In a surprising turn of events, major cryptocurrency exchange Binance has recently withdrawn its application for certain operations in Abu Dhabi. This decision comes after the regulator, Abu Dhabi Global Market (ADGM), set conditions that Binance must meet in order to carry out these operations. While Binance’s spokesperson emphasized their commitment to working with regulators,
Regulation
A recent bill introduced to New Jersey’s general assembly by Assemblyman Herb Conaway Jr. seeks to categorize cryptocurrencies sold to institutional investors as securities. The proposed legislation aims to regulate virtual currencies directly sold to entities such as banks, hedge funds, endowments, and pension funds. This article critically analyzes the potential impact of this bill
Bitwise and BlackRock, two prominent asset managers, have recently submitted updated filings to securities regulators regarding their plans to offer a spot Bitcoin exchange-traded fund (ETF). These filings come as part of an ongoing effort by various asset managers to introduce Bitcoin ETFs to the market. This article will examine the recent developments and discuss
Terraform Labs, a prominent blockchain company, finds itself entangled in a securities lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The case, which began in February 2023, alleges that Terraform Labs and its co-founder Do Kwon sold unregistered securities, resulting in the collapse of their project and the devaluation of cryptocurrencies. However, in
In a recent development, U.S. District Judge Robert Shelby has expressed his concern over the Securities and Exchange Commission’s (SEC) handling of a lawsuit against cryptocurrency firm Debt Box. This comes after the SEC secured a temporary restraining order against Debt Box based on statements that were later proven to be false, leading the judge
Spanish police have recently apprehended Alejandro Cao de Benos, a key figure in helping Ethereum developer Virgil Griffith breach U.S. sanctions and travel to North Korea. Acting on intelligence, local authorities in Barcelona discovered that Cao de Benos was hiding under a false identity and planning to journey to Madrid by train. On November 30th,
In a bold move that could reshape Hong Kong’s financial landscape, Mr. Chen Zhihua, President of the Hong Kong Securities and Futures Association, has proposed the introduction of an “Initial Coin Offering (ICO) mechanism” in the city. Amidst an ongoing struggle to recover from the economic repercussions of the epidemic, Zhihua believes that leveraging ICOs
In a recent order, a U.S. court has granted permission for Jump Crypto, a “third party” involved in the Securities and Exchange Commission’s (SEC) ongoing case against Terraform Labs, to submit certain information to the court in confidence. This ruling was made on November 28th, adding another layer of complexity to the already controversial case.
Spain’s Tax Administration Agency, Agencia Tributaria, has announced that starting January next year, Spanish citizens must disclose their crypto holdings exceeding 50,000 euros (about $55,000) held on foreign platforms for tax purposes. In order to facilitate this process, the tax agency has introduced Form 721, a declaration form specifically designed for virtual assets held abroad.
In Hong Kong, despite recent fraud scandals involving crypto exchange platforms, the financial regulators have decided to retain the grace period for crypto firms. This grace period allows crypto firms to operate without a license until June 2024, providing them ample time to comply with new regulatory standards. While some may argue that stricter regulations
