The new German government has cited crypto in its coalition agreement, advocating for an equal playing field between traditional finance and “innovative business models.” Three German political parties agreed to a coalition deal this week that will see left-leaning Social Democrats (SDP), the Green Party and the right-friendly Free Democrats (FDP) take the reins from
Regulation
Singapore-based fund manager Fintonia Group has launched two institutional-grade Bitcoin (BTC) funds approved by the Monetary Authority of Singapore (MAS). The new funds, the Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund, are intended to provide simple and secure exposure to Bitcoin for professional investors, Fintonia announced on Nov. 25. The Fintonia Bitcoin
There is no denying the fact that the crypto market has grown from strength to strength over the course of 2021, as is best highlighted by the total capitalization of the industry recently hitting the $3-trillion mark, albeit for a relatively brief period of time. That said, stablecoins, a class of cryptos that have their
A group of five Democratic senators has reportedly rejected President Joe Biden’s nominee, Saule Omarova, to head the Office of the Comptroller of the Currency (OCC). Omarova’s nomination as a bank regulator was initially opposed by three members of the Senate Banking Committee — Senators Jon Tester, Mark Warner, and Kyrsten Sinema — on a
Founded in 2017, OKEx is a centralized cryptocurrency exchange based in Seychelles. According to CoinGecko, OKEx is the world’s third-largest cryptocurrency brokerage, with nearly $12 billion in trading volume within the past 24 hours. The exchange lists 312 coins and 518 cryptocurrency trading pairs. It’s often difficult for new cryptocurrency enthusiasts to navigate the complex
Bank of England governor Andrew Bailey has expressed concerns over El Salvador’s adoption of Bitcoin (BTC) as legal tender after President Nayib Bukele announced the launch of Bitcoin City. Bailey argued that El Salvador’s decision to adopt Bitcoin as a currency was alarming because consumers are likely to suffer from the cryptocurrency’s extreme volatility. Trading
South Korea’s Financial Services Commission (FSC) has issued a report outlining its new definition of cryptocurrencies, along with proposed procedures for token issuers and punishments for non-compliance. The mooted rules could impose onerous regulations on individuals or platforms that mint non-art NFT’s intended for trading, as well as decentralized finance projects among others. The Nov.
The U.K. Law Commission, tasked with monitoring the laws in the United Kingdom and recommending reforms, has said England and Wales do not need statutory law reform for smart legal contracts in the digital asset space. In a Thursday announcement, the commission said smart contracts built using distributed ledger technology are permissible within England’s and
The European Union’s planned framework for regulating cryptocurrencies is one step closer to becoming official. On Wednesday, the European Council, which guides the EU’s political agenda, announced its position on the Markets in Crypto Assets (MiCA) framework and the Digital Operational Resilience Act (DORA). Following the deal, which must then be ratified, the European Council
Former Secretary of State HIllary Clinton has said that cryptocurrency markets need stronger regulations to protect against technological manipulation by Russia, China, and others. Her comments on cryptocurrency were part of a larger segment in a Nov. 24 interview with MSNBC TV news host Rachel Maddow on the manipulation of social media platforms by certain nations.
The U.S. Securities and Exchange Commission, or SEC, announced Nov 24 the title of the upcoming crypto panel for its Dec 2 Investor Advisory Meeting will be “Helping to Ensure Investor Protection and Market Integrity in the Face of New Technologies”. Previously on Nov 15, the Commission announced the meeting would be open to the
Regulatory discussions in India around a crypto ban caused panic selling on major crypto exchange WazirX, resulting in massive price drop on leading cryptocurrencies including Bitcoin (BTC) and Ether (ETH). Crypto prices in India crashed soon after the parliament announced to introduce and list 26 new bills in the Winter Session, which included the Cryptocurrency
South Korean government officials have created confusion this year with conflicting announcements regarding a possible repeal or amendment of the upcoming crypto tax set to come into effect in 2022. Throughout 2021, debate has increased in intensity in the National Assembly, South Korea’s legislature, about whether, or how, to amend the crypto tax. If unchanged,
South Korea’s Financial Services Commission, or FSC, announced Tuesday that nonfungible tokens, or NFTs, will be taxed starting next year. According to The Korea Herald, this tax law amendment would impose a 20% tax on income from virtual assets that exceed 2.5 million won ($2,102) as of Jan. 1, 2022. The FSC’s vice chairman Doh
Matt Comyn, the CEO of the Commonwealth Bank of Australia (CBA), said that the bank is more concerned about the risks of missing out on crypto than those associated with its adoption. The CBA is set to become the first of the “big four” banks in Australia to offer crypto-based services, after the company announced
With crypto regulation reportedly set to ramp up in Australia over the next 12 months, Kraken Australia’s Managing Director Jonathon Miller thinks that a strict crypto regime could stifle local competition. The Senate Committee on Australia as a Technology and Financial Center, led by crypto-friendly Senator Andrew Bragg tabled 12 extensive recommendations for regulation of
