The bill, presented by the country’s Minister of Economy, Maria Luisa Hayem Breve, to the Legislative Assembly of El Salvador. The bill seeks to establish a National Digital Assets Commission that would oversee the regulation of digital asset issuers, service providers and other participants involved in the “public offering process” of digital securities according to the 33-page document reviewed by CoinDesk. Source
Changpeng Zhao quickly deleted a tweet that called the companies’ disclosures into question. Source
The Bahamas Supreme Court ruled that FTX is responsible for all costs associated with the Securities Commission in keeping FTM assets in commission’s digital wallet; Bloomberg reports that a Bahamas court has agreed to let part of FTX case be handled in U.S. Source
“Over the past few days, I have had a few comments both to the effect that the collapse of FTX shows that we need to get on and issue a digitally native pound – and to the effect that FTX shows that we do not need do so,” Cunliffe said at a conference at the Warwick Business School in Coventry, England. Source
Nine major financial institutions and the Federal Reserve Bank of New York have started to experiment with a digital dollar proof of concept to see if distributed ledger technology can improve settlement between central banks, commercial banks, and regulated non-banks. The New York Fed details that the proof of concept will be done in a test environment and it will only leverage simulated data. The central bank’s New York branch further insists that the test is “not intended to advance any specific policy outcome.” New York Fed Reveals 12-Week Proof…
On Nov. 18, 2022, at 5:47 p.m. (ET), Grayscale Investments’ official Twitter account shared information on the safety and security associated with Grayscale’s digital asset products. The update from Grayscale follows the recent FTX collapse that has shaken crypto investors, and Digital Currency Group’s (DCG) Genesis pausing the firm’s lending unit in terms of withdrawals and new loan originations. Grayscale Updates Public With Safety and Security Information — Custodian Says ‘All Digital Assets That Underlie Grayscale’s Digital Asset Products Are Held by Coinbase Custody’ The FTX fallout has caused a…
Russian lawmakers have proposed changes to the current law “On Digital Financial Assets” in order to regulate crypto mining while banning the circulation of cryptocurrencies in the country. The legislation also prohibits the non-targeted advertising of crypto-related products and services. New Attempt to Legalize Cryptocurrency Mining in Russia After months of deliberations, efforts continue in Moscow to establish a more comprehensive regulatory framework for cryptocurrencies. The latest initiative in that direction comes from a group of high-profile deputies from the lower house of parliament, the State Duma, including the head…
At the time of FTX’s collapse, about 950 users in Taiwan had a total of $150 million worth of digital assets stored or held at the crypto exchange, a law firm has reportedly said. FTX users in Taiwan were reportedly investing in interest-bearing digital assets using cheap funds borrowed from local banks. FTX’s Popularity With Taiwanese Users According to a Taiwanese law firm, Enlighten Law Group, about 950 people in the country had digital assets worth $150 million stored on the crypto exchange FTX when it collapsed. The law firm…
Nickel Digital Asset Management is not the only company feeling the effects of FTX’s collapse and bankruptcy. NFT protocol Metaplex also laid off, “several members of the Metaplex Studios team” due to the “indirect impact” from the collapse of crypto exchange FTX. The co-founder and CEO of Metaplex Studios Stephen Hess shared in a thread on Twitter that: “While our treasury wasn’t directly impacted by the collapse of FTX and our fundamentals remain strong, the indirect impact on the market is significant and requires that we take a more conservative…
If compensatory digital asset grants are made to U.S. citizens, green card holders or residents, (or to anyone doing any work in the U.S. at the time of the grant, or vesting and exercise periods), U.S. tax rules will apply. In other words, receivers will likely have to pay U.S. taxes. Source