Hong Kong lawmaker Johnny Ng Kit-chong has called for a legal framework to regulate decentralized autonomous organizations (DAOs) to boost Hong Kong’s Web3 investment landscape. Ng said a recent High Court ruling underscores the rule of law in Web3 operations and sets a significant legal precedent. The Mantra Chain Case A Hong Kong lawmaker, Johnny […] Source CryptoX Portal
Senate majority leader Chuck Schumer has set himself the goal of passing comprehensive crypto legislation by the end of 2024. Schumer made the statement at a virtual town hall meeting hosted by Crypto4Harris, a newly-formed initiative to push pro-crypto talking points for Democratic presidential candidate Kamala Harris. During the proceedings, attended by Senators Kirsten Gillibrand and Debbie Stabenow, as well as Colorado Governor Jared Polis and investor Mark Cuban, the New York senator declared his intention to pass a bipartisan crypto bill out of the Senate and into law by…
The Superintendence of Banking and Insurance (SBS) of Peru, has issued a resolution that forces VASPs to implement Know Your Customer (KYC) and anti-money laundering (AML) measures as part of a compliance plan. The resolution is in line with FATF recommendations and seeks to control and avoid criminals to use these platforms for illicit purposes. […] Source CryptoX Portal
Tether CEO Paolo Ardoino believes MiCA’s latest regulatory move puts banking systems and the use of stablecoins in the EU at a “systemic risk.” In a recent interview with Cryptox, Ardoino shared his concerns about a passed MiCA regulation that took effect on June 30. See below. The newly implemented law requires stablecoin issuers under the EU to keep at least 60% of their reserves in EU-based bank accounts. The CEO highlighted that the regulation could be problematic because EU cash deposits above €100,000 are not insured, a relatively small…
As regulators scrutinize DeFi more closely, participants need to improve compliance around AML and KYC and make the process easier for customers, says Thomas Gentle, Compliance Officer, Quadrata. Source
The landscape of cryptocurrency regulation in the U.S. has undergone a significant transformation in recent years. What was once met with skepticism and stringent oversight is now evolving into a more nuanced and balanced approach, driven by shifting political sentiment and a deeper understanding of the technology’s potential. This article explores the changing dynamics of cryptocurrency regulation in the U.S., focusing on the roles played by the political landscape and the Securities and Exchange Commission. Early Skepticism and Regulatory Challenges In the early days of cryptocurrency, the industry faced considerable…
The French financial regulatory authority has begun accepting applications for authorization as a crypto asset service provider under the European Markets in Crypto-Assets (MiCA) Regulation, ahead of its implementation in December 2024. This regulation mandates prior authorization for market participants offering crypto asset services in the EU, with strict adherence to anti-money laundering, cybersecurity, and […] Source CryptoX Portal
“We’ve been quite vocal with our concerns about ASIC potentially just continuing to make enforcements”, during the “four or five roundtables” in recent weeks, O’Loghlen said, even though he complimented a new ASIC team for “very much reaching out to all industry players” … “proactively” having “a coffee conversation with 50 or so groups.” Source
The XRP price has climbed by over 4% within the last 24 hours, extending its bullish trend observed over the past month. This increase propelled the token to a four-month peak of $0.6377 early on Tuesday, outperforming the top 10 cryptocurrencies in the market. However, this recent surge in value coincides with strong criticism from key Ripple executives, including CEO Brad Garlinghouse and the company’s Chief Legal Officer Stuart Alderoty, directed at the leadership of the US Securities and Exchange Commission (SEC). Ripple’s Response To Amendments In Binance Lawsuit As…
Brad Garlinghouse, CEO of Ripple, criticized the U.S. Securities and Exchange Commission’s inconsistent regulatory practices after the regulator revealed its intention to amend its complaint against Binance concerning the security status of certain crypto tokens. He highlighted the contradiction between SEC Chair Gary Gensler’s statements and the agency’s actions, emphasizing the need for clear, consistent […] Source BitcoincryptoexchangeExchanges CryptoX Portal