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.
Tornado Cash, one of the most popular cryptocurrencies mixing platforms in the globe, has been given the green light by the United States Treasury Department. The penalties state that the cryptocurrency mixer is not permitted to provide transaction services to individuals in the United States. It is anticipated that the assets of the platform, which … Read more
The Reserve Bank of Australia (RBA) has initiated a trial that will last for one full year in order to investigate the business models and novel applications of central bank digital currencies (CBDCs). The Australian central bank emphasized that the pilot project’s primary objective was to gain a deeper understanding of the regulatory, legal, and … Read more
In spite of the regulatory obstacles, Sky Mavis, the company that is responsible for the Play-to-Earn (P2E) heavyweight Axie Infinity, is planning to “double down” in South Korea and ramp up acceptance. Jeffrey Zirlin, the co-founder of Sky Mavis and growth lead, on August 9 at Korea Blockchain Week, that despite the fact that the … Read more
In 2019, Binance completed the acquisition of WazirX. As part of that process, the assets of WazirX have been blocked as part of an investigation into potential violations of foreign exchange regulations. The ED has placed a freeze on assets with a total value of $8.16 million, which is equivalent to 646.70 million Indian rupees. … Read more
In addition to its retail central bank digital currency (CBDC) programs and proof-of-concept Retail CBDC tests with corporate entities, the Bank of Thailand (BOT) will increase the scope of CBDC development focused on retail and enter a pilot phase shortly. One potential use of the “Retail CBDC” in real life will be tested on a … Read more
The Wall Street Journal reported that the United States Bankruptcy Court in New York had awarded the cryptocurrency brokerage Voyager Digital authority to repay $270 million to affected customers. The United States Bankruptcy Court gave the decision in New York. On Thursday, the presiding judge Micheal Wiles gave Voyager the go-ahead to restore monies to consumers. These … Read more
The New York Department of Financial Services, often known as the NYDFS, has stated that it will levy a fine of $30 million against the cryptocurrency trading division of Robinhood for suspected violations of laws about consumer protection, anti-money laundering, and cybersecurity. In an announcement made on Tuesday, the superintendent of the New York Department … Read more
After suffering through a liquidity crisis, the Waves (WAVES) community came together to back a governance proposal that aims to bring the decentralized finance (DeFi) lending protocol Vires.Finance back to life. The vote’s goals are to bring stability to the project and provide compensation to people who have been negatively impacted. Neutrino (USDN), a stablecoin … Read more
The troubled crypto exchange Vauld has revealed that the Singapore government has given a moratorium upto 7th November 2022. The hearing was conducted on August 1st 2022 via Zoom meeting. Vauld had recently halted withdrawal for its customers citing funds deficit of $ 70 million. Vauld sent email to its creditors making the announcement. … Read more
Millicent has broken new ground by becoming the first organization in the world to conduct a test of a digital currency with a full reserve. On Thursday, July 14, the distributed ledger fintech company Millicent made the announcement that it had successfully completed the world’s first experiment of a Full-Reserve Digital Currency (FRDC) directed at … Read more