CRYPTO REGULATION
South Korea Tightens Regulations on Crypto Mixers Amid Money Laundering Concerns
South Korea's Financial Intelligence Unit (FIU) is set to introduce new regulations targeting digital asset mixers, mirroring similar moves by the US. These measures aim to curb the use of crypto mixers for illegal money laundering.
South Korea's Stance on Virtual Currency Investment and ETFs in 2024
South Korea reaffirms its prohibition of local financial institutions from owning, buying, or investing in cryptocurrencies and businesses offering crypto, including a strict ban on cryptocurrency exchange-traded funds (ETFs).
Edward Snowden Criticizes SEC Following Twitter Hack and False Bitcoin ETF Announcement
Whistleblower Edward Snowden has openly criticized SEC Chair Gary Gensler following a misleading Bitcoin ETF approval post on the SEC's Twitter account. Snowden's comments highlight growing concerns about the SEC's credibility and regulatory approach in the crypto industry.
Coinbase Bolsters Advisory Board with Security Experts
Coinbase has enlisted four national security experts to its Global Advisory Council, including former U.S. Secretary of Defense Mark Esper, former U.S. Representative Stephanie Murphy, Counterterrorism Advisor Frances Townsend, and strategist David Urban.
SEC Commissioner Expresses Dissent on LBRY Case Outcome
SEC Commissioner Hester M. Peirce criticizes the commission's enforcement action against blockchain firm LBRY, Inc., highlighting the case as an example of regulatory overreach that stifles innovation and fails to adequately protect investors. Amidst ongoing legal actions against crypto enterprises, Peirce's dissent underscores the need for a balanced regulatory approach to foster innovation and investor protection in the blockchain and crypto sectors.
Binance and CEO Changpeng Zhao Face Class-Action Lawsuit Over Alleged Market Manipulation Targeting FTX
Binance and its CEO, Changpeng Zhao, are facing a class-action lawsuit filed by plaintiff Nir Lahav, accusing them of unfair competition and SEC law violations. The lawsuit alleges that Binance manipulated the cryptocurrency market to harm competitor FTX, leading to a significant decline in FTX's utility token, FTT. The case brings into focus the broader implications of regulatory efforts in the crypto industry.
Coinbase Secures Major Payment Institution License from Singapore's Monetary Authority
Coinbase has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS), marking a significant milestone in its expansion into the Asian market. The license will enable Coinbase to offer digital payment token services to both individual and institutional clients in Singapore. This move aligns with the company's strategy to tap into Singapore's growing crypto and Web3 ecosystem.
Biden's Communications Director Restricted From Handling Crypto Firms
President Joe Biden's communications director, Ben LaBolt, will be barred from handling matters related to any cryptocurrency or technology firms he previously represented, but he will be allowed to advise on crypto regulation. LaBolt has disclosed owning $50,001-$100,000 in Bitcoin and $15,001-$50,000 in Ethereum 2. The restrictions are in line with ethics rules followed by senior White House staff.
Binance CEO Emphasizes Importance of Understanding Crypto for Proper Regulation
During a fireside chat at the Hong Kong Web3 Festival, Binance CEO Changpeng Zhao (CZ) discussed the importance of regulators having a deep understanding of the crypto industry to properly regulate it. He emphasized the need for regulatory clarity and engagement with regulators. CZ also suggested that government efforts to restrict traditional financial markets may push more people towards crypto, ultimately leading to mass adoption.
Coinbase warns of losing crypto industry leadership
The U.S. SEC has issued a Wells notice to Coinbase. As a result, Coinbase warns that the U.S. government’s regulatory approach to crypto has created an uncertain and unstable environment. Meanwhile, other countries, such as France, the U.K., and the European Union, are building friendlier crypto regulation ecosystems and becoming crypto hubs, causing the U.S. to lose its status as the leading hub of the crypto sector.
Coinbase CEO Compares SEC to Soccer Refs in Criticism of Lack of Clarity Around Crypto Regulation
Coinbase CEO, Brian Armstrong, compared the SEC to “soccer refs” in a game of pickleball, criticizing the regulator for their lack of clarity around crypto regulation. The comments came after Coinbase revealed they had been issued a Wells notice, which typically precedes an enforcement action. The crypto community has widely condemned the recent notice, with many agreeing that the SEC has reversed its earlier position regarding Coinbase.
G20 Announces Standards for Global Crypto Regulation
G20 countries have announced that the Financial Stability Board, the International Monetary Fund, and the Bank for International Settlements will release recommendations on global crypto regulation by July.
Morocco Completed Crypto Regulation
Morocco may draft a crypto law soon. Industry stakeholders will debate the Central Bank's paper. Morocco has the fastest-growing crypto market in Northern Africa, rising from 2.4% to 3.1% in 2021. Soluna built the first blockchain wind farm in 2020.
UK Seeks to Recognize Bitcoin and Crypto as Regulated Financial Instruments
The UK Parliament recently voted to regulate Bitcoin and crypto assets as financial products
Gibraltar Introduces New Legislation to Combat Insider Trading and Market Manipulation
The Gibraltar Financial Services Commission (GFSC) has updated its regulatory guidelines for the digital currency ecosystem to include a 10th clause that addresses insider trading and market manipulation.