sept 18, the financial watchdog published new proposals to guide digital asset exchanges on multiple issues including listing...
Bitcoin Price Prediction: India Contemplates Crypto Regulation Amidst IMF-FSB Guidelines and CBDC Concerns
11.9.2023
On Monday, Bitcoin price experienced a minor decline of 0.50%, trading at $25,742. This shift in value comes amidst India's contemplation of regulating the cryptocurrency sector in alignment with the IMF-FSB guidelines.
While the move towards introducing Central Bank Digital Currencies (CBDCs)...
Circle responds to EBA, seeking revision in guidelines
6.9.2023
EBA, short for European Banking Authority, has issued certain guidelines. It basically extends the scope of Money Laundering and Terror Financing. These are also referred to as ML and TF respectively. While Circe has welcomed the guidelines, it has sought certain revisions to them for better...
Lawmakers Object to Federal Reserve’s Stablecoin Guidelines — Say They Undermine Legislative Progress
29.8.2023
Several U.S. lawmakers have objected to the Federal Reserve’s stablecoin regulatory guidelines, which they believe “will undoubtedly deter financial institutions from participating in the digital asset ecosystem.” According to the lawmakers, “The Fed has chosen to effectively...
Fed Launches New Crypto Oversight Program, Issues Dollar Stablecoin Guidelines
10.8.2023
The Federal Reserve has established a new supervisory program to increase oversight of crypto activities by the banks it regulates. The U.S. central bank also released additional guidelines for banks to follow before engaging in the issuance, possession, or transactions involving U.S. dollar...
Obligatory license for stablecoins? What do the latest FSB guidelines mean
8.8.2023
FSB starts from the definition of “global stablecoin”, which serves as a means of payment and storage and has the potential for adoption across multiple jurisdictions
Crypto Staking in the Crosshairs: IRS Unveils New Tax Guidance
1.8.2023
The U.S. Internal Revenue Service (IRS) has issued a decree stating that American citizens drawing income from cryptocurrency staking services must categorize the value of those digital assets as gross income, the moment they officially take possession of the staking reward. IRS Clarifies...
Apple's App Store Guidelines Under Scrutiny by Lawmakers for Blockchain and NFT Limitations
31.7.2023
Apple is facing regulatory scrutiny in the US over its App Store guidelines, which allegedly hurt apps related to blockchain and non-fungible tokens (NFTs).
In a formal letter, US Representatives Gus Bilirakis of the Republican Party, representing Florida, and Jan Schakowsky of the Democratic...