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
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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
In today’s rapidly evolving digital finance landscape, the emergence of crypto assets has presented both unprecedented challenges and opportunities for regulators worldwide. The European Union, as the largest government body in the region, has introduced the Markets in Crypto-Assets regulation (MiCAR) to establish proactive frameworks for dealing with these new assets and services. However, the
Abra, a cryptocurrency firm, and its CEO Bill Barhydt have reached a settlement with 25 US state regulators for operating crypto trading services without the necessary licenses. The settlement involves the regulators agreeing to forgo monetary penalties of $250,000 per jurisdiction in exchange for $82 million in customer repayments. As part of the agreement, Abra
Nigeria’s Securities and Exchange Commission (SEC) has recently issued a 30-day ultimatum for crypto exchanges and digital asset traders to re-register their businesses. This ultimatum is part of the Accelerated Regulatory Incubation Program (ARIP) for Virtual Assets Service Providers (VASPs) initiated by the SEC. Despite facing challenges such as a two-year ban on banks facilitating
Bitcoin is currently experiencing a notable decline, with its price dropping below the $64,000 mark to a low of $63,564. This represents a 2.5% decrease in the last 24 hours and an overall 12% decline over the past two weeks. Despite this downward trend, Arthur Hayes, the co-founder of BitMEX, remains bullish on Bitcoin and
Binance, the leading cryptocurrency exchange in the world, is currently grappling with escalating regulatory issues in various countries, including India, Canada, and the United States. In a recent development, India’s Financial Intelligence Unit (FIU) imposed a hefty fine of 188.2 million Indian Rupees (approximately $2.2 million) on Binance for failing to comply with the country’s
A federal high court in Nigeria has recently dismissed a human rights lawsuit filed by Binance executive Nadeem Anjarwalla against the country’s National Security Adviser and the Economic and Financial Crimes Commission. This decision was made due to Anjarwalla’s lack of legal representation. Legal experts had predicted this outcome, especially since Anjarwalla had previously escaped
FLOKI, a Shiba Inu competitor, has seen significant growth in 2024, with its price more than doubling in value. This surge in price has attracted a wave of new investments into the meme coin, propelling it to new heights in the market. However, amidst this bullish trend, one analyst has raised concerns about the sustainability
Throughout history, currencies have played a vital role in organizing and advancing societies. From bartering systems to standardized coins and paper money, the evolution of currency has defined the human experience. However, recent decades have witnessed a shift in the financial landscape, with many areas of the world facing financial chaos. The transition to fiat