The Central Bank of the United Arab Emirates (CBUAE) recently issued new guidelines for virtual asset service providers (VASPs) in the country, aiming to crack down on unlicensed operations. The move comes as part of the UAE’s efforts to improve its standing on the Financial Action Task Force’s (FATF) “grey list.” The published guidelines outline […]
In a recent development, Coinbase, a prominent cryptocurrency exchange, has strongly contested the United States Securities and Exchange Commission’s (SEC) classification of cryptocurrencies listed on its platform as securities. In a filing presented to a New York District Court on October 24, Coinbase criticized the SEC’s definition of securities, asserting that it exceeds the boundaries […]
Crypto-friendly Republican Congressman Tom Emmer is actively seeking the nomination for the Speaker of the House position, receiving endorsements from various lawmakers. The move comes after the interim Speaker, Congressman Patrick McHenry, failed to push significant legislation through the House, including bills related to the crypto sector. Emmer’s pursuit was first brought to light by […]
The European Union has recently passed a new law that obligates companies dealing in cryptocurrencies to share information about their clients’ holdings with tax authorities. This move aims to enhance transparency and oversight in the crypto market, ensuring compliance with tax regulations. The directive covers various aspects, including stablecoins, non-fungible tokens (NFTs), e-money tokens, and […]
California Governor Gavin Newsom has recently approved a new bill, the Digital Financial Assets Law, signaling a notable shift in his approach towards crypto regulation. The bill, set to take effect in July 2025, introduces stringent measures for individuals and businesses involved in crypto activities in the state. Under the bill, all crypto entities must […]
Regulation (MiCA). As of December 2024, MiCA is set to enforce standardized licensing and tighter Anti-Money Laundering (AML) protocols for crypto firms across the European Union (EU). However, members of the Electronic Money Association, including Revolut, PayPal, and several other crypto entities, are advocating for an 18-month transition period, which could potentially be subject to […]
Decentralized finance (DeFi) has not yet posed a significant risk to the overall financial stability, as stated by the European Union’s financial markets and securities regulator. On October 11, the European Securities and Markets Authority (ESMA) released a report titled “Decentralized Finance in the EU: Developments and Risks.” The regulator discussed the pros and cons […]
The North American Securities Administrators Association (NASAA) has expressed its support for the United States Securities and Exchange Commission (SEC) in its legal dispute with Coinbase. This statement has been filed with the United States District Court for the Southern District of New York. NASAA contends that digital assets should not be treated as unique […]
Taming the Wild West of Cryptocurrencies: SEC’s Gary Gensler Unveils New Regulations and AI Insights
SEC Chair Gary Gensler is preparing to discuss the Securities and Exchange Commission’s (SEC) updated approach to overseeing technological advancements, including cryptocurrencies and artificial intelligence (AI), in front of the U.S. House Financial Services Committee. Gensler’s opening remarks for the hearing on September 27 have been made available, shedding light on the SEC’s expanded regulatory […]
Last week, the California Legislature took a significant step by approving a bill designed to establish a new set of rules and licensing requirements for cryptocurrency firms. The bill also intends to implement various regulatory measures to oversee these crypto companies. Currently, the bill is awaiting approval from Governor Gavin Newsom, who has until October […]