Regulation

Taiwan is planning to prohibit buying cryptocurrencies with credit cards. Local media outlet Economic Daily reported on July 21, noting that the Financial Supervisory Commission (FSC) is behind these efforts. Reportedly, the regulator sent the Taiwan Association of Banks a letter earlier this month, warning the body about the speculative and risky nature of cryptos. According to the FSC letter, the cash flow in crypto is complex because it is difficult to monitor transactions. To this end, the regulator asked…

Thailand’s Securities and Exchange Commission (SEC) plans to introduce stricter regulations for crypto firms. Bloomberg reported on July 22, citing the SEC’s Secretary-General Ruenvadee Suwanmongkol. The decision to introduce sterner regulations comes after the recent crypto market downturn saw retail investors incur massive losses. According to Suwanmongkol: The extreme volatility of digital-asset prices has spurred the urgent need for improved supervision. Our main focus will be to provide more protection for small investors, some of whom are putting most of…

The U.S. Department of Justice (DOJ) has charged three individuals with the first ever cryptocurrency insider trading scheme. Among the three accused is Ishan Wahi – a former product manager at Coinbase. Exploiting Coin Listing Knowledge According to the DOJ’s press release, Ishan Wahi has been specifically charged with both wire fraud conspiracy and wire fraud. Charged alongside him are his brother Nikhil Wahi and friend Sameer Ramani. Each charge carries a maximum sentence of 20 years. The product manager…

South Korean prosecutors raided local crypto exchanges on Wednesday, July 20, as part of the investigation on Terraform Labs. Yonhap reported, citing a message from the prosecution office. The raid saw a team of investigators from the Seoul Southern District Prosecutors seize transaction records and other data from seven exchanges. Upbit, Bithumb, Gopax, Korbit, and Coinone are among the raided exchanges. Also, the bust saw the investigators visit eight other residential and office addresses. These include the homes and offices…

Singapore's leading fiscal authority, MAS has denied licensing a handful of recently collapsed crypto firms often linked to the nation. MAS Clears Regulatory Misconceptions TerraForm Labs, Luna Foundation Guard, Vauld, and Three Arrows Capital are among the platforms in question here. Of late, these firms have all experienced significant turbulence due to the ongoing market volatility as well as other issues. Another thing they have in common is ties to the Southeast Asian country Singapore, as the media often touts…

Leading exchange firm Binance is facing a 3M euro charge from the central bank of the Netherlands (DNB) for operating without permission from regulators. Binance Breaks Dutch Regulatory Requirements Today, the institution shared a release noting details of the exchange’s violations and the ensuing fine. According to the report, Binance offered crypto services within the jurisdiction without obtaining a license from the DNB.  As this is prohibited, the major bank imposed a fine over 2 months ago on the 25th…

Russian President Vladimir Putin signed a bill into law preventing the use of digital assets as a means of payment According to the explanatory note on the draft law, the bill prevents “the use of digital financial assets… as a means of payment.” Specifically, it establishes a direct ban on the “transfer or acceptance of” digital financial assets as compensation for work, goods, or services. The note reinforces the primacy of the ruble as Russia’s official monetary unit.  “This article…

In a recent discussion with Yahoo Finance, SEC Chairman Gary Gensler revealed that the US watchdog might overlook crypto firms when enforcing certain regulatory measures. Rather than subject crypto outfits to present securities laws, Gensler believes flexibility in new rules could help most crypto firms adhere to the constitution. New Market Slump Makes Regulation a Necessity Given the ongoing crypto decline and the collapse of various companies in the space, regulation is more important than ever. Some of the platforms…

As fiscal policies in China continue to impede crypto growth, Chinese tech conglomerate Tencent has closed down one of its two marketplaces for digital collectibles.  Monetary Laws Hinder Sales China’s long-running battle with digital currencies is common knowledge. Throughout last year the nation’s government progressively imposed measures that culminated in a blanket ban on cryptocurrencies in September. While NFTs aren’t prohibited in the same way, the regulators have made it clear that they have their reservations about them.  In the…