The network of rules, statutes, and legal procedures governing the cryptocurrency and blockchain businesses is collectively called “crypto regulation.” The legal standing of these businesses has been a hot topic of discussion ever since Bitcoin’s 2008 white paper. The issues facing legislators and regulators have completely changed. Some authorities have reacted negatively because they perceive cryptocurrency as threatening monetary authority. Others have embraced the sector due to its ability to connect distant economies and promote secure global commerce. However, the majority of the globe is still figuring out how to enact, oversee, and enforce the body of regulations governing such a new industry.
The Securities and Exchange Commission (SEC) has filed charges against Impact Theory, a media firm headquartered in Los Angeles, for the sale of unregistered securities in the form of non-fungible tokens (NFTs) referred to as “Founder’s Keys” during the latter part of 2021. According to the Securities and Exchange Commission (SEC), Impact Theory purportedly generated … Read more
The Kenyan government has suspended the local activities of Worldcoin, a digital identity project, citing concerns for the safety of Kenyans. Kenya becomes the first country to suspend Worldcoin’s operations, while others have initiated investigations into the project. The suspension will remain in place pending further investigation by relevant security, financial services, and data protection … Read more
The IRS has declared that US investors must disclose cryptocurrency staking earnings as income. The decision makes it clear that, once the taxpayer gains control of the tokens, staking earnings should be counted as a component of their gross income. Investors now have clarity on their tax obligations thanks to the IRS’s first explicit mention … Read more
The Bank of Korea (BoK) is progressing in the development and testing of its central bank digital currency (CBDC). Three regions outside Seoul, namely Jeju, Busan, and Incheon, have been selected for a “private target CBDC test bed.” The BoK plans to experiment with public payments and distribution in one of these regions and establish … Read more
The SEC and Coinbase engaged in a regulatory dispute over Coinbase’s trading activities. To prevent a lawsuit, the SEC asked Coinbase to halt trading in all digital assets on its platform, with the exception of Bitcoin (BTC). Brian Armstrong, CEO of Coinbase, disagreed with the SEC’s interpretation and claimed that following it would create an … Read more
Mintlayer, a Bitcoin sidechain, has announced the commencement of a $4 million open-source development grants project and the beginning of the application process. The establishment of the awards program is the “first big ecosystem initiative in Mintlayer’s long-term development.” It is intended solely for projects that will directly benefit the Mintlayer ecosystem, followed by the … Read more
BTG Pactual, the investment bank Major in Latin America, just recently announced that it would launch its own stablecoin called BTG Dol. The bank has issued an official statement (1) indicating that the stablecoin will operate on the Polygon network and is currently available to customers. The blockchain network that the bank has decided to … Read more
A recent analysis published by the American cryptocurrency company Coinbase detailed how the use of cryptocurrencies might help Americans save millions of dollars in remittance expenses. As stated by the cryptocurrency corporation, the disjointed nature of the global financial system presents challenges for citizens of the United States who depend on remittance fees. (1) It … Read more
Paxful could be the latest company to be impacted negatively as a result of the truth that the worldwide peer-to-peer (P2P) market is rapidly losing popularity. Paxful CEO Ray Youssef announced in a blog post that the company will immediately begin shutting down its activities, and there is no guarantee that they will ever resume … Read more
The most recent Elon Musk & Dogecoin (DOGE) Twitter excitement has directed attention to a mysterious wallet that was formerly responsible for the custody of $24 billion in DOGE. (1) On April 3, the boisterous CEO of Tesla replaced Twitter’s logo with the Dogecoin logo, immediately triggering a bullish jump in cryptocurrency prices. The price … Read more