Regulation

Gains accrued by staking cryptocurrency should not be treated as a taxable event. It only makes sense to tax such gains upon their conversion to legal tender currency. To do otherwise undermines a marquee environmental policy from the administration of United States President Joe Biden. The Internal Revenue Service appears strongly inclined to treat staking

Following Terraform Labs’ founder Do Kwon’s arrest in Montenegro while trying to fly off-shore using fake documents, South Korean authorities have turned up efforts to track down and arrest the other co-founder of the company, Shin Hyun-Seong, also known as Daniel Shin. Since November 2022, South Korean authorities have suspected the involvement of numerous Terra colleagues

The next G7 meeting might bring a push from the seven biggest democracies for tougher regulations on cryptocurrencies around the world, Kyoto news agency reports on March 25. Together, leaders from Japan, the United States, the United Kingdom, Canada, France, Germany, and the European Union will outline a cooperative strategy to increase crypto transparency and

Following his arrest in Montenegro while attempting to fly using fake documents, Terraform Labs co-founder Do Kwon will reportedly appeal the court’s decision to extend detention time for up to 30 days. A legal representative of Kwon confirmed the appeal against the Montenegrin court’s decision to detain the entrepreneur for longer than usual, according to

The United States Federal Reserve released an 86-page report on March 24 detailing the reasons for denying Custodia Bank’s application for membership in January, including the bank’s involvement in the crypto space.  According to the report, the Fed’s board has raised “concerns about banks with business plans focused on a narrow sector of the economy”,

With Coinbase seemingly on the verge of a court battle with the Securities and Exchange Commission (SEC), the firm has emphasized that the U.S. government’s hawkish approach to crypto regulation has “left a vacuum that other countries are eager to fill.’ The SEC issued Coinbase a wells notice on March 22 outlining that SEC staff

The White House released its annual economic report on March 20, and it dedicated an entire section to digital assets.  The authors should be commended for doing so. I largely agree with the report’s assessment that certain aspects of the digital asset ecosystem are causing problems for consumers, financial systems and the environment. However, as

Binance, the world’s largest cryptocurrency exchange, has made significant efforts to be a leader in transparency in the industry since the FTX scandal. However, a new report claims that Binance insiders are allegedly helping users bypass security protocols.  According to a CNBC investigation, employees and volunteers at Binance have allegedly been aiding customers in China

Our weekly roundup of news from East Asia curates the industry’s most important developments. Chinese crypto billionaire sued by SEC On Mar. 22, the U.S. Securities and Exchange Commission, or SEC, announced charges against Chinese blockchain personality and billionaire Sun Yuchen — better known as Justin Sun — and three of his wholly-owned companies Tron Foundation

Australia-based crypto exchange Independent Reserve is looking at opportunities to set up shop in Hong Kong, as the city continues efforts to become a cryptocurrency hub.  Set to take effect in June, the Hong Kong Securities and Futures Commission (SFC) released a proposed licensing regime for cryptocurrency exchanges on Feb. 20 in line with its

Crypto exchange Coinbase said it received a ‘Wells Notice’ from the United States Securities and Exchange Commission recommending the regulator take enforcement action. In a March 22 blog post, Coinbase said the “legal threat” could potentially target the exchange’s staking program Coinbase Earn, listed digital assets, its wallet, or Coinbase Prime services. A Wells Notice

Regulators and industry players highlighted a number of implications and potential impacts of the European Union’s Markets in Crypto-Assets (MiCA) regulation at the Paris Blockchain Week 2023. A panel titled ‘MiCA: How is the EU Regulating Crypto?’ delved into the proposed MiCA regulation which is expected to take effect in 2024. The 400-page regulatory guideline

A bankruptcy judge overseeing the bankruptcy case for crypto lending platform Celsius Network has approved a settlement plan allowing custody account holders to get back 72.5% of their crypto holdings. In a March 21 hearing, United States Bankruptcy Judge Martin Glenn signed off on an agreement allowing Celsius custody account holders the right to receive

Australia’s prudential regulator has reportedly asked local banks to report on cryptocurrency transactions amid the ongoing contagion of Silicon Valley Bank’s (SVB) collapse. The Australian Prudential Regulation Authority (APRA) has started requesting banks to declare their exposures to startups and crypto-related companies, the Australian Financial Review reported on March 21. The regulator has ordered banks

A central bank digital currency (CBDC) can impact monetary policy by increasing money velocity, disintermediation, volatility of bank reserves, currency substitution and altered capital flows, even when it is not designed to do so, according to a study published by the International Monetary Fund. The unintended impact of a CBDC may be felt particularly acute

The Financial Supervisory Commission of Taiwan (FSC) will become the primary regulator of cryptocurrencies in the island country, according to the head of the authority. FSC chairman Huang Tien-mu has announced that the regulator will assume supervisory authority over the crypto industry in Taiwan, the local United Daily News reported. Huang addressed Taiwan’s parliament, the

Venezuela’s president Nicolás Maduro has announced the reorganization of the National Superintendency of Crypto Assets, known as Sunacrip in Spanish, according to a decree issued on March 17. A new board will lead the reorganization, headed by Anabel Pereira Fernández, a lawyer who served as president of the Fondo de Garantía de Depositos y Protección

The recent fall of major banks in the United States and the need for federal intervention reignited discussions to identify the most effective ways to safeguard the crumbling economies. Comparing the episode to the financial crisis of 2008, prominent economist Peter Schiff found that increasing banking regulations contribute to the worsening financial crisis. A deeper

Top Stories This Week Sam Bankman-Fried petitions court to prioritize reimbursing his legal fees Sam Bankman-Fried (SBF) is seeking to use FTX’s corporate insurance policies to cover his legal expenses, according to a court filing on March 15. As per the filing, the policies provide “priority of payment” to insured individuals such as Bankman-Fried. The

Representatives from the Federal Deposit Insurance Corporation and Federal Reserve will be testifying before the United States House Financial Services Commission in a newly announced hearing investigating the collapse of two major banks. In a March 17 notice, Representatives Maxine Waters and Patrick McHenry — the ranking member and chair of the committee, respectively —