The Digital Agency of Japan, aimed at harmonizing nationwide initiatives related to digital transformation, has launched a research decentralized autonomous organization, or DAO, targeting Web3. In a Nov. 2 meeting, the Digital Agency said it had established a DAO in an effort to explore the “functions and roles” of DAOs. The group added it would
Regulation
Despite the turbulence that broke out in the crypto market this summer, there is an important long-term marker that should be considered in any complex assessment — the combination of adoption and regulation. The latest report by EUBlockchain Observatory, named “EU Blockchain Ecosystem Developments,” tries to measure this combination within the European Union, combining the
Australia’s financial services and markets regulator has issued another glaring warning towards issuers of crypto-based financial products, particularly those inappropriately marketing high-risk products. Joe Longo, chair of the Australian Securities and Investment Commission (ASIC) in an opening speech at the ASIC annual forum on Nov. 3 local time said it will use current laws to police
The European Union (EU) bill aiming to regulate cryptocurrencies could result in crypto influencers being charged with market manipulation if they fail to disclose potential conflicts of interest. The Markets in Crypto Assets (MiCA) bill, which has been approved by the European Parliament Committee on Economic and Monetary Affairs on Oct. 10, is expected to
Crypto influencers may need to practice what they preach and “do their own research” when it comes to sharing their crypto tips. According to several digital asset lawyers, the popular disclaimer “this is not financial advice” — may not actually protect them in the eyes of the law. United-States-based securities lawyer Matthew Nielsen from Bracewell
Last month’s proposal from Sam Bankman-Fried, CEO of crypto exchange FTX, for regulators to establish a litany of standards for the cryptocurrency industry poses an existential threat to decentralized finance (DeFi) platforms and entrepreneurial spirit. As one of a select few with the capital and clout to move the needle in the discussion surrounding crypto
The Swiss Financial Market Supervisory Authority, or FINMA, has announced it will be extending an anti-money laundering ordinance which requires identity checks for reporting certain crypto transactions. In a Nov. 2 notice, the Switzerland financial regulator said it would enforce a threshold of 1,000 Swiss francs — roughly $997 at the time of publication —
The Dubai Financial Services Authority (DFSA) announced on Nov. 1 that its crypto token regime has come into force in the Dubai International Financial Centre (DIFC) special economic zone, with a six-month transition period. The new regime is the DFSA’s second round of regulations, building on the “Regulation of Investment Tokens” introduced at the DIFC
United States Securities and Exchange Commission Chair Gary Gensler cited major enforcement actions against crypto firms as part of the “economic realities” of securities regulation. In written remarks for the Practising Law Institute’s Annual Institute on Securities Regulation on Nov. 2, Gensler used examples of SEC enforcement against crypto lending firm BlockFi and a former
Chinese crypto exchange, which recently has had to disavow the rumors about massive layoffs inside the company, unveiled the plans to move its headquarters to one of the jurisdictions in the Caribbean, with Dominica being the first candidate. In the report from Nov. 1, citing one of the board members, the FT revealed the company’s
Stablecoin issuers Circle and Paxos have each received approvals for their respective licenses from the Monetary Authority of Singapore (MAS), the city-state’s central bank. Circle received in-principle approval for a Major Payments Institution License allowing it to issue cryptocurrencies and facilitate domestic and cross-border payments while Paxos received its license to offer digital payment token
DBS Bank, a major financial services group in Asia, is applying decentralized finance (DeFi) for a project backed by Singapore’s central bank. DBS has started a trading test of foreign exchange (FX) and government securities using permissioned, or private, DeFi liquidity pools, the firm announced on Nov. 2. The development is part of Project Guardian,
India’s Finance Minister Nirmala Sitharaman said she would love to show that the country is “moving speedily forward” with digital financial technology as it prepares to assume the presidency of the G20. Speaking at the Indian Council for Research on International Economic Relations on Nov. 1, Sitharaman said the people of India have taken to
As November begins, analysts are busy dissecting the major market movements that occurred in October. While Bitcoin (BTC) stayed relatively unchanged with only 5.89% growth in October, Arcane Research senior analyst, Vetle Lunde mapped out the direction the market might take in the next few months. “Uptober,” a reference to Bitcoin’s bullish historical performance in
Roughly a third of eligible voters in the United States will be “considering crypto policy positions” when choosing candidates in the 2022 midterm elections, according to a new survey. In the results of a 2,029-person survey conducted by The Harris Poll between Oct. 6 and 11, 57% of likely midterm voters say they would be more
Chinese central bank governor Yi Gang, in a recent speech at Hong Kong Fintech Week, talked about the progress of their national digital currency called the digital yuan. He outlined the progress and the adoption of the national digital currency. During his speech, Yi noted that the digital yuan is being positioned as an alternative
In the aftermath of the Terra collapse last spring, South Korean legislators intend to ramp up legislation, putting specific emphasis on the protection of investors in virtual assets — i.e. digital currencies — and harshening penalties for unfair trade acts in the industry. According to local media, the Financial Services Commission (FSC) and the National
Ever since El Salvador legalized Bitcoin (BTC) as mainstream tender, President Nayib Bukele used Twitter on numerous occasions to announce the country’s BTC acquisitions. However, ALAC El Salvador — a non-governmental anti-corruption bureau — was recently denied information from a state development bank, BANDESAL, regarding El Salvador’s Bitcoin purchases and sales. As a development bank
United States-based crypto exchange Coinbase has become the latest organization to stand behind Ripple Labs n its legal battle against the Securities and Exchange Commission (SEC), which could wrap up as soon as the first half of 2023. Paul Grewal, Coinbase’s chief legal officer in a series of tweets on Oct. 31 said the exchange
The first full week under the leadership of the newly-elected Prime Minister Rishi Sunak saw a major landmark for crypto regulation in the United Kingdom. The Financial Services and Markets Bill, made public on Oct. 25, aims to enhance the U.K.’s position as a “global leader in financial services” — but what is more important