Regulation

As cryptocurrencies and blockchain assets continue to grow in popularity and mainstream adoption, the United States Internal Revenue Service has taken an increasing interest in their taxation.  In the U.S., cryptocurrency is subject to crypto tax and is classified as transactions instead of property or assets. Needless to say, failure to accurately track and report

The Monetary Authority of Singapore (MAS) released a proposal for a common protocol that would specify the conditions for the use of various types of digital currencies. On June 21 MAS published a whitepaper that covers technical specifications outlining the lifecycle of its new Purpose Bound Money (PBM) concept, along with the names of financial

Among the more memorable displays at Bitcoin 2023 is a real-life toilet with the logos of various non-Bitcoin cryptocurrencies. It’s an ad for a booth selling “buttwipes” that are “moistened with the tears of no-coiners.” The marketing message is clear: Bitcoin is the real thing — everything else is a shitcoin that belongs in the

The United States majority Senate leader Chuck Schumer plans to call for “comprehensive legislation” regarding safety measures for artificial intelligence (AI).  Schumer has remarks planned for a meeting at the Center for Strategic and International Studies in Washington D.C. on June 21, during which he will highlight the urgency for bipartisan action from Congress on

The government of China had been trying hard to make people believe that Bitcoin (BTC) would become worthless, but its predictions to date have been far off the mark. The original crypto currency has gained as much as 36% since official statements a year ago that it would become worthless. Amid a wild bear market

On Tuesday, June 20, a bipartisan group of United States lawmakers introduced a bill to establish a commission to study the country’s approach toward artificial intelligence (AI).  The bill’s primary objective revolves around establishing regulations in the AI industry. The act comes hot on the heels of consumer protection groups in the European Union (EU) urging

The details behind Binance’s failed efforts to register for a virtual asset service provider (VASP) license in the Netherlands will remain unclear due to confidentiality requirements of the central bank’s supervisory laws. Binance announced that it would terminate its services in the Netherlands on June 16 with immediate effect, having failed to get the all

Canadian citizens are being advised to double-check crypto trading service providers, as the platforms may be using “fictitious” regulatory bodies to boost their credibility. According to a June 20 Investor Alert from the Canadian Securities Administrators, some “purported” crypto platforms are claiming to be approved by certain regulatory authorities or dispute resolution organizations in “an

The investors’ service of credit ratings agency Moody’s has reported that without support from United States lawmakers on both sides of the political aisle for legislation focused on digital assets, investors and companies could turn to other crypto-friendly jurisdictions. In a June 20 report, Moody’s pointed to key differences in the way Democrats and Republicans

A diverse group of United States enforcement agencies has made official its cooperation on crimes related to the darknet and digital currency with the announcement of the Darknet Marketplace and Digital Currency Crimes Task Force on June 20. The new organization will target “cryptocurrency-enabled crimes” such as drug trafficking, money laundering, theft of personal information

United States President Joe Biden will discuss artificial intelligence (AI) with a group of Silicon Valley experts on June 20 between campaign fundraising stops in California.  The president will meet with at least eight experts, including renowned researchers and experts in AI safety. According to the White House, the topic of discussion will be the

Germany’s largest banking institution, Deutsche Bank, has reportedly applied for a digital asset custody license to the country’s financial regulator, the Federal Financial Supervisory Authority, or BaFin, in a bid to expand its revenue streams, Bloomberg reported. This comes after a similar shift from the bank’s investment arm, DWS Group, and aims to expand on digital

Consumer protection groups from the European Union (EU) have urged regulators to conduct investigations on artificial intelligence (AI) models behind popular chatbots.  According to a report from the AP on Tuesday, 13 watchdog groups issued a warning to their national consumer, data protection, competition and product safety authorities regarding concerns about generative AI. The groups

Amid lawsuits against United States-based exchanges like Coinbase and Binance.US, an exec at a domestic digital asset firm has noted the legal implications of these recent enforcement actions for the industry. The era of trading cryptocurrencies as non-securities is coming to an end, according to Itai Avneri, chief operating officer at the blockchain trading firm

As the International Monetary Fund (IMF) continues its effort to advance the technologies behind central bank digital currencies (CBDCs), some members of the crypto community have reacted strongly against the IMF’s efforts to further the initiative.  In a CBDC policy roundtable on June 19, the IMF’s director of the monetary and capital markets department, Tobias

Despite seeing themselves as more “risk averse” than their older counterparts, nearly a third of all young Australian investors hold or have traded cryptocurrencies over the last year, a new study has found. In an Australian investor study from the Australian Securities Exchange (ASX), 46% of “next generation investors” — the report’s terminology for investors

The Australian government needs to quicken its pace in developing crypto regulation or risk falling behind developing markets, according to the chair of a new crypto think tank. Loretta Joseph, chair of the Australian Digital Financial Standards Advisory Council (ADFSAC) — the newly launched policy institute under the ADC Forum — warned Cointelegraph that the

Bitcoin (BTC) dominance, the measure of how much Bitcoin makes up of the total crypto market cap, has breached the 50% mark. On June 19 at 6 pm UTC, Bitcoin dominance hit just above 50% and has since settled to 49.9% at the time of publication, according to data from TradingView. This means that Bitcoin

Slovakia will codify the right to use cash as a method of payment after a vote to amend the nation’s constitution passed in parliament on June 15.  The new legislation was sponsored by the Sme Rodina party, also known as the “We Are Family” party, and was reportedly drafted as a precautionary measure against the

Once again, the United States Securities and Exchange Commission (SEC) became the week’s headliner. Its intention to freeze the entirety of Binance.US’s assets got a reality check from U.S. district court Judge Amy Berman Jackson, who advised the regulator and the crypto exchange to negotiate a deal bilaterally.  The resulting agreement outlines measures for Binance.US