Hong Kong’s financial regulators have recently completed a consultation period regarding the licensing program for fiat-referenced stablecoin (FRS) providers. This initiative has garnered significant attention from various stakeholders in the financial industry. The Monetary Authority (HKMA) and the Financial Services and Treasury Bureau (FSTB) received 108 submissions during the consultation period. The majority of respondents
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CTO and chairman Elon Musk recently made headlines by accusing the European Commission (EC) of offering an “illegal secret deal” to social media platform X. Musk claimed that this deal involved the censorship of speech in exchange for avoiding fines in the EU. These allegations were made in response to the EC publishing preliminary findings
The recent attempt by the US House of Representatives to overturn President Joe Biden’s veto and rescind SEC Staff Accounting Bulletin (SAB) 121 has ended in a failure. The numbers were close, with 228 House members voting in favor of HJ Res. 109 to end SAB 121, 184 against, and 21 abstaining. Although this represents
Recently, the US Securities and Exchange Commission (SEC) concluded its investigation into stablecoin issuer Paxos. Paxos announced on July 11 that it received a termination notice from the SEC on July 9. The notice confirmed that the regulator would not take any enforcement action against Paxos Trust Company regarding the Binance USD (BUSD) stablecoin. Over
Taiwan Mobile, the second-largest telecom operator in Taiwan, has recently made a significant move by applying for a license to operate as a Virtual Asset Service Provider (VASP). This decision has placed them as the 26th VASP in Taiwan, highlighting their compliance with Money Laundering Prevention Laws. With Lin Zhichen, the company’s General Manager, named
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
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