The emergence of cryptocurrency has presented both opportunities and challenges for regulatory bodies around the world. In the United Kingdom, the Financial Conduct Authority (FCA) is facing significant hurdles as it attempts to navigate the murky waters of crypto advertising. A recent report by the Financial Times has highlighted that between October 2023 and October
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Recently, MoonPay, a prominent player in the cryptocurrency payment solutions arena, announced a significant milestone—receiving authorization under the European Union’s Markets in Crypto-Assets (MiCA) regulation. This approval, conferred by the Netherlands’ Authority for the Financial Markets (AFM), empowers MoonPay to operate across the entire European Economic Area (EEA). The implications of this approval are profound,
In a landscape that has seen exponential growth and innovation, the decentralized finance (DeFi) sector faces formidable challenges from regulating bodies like the US Internal Revenue Service (IRS) and the Treasury Department. Recent regulations, which some perceive as hostile to the spirit of DeFi, have incited a robust backlash from industry leaders. A16z Crypto, the
In a decisive move, Malaysia’s Securities Commission (SC) has mandated that Bybit, a well-known cryptocurrency exchange, and its CEO Ben Zhou shut down all operations within the country. This action underscores the persistent issues surrounding regulatory compliance that have plagued the crypto industry globally. The SC’s recent announcement explicitly cites Bybit’s inability to obtain the
In a significant move to bolster regulatory oversight, Japan’s Financial Services Authority (FSA) is on a mission to enhance internal audit processes across financial institutions, specifically targeting cryptocurrency exchanges. The emphasis on refining audit mechanisms stems from a broader initiative to close existing gaps within the industry while ensuring adherence to global regulatory standards. In
The landscape of digital asset regulation in the United States has recently undergone a significant transformation with the introduction of new rules by the Department of the Treasury and the IRS. These guidelines, aimed at Wallet Service Providers (WSPs) and DeFi (Decentralized Finance) protocols, are generating intense scrutiny and backlash from industry experts and stakeholders.
Starting January 2025, Bitget Wallet is set to revolutionize how cryptocurrency users handle gas fees through its newly announced GetGas feature, which prioritizes the use of its native BGB token. This initiative aims to simplify transactions across multiple blockchain platforms including Ethereum, Solana, BNB Chain, Polygon, Base, Arbitrum, Optimism, TON, and Tron. By allowing users
In recent years, the burgeoning field of cryptocurrency has seen an influx of hedge funds attempting to capitalize on this volatile market. However, a report by The Wall Street Journal on December 20 has illuminated a significant challenge: approximately 120 of these funds have experienced difficulties in securing banking services. This percentage accounts for around
WazirX, an Indian cryptocurrency exchange, finds itself ensnared in escalating legal and operational challenges following a troubling directive from the Delhi High Court on December 18. This ruling has mandated a renewed investigation into the platform, coinciding perilously with Binance’s announcement to delist its native token, WRX. The court’s involvement derives from a petition lodged
On December 17, the European Securities and Markets Authority (ESMA) unveiled its comprehensive guidance ahead of the full implementation of the Markets in Crypto-Assets (MiCA) regulations in Europe. This announcement represents the culmination of 18 months of extensive regulatory labor, during which ESMA has developed over 30 Technical Standards and Guidelines in collaboration with the