Search Results for: Virtu Financial

“Taiwan is crafting restrictions for offshore cryptocurrency exchanges operating within its domains. The Financial Supervisory Commission (FSC) is formulating a guidebook to help virtual asset services providers establish regulatory norms, focusing on information disclosure, virtual asset listing standards, and secure division of corporate and customer assets.”

Taiwan’s Financial Supervisory Commission plans to release guidelines for crypto companies to ensure safety and compliance with anti-money laundering laws. This move, affecting local and overseas firms, reflects Taiwan’s intent to regulate and embrace the crypto sector while balancing innovation and security.

The recent DeFi regulation by the U.S. Commodity Futures Trading Commission (CFTC) has stirred concerns in the crypto community. The fines and cease orders, for alleged non-compliance with registration requirements, could potentially undermine blockchain’s decentralization and autonomy, deterring innovation. Balanced regulation is necessary for investor protection and blockchain development.

“Taiwan drafts guidelines to regulate unregistered foreign virtual asset service providers (VASPs). The Financial Supervisory Commission (FSC) produced a draft of ten principles, aiming to protect the market from abusive practices while promoting transparency and differentiating custody of assets.”

Google has revised its advertising policy to permit promotion of blockchain-powered non-fungible token (NFT) games, affecting NFT games that abstain from promoting gambling content. However, it maintains its prohibition against game advertisements where players risk NFTs for earning additional digital assets.

Zodia Markets, sponsored by Standard Chartered Ventures, has gained preliminary approval to operate as an over-the-counter crypto broker-dealer in Abu Dhabi. This is part of a custom-tailored approval process initiated by Abu Dhabi Global Market (ADGM), which aims to attract and regulate crypto-based businesses.

Japan’s top financial regulator, the Financial Services Agency (FSA), has proposed changes to the country’s tax laws regarding digital asset profits. This move aims to better align Japan’s stance on cryptocurrencies with global standards, reduce financial burdens on local businesses, and foster innovation within the blockchain industry.

ECB executive Fabio Panetta recently detailed the European Commission’s plans for a digital Euro, asserting this could establish Europe as a leader in central bank digital currencies (CBDCs). The mission focuses on safeguarding European monetary sovereignty, preserving fiscal freedom, and ensuring privacy and data security. However, concerns remain over the compatibility of a digital Euro with existing financial structures.

South Korea’s KEB Hana Bank partners with BitGo, a leader in crypto custody and security, to offer digital asset custody services from 2024. The partnership is expected to enhance consumer protection and trust in South Korea’s digital asset market and improve the quality of Hana Bank’s digital asset custody operations. The collaboration also aims to capitalize on blockchain security technology, backed by BitGo’s recent funding of $100 million.

The UK’s recent implementation of the ‘Travel Rule’ for crypto transactions aims to deter anti-money laundering and counter-terrorist financing on-chain. This rule requires UK-based virtual-asset service providers to collect, verify, and share information about crypto-asset transfers, even from overseas jurisdictions.

“Social media giant, X, has earned a regulatory license to process cryptocurrency payments in the United States, by obtaining the Rhode Island Currency Transmitter License. This move, supported by several states, strengthens X’s potential to facilitate virtual transactions, possibly expediting the mainstream adoption of digital currency.”

EOS Network, a blockchain that garnered $4 billion in its initial coin offering, has been granted white-list approval by Japan’s regulatory body for crypto exchanges. This allows EOS to compete with major cryptocurrencies like Bitcoin and Ethereum on Japan’s regulated crypto exchanges. The approval signifies EOS’s compliance commitment and opens new opportunities for the network in the Japanese market.

The Swiss-based SEBA Bank, known for its crypto friendliness, has made a significant stride towards offering crypto services in Hong Kong, securing approval-in-principle from the city’s Securities and Futures Commission. This move reflects SEBA’s strategic push to align with Hong Kong’s evolving crypto regulations and to strengthen its regulated presence across the Asia Pacific region.

In an unprecedented move, the U.S. SEC has classified a non-fungible token (NFT) as a security, underlining the regulatory complexities as crypto technologies evolve. The incident serves as a warning to crypto projects, revealing that despite the inherent freedom within the crypto landscape, invisible chains bound them when engaging in regulated activities.

The Federal Reserve’s intensified scrutiny of banks’ cryptocurrency activities has sparked criticism from Republican lawmakers who argue this deters institutions from participating in the digital asset landscape. The Fed’s new requirements may potentially suppress the progress of decentralized finance. Amidst this, U.S. regulations on digital assets remain unclear, pushing some crypto companies to explore alternative markets overseas. The discourse focuses on balancing effective supervision with fostering blockchain innovation.