Politics, Legal & Regulation

July 5, 2023 @ 6:00 pm By JD Alois  |  

ESG, or Environmental, Social and Governance, is a big sector of debate in the financial services sphere. While offering investors an option to invest in impact focused firms is one thing, demanding companies to pursue goals aligning with one political perspective is something very different…. Read More

July 5, 2023 @ 5:35 pm By Omar Faridi  |  

On 4 July 2023, the Danish Financial Supervisory Authority made a decision that Saxo Bank A/S’ trading in crypto assets for its own account is found “to lie outside the legal business area of ​​financial institutions, including section 24 of the Financial Business Act.” On… Read More

July 5, 2023 @ 12:02 pm By Omar Faridi  |  

Binance Australia offices were recently searched by regulatory authorities as a key part of a derivatives probe. ASIC has reportedly visited the offices of Binance in Australia on Tuesday (July 4, 2023). The digital asset exchange claims that it remains focused on complying with applicable… Read More

July 5, 2023 @ 10:44 am By JD Alois  |  

As was previously reported, DealMaker has filed a lawsuit against Issuance and its founder Darren Marble claiming the Issuance platform is “predicated on and copied from DealMaker’s own platform.” In a comment sent to CI, Marble said “the claims in this lawsuit are entirely without… Read More

July 4, 2023 @ 6:04 pm By Omar Faridi  |  

This week, it was widely reported that Singapore will soon require cryptocurrency exchanges to keep customer assets in a trust as part of efforts to ensure funds are safeguarded following the implosion of FTX in November. The city-state also plans to push ahead with a… Read More

July 4, 2023 @ 1:08 pm By JD Alois  |  

The ongoing battler between the Digital Currency Group (DCG) and Gemini has ratcheted up as Cameron Winklevoss has sent a demand letter to DCG and founder Barry Silbert. To take a step back, Gemini had utilized the services of DCG subsidiary Genesis for its yield… Read More

July 4, 2023 @ 12:30 pm By Omar Faridi  |  

Abu Dhabi Global Market (ADGM) announced the implementation of its sustainable finance regulatory framework with immediate effect, following significant support received through public consultation, “reinforcing its position as a sustainable financial hub and a natural hub for sustainable finance activities.” The framework encompasses rules “on… Read More

July 4, 2023 @ 3:54 am By Omar Faridi  |  

The Monetary Authority of Singapore (MAS) announced new requirements for Digital Payment Token (DPT) service providers to safekeep customer assets under a statutory trust before the end of the year. This will aim to “mitigate the risk of loss or misuse of customers’ assets, and… Read More

July 2, 2023 @ 2:45 pm By Omar Faridi  |  

Chris Ansara, CEO of UK-based Regtech startup docStribute and Chair, Phil Shelley, have shared their career insights on the necessity of digital transformation in order to meet FCA regulations as well as decarbonize global business. As many sectors struggle to meet regulatory demands, particularly financial… Read More

June 30, 2023 @ 9:51 am By JD Alois  |  

The Financial Services and Markets Act 2023 has been granted Royal Assent. The comprehensive legislation aims to grow the UK economy while enabling innovation. London has long been a top global financial services center. This leadership has morphed into the UK becoming one of the… Read More

June 29, 2023 @ 11:43 am By JD Alois  |  

The House Financial Services Committee, under the leadership of Republicans, has sent another letter to SEC Chairman Gary Gensler – this time blasting Gensler for ignoring a previous missive. The Chairman of the Committee, Patrick McHenry, the Chairman of the House Judiciary Committee, Jim Jordan,… Read More

June 28, 2023 @ 6:56 pm By JD Alois  |  

Like many other jurisdictions, the European Union has been reviewing the potential to launch a digital Euro, and today, the EU took another step in that direction. As expected, the EU issued a proposal to create a digital Euro which seeks to satisfy the needs… Read More

June 28, 2023 @ 3:07 pm By JD Alois  |  

Earlier this month, draft legislation was introduced by Congress to work towards a regulatory structure for digital assets. Last week, the North American Securities Administrators Association (NASAA) sent a letter to two House committees telling Congress they did not support the proposed rules. While most… Read More

June 28, 2023 @ 12:59 pm By JD Alois  |  

Deloitte Switzerland has partnered with Polimec to provide reusable KYC or know your customer. These credentials will be using Polkadot, and the “banking grade” KYC credentials will be issued by Deloitte. The company explains that this information will be utilized to empower the global fundraising… Read More

June 28, 2023 @ 12:03 pm By JD Alois  |  

Michael Ackerman, from Alliance, Ohio, has been ordered to pay over $50 million for a bogus digital asset trading scam. The Commodity Futures Trading Commission (CFTC) has received a default judgment regarding Ackerman from the U.S. District Court for the Southern District of New York…. Read More

June 28, 2023 @ 11:56 am By Omar Faridi  |  

The US Securities and Exchange Commission (SEC) has announced separate lawsuits against crypto giants, Binance and Coinbase. A brokerage company now claims that it has a blueprint in order to bring crypto trading into the larger regulated market. As first reported by the WSJ, Prometheum’s… Read More

June 28, 2023 @ 8:36 am By Omar Faridi  |  

UK law may be able to accommodate crypto-assets by introducing a new category of personal property that may include digital assets, independent body the Law Commission stated on Wednesday (June 28, 2023). In a ne report that has been commissioned by the government, the Law… Read More

June 27, 2023 @ 6:30 pm By JD Alois  |  

The European Union is expected to release its proposal on digital payments and a possible digital euro soon. In advance of the anticipated release, the Crypto Council for Innovation has issued a statement on the forthcoming policy. Mark Foster, the EU Policy Lead at the… Read More

June 27, 2023 @ 5:04 pm By JD Alois  |  

The Bank of Lithuania has terminated the electronic money institution (EMI) license of UAB Payrnet. The bank said the license was revoked due to “serious, systematic and multiple violations of legal act. The company allegedly violated the Law on Electronic Money and Electronic Money Institutions,… Read More

June 27, 2023 @ 11:55 am By Omar Faridi  |  

Bybit, which claims to be the world’s “third most visited” crypto exchange, is pleased to announce that it has successfully obtained a license to operate a crypto exchange and provide custody services in Cyprus. This milestone demonstrates Bybit‘s commitment “to working within regulatory frameworks and… Read More