Nigeria’s SEC advised to regulate Bitcoin, Ether as commodities

July 13, 2024 Coin Telegraph

BICCoN

By treating Bitcoin and Ether as commodities, Nigerian regulators can establish a more tailored regulatory framework that reflects the unique characteristics of these digital assets.

In light of a recent court ruling in Illinois that classified Bitcoin and Ether as commodities, Nigerian stakeholders are urging the Nigerian Securities and Exchange Commission (SEC) to adopt a similar approach in its regulatory framework.

The call for clarity and proper classification comes as cryptocurrencies play an increasingly significant role in the global financial landscape. Lucky Uwakwe, chairman of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), spoke to Cointelegraph and emphasized the importance of clearly defining the class of crypto assets.

According to the chairman, this approach would provide creators with clear guidelines on where to seek regulation.

<div>XRP price preps for 'powerful move' above .90 as sentiment metrics signal optimism</div>

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

SEC vs. Ripple: One year on since landmark ruling

July 13, 2024 Coin Telegraph

Coin Telegraph

While challenges remain, Ripple’s victory has set a precedent that could shape the future of the cryptocurrency industry for years to come.

July 13, 2023, saw a landmark ruling in the United States Securities and Exchange Commission’s (SEC) case against Ripple Labs. The ruling determined that the XRP token is not a security when sold on public exchanges. The decision had implications for the cryptocurrency market and the regulatory landscape in the US.

The ruling was a significant victory for the blockchain-based digital payment network and set a precedent for classifying cryptocurrencies. The SEC initially filed a lawsuit against Ripple in December 2020, alleging that the company had conducted an unregistered securities offering by selling XRP (XRP) tokens.

However, Ripple argued that XRP should be considered a currency rather than a security, and after a lengthy legal battle, the court partially sided with Ripple. However, the decision was not entirely in the industry’s favor because Ripple was found to have broken the securities laws when it offered XRP to hedge funds and other institutional buyers.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

SEC Withdraws Enforcement Action Against Paxos’ BUSD Stablecoin

July 11, 2024 Bitcoin.com

Binance

The Securities and Exchange Commission (SEC) has decided to end its investigation into Paxos, a New York-based issuer of stablecoins, suggesting that stablecoins may not be treated as securities in most cases. This decision comes more than a year after the SEC sent Paxos a Wells Notice concerning the BUSD stablecoin, which is backed by […]

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Taiwan Mobile receives VASP license, entry to crypto market

July 5, 2024 Coin Telegraph

AML requirements

Taiwan’s second-largest telecom has found a way into the crypto market, bring resources and experience with it.

Taiwan Mobile, the country’s second-largest telecommunications provider, has received a virtual asset service provider (VASP) license from the country’s Financial Supervisory Commission (FSC), according to local reports. The license creates a path for it to open a cryptocurrency exchange.

Taiwan Mobile, which is called Taiwan Big Brother in Chinese, is the 26th company to be licensed as a VASP. It has been eyeing a place in the crypto market for over a year, according to Bloomberg, which speculated that Taiwan Mobile was seeking to buy an existing exchange. It was licensed under the name of Fusheng Digital, which Taiwan Mobile owns. Both companies are headed by Lin Zhichen.

To receive the VASP license, Taiwan Mobile had to conform to several Anti-Money Laundering (AML) requirements. Once those hurdles are cleared, the company is eligible for membership in the self-regulatory Taiwan Virtual Asset Service Provider Association, which was founded in June.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

South Africa Approves 63 Crypto Asset Service Provider License Applications

July 4, 2024 Bitcoin.com

Africa

South Africa’s financial services industry regulator announced on July 2 that it had approved an additional 63 crypto asset service provider license applications. The Financial Sector Conduct Authority (FSCA) has received a total of 383 applications, with only five being declined. Notably, the approvals do not mean crypto assets are recognized as a legal form […]

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

South African Regulator Investigates 30 Cases of Unlicensed Crypto Operations

July 3, 2024 Bitcoin.com

bitcoin.com

The Enforcement Division within South Africa’s Financial Sector Conduct Authority (FSCA) has formed a team to investigate individuals or entities operating crypto financial services without proper licenses. Currently, 30 cases are under scrutiny. The FSCA aims to protect the public and maintain industry fairness by taking decisive action against unlawful crypto businesses. The regulator will […]

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Crypto losses reach $1.19B in H1 2024: CertiK calls for better security

July 3, 2024 Coin Telegraph

Crypto losses reach .19B in H1 2024: CertiK calls for better security

Bitcoin Hack

The CertiK report shows that phishing attacks led to nearly $498 million in losses, emphasizing the urgent need for enhanced security measures like 2FA.

The latest CertiK Web3 Security Report reveals that $1.19 billion has been lost to onchain security incidents in the first half of 2024, prompting the need for improved security measures.

The report highlights that most of the losses were attributable to phishing attacks and private key compromises, with phishing attacks accounting for almost $498 million.

In a written Q&A with Cointelegraph, Ronghu Gu, co-founder of CertiK, articulated the need for multifactor authentication, such as two-factor authentication (2FA) and “security keys.”

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Analyst Updates Spot Ether ETF Launch Date Prediction Citing Slow SEC Review

June 30, 2024 Bitcoin.com

bitcoin.com

Bloomberg’s senior ETF analyst has updated his prediction regarding the launch of ether exchange-traded funds (ETFs), noting delays due to the U.S. Securities and Exchange Commission (SEC)’s review process during the holiday week. Despite the approval of 19b-4 filings for eight ether ETFs in May, the S-1 registration statements are still pending. SEC Chair Gary […]

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Supreme Court’s Chevron Ruling Seen as ‘a Game Changer’ for Crypto Industry

June 29, 2024 Bitcoin.com

bitcoin.com

The U.S. Supreme Court has struck down Chevron deference, a doctrine that allowed federal agencies broad discretion in interpreting ambiguous statutes. This decision is seen as a pivotal shift towards greater regulatory clarity and judicial oversight, especially impacting the digital assets sector. Supreme Court Overturns Chevron Deference, Paving Way for Regulatory Clarity in Digital Assets […]

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

‘Secrecy of Crypto Usage’ Drives Youth Cryptocurrency Adoption, Says Nigerian Regulator

June 29, 2024 Bitcoin.com

Africa

According to a Nigerian regulator, young people who are adopting cryptocurrencies are drawn to their secrecy, and many of them do not have bank accounts. However, the regulator also stated that the Securities and Exchange Commission (SEC) will continue to caution users about the potential risks of investing in this asset class. Crypto Cannot Be […]

Crypto regulation