The cryptocurrency and blockchain industry experienced explosive growth in 2021, particularly in its decentralized finance (DeFi) and nonfungible token (NFT) sectors. The year was also marked by continued price volatility, baffling behavior from China, a grand experiment in Central America, escalating institutional interest, and the rise of some faster smart-contract networks — all of which
Regulation
The Indian government may still be considering a bill that could ban certain cryptocurrencies in the country, but lawmakers are unlikely to vote on any legislation in the current parliamentary session. According to a Friday publication, India’s lower house of parliament, Lok Sabha, will likely not be looking at a bill proposing the prohibition of
The United States Treasury made further hints at new laws for stablecoins on Dec. 17. Nellie Liang, the Under Secretary of the Treasury for Domestic Finance, fueled more stablecoin regulation speculation with comments on investors ‘potentially big risk’ when using stablecoins. Following on from the Financial Stability Oversight Council November 2021 report on stablecoins, the
A group of eight Bitcoin (BTC) enthusiasts launched a Kickstarter campaign to publish an educational book for America’s federal policymakers, to reduce their reliance on the traditional media narrative on cryptocurrencies. The campaign managed to attract $23,151 in funding, nearly five times the goal of $5,000. The book was conceptualized soon after the United States
On Dec. 14, the United States Senate Banking, Housing and Urban Affairs Committee held a hearing titled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?” The testimonies, both spoken and written, focused largely on the last two issues, as anxieties over Know Your Customer compliance and the U.S. dollar
Puerto Rico recently announced that it may be looking for a blockchain solution to fight government corruption, particularly after a Puerto Rican mayor pleaded guilty to accepting a cash bribe of more than $100,000. But could a distributed digital ledger really make an impact in the unincorporated United States territory’s struggle against public fraud and
As supply-chain woes continue and the U.S. dollar battles to fight back inflation concerns, crypto remains an alluring port in the current financial storm. The recent approval of the first Bitcoin (BTC) futures-linked exchange-traded fund (ETF) to trade on both the NYSE and Nasdaq from asset managers ProShares and Valkyrie Funds, respectively, has created a
In an annual report published on Friday, the United States Financial Stability Oversight Council, or FSOC, voiced its concern over the adoption of stablecoins and other digital assets. Regarding stablecoins, the FSOC said consumer confidence could be undermined by factors such as illiquidity, lack of appropriate safeguards, opacity regarding redemption rights, and cyber attacks. “A
In a Friday press conference, Central Bank of Russia governor Elvira Nabiullina further escalated the fear, uncertainty, and doubt (FUD) surrounding the state of crypto regulation in the country. When asked about the rise of digital assets, Nabiullina gave the following remarks, as reported by local news outlet finmarket.ru and translated by Cointelegraph: You know that
On late Wednesday night, the popular social platform Reddit announced that it has started the process of making the company public. The company filed a confidential S-1 with the Securities and Exchange Commission (SEC) informing them of their intentions for going public. Per SEC regulations, they cannot provide any details about shares or prices until
On Thursday, conflicting reports emerged in Russia on the state of crypto regulatory affairs. First, a report by Reuters indicated that the Central Bank of Russia is seeking a ban on cryptocurrencies, citing risks to financial stability and the exploding volume of transactions. If enacted, the move would align with remarks made by Russian President
Tether, the issuer of the eponymous stablecoin, has praised the decision of Myanmar’s parallel government, The National Unity Government (NGU), to use USDT as an official currency. Myanmar’s NUG is a shadow government run by the supporters of Nobel Peace Prize winner Aung San Suu Kyi. As Cointelegraph reported on December 13, NUG announced Tether’s
The government of Thailand is preparing a new regulatory framework for cryptocurrencies like Bitcoin (BTC) in order to minimize risks and improve investor protection. The Bank of Thailand (BoT) will release a consultation paper in January that will define “red lines” for the crypto industry, governor Sethaput Suthiwartnarueput said in a Dec. 14 interview with
A bipartisan group of U.S. senators have called on Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill signed into law by President Joe Biden around the tax reporting requirements on crypto. In a Tuesday letter, Senators Rob Portman, Mike Crapo, Pat Toomey, Mark Warner, Kyrsten Sinema, and Cynthia Lummis urged Yellen to
The Advertising Standards Authority, or ASA, the United Kingdom’s independent advertising regulator, has taken down another batch of cryptocurrency-related ad campaigns promoting several major industry firms. On Dec. 15, the advertising watchdog issued several rulings on ad violations involving six crypto-related firms including Coinbase, Kraken, eToro, Exmo, crypto broker Coinburp and Luno crypto exchange. The
Tokyo-based financial services giant SBI Holdings announced a joint investment in Coinhako, Singapore’s first licensed crypto exchange approved by the Monetary Authority of Singapore (MAS). The Coinhako investment was made via a fund jointly set up by SBI and Swiss-based Sygnum Bank, namely, the SBI-Sygnum-Azimut Digital Asset Opportunity (DAO) Fund, according to the notice. Speaking