Hong Kong is preparing to introduce a new regime for virtual asset regulation as the Securities and Futures Commission (SFC) published the conclusions of a weeks-long consultation on regulatory guidelines for crypto platforms on May 23. From June 1, Hong Kong crypto exchanges must seek licenses under the Securities and Futures Ordinance (SFO) and the
Regulation
Ledger, a popular hardware wallet manufacturer, recently launched a new feature called Ledger Recover. This feature allows users to “share” their wallet seeds with three different parties for added security in case of loss or damage to the device. However, concerns were raised within the crypto community that this could potentially lead to government access
The South Korean crypto exchange, Coinone, has been involved in a listing scandal, which has led to four individuals being indicted, according to The JoongAng on May 21st. Coinone’s listing team leader, Kim Mo, and Coinone’s listing broker, Hwang Mo, were both indicted along with two others. Coinone’s former Chief Sales Officer (CGO), Jeon Mo-ssi,
Gemini, the New York-based cryptocurrency exchange, has been warned by the Philippines Securities and Exchange Commission (SEC) that it is operating its newly launched derivatives exchange without regulatory authorization in the country. The SEC issued an official warning to the exchange on May 18, claiming that the exchange has no legal right to operate in
ConsenSys, the owner of Ethereum wallet MetaMask, has denied claims that it collects taxes from cryptocurrency users. The company clarified that it only collects sales taxes on certain paid services and that tax-related terms do not apply to MetaMask and other products without sales tax. Rumors Raised Concerns Over MetaMask and ConsenSys’s Terms of Service
On May 22, Hotbit, a China-based cryptocurrency exchange, announced that it would suspend all operations by 04:00 UTC. Users of the platform were advised to withdraw their assets before June 21. Hotbit cited several factors that led to its decision to halt operations, including ongoing regulatory challenges, cyber attacks, and significant losses. Industry Challenges Hotbit
On May 19, the United States Treasury and its Office of Foreign Assets Control (OFAC) imposed sanctions on various entities with ties to Russia. Huriya Private FZ LLE, a company based in the United Arab Emirates (UAE), is among the entities that have been sanctioned by OFAC. The firm has allegedly been involved in money
President Joe Biden has expressed his opposition to a proposal that could result in low taxes for crypto investors, as reported by The Hill on May 21. Following a G7 summit in Hiroshima, Japan, Biden said that he would not agree to a deal that protects wealth tax cheats and crypto traders while putting food
U.S. Representative Tom Emmer has introduced a new bill, the Securities Clarity Act, to provide more clarity on the classification of digital assets and to specify the jurisdiction of each regulator. The bill would amend the securities laws to include “investment contracts asset” and enable crypto projects to operate in a compliant manner. Emmer believes
The head of the Financial Action Task Force (FATF), T Raja Kumar, has called on G7 nations to take a more proactive approach to regulating the crypto industry. Kumar made the call in a letter published ahead of the G7’s 2023 Summit, where the group will discuss the regulation of cryptocurrencies and the overall industry.