Regulations News

Vietnam has officially unveiled its National Blockchain Strategy, as announced by the Ministry of Information and Communications (MIC) on October 23.

India is considering a ban on Bitcoin and other cryptocurrencies to prioritize the development of its Central Bank Digital Currency (CBDC).

Nickson Omondi, head of the digital economy tax division at the Kenya Revenue Authority (KRA), announced plans for a real-time tax collection system integrated with cryptocurrency exchanges.

During DC Fintech Week, Tether’s CEO, Paolo Ardoino, called for rational cryptocurrency regulations in the U.S.

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), recently highlighted the challenges of regulating artificial intelligence (AI) and cryptocurrencies in the financial sector.

The UK’s Financial Conduct Authority (FCA) has defended its strict cryptocurrency regulations in response to claims they may hinder innovation.

Indian regulators are considering a ban on private cryptocurrencies like Bitcoin and Ethereum, emphasizing the benefits of Central Bank Digital Currencies (CBDCs).

Yuichiro Tamaki, leader of Japan’s Democratic Party for the People (DPP), has introduced a proposal to lower the tax on cryptocurrency gains to 20%, should his party come into power.

A free zone in the UAE specializing in digital assets, is set to roll out a new legal framework aimed at decentralized autonomous organizations (DAOs).

The UAE’s Central Bank has taken a significant step by granting initial approval to AED Stablecoin, setting it up to potentially be the first officially regulated dirham-pegged stablecoin in the region.

Ireland is poised to formulate new cryptocurrency regulations as it anticipates upcoming European Union mandates on anti-money laundering and counter-terrorism financing.

ESMA has called for updates to the EU’s Markets in Crypto-Assets Regulation (MiCA), emphasizing the need for regulatory adjustments.

Italy is set to raise the capital gains tax on Bitcoin and other cryptocurrencies to 42%, according to Vice Economy Minister Maurizio Leo, who announced the move during a press conference regarding the nation’s 2025 budget, as reported by Il Sole 24 Ore.

The Kenya Revenue Authority (KRA) is set to upgrade its outdated tax collection system to improve efficiency and transparency.

Binance’s latest report, “Overview of Global Stablecoin Regulation,” highlights the varied regulatory frameworks for stablecoins worldwide.

U.S. Vice President Kamala Harris has introduced a new economic plan focusing on cryptocurrency regulation and support for digital assets as she prepares for the upcoming elections, where pro-crypto Republican Donald Trump is leading in the polls.

A U.S. Securities and Exchange Commission (SEC) commissioner has voiced concerns about the agency’s current direction regarding cryptocurrency regulation.

On October 10, South Korea’s Financial Services Commission (FSC) announced the establishment of a Virtual Asset Committee to consider the approval of cryptocurrency exchange-traded funds (ETFs).

Dubai’s Virtual Assets Regulatory Authority (VARA) is intensifying its oversight of cryptocurrency businesses, targeting those that are unlicensed or flouting marketing regulations.

Thailand’s Securities and Exchange Commission (SEC) is proposing new regulations to allow mutual and private funds to invest in cryptocurrency products, addressing growing institutional interest.

Hong Kong’s Securities and Futures Commission (SFC) plans to approve more cryptocurrency exchanges by year-end, according to CEO Julia Leung.

The Federal Tax Authority (FTA) of the UAE has announced updates to the Executive Regulation of Federal Decree-Law No. 8 of 2017, which oversees value-added tax (VAT).

Coinbase is set to remove all stablecoins that fail to meet regulatory standards in the European Economic Area (EEA) by the end of the year as part of its compliance with tightening EU regulations.

Mark Cuban, the billionaire entrepreneur, expressed concerns about SEC Chairman Gary Gensler’s regulatory approach, claiming it could have prevented the collapses of FTX and Three Arrows Capital (3AC).

The International Monetary Fund (IMF) has once again turned its attention to El Salvador, urging the nation to enhance its regulatory framework regarding Bitcoin.

Turkish investors are closely monitoring the topic of cryptocurrency taxation, but Treasury and Finance Minister Mehmet Şimşek has made it clear that taxes on stocks and cryptocurrencies are not currently under consideration.

The Bank of Russia plans to monitor all cross-border cryptocurrency transactions over the next six months, involving 19 major banks such as Citibank, MTS Bank and Raiffeisenbank.

Popular crypto exchange Gemini is set to shut down all Canadian accounts by the end of 2024, providing customers a 90-day window to withdraw their assets.

Amid escalating regulatory challenges in the U.S., many cryptocurrency founders are considering geofencing as a last-resort strategy for compliance.

Zhu Guangyao urged the government to reconsider its strict crypto ban, especially as the US adopts more favourable policies towards digital assets.

