The dynamic nature of digital finance continues to evolve, and with it, the need for a robust regulatory framework becomes increasingly critical. Senator Bill Hagerty (R-TN), a prominent member of the Senate Banking Committee, has initiated a proactive approach toward regulating stablecoins by unveiling a new legislative draft. This proposal aims to establish a clear
Regulation
In a significant move that has sent ripples through the cryptocurrency market, the Securities and Exchange Commission (SEC) charged Chicago-based crypto market maker Cumberland DRW on October 10 for allegedly functioning as an unregistered securities dealer. This action highlights an ongoing struggle within the crypto sector concerning regulatory compliance and the classification of digital assets
On October 10, 2023, the Financial Services Commission (FSC) of South Korea made a significant announcement regarding the establishment of a Virtual Asset Committee. This initiative aims to tackle the pressing issue of approving spot crypto exchange-traded funds (ETFs) within the country. Chairing this new advisory body is FSC Vice Chairman Soyoung Kim, supported by
The regulatory landscape for cryptocurrencies in the United States is currently fraught with confusion and controversy. SEC Commissioner Mark Uyeda recently expressed his candid critique of the agency’s approach to cryptocurrency regulation, labeling it a “disaster for the whole industry.” This assertion highlights a growing concern among both regulatory officials and industry insiders regarding the
The world of cryptocurrency has seen a meteoric rise in the adoption of stablecoins, digital assets designed to maintain a stable value by pegging them to traditional currencies or commodities. This phenomenon has not gone unnoticed by governments around the globe, particularly in regions like South Korea, where the Ministry of Economy and Finance has
Taiwan’s Financial Supervisory Commission (FSC) has recently announced an initiative aimed at placing the nation on the digital asset map. This pilot program, set to commence in early 2025, is designed for financial institutions wishing to partake in digital asset custody services. The FSC’s actions underscore a commitment to nurturing financial innovation while gearing up
The recent decision by the United Arab Emirates (UAE) to exempt cryptocurrency transactions from the 5% value-added tax (VAT) marks a significant shift in the nation’s approach to digital assets. Established through an amendment to the Executive Regulation of the Federal Decree Law on VAT, this policy will formally come into effect on November 15,
Piero Cipollone, a leading figure within the European Central Bank (ECB), has made a compelling case for Europe to embrace digital assets and distributed ledger technology (DLT) as a means to forge a more unified capital markets union. Speaking at the Bundesbank Symposium on the Future of Payments on October 7, he elucidated how the
In a notable shift towards establishing itself as a significant player in the digital asset realm, the Hong Kong Securities and Futures Commission (SFC) is poised to issue more licenses for cryptocurrency businesses by the end of the year. This development, reported by local news outlet Hong Kong 01 on October 7th, follows the recent
In a significant development for the cryptocurrency sector, TrustToken and TrueCoin, the organizations behind the TrueUSD (TUSD) stablecoin, have reached a settlement with the U.S. Securities and Exchange Commission (SEC) regarding serious allegations of unregistered and misleading sales of investment contracts. The agreed payment totals $700,000, inclusive of penalties and disgorgement, though both firms have