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
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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
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
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
ESMA’s proposed regulations under the Markets in Crypto Assets Regulation (MiCA) have stirred up controversy within the crypto community. Paradigm, a prominent firm in the industry, has raised concerns over ESMA’s misinterpretation of Maximum Extractable Value (MEV) and the potential overreach of regulatory measures. The Role of MEV in DeFi Ecosystems MEV refers to 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
Louisiana Governor Jeff Landry recently signed bill HB 488 into law, sparking a debate over the implications of banning central bank digital currencies (CBDCs) and protecting crypto mining. The bill prohibits governing authorities from accepting or requiring payments in CBDCs, while also safeguarding individuals and businesses’ ability to accept crypto for legal goods and services.
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