The implementation of the Markets in Crypto-Assets (MiCA) regulation by the EU has sent shockwaves throughout the digital asset market. Not only are EU companies affected, but global firms involved in Euro transactions are feeling the impact as well. One noticeable change following the introduction of stablecoin rules in June is the significant drop in
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The recent announcement by Messari, a prominent US-based crypto market intelligence platform, to declare independence from the Securities and Exchange Commission (SEC) has sent shockwaves through the industry. The CEO, Ryan Selkis, boldly stated the company’s intention to no longer comply with the SEC’s regulations due to what he perceives as a stringent and ineffective
The European Banking Authority (EBA) recently announced updates to its Travel Rule guidelines, now including crypto service providers and intermediaries. This change, set to take effect on December 30, 2024, will require crypto exchanges in the European Union to adhere to the Travel Rule guidelines (EU-2023/1113). The new rule mandates that exchanges report information on
South Korea’s Financial Supervisory Service (FSS) has announced plans to increase scrutiny on cryptocurrency trading platforms to eradicate fraudulent activities. This move comes as part of the regulator’s efforts to ensure fair and transparent transactions within the crypto industry. Exchanges will now be required to set up a continuous monitoring system to detect and report
The Securities and Exchange Commission (SEC) of Nigeria has recently introduced stringent guidelines for Virtual Asset Service Providers (VASPs) as part of its new regulatory incubation framework. The guidelines mandate that all fintech entrepreneurs involved in virtual assets must establish a local office in Nigeria, including leadership roles such as CEOs. These requirements are aimed
Recently, the popular crypto exchange KuCoin announced that it would begin collecting a 7.5% value-added tax on trading fees from its Nigerian users starting on July 8. This move comes as a surprise to many in the crypto community, as other platforms like ByBit and Binance have not yet implemented similar tax measures. For Nigerian
The recent update by the Monetary Authority of Singapore (MAS) has brought about an increase in the risk level of Digital Payment Token (DPT) service providers. This regulatory change, announced on July 1, resulted in the elevation of DPTs to a medium-high risk level from their previous medium-low rating. The MAS made this decision as
The Bahamas is taking steps to boost the adoption of its central bank digital currency (CBDC) known as the “Sand Dollar” by working with commercial banks. This move aims to increase the utilization of CBDC and mobile payments within the country. Governor of the Central Bank of The Bahamas, John Rolle, mentioned that the country
VanEck’s Head of Digital Assets Research, Matthew Sigel, recently confirmed that the company’s Solana spot ETF proposal is betting on Donald Trump winning the US presidency. The proposal’s deadline is set for March 2025, well after the November US Presidential elections. Sigel’s confirmation of this speculation raises interesting questions about the company’s strategy and the
Circle’s recent announcement of receiving an e-money license from France marks a significant milestone in the world of digital currencies. This achievement positions Circle as the first global stablecoin issuer to adhere to the EU’s Markets in Crypto-Assets (MiCA) regulations, signifying a step towards regulatory compliance in the cryptocurrency market. With the endorsement from France’s