In a decisive effort to streamline cross-border transactions, the Bank for International Settlements (BIS) has engaged in a collaboration with several central banks, including those from Australia, Korea, Malaysia, and Singapore. Announced on October 28, this initiative—dubbed Project Mandala—serves as a significant innovation in addressing the regulatory complexities that often hamper international finance. The collaboration
Regulation
As the digital currency landscape evolves, Hong Kong is stepping up its game. Financial Secretary Paul Chan has announced that the region is poised to issue more licenses for cryptocurrency exchanges by the end of this year. During the ongoing Hong Kong FinTech Week, Chan revealed that the Securities and Futures Commission (SFC) is diligently
In recent months, the conversation around Bitcoin regulation has shifted to the state level, spearheaded by the Satoshi Action Fund. This organization is pushing to establish protections for individuals who choose to self-custody their Bitcoin, mimicking the tactics that have helped the cannabis industry thrive despite ongoing federal prohibitions. By advocating for what they term
As cryptocurrencies continue to surge in popularity and evolve into a complicated financial landscape, regulatory institutions face the daunting task of ensuring market integrity while fostering innovation. One of the most vocal advocates for stringent regulation is Gary Gensler, the Chairman of the Securities and Exchange Commission (SEC). During his recent interview on Bloomberg Technology,
In recent years, the financial sector has witnessed an exponential interest in tokenization, the innovative process of transforming real-world assets (RWAs) into digital tokens. This concept promises enhanced transaction efficiency and reduced operational costs. As traditional banks and financial institutions delve deeper into this realm, they are eager to harness the benefits of tokenization, which
In a recent statement, Tether’s CEO Paolo Ardoino firmly denied rumors suggesting that the stablecoin issuer is facing an investigation in the United States. This denial arose following a report from the Wall Street Journal, which indicated that federal prosecutors in Manhattan might be probing the operations of Tether. Ardoino was quick to dismiss these
In a significant development on October 23, the United States and Nigeria announced the formation of a Bilateral Liaison Group aimed at addressing the surging challenges posed by cryptocurrency-related crimes and illicit financial activities. This collaboration illustrates both nations’ commitment to engaging in a sophisticated partnership that not only acknowledges current issues but also builds
In a significant move for the digital asset sector, South Korean authorities are set to enforce new regulations governing cross-border cryptocurrency transactions by late 2025, as reported by Reuters on October 25. This initiative, spearheaded by the Ministry of Finance, aims to establish a meticulous framework for monitoring and regulating businesses engaged in international crypto
In a significant move towards regulatory clarity in the cryptocurrency landscape, the Netherlands has initiated a public consultation process to solicit feedback on proposed rules regarding crypto ownership and taxation. Announced on October 24, this initiative is aimed at establishing transparency in crypto transactions, which is crucial for combating tax evasion. With cryptocurrency becoming increasingly
In a pivotal shift in its fiscal policy, Denmark has introduced a groundbreaking proposal for taxing cryptocurrencies that echoes existing taxation structures applied to traditional financial contracts. The government’s initiative to tax unrealized gains at a rate of 42% aligns digital currencies with current regulations enforced under the Kursgevinstloven, which governs capital gains tax. By
