In an era where digital currencies and blockchain technology are rapidly evolving, regulatory bodies are tasked with creating frameworks that can adapt to this fast-paced environment. The recent partnership between the New York Department of Financial Services (NYDFS) and the Bank of England (BOE) ushers in a transformative initiative designed to align regulations governing cryptocurrencies
Regulation
In a significant development for the cryptocurrency landscape, Tether, a dominant player in the stablecoin arena, is preparing to relocate its global headquarters to El Salvador. This decision follows the acquisition of a Digital Asset Service Provider (DASP) license, marking a strategic pivot that underscores the country’s position as a burgeoning hub for digital innovation.
On January 10, 2023, the Consumer Financial Protection Bureau (CFPB) set forth an ambitious interpretive rule that could significantly reshape the landscape of digital financial transactions by extending the protections of the Electronic Fund Transfer Act (EFTA) to crypto wallets. This proposed rule comes at a time when digital currencies, particularly stablecoins, are surging in
In a revealing address delivered in St. Louis on January 10, Travis Hill, the interim Chair of the Federal Deposit Insurance Corporation (FDIC), articulated significant concerns regarding the treatment of cryptocurrency firms by traditional banking systems. His comments came in the wake of persistent reports that many crypto businesses have found themselves unexpectedly cut off
On January 31, the UK Treasury enacted a significant amendment to the Financial Services and Markets Act 2000 (FSMA), which has far-reaching implications for the cryptocurrency landscape in the UK. This amendment specifically excludes crypto staking from being classified as a collective investment scheme, effectively differentiating it from traditional investment vehicles. This decisive move not
As Gary Gensler prepares to exit his role as Chair of the Securities and Exchange Commission (SEC), his tenure has been marred by palpable tension with the cryptocurrency industry. Crypto stakeholders have voiced mounting criticism toward Gensler, highlighting a pervasive sense of dissatisfaction regarding his stringent regulatory stance. In a recent interview with Bloomberg, Gensler
South Korea is on the brink of a revolutionary change in its approach to cryptocurrency regulations, particularly for institutional investors. Recent reports indicate that the Financial Services Commission (FSC) is preparing to relax existing restrictions, potentially unveiling a new framework that would allow institutional players greater access to the digital asset market. Up until now,
Rostin Behnam, the Chair of the US Commodity Futures Trading Commission (CFTC), has officially announced his resignation effective January 20. This date is significant as it aligns with the inauguration of President-elect Donald Trump, providing an opportunity for the new administration to appoint an interim successor. The transition represents a crucial juncture for the CFTC,
Banco de Investimentos Globais (BiG), a significant player in Portugal’s banking landscape, has recently made waves by blocking fiat transfers to cryptocurrency platforms. This development has raised eyebrows within both the financial and crypto communities. The announcement, delivered through a notification by José Maria Macedo, co-founder of Delphi Labs, highlights BiG’s compliance with multiple regulatory
In recent years, the cryptocurrency sector has been heralded as a ground-breaking financial frontier, attracting a myriad of hedge funds eager to delve into digital assets. However, a troubling trend has emerged: a significant number of these funds have struggled to secure conventional banking services. According to a report from The Wall Street Journal on
