Hong Kong to license more crypto exchanges by end of year

October 8, 2024 Coin Telegraph

Hong Kong’s Securities and Futures Commission expects to issue licenses to some of the 11 crypto firms pending registration in the region.

Hong Kong’s financial regulator, the Securities Futures Commission, says it expects to issue more licenses to crypto exchanges and digital asset firms operating in the region by the end of the year.

SFC CEO Julia Leung said she expects it to “make progress” in issuing licenses to 11 currently operating Virtual Asset Trading Platforms (VATPs) on the regulator’s list of potential licensees, according to an Oct. 6 report from local media outlet HK01.

She added that licenses would be granted in “batches” moving forward in a bid to bring crypto exchanges into compliance more easily.

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UAE exempts crypto transfers, conversion from value-added tax

October 6, 2024 Coin Telegraph

blockchain in UAE

The UAE has exempted cryptocurrency transfers and conversions from value-added tax, positioning itself as a more crypto-friendly jurisdiction for digital asset transactions.

Amendments to value-added tax (VAT) regulations in the United Arab Emirates will exempt transfers and conversions of digital assets, including crypto.

On Oct. 2, the UAE’s Federal Tax Authority (FTA) published amendments to the country’s VAT rules. According to business consultancy company PwC, the new rules include VAT exemptions for additional services, including managing investment funds and transferring and converting virtual assets.

PwC noted that the exemptions in the transfer and conversion of virtual assets will be applied retrospectively from Jan. 1, 2018.

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Kraken launches derivatives trading in Bermuda with BMA license

October 3, 2024 Coin Telegraph

Bermuda

The crypto exchange is expanding its offerings in Bermuda as the US SEC goes after it on its home turf.

Cryptocurrency exchange Kraken has opened a derivatives trading platform in Bermuda, having received a license from the Bermuda Monetary Authority (BMA).

Bermuda is becoming an attractive locale for regulating cryptocurrency activities. Kraken follows Coinbase International and HashKey Global to the island.

The BMA indicates that Payward Digital Solutions (Kraken’s legal name) received a Class F Digital Business License on July 30, enabling it to provide wallet services, operate as a digital asset derivative exchange provider and operate as a digital asset lending or digital asset repurchase transactions service provider, among other things.

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Binance Secures 20th Global Milestone With Argentina Crypto Registration

October 3, 2024 Bitcoin.com

AML

Crypto exchange Binance has achieved a significant milestone by joining Argentina’s Virtual Asset Service Providers Registry, marking its 20th global regulatory achievement. This allows Binance to expand its full range of services to Argentina-based users, further embedding itself in the country’s cryptocurrency market. Binance Joins Argentina’s Crypto Registry, Strengthens Global Compliance Crypto exchange Binance announced […]

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SEC enforcement chief Grewal to step down

October 2, 2024 Coin Telegraph

Coin Telegraph

The end of his tenure, marked by aggressive cryptocurrency enforcement, could signal a change in the agency’s approach to crypto.

According to an Oct. 2 announcement, the United States Securities and Exchange Commission’s (SEC) chief enforcer, Gurbir Grewal, will step down on Oct. 11 after a stint distinguished by his aggressive policing of the cryptocurrency industry.

The SEC has not chosen Grewal’s permanent replacement but Sanjay Wadhwa, deputy director of the SEC’s enforcement division, will serve as acting director for the time being, the announcement said.

As the SEC’s chief enforcer, Grewal recommended more than 100 enforcement actions “addressing widespread noncompliance in the quickly growing crypto space, including against the operators of the largest crypto asset trading platforms in the world,” the regulator said.

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CryptoQuant CEO calls for ‘smart regulation,’ community voices doubts

September 29, 2024 Coin Telegraph

Blockchain

Ju’s push for “smart regulation” in Web3 aims to curb scams, build trust, and ensure responsible growth, sparking community debate.

Ki Young Ju, the CEO of CryptoQuant, has called for regulation as a key factor in the long-term development of Web3 and cryptocurrency.

In a Sept. 29 X post, Ju argued that crypto and Web3 could “thrive responsibly” with the regulatory framework necessary to mitigate scams and build trust.

Ju’s comments sparked debate among the crypto community. Some supported his views, while others expressed concerns about the implications of regulatory oversight.

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Bitcoin should be treated as a commodity, like gold: Cantor Fitzgerald CEO

September 28, 2024 Coin Telegraph

Bitcoin

Cantor Fitzgerald CEO Howard Lutnick advocates for Bitcoin to be classified as a commodity, citing its similarities to gold and oil.

On Sept. 27, Howard Lutnick, the CEO of financial Cantor Fitzgerald, appeared on Fox Business and urged regulators to classify Bitcoin as a commodity, similar to gold and oil.

In the “Mornings with Maria” interview, Lutnick stated that Bitcoin’s (BTC) status as a commodity is well-established and called for clearer regulation of the cryptocurrency space.

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SEC Fines Mango DAO for Unregistered MNGO Tokens

September 28, 2024 Bitcoin.com

bitcoin.com

The U.S. Securities and Exchange Commission (SEC) has filed charges against Mango DAO, Blockworks Foundation, and Mango Labs LLC for offering unregistered securities. The case centers around the sale of MNGO tokens and the operation of Mango Markets without proper registration. Mango Markets Hit With SEC Charges The SEC alleges that since August 2021, Mango […]

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MiCA threatens crypto firm exodus to Middle East: Regulatory expert

September 27, 2024 Coin Telegraph

Coin Telegraph

The upcoming regulatory framework could threaten a mass crypto exodus to the Middle East due to more favorable regulations.

Europe’s upcoming cryptocurrency regulatory framework could reduce the number of Web3 firms in the region and introduce new centralization-related concerns.

The Markets in Crypto-Assets (MiCA) bill is the world’s first comprehensive regulatory crypto framework, widely seen as a net positive for the industry.

While MiCA legitimizes the crypto ecosystem, it also threatens to introduce consolidation among crypto firms, according to Anastasija Plotnikova, CEO and co-founder of Fideum, a regulatory and blockchain infrastructure firm focused on institutions.

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Kamala Harris’s Blockchain Comment Sparks Mixed Reactions in Crypto Community

September 26, 2024 Bitcoin.com

Vice President Kamala Harris’s remarks on fostering technologies like artificial intelligence (AI) and blockchain have sparked plenty of chatter in the crypto community. While some see her words as encouraging and forward-thinking, others believe Harris is merely pandering and looking to gain political support. VP Harris Faces Skepticism Over Blockchain Statement Amid Ongoing Crypto Crackdown […]

Crypto regulation