Hong Kong’s virtual asset service provider regime will be focused on investor protection, the importance of which was hammered home by the collapse of FTX in November last year, according to Leung. The now bankrupt crypto exchange was once headquartered in Hong Kong. Source
Bankrupt crypto lender Celsius Network has attracted 30 potential bidders for its various assets, including its retail platform and mining business. According to a company presentation filed on Dec. 20, more than 125 parties have been contacted since September, with 30 potential bidders executing non-disclosure agreements — a legal contract used to protect sensitive information about a company or the bidding terms that is typically required during negotiations. Celsius said that so far, it has received multiple bids proposing a variety of potential transactions and business structures to acquire its…
A cryptocurrency law, which had been in discussion for several months, has been approved by the Chamber of Deputies in Brazil after having shed some of the changes presented by the Senate. The proposal left out two planned tax exemptions for green mining operations and the issue of segregating customer assets from company funds for virtual assets service providers (VASPs). Cryptocurrency Law Finally Approved in Brazil The cryptocurrency law project identified with the number 4.041/2021, was approved by the Chamber of Deputies in its session on Nov. 29. The law…
“There are elements of the application that I think have merit, but ultimately, we didn’t come up with a decision,” Behnam said at an event in London hosted by the Financial Times. “We were actually not even close, because there were more questions,” he added, citing issues of law, policy and risk. Source ApprovedCFTCChiefclearingCloseDirectFTXPlan CryptoX Portal
All kinds of unregistered crypto providers, including stablecoin issuers, could also be outlawed by the rules. Source
“Certain crypto assets and distributed ledger technology could drive transformational changes in financial markets,” recently-appointed Economic Secretary to the Treasury Andrew Griffith told the committee probing the Financial Services and Markets Bill, adding that there are also “risks to consumers and financial stability.” Source
In a letter to the court filed on Oct. 18, Voyager debtors said the sale to FTX US would allow customers to recover around 72% of the value of crypto held in their accounts on the platform, “provides stakeholders with the best possible recovery and facilitates the most expedient resolution” to the bankruptcy proceedings. Source
In a letter to the court filed on Oct. 18, Voyager debtors said the sale to FTX US would allow customers to recover around 72% of the value of crypto held in their accounts on the platform, “provides stakeholders with the best possible recovery and facilitates the most expedient resolution” to the bankruptcy proceedings. Original Source ApprovedBankruptCryptocustomersFTXFundsLenderRecoverSaleVoyager CryptoX Portal
A fintech bill, which seeks to regulate fintech and cryptocurrency-related activities in Chile, has been approved by the deputy chamber of the congress, leaving it ready to be sanctioned by the president of Chile, Gabriel Boric. According to individuals in the sector, the bill is directed to stimulate innovation and competition in an unregulated market. Fintech Bill Almost Law in Chile A fintech-related bill, that seeks to bring clarity to institutions providing digital and cryptocurrency-based services, has been approved by the deputy chamber of the congress in Chile. The project,…
Most importantly, to qualify for the registry, the applicant must also provide a “registered office and, if different from the registered office, the administrative office.” If the VASP’s office is in another EU member state, a “permanent establishment” has to be set up in the Italian territory. Put simply, an operational office or physical point in Italy is a requirement to qualify for the registry, the OAM told CoinDesk in a written statement. Source