Month: February 2023

Paxos to stop minting BUSD stablecoins for Binance

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Blockchain infrastructure platform Paxos will halt issuance of new BUSD (BUSD) stablecoins amid the ongoing probe by the New York regulators. Paxos officially announced on Feb. 13 that the firm will end its relationship with Binance for the branded USD-pegged stablecoin BUSD. Starting from Feb. 21, Paxos will stop minting new BUSD tokens, in accordance with directions and coordination with the New York Department of Financial Services (NYDFS). Paxos emphasized that all existing BUSD tokens will remain fully-backed and redeemable through Paxos Trust Company through “at least February 2024.” Customers…

Binance to support BUSD while exploring non-USD stablecoins, CZ says

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Cryptocurrency exchange Binance plans to continue supporting its Binance USD (BUSD) stablecoin despite its issuer Paxos facing a stop order from American regulators. As reported by Cointelegraph, the New York Department of Financial Services (NYDFS) has ordered blockchain firm Paxos to cease issuing dollar-pegged stablecoin BUSD. Paxos has also received a wells notice from the United States Securities and Exchange Commission (SEC) alleging that BUSD is an unregistered security. Binance CEO Changpeng ‘CZ’ Zhao has moved to assure users that funds are safe despite the intended enforcement action. A Twitter…

Income Tax Applies to Crypto Trading in Bosnia, Tax Administration Says – Taxes Bitcoin News

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Individuals are expected to pay income tax on gains from cryptocurrency trading, the tax authority of Bosnia has determined. In the absence of dedicated regulations, the federal government in Sarajevo has set up a working group to assess various risks associated with digital assets. Income Tax Is Due on Profits From Crypto Trades, Bosnia Tax Officials Tell Finance Ministry The taxation of crypto assets is not explicitly prescribed by Bosnia’s current legislation but the country’s tax authority has addressed the matter in communication with the finance ministry. The latter is…

SEC lawsuit against Paxos over BUSD baffles crypto community

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Paxos and Binance USD (BUSD) being in the sights of United States regulators sparked various reactions from the crypto community.  On Feb. 13, the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to Paxos, alleging that BUSD is unregistered security. On the same day, the New York Department of Financial Services (NYDFS) also ordered Paxos to halt the issuance of BUSD. As Paxos faces regulatory scrutiny on several fronts, various members of the crypto community went to Twitter to give their takes on the situation. From disregarding the…

Restrictive Crypto Rules for EU Banks Confirmed in Published Legal Draft

“The potentially increasing involvement of [financial] institutions in crypto-assets related activities should be thoroughly reflected in the Union prudential framework, in order to adequately mitigate the risks of these instruments for the institutions’ financial stability,” said an explanatory text by the parliament’s Economic and Monetary Affairs Committee. “This is even more urgent in light of the recent adverse developments in the crypto-assets markets.” Source

UAE Plans to Issue a CBDC to Promote Digital Payments

“These digital payment initiatives will drive financial inclusion, promote payment innovation, security and efficiency, and achieve a cashless society,” the announcement said, adding that a digital dirham will “address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments respectively.” Source