Crypto founders increasingly look to ‘geofencing’ amid US uncertainty
Variant Fund chief legal officer Jake Chervinsky says geofencing is an extreme measure to ensure compliance with US law. Go to Source
Regulations
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Canada Sets New Deadline for Crypto Platforms to Comply With Stablecoin Regulations
The Canadian Securities Administrators (CSA) have announced an updated regulatory framework for stablecoins, also known as value-referenced crypto assets (VRCAs), with a new compliance deadline set for December 31, 2024. The updated regulations emphasize transparency and investor protection, requiring stablecoin issuers to maintain appropriate reserves with qualified custodians and to publicly disclose information about their … Read more
Dubai Regulator Increases Scrutiny on Crypto Companies
Dubai’s Virtual Assets Regulatory Authority (VARA) has implemented stricter regulations for crypto companies to enhance investor protection and ensure transparency. The new rules require firms to include risk warnings in marketing materials, obtain necessary licenses, and adhere to compliance standards. These measures aim to inform investors about the risks and volatility of cryptocurrencies, while fostering … Read more
Pudgy Penguins CEO unfazed by SEC actions against the NFT sector
While the SEC focuses on investor protection, Pudgy Penguins CEO Luca Schnetzler believes that investors should also hold some form of accountability for their purchases. Go to Source
AI scientists urge ‘contingency plan’ in case humans lose control of AI
In an open letter, scientists shared worry that the loss of human control or malicious use of AI systems could lead to catastrophic outcomes for all of humanity. Go to Source
SEC Regrets Confusion Over ‘Crypto Asset Securities’ — Ripple and Coinbase Weigh In
Coinbase and Ripple legal chiefs, Paul Grewal and Stuart Alderoty, have criticized the U.S. Securities and Exchange Commission (SEC) for its inconsistent approach to classifying tokens as securities. Grewal referenced Footnote 6 in the SEC’s amended complaint against Binance, where the agency admitted creating confusion by labeling tokens as securities. He also pointed out the … Read more
US lawmakers divided in first Congressional hearing on DeFi
Pro-crypto Representatives noted the need for a freer financial system, while more skeptical lawmakers blamed DeFi for crime, scams and tax evasion. Go to Source
Robinhood Fined $3.9 Million Over Crypto Withdrawal Restrictions in California
California Attorney General Rob Bonta has announced a $3.9 million settlement with Robinhood Crypto for restricting cryptocurrency withdrawals and not fully disclosing trading practices. The settlement marks the first public action by California’s Department of Justice against a cryptocurrency firm. As part of the settlement, Robinhood must allow customers to withdraw cryptocurrencies to their own … Read more
Sberbank to Join Russia’s Crypto Settlement Pilot This Fall, Executive Reveals
Sberbank, Russia’s largest financial institution, plans to join a cryptocurrency settlement pilot program this fall. The bank also aims to serve clients using digital rubles by 2025. Deputy Chairman Anatoly Popov supports regulatory efforts to legitimize cryptocurrencies for international payments and mining. He highlighted cryptocurrencies as effective payment methods, especially for small businesses, amid global … Read more
South Korean Regulator Unveils Plan to Inspect Crypto Exchanges for Illegal Practices
South Korea’s financial regulator, the Financial Supervisory Service (FSS), will inspect crypto exchanges to identify illegal practices following stricter regulations under the Virtual Asset Users Protection Act. The review aims to ensure compliance and safeguard crypto assets, with severe penalties for violations, including life imprisonment for profiting over five billion won illegally. South Korea’s Financial … Read more
