Search Results for: Crypto.com

“Komainu, a joint venture between Nomura, CoinShares, and Ledger, has secured a full operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). This achievement follows a rigorous three-stage approval process. Dubai’s recent pro-crypto regulations and support for blockchain innovations show its ambition to be a haven for crypto entrepreneurs.”

“Crypto exchange Coinbase is set to suspend trading of stablecoins USDT, DAI, and RAI in Canada as part of major service changes. Despite Coinbase’s recent expansion in Canada, increasing regulations have caused reconsideration of operating strategies within the country’s crypto market.”

“Judge Torres’s ruling in the ongoing Ripple case might bring regulatory clarity to the crypto community. Meanwhile, Coinbase suspended certain stablecoins in Canada, raising questions on whether this regulatory rigour might affect the growth of blockchain’s future or secure the crypto future.”

Brazil’s Congress is considering a bill to tax cryptocurrency as “financial assets”, specifically those held by Brazilians overseas. If passed, the legislation would level the tax field between crypto and traditional assets, potentially benefiting local exchanges. The bill might attract greater activity to Brazil’s national crypto exchanges and global players to establish local offices. However, there are concerns that the increased taxation could hamper the growth of the sector or deter foreign investment.

“Blockchain.com has been granted a major payment institution license by the Monetary Authority of Singapore, permitting it to offer regulated digital payment token services to international clients. This reflects Singapore’s ongoing support for crypto companies, contributing to discussions about the impact of increasing regulatory controls on crypto’s foundational values and innovation.”

The British digital bank, Revolut, has ceased its cryptocurrency services for US customers due to shifting US regulations and market uncertainties. As crypto companies grapple with regulatory clampdowns and accusations of regulatory violations, it becomes challenging to maintain services for American clients. Despite setbacks, crypto-friendly banking services may return to the US market in future.

“Laser Digital, a digital asset subsidiary of Nomura, has received an operating license from Dubai’s Virtual Asset Regulatory Authority. This move promises greater trust and stability. The company plans to offer virtual asset broker-dealer services and management and investment services in the near future.”

“Crypto platform, Binance, moved to dismiss a lawsuit by the US Commodity Futures Trading Commission (CFTC), challenging its jurisdiction over non-US entities. Meanwhile, the US Senate sanctioned the 2024 National Defense Authorization Act, targeting crypto mixers, trading bodies, and ‘anonymity-enhancing’ coins.”

“Crypto.com secures registration approval with the Dutch central bank, De Nederlandsche Bank (DNB), joining 36 other crypto businesses in the country. The approval highlights Crypto.com’s commitment to compliance and allows it to offer exchange and custodial services. Other platforms, like Binance, face rejection from the Dutch market due to regulatory uncertainties.”

Coinbase’s “Earn” program, offering staking rewards to customers, is potentially at risk, as it could be viewed as a security, changing its legality and perception. If the SEC classifies offered tokens as securities, unregistered exchanges could face accusations of being unregistered securities exchanges.

The case of Crypto.com inadvertently depositing $50,000 into a user’s account underlines the urgent need for stronger regulation within the crypto-sphere. This incident stresses the importance of robust system checks to prevent such mishaps, ensuring user’s confidence and transaction safety.

OKX Middle East receives an MVP Preparatory license from Dubai Virtual Assets Regulatory Authority, preparing for its license to become operational. The exchange plans to offer spot, derivatives, and fiat services, and recognizes Dubai’s comprehensive regulation standards as crucial to their regional strategy.

Binance is withdrawing from Cyprus and is under examination for deregistration by the Cyprus Securities and Exchange Commission (CySEC). The move to pull back coincides with the upcoming MiCA regulations enforcement and Binance’s shifting focus towards larger registered EU markets.