Recently, crypto exchange KuCoin announced that it would start collecting a 7.5% value-added tax on trading fees from its Nigerian users. This decision, set to take effect on July 8, has raised eyebrows in the industry. The introduction of this VAT could have significant implications for Nigerian users of KuCoin. The 7.5% tax on trading
Regulation
Galaxy Digital CEO Mike Novogratz has expressed optimism regarding the future regulatory environment for cryptocurrencies in the United States. According to Novogratz, regardless of the outcome of the 2024 presidential election, positive crypto legislation is inevitable. He emphasized the importance of bipartisan support for the crypto sector, noting that most politicians in the US are
The Monetary Authority of Singapore (MAS) recently made significant updates to its Counter-Terrorism regulations, particularly concerning Digital Payment Token (DPT) service providers. In response to the country’s Terrorism Financing National Risk Assessment (NRA) and National Strategy for Countering the Financing of Terrorism, MAS raised the risk level of DPTs from medium-low to medium-high. This adjustment
The current approach of the US Securities and Exchange Commission (SEC) towards crypto disclosure filings has been deemed as problematic by both billionaire investor Mark Cuban and SEC Commissioner Mark Uyeda. Form S-1, the registration statement required by domestic issuers to offer new securities publicly, poses significant challenges for token-based companies. These companies often have
Silvergate Capital recently settled with the SEC for a substantial $50 million. This settlement comes after Federal Reserve governors and California financial regulators demanded an additional $63 million in fines on July 1. The SEC alleged that Silvergate Capital, along with its subsidiary Silvergate Bank, and two executives, misled investors about the strength of its
The Bahamas is taking steps to enhance the adoption of its central bank digital currency (CBDC), known as the “Sand Dollar.” According to a report by Reuters on July 1, the country’s central bank governor, John Rolle, highlighted the importance of making the Sand Dollar accessible through commercial banks to increase its adoption rates. The
Recent reports have confirmed that VanEck’s Solana spot ETF proposal is heavily influenced by speculation on the outcome of the US presidential election. The company’s Head of Digital Assets Research, Matthew Sigel, has indicated that the proposal is betting on a victory for Donald Trump in the upcoming election. This strategic decision has raised concerns
Circle, a global stablecoin issuer, made a significant announcement on July 1 regarding its acquisition of an e-money license in France. This move positions Circle as the first stablecoin issuer to comply with the EU’s Markets in Crypto-Assets (MiCA) regulations, marking a crucial milestone in the company’s journey towards mainstream financial integration. Circle’s achievement of
Vitalik Buterin, the co-founder of Ethereum, has once again raised concerns about the current state of cryptocurrency regulation, particularly in the United States. In a recent conversation on Warpcast, a decentralized social media platform, Buterin pointed out a regulatory paradox that, according to him, hinders the growth and integrity of the industry. Buterin highlighted the
Regulation in the digital finance space has become a critical topic of discussion, particularly with the emergence of crypto assets. The European Union has taken a proactive approach through the Markets in Crypto-Assets regulation (MiCAR), aiming to provide a comprehensive framework for crypto asset services. However, there is a looming challenge posed by non-custodial crypto
