The Bank of England’s deputy governor Jon Cunliffe has argued that a sea change in the issuance and circulation of public and private monies could make general access to a digital form of central bank money crucial for ensuring financial stability in future. In a speech at the OMFIF Digital Money Institute in London, Cunliffe reflected
Regulation
Financial regulators in the U.K. have approved Digivault, the security token custody arm of digital assets group Diginex, to register as a custodian wallet provider. In an announcement from Diginex today, the firm said the Financial Conduct Authority, or FCA, had given the green light to Digivault to register as a stand-alone digital asset custodian
Major cryptocurrency exchange Binance is reportedly under investigation by both the United States Department of Justice and Internal Revenue Service in an apparent effort to stymie illegal trading activity from users in the United States. According to a Bloomberg report, the two government agencies are investigating Binance Holdings Ltd, with officials seeking information from individuals
Grayscale has filed its third Form 10 with the United States Securities and Exchange Commission to convert one of its investment funds into an SEC-reporting company. Tweeting on Thursday, Grayscale announced that the company’s Digital Large Cap Fund, or GDLC, has filed the application with the SEC. Today we voluntarily filed for Form 10 with
Neilmaldrin Noor, a spokesperson for the Indonesian Directorate General of Taxes, said that the authority is considering a tax scheme for capital gains generated from cryptocurrency trades, Reuters reports Tuesday. “It is important to know that if there is a profit or capital gain generated from a transaction, the profit is an object of income
Crypto.com, the popular mobile platform for buying and selling digital assets, has become the first cryptocurrency company to receive Malta’s Class 3 Virtual Financial Assets license. The license was granted by the Malta Financial Services Authority, or MFSA, paving the way for broader recognition of digital assets throughout the European Union. As a licensed Class
The money laundering trial for the former executives of U.S. cryptocurrency exchange BitMEX has been scheduled for March 28, 2022. On May 11, New York District Judge John Koeltl set the trial date for former BitMEX executives CEO Arthur Hayes, co-founder Benjamin Delo, and chief technology officer Samuel Reed. The trio are accused of violating
Members of the Texas House of Representatives have passed a bill which aims to recognize cryptocurrencies under commercial law in the state. In a session of the 87th Texas Legislature today, lawmakers passed a proposed amendment to the state’s Uniform Commercial Code, or UCC, aimed at better adapting commercial law to blockchain innovation and digital
Powers On… is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an Adjunct Professor at Florida International University School of Law, where he teaches a course on ‘Blockchain, Crypto and
In South Korea, one in three citizens either own cryptocurrencies or get paid in them. One-tenth of its population trades digital assets, and its youth unemployment rate hovers above 10%. It’s a competitive job market in the East-Asian nation, where high expenses enforce hierarchical social structures, and financial stability can seem like a pipe dream.
The United States Internal Revenue Agency is prepared to seize the holdings of cryptocurrency owners who are struggling to pay their unpaid tax debts, sending a strong signal that the agency is treating digital assets the same as any other type of property that can be confiscated. Robert Wearing, deputy associate chief counsel for the
The United States Securities and Exchange Commission was one of the top regulatory enforcers for cryptocurrency projects in the last seven years, resulting in $1.77 billion in penalties. According to a report released yesterday by Cornerstone Research, the Securities and Exchange Commission, or SEC, brought 75 enforcement actions against crypto firms and individuals from July
The United States Securities and Exchange Commission, or SEC, has issued an investor warning pointing out risks of mutual funds that have exposure to Bitcoin (BTC) futures. In an official statement on Tuesday, the SEC strongly encouraged investors to thoroughly consider risks disclosure of a mutual fund on the Bitcoin futures market, stressing that Bitcoin
Crypto.com, the creator of a cryptocurrency exchange, wallet, debit card program and crypto app, is strengthening its compliance toolkit by implementing a commercial solution developed by crypto intelligence firm CipherTrace. CipherTrace’s tool, called Traveler, takes its name from being designed to meet the complex requirements of the Financial Action Task Force’s so-called “travel rule,” which
An opinion poll conducted by South Korean television station YTN has shown significant support for the planned cryptocurrency tax regime in the country. According to a report by The Korea Herald, 53.7% of the 500 participants polled by South Korea survey firm Realmeter expressed support for the crypto tax law coming into effect in January
Financial regulators in Thailand are preparing to tighten restrictions surrounding new account creation at crypto asset exchanges. According to a May 3 report from Bangkok Post, the country’s Anti-Money Laundering Office (AMLO) announced that as of July, crypto exchanges must verify the identities of new customers in-person using a “dip-chip” machine. While new users can