The crypto industry is experiencing a significant shift away from the United Kingdom due to the burdensome and time-consuming regulatory processes imposed by the Financial Conduct Authority (FCA). According to a report by the Financial Times, registrations for crypto asset exchanges and custodian wallet providers have decreased by more than 50% in the past three
Regulation
Recently, the Nigerian Securities and Exchange Commission (SEC) granted Approval-in-Principle to two local crypto exchanges, Busha Digital Limited and Quidax. This move signifies the SEC’s commitment to promoting innovation while safeguarding investors in the digital asset space. With the Accelerated Regulatory Incubation Program (ARIP) in place, operational firms are being onboarded ahead of the anticipated
OpenSea CEO Devin Finzer recently announced that the company had received a Wells Notice from the US Securities and Exchange Commission (SEC) due to concerns that the NFTs on their platform may be classified as securities. This announcement has sparked controversy within the cryptocurrency community, as it signifies a potential crackdown on digital assets by
The US Securities and Exchange Commission (SEC) recently filed settled charges against Abra, a crypto lending firm, for failing to register its crypto asset lending product, Abra Earn. The SEC also brought charges against Plutus Lending LLC, the owner of Abra, for operating as an unregistered investment company. Stacy Bogert, Associate Director of the SEC’s
In recent years, France has emerged as a prominent base for leading cryptocurrency businesses. Companies such as Binance, Crypto.com, and Circle have all established their European headquarters in Paris. This shift can be attributed to the country’s advantageous tax rates, access to a diverse pool of talent from across Europe, and a thriving culture of
The joint statement by Meta CEO Mark Zuckerberg and Spotify CEO Daniel Ek highlighted a major concern about the European Union’s regulatory structure when it comes to artificial intelligence (AI) innovation. The CEOs argued that the EU’s AI regulatory framework is fragmented and lacks clarity, making it difficult for companies in the region to fully
The DeFi Education Fund and the Blockchain Association recently submitted an amicus brief in support of a legal challenge against the Securities and Exchange Commission’s (SEC) Consolidated Audit Trail (CAT). This database, operational since April, aims to track all securities trades across US markets, raising significant privacy and security concerns for participants in the digital
The Indian government is taking steps to introduce comprehensive regulations for the cryptocurrency sector, as reported by local media on Aug. 22. The first move in this plan is to release a consultation paper in the upcoming weeks to gather feedback from stakeholders. This initiative showcases the government’s dedication to establishing a regulatory framework for
Recently, German authorities made a decisive move in the fight against unlicensed financial activities in the country’s crypto market. With $28 million in cash and 13 crypto ATMs confiscated, the operation led by the Federal Financial Supervisory Authority (BaFin) aimed to curb the risks posed by unregulated digital assets. Working in collaboration with law enforcement
The Nigerian Federal Inland Revenue Service (FIRS) is gearing up to implement new legislation aimed at taxing the rapidly expanding crypto sector in the country. This move, as reported by Business Day, comes as a means to boost economic growth and foster innovation within the industry. FIRS Executive Chairman, Zacch Adedeji, highlighted the need for