Regulation

The legal turmoil affecting blockchain platform Ripple (XRP) has spilled over to MoneyGram, a major partner in the payment network. The payment processing giant has been slapped with a class-action lawsuit for its association with Ripple.  MoneyGram sued over Ripple lawsuits This latest development was reported by law firm Rosen in a recent statement. The class-action lawsuit, which was submitted yesterday, accuses MoneyGram of providing misleading information to investors. It also charges the payment firm for failing to educate investors regarding…

Leading digital-asset investment firm Grayscale Investments has announced that it is considering several crypto-assets for potential product offerings. This, according to the firm, is part of its aims to diversify its current product portfolio.  23 Cryptocurrencies Under Consideration Grayscale revealed this latest development in a press release on February 26, 2021. According to the report, the firm is currently exploring 23 crypto-assets to expand its current investment products for its clients.  Several top cryptocurrencies are included, including smart contract-based platforms…

Leading cryptocurrency exchange Coinbase has filed to go public on Nasdaq via a direct listing. This sets the stage for a landmark listing for the U.S cryptocurrency exchange and a first for the blockchain industry.  Filing Reveals Key Details On Coinbase This development was revealed by the U.S media outlet platform Reuters on February 25. According to the report, the exchange has disclosed its regulatory filing to the U.S financial regulators, paving the way for its listing on the U.S stock exchange. …

India's central bank, the Reserve Bank of India (RBI), is worried about the effect of cryptocurrencies in the region. The bank is also developing the digital rupee as it looks to join the list of countries with Central Bank Digital Currencies (CBDC).  Crypto Concerns from India's Apex Bank   RBI governor Shaktikanta Das echoed this latest concern in an interview with local news outlet CNBC TV-18 on Wednesday. Das revealed that the bank had significant problems with cryptocurrencies and had informed…

The European Central Bank (ECB) calls on EU lawmakers to confer it with total control over stablecoin issuance within the region. Reuters reports today that the ECB, via a legal opinion issued on February 19, requested to be given the exclusive right to determine whether a stablecoin will launch within its jurisdiction.  The ECB noted that if stablecoins are not strictly supervised, it could negatively affect the eurozone’s existing payment system.   “Where an asset-reference arrangement is tantamount to a payment…

Bitfinex and Tether have settled the legal dispute with the New York Attorney General Office (NYAG) that began in 2019. As part of the settlement, the crypto firms have agreed to pay $18.5 million to the New York state regulator.  End To A Protracted Legal Dispute The New York Attorney General Office revealed the settlement agreement in a statement released today. The lengthy report highlighted the entire legal dispute process that began in 2019. In April 2019, the NYAG office charged…

According to media reports, South Korea will impose a crypto tax of 20% on profits from 2022. This development is part of the Korean government's plans to regulate cryptocurrency in its jurisdiction.  20% Tax on Profits above $2,260  Local news outlet Arirang revealed this development today, February 22, 2021. According to the report, the Ministry of Economy and Finance stated that income gained from trading bitcoin and other cryptocurrencies would be subjected to taxation from January 1, 2022.  Traders and…

The Austrian Financial Market Authority (FMA), an independent and autonomous body responsible for the country's financial services industry's supervision and regulation, has recently noticed an increase in the number of crypto-related frauds in the country. Crypto Scams Surges According to a recent Bloomberg report, the financial regulator stated that the number of whistle-blower reports regarding fraudulent activities in 2020 had skyrocketed. While some of these reports also involved traditional investment assets like stocks and gold, the FMA noted that most…

As cryptocurrencies continue to gain widespread adoption globally, the Swiss canton of Zug has officially rolled out the option that enables taxpayers, including citizens and local businesses, to pay taxes in bitcoin (BTC) or ether (ETH).  As announced yesterday, the initiative was born out of a partnership with local crypto broker Bitcoin Suisse, with the firm chosen to facilitate all crypto tax payments for the city.  Bitcoin Suisse will be in-charge of converting all crypto tax payments to Swiss francs…