Japan’s Financial Services Agency (FSA) is preparing to reevaluate its crypto regulations, aiming to create a more investor-friendly environment by 2025, according to a Bloomberg report from Sept. 25.

Ohio State Senator Niraj Antani has proposed a new law that would allow residents to pay taxes and fees using Bitcoin and other cryptocurrencies.

Ki Young Ju, CEO of CryptoQuant, emphasized the importance of regulation for the future growth of Web3 and the cryptocurrency space.

Speaking at the Tsinghua Wudaokou 2024 Chief Economists Forum in Beijing, former Chinese Finance Minister Lu Jiwei urged China to carefully assess the progress and risks associated with cryptocurrencies.

Cynthia Lummis, a U.S. Senator and pro-crpypto advocate, has criticized the SEC’s approach to cryptocurrency regulations, claiming it hinders the industry’s growth.

Dubai’s Virtual Asset Regulatory Authority (VARA) is set to enforce tougher guidelines for companies promoting cryptocurrency investments within the region.

In a recent letter to Securities and Exchange Commission (SEC) Chairman Gary Gensler, 42 US Congressmen urged the SEC to allow banks to offer cryptocurrency custody services.

Australia is ramping up its efforts to regulate the cryptocurrency sector to enhance consumer protection and curb fraudulent practices.

Turkey has decided against implementing taxes on gains from stock and cryptocurrency trading, as confirmed by Vice President Cevdet Yılmaz in a recent Bloomberg interview.

Australian regulators are preparing new laws that will require crypto exchanges to secure a financial services license, according to reports from The Australian Financial Review (AFR).

The Capital Markets Board (CMB) has introduced a new set of regulations for the cryptocurrency sector, effective immediately following amendments to the Capital Markets Law No. 7518.

Anthony Scaramucci, founder of SkyBridge Capital, announced that Vice President Kamala Harris is working on her campaign’s cryptocurrency policies, with support from crypto advocates.

U.S. Congressman Warren Davidson has vocally criticized SEC Chair Gary Gensler, accusing the SEC of deliberately hindering Bitcoin ownership.

Former senior officials from the U.S. Securities and Exchange Commission (SEC) are preparing to testify at a congressional hearing scrutinizing the agency’s approach to regulating cryptocurrencies.

The DLT Science Foundation (DSF) introduced the MiCA Crypto Alliance on September 16, with Hedera, Ripple, and the Aptos Foundation joining as key partners.

Circle, the company behind the USDC stablecoin, is optimistic about the mainstream adoption of stablecoins as a key component of digital finance.

Tennessee Congressman John Rose has introduced a significant piece of legislation called the “BRIDGE Digital Assets Act,” aimed at reshaping the U.S. regulatory framework for cryptocurrencies.

The recent ruling by England’s High Court of Justice has declared Tether’s USDT stablecoin as a form of property, a decision that could significantly influence its future trajectory.

Cryptocurrency exchange CEX.IO has officially recommenced its services in the UK, following a compliance overhaul to meet the Financial Conduct Authority’s (FCA) new regulations.

North Carolina’s General Assembly has successfully overridden Governor Roy Cooper’s veto to pass legislation prohibiting the use of central bank digital currencies (CBDCs) in the state.

The UAE is enhancing its crypto regulatory framework with a new partnership between its federal financial authority, the Securities and Commodities Authority (SCA), and Dubai’s Virtual Assets Regulatory Authority (VARA).

Stuart Alderoty, Ripple Labs’ Chief Legal Officer, voiced strong criticism on September 10 regarding US regulators’ tendency to blame cryptocurrencies for money laundering issues.

Nigeria’s regulatory authority for securities is planning to take legal action against those involved in cryptocurrency activities that are not properly regulated.

Coinbase has scored a partial victory in its legal battle against the US Securities and Exchange Commission (SEC), potentially gaining access to important documents related to the agency’s classification of tokens as securities.

The UK’s Financial Conduct Authority (FCA) granted crypto licenses to just four out of 35 applicants for the year ending March 31, 2024, rejecting 87% of submissions.

Jake Chervinsky, Chief Legal Officer at VariantFund, has suggested that we might see heightened regulatory actions in the cryptocurrency sector as September ends.

South Korea’s Financial Supervisory Service (FSS) is set to crack down on virtual asset exchanges, focusing on uncovering illegal or suspicious activities.

Japan is poised to lower its cryptocurrency tax rate significantly, cutting it from the current 55% to a flat 20%.

During a private discussion at Korea Blockchain Week 2024 in Seoul, U.S. SEC Commissioner Mark T. Uyeda emphasized the need for the SEC to create a specialized Form S-1 for digital asset-related securities.

The Qatar Central Bank, along with the Qatar Financial Centre Authority and the Qatar Financial Centre Regulatory Authority, has unveiled a new regulatory framework for digital assets within the Qatar Financial Centre (QFC).