Recent reports indicate a potential transformation in South Korea’s regulatory framework concerning cryptocurrency trading, particularly aimed at institutions. Historically, the nation enforced strict limitations on digital asset trading, confining it predominantly to verified individual investors. However, the Financial Services Commission (FSC) is now poised to initiate a phased relaxation of these restrictions, targeting a broader
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The cryptocurrency exchange Gemini, co-founded by Tyler and Cameron Winklevoss, has recently navigated a significant regulatory challenge by agreeing to pay a $5 million penalty to the Commodity Futures Trading Commission (CFTC). This settlement stems from allegations that the exchange misled regulators during its efforts to introduce the first US-regulated Bitcoin futures contract. According to
In a remarkable move signaling its ambitions in the European crypto landscape, Backpack, established by former executives from the infamous FTX exchange, has finalized the acquisition of FTX EU. This strategic purchase was sanctioned by both the bankruptcy court overseeing FTX’s insolvency proceedings and the Cyprus Securities and Exchange Commission (CySEC). By securing the European
Recent revelations from Coinbase’s chief legal officer, Paul Grewal, have shed light on the Federal Deposit Insurance Corporation’s (FDIC) formal stance regarding cryptocurrency banking services. Grewal unveiled documents on December 6, 2024, after a Freedom of Information Act (FOIA) request, which shows that the FDIC not only encouraged banks to refrain from providing crypto-related services
In an ambitious effort to broaden its services and solidify its position in the competitive financial landscape, Crypto.com has ventured into the realm of traditional finance by launching stock and exchange-traded fund (ETF) trading within its platform. This strategic announcement made on January 3 indicates that not only can users manage their cryptocurrency holdings, but
The European Union (EU) has taken a significant step in the realm of financial regulation with the introduction of the Markets in Crypto-Assets regulation (MiCA). This comprehensive framework marks a pivotal moment in the effort to oversee digital assets, providing essential regulatory clarity for various participants in the crypto space. As businesses adapt to this
In recent years, there has been a notable shift in the perception of cryptocurrency among traditional financial institutions. Reports indicate that major firms are gearing up to enter the crypto market, driven in part by a new regulatory environment that appears more favorable. Specifically, the potential entry of Morgan Stanley’s subsidiary, E-Trade, into crypto trading
In a landmark move for the cryptocurrency landscape, Binance, the world’s largest crypto exchange by trading volume, has obtained regulatory approval from the Central Bank of Brazil to acquire Sim;paul. This acquisition, announced on January 2, marks a significant advancement as Binance is now the first crypto exchange in Brazil to hold a broker-dealer license.
In a significant move that reflects a growing awareness of the complexities in the world of cryptocurrency, the Internal Revenue Service (IRS) has announced temporary relief regarding cost-basis reporting rules for digital asset investors. This decision comes amidst a challenging regulatory environment, as the IRS recognizes the intricate realities of crypto taxation and the need
In a significant development within the tumultuous landscape of cryptocurrency, the Celsius Network has initiated an appeal against a ruling by Judge John Dorsey, which dismissed its $2 billion disparagement claim against the now-defunct FTX exchange. Filed on December 31, the appeal underscores the ongoing legal entanglements faced by both companies, which have been severely