India’s Finance Minister, Nirmala Sitharaman, raised concerns about the potential for crypto assets to cause “macroeconomic instability” at a press conference after her meeting with the G20 finance ministers and central bank governors. Speaking at the conference, Sitharaman emphasized: “There is a greater acceptance among all G20 members that any
Decentralized Finance (DeFi) has been making waves in the financial world as a revolutionary technology. That allows peer-to-peer value transfer on blockchains without intermediaries. However, concerns have raised about the risks associated with DeFi, including money laundering and terrorism financing. According to recent reports, the US Treasury Department released a
In the wake of the FTX’s fall, most regulators and lawmakers worldwide are tightening their regulatory stance towards the crypto industry. Specifically, the US regulators — SEC, and CFTC – pulled in major crypto exchanges including Binance, Coinbase, and Kraken under their keen regulatory radar. Binance, the largest cryptocurrency exchange,
NFTs, ‘Non-Fungible Tokens’ are digital assets. These assets are stored in the blockchain and can be owned similar to cryptocurrencies. The term ‘non-fungible’ refers to everything that is irreplaceable or unique. The term ‘token’ refers to the authority of ownership or proof. There are several sorts of NFTs other than
Japan’s Financial Services Agency (FSA) has warned and classified four cryptocurrency exchanges – Bybit, MEXC Global, Bitforex, and Bitget – as “unregistered crypto asset exchange business operators.” The regulator confirmed that the listed crypto exchanges violated the “Fund Settlement Act” and conducted their operations without registration “at the time of
A cascade of tragic financial disasters in 2022 has altered the future scope of cryptocurrency regulations. The crypto market archived the two colossal crashes – Terra Luna collapse and the FTX collapse – in its history. The aftermaths of these terrible events urged the regulators to investigate and dive into
While many companies licensed in Estonia are facing relocation due to stricter regulations, CryptoWallet, a crypto card provider and buy/sell platform, has become one of the first companies to renew its license. Regulations are tightening worldwide, and particularly in Estonia which once licensed 55% of all virtual asset providers. Now,
Crypto.com, an exchange has officially declared its reception of Dubai’s VARA Minimum Viable Product (MVP) Preparatory License. Virtual Assets Regulatory Authority (VARA) is the ultimate regulation for virtual assets in the Dubai zone. The spaces include Special Development Zones and Free Zones but exclude the Dubai International Financial Centre. Proud
Fraudulent crypto mining operations are in no way escaping the regulatory radar of the US Securities and Exchange Commission (SEC). On March 3, SEC filed a lawsuit against Utah-based crypto mining firm Green United LLC for raising over $18 million in a fraudulent sale of crypto mining equipment and assets
The U.S. Securities and Exchange Commission (SEC) intends to file a suit against Paxos, the firm that developed the Binance USD (BUSD) and Pax Dollar (USDP) tokens, over the latter stablecoin. The SEC allegedly wrote to Paxos. The regulator alerted Paxos to “possible enforcement action” in the letter. BUSD is
