The collaboration between the Bank for International Settlements (BIS) and several central banks marks a proactive step towards solving the complex challenges of regulatory compliance in cross-border transactions. Announced on October 28, this initiative, known as Project Mandala, brings together the BIS Innovation Hub Singapore Centre and central banks from Australia, Korea, Malaysia, and Singapore.
Regulation
In a compelling open letter to prominent political figures, including Vice President Kamala Harris and former President Donald Trump, Charles Cascarilla, the CEO and co-founder of Paxos, has highlighted a significant concern for the future of America’s financial landscape. He articulates that the nation’s financial dominion relies heavily on the next presidential administration’s approach to
Gemini, the cryptocurrency exchange co-founded by Tyler and Cameron Winklevoss, recently announced that it has secured in-principle approval from the Monetary Authority of Singapore (MAS) to deliver cross-border money transfer and digital payment token services. This development transforms Gemini’s operational landscape as they ramp up their presence in the Asia-Pacific (APAC) region, a market that
In recent years, the landscape for cryptocurrency, particularly Bitcoin, has been rapidly evolving. Concerns regarding legal status, regulations, and custodianship have pushed proactive advocacy groups to take charge. The Satoshi Action Fund has emerged at the forefront of this charge, drawing parallels to the legal strategies employed by the cannabis industry to secure protections at
As digital currencies continue to gain traction globally, South Korean authorities are crafting a regulatory framework aimed at overseeing cross-border digital asset transactions, with implementation slated for late 2025. This initiative stems from a pressing need to establish order within the burgeoning cryptocurrency market—an arena filled with potential yet rife with vulnerabilities. The Ministry of
The Netherlands is embarking on a significant regulatory journey concerning the ownership and taxation of cryptocurrencies, indicated by a recent announcement from the Dutch government. This initiative, part of a public consultation process starting October 24, seeks to solicit opinions from both the public and crypto service providers on proposed frameworks aimed at enhancing transparency
In the complex world of cryptocurrency, Tether has maintained a considerable presence as a stablecoin issuer. Nevertheless, the company has often found itself under intense scrutiny. The latest controversy erupted when a report from the Wall Street Journal suggested that Tether was facing investigation by federal entities in the United States. Given the volatile environment
In a strategic move reflecting the growing threats posed by cryptocurrency-related crimes, the United States and Nigeria have set up a Bilateral Liaison Group aimed specifically at combating illicit financial activities facilitated by digital currencies. This initiative was officially announced on October 23, underscoring the commitment of the US to bolster its partnership with Nigeria
Denmark is considering a comprehensive new taxation scheme targeting unrealized gains on cryptocurrencies, proposing a potent 42% tax rate. This marks a significant shift in how digital assets are viewed in relation to existing financial instruments, aiming to bring cryptocurrencies under a structured and consistent taxation framework that echoes current laws governing traditional financial contracts.
In recent years, the regulatory landscape surrounding cryptocurrencies, particularly Bitcoin, has entered a notably aggressive phase. The interconnectedness of global financial systems has led to increased scrutiny from central banks and governments alike, with research being released by the Federal Reserve Bank of Minneapolis and the European Central Bank (ECB) advocating for the potential banning