In a notable move towards consumer protection, Dubai’s Virtual Assets Regulatory Authority (VARA) has implemented a fresh set of marketing regulations targeting firms in the virtual asset space. Unveiled to take effect on October 1, these guidelines aim not only to foster a robust environment for virtual asset service providers (VASPs) but also to safeguard
Regulation
In an age where the collection and utilization of personal data are more scrutinized than ever, the Personal Information Protection Commission (PIPC) of South Korea has sent a clear message to companies handling sensitive information. The PIPC recently levied a total fine of KRW 1.14 billion (approximately $861,408) against Worldcoin and its affiliate Tools for
In a decisive move aimed at modernizing its financial regulatory framework, Hong Kong has announced a comprehensive overhaul of its over-the-counter (OTC) derivatives reporting regime, extending this framework to include the rapidly growing market for crypto derivatives. The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC) are spearheading this initiative, which
In a bold declaration, Howard Lutnick, the CEO of Cantor Fitzgerald, has urged regulatory bodies to classify Bitcoin (BTC) alongside established commodities like gold and oil. This perspective was shared during his appearance on the Fox Business show “Mornings with Maria” on September 27. Lutnick’s statements reflect a growing sentiment in the financial community—that proper
The world of decentralized finance (DeFi) has been synonymous with innovation and disruption, promising democratized access to financial services beyond traditional banking systems. However, the recent case of Mango Markets illustrates a stark reality: the regulatory landscape is catching up. On September 27, 2023, the U.S. Securities and Exchange Commission (SEC) announced a settlement with
In a recent discussion on CNBC’s Squawk Box, Wyoming Senator Cynthia Lummis posited that Gary Gensler, the chair of the Securities and Exchange Commission (SEC), may very well leave his position next year. This assertion comes amidst a broader conversation about Gensler’s purported enjoyment of his role and his commitment to the job. Lummis, however,
The recent ruling by U.S. District Judge Katherine Polk Failla has sent shockwaves through the cryptocurrency community, particularly affecting protocols like Tornado Cash. The judicial decision unequivocally stated that software code, even when used in decentralized finance (DeFi) applications, does not receive First Amendment protection as a form of free speech. This ruling, which emerged
In a recent interview, Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), clarified the regulatory status of Bitcoin, reaffirming that it does not fall under the classification of a security. This statement serves as a vital distinction for investors and the cryptocurrency market, especially as the industry grapples with increasing scrutiny. Gensler
The Australian Securities and Investments Commission (ASIC) is poised to introduce a significant regulatory framework aimed at enhancing the accountability and transparency of cryptocurrency service providers in Australia. Announced on September 23, this new licensing regime is designed to fall under the Corporations Act, categorizing certain crypto services as financial products. This move comes amidst
In a compelling push for progress on the issue of stablecoin regulation, Congresswoman Maxine Waters, the ranking Democrat on the House Financial Services Committee, has urged for a bipartisan agreement by the end of 2024. This call to action arose during a crucial committee hearing held on September 24, where Waters articulated her belief that