Tag: Regulation

Grayscale CEO Highlights US Opportunity To Lead Crypto Space Through Regulation

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The chief executive of Grayscale, a leading digital asset management firm, believes that the United States has a significant opportunity to dominate the cryptocurrency space by shaping effective regulations.  In a recent interview with Yahoo Finance, Grayscale CEO Michael Sonnenshein expressed optimism about the progress made in the past year and highlighted the bipartisan support for crypto-related legislation.  Sonnenshein emphasized the importance of lawmakers’ understanding of the crypto industry and urged Congress to actively engage with the issue to foster innovation and create robust financial and regulatory frameworks. Grayscale CEO…

Hong Kong to tighten crypto regulation in wake of JPEX fraud case

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Hong Kong regulators are looking to tighten the noose around the crypto market after the arrest of six individuals following allegations of fraud around an unlicensed crypto exchange called JPEX. John Lee Ka-chiu, the chief executive of Hong Kong, told reporters on Sept. 19 that the government would increase its efforts to inform investors and remind them to only utilise platforms that have been granted SFC licences, reported AP News. The JPEX issue came to the fore last week when the country’s Securities and Futures Commission (SFC) notified the public…

Malta takes next steps to align with EU’s MiCA regulation

Malta’s Financial Services Authority has initiated the next step to revise its cryptocurrency regulations, aiming to align them with the forthcoming European Markets in Crypto-Assets (MiCA) regulations set to go into effect in December 2024.  Malta’s announcement aims to bring about changes in its regulations governing exchanges, custodians, and portfolio managers, which will result in an alignment with the European Union’s MiCA framework. Other EU nations, such as France, have also introduced new rules in line with MiCA.  The view from Malta Originally established in 2018 with the Virtual Financial Assets (VFA),…

UK Antitrust Agency Sets Seven Principles to Guide AI Regulation

According to the CMA, the AI principles will help to promote competition in the UK, while also protecting consumers from exploitation. The United Kingdom’s (UK) antitrust agency has set principles that should form the framework for guiding artificial intelligence (AI) regulation. The Competition and Markets Authority (CMA) published a press release on Monday and included a report following a review of AI systems referred to as foundation models (FMs). In the press release, the CMA explained that these models are AI systems with broad capabilities that can be adjusted to…

G20 leaders support FSB recommendations on crypto regulation

The leaders of the G20 nations have thrown their weight behind the Financial Stability Board’s (FSB) recommendations regarding the regulation of crypto. In a landmark move, the G2O intergovernmental forum, on Sept. 9, voiced its support for a slew of recommendations prepared by the FSB to regulate and oversee the global crypto industry. The announcement, made by Indian Finance Minister Nirmala Sitharaman, came at the New Delhi Leaders’ Meeting, where G20 members expressed their intent to monitor the fast-paced changes in the digital finance space. 🚨 BREAKING: 🇮🇳 India’s Finance…

Senators unveil bipartisan blueprint for comprehensive AI regulation

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Two senators unveiled a bipartisan blueprint for artificial intelligence (AI) legislation on Friday, Sep. 8, as Congress intensifies its endeavors to regulate this emerging technology. The plan put forward by Senators Richard Blumenthal (D-Conn.) and Josh Hawley (R-Mo.) advocates for mandatory licensing for AI firms and makes it clear that technology liability protections will not shield these companies from legal actions. In a statement on X (formerly known as Twitter), Blumenthal expressed that this bipartisan framework represents a significant step forward—a robust and comprehensive legislative plan for concrete and enforceable…

CFTC Commissioner Pitches Pilot Program for U.S. Crypto Regulation

After holding a roundtable to gather ideas, she said, the agency should set up a “program for a specific period of time that incorporates many of the components drawn from past pilot programs, including: registration and eligibility requirements, financial resources and other conditions, risk management, products and contract terms, and other requirements including disclosures and reporting.” Source

Nigeria central bank missed opportunity for blockchain regulation in 2021 — Convexity CEO

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A group of Nigerian professionals in digital assets took to the stage at the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN)’s Digital Assets Summit 2023, held in Abuja, the nation’s capital, to discuss the future of digital assets in Nigeria in regards to regulation.  In the panel titled “The Future of Digital Assets: Regulatory Uncertainty and the Way Forward,” the group discussed why the implementation of digital assets regulation and blockchain policy has been slow in Nigeria. The developmental regulation created by NITDA is a big step towards understanding…

Tornado Cash case: crypto anonymity vs regulation 

The recent indictment of Tornado Cash developers brings the tension between crypto privacy and national security into sharp focus. What are the implications for the crypto world? One of the main issues affecting innovation is the potential for abuse by bad actors. Because of its pseudonymous nature, low cost, and ability to move vast sums, crypto has had its fair share of cases of misuse. Looking at the recent fiasco of Tornado Cash founders and the regulators, one could think that criminals are tipping the scales in the regulator’s favor. …