supervision – DIGIT INFO

US Banking Regulator Calls for Stronger Oversight of Crypto Risks

DIGIT — Thu, 05 Sep 2024 05:30:52 +0000

Acting Comptroller Michael Hsu has emphasized the importance of proactive oversight in managing crypto risks. He cited the 2022 crypto market collapse, with a $2 trillion loss, where effective supervision kept banks stable. Hsu emphasized the need for vigilant supervision as digital assets and fintech increasingly integrate with traditional banking, presenting new challenges and risks. […]

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Law Firm’s White Paper Claims US Bank Regulators Are Waging a ‘Clandestine Financial War’ Against Crypto Businesses

DIGIT — Tue, 28 Mar 2023 22:00:29 +0000

According to a recent white paper published by four members of the law firm Cooper & Kirk, PLLC, U.S. bank regulators are attempting to “drive crypto businesses out of the financial system.” The paper, titled “Operation Chokepoint 2.0,” claims that after laying the groundwork by labeling lawful businesses as “reputationally risky,” federal bank regulators, with […]

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NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry

DIGIT — Mon, 23 Jan 2023 20:00:57 +0000

On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial regulator stressed that businesses should not commingle customer funds and that customer funds should be segregated with separate accounting. FTX Collapse Prompts NYDFS to Issue […]

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Regulator Halts Trading of FTX Tokens in Indonesia

DIGIT — Thu, 17 Nov 2022 19:00:22 +0000

The agency overseeing Indonesia’s crypto market has stopped the trading of FTX tokens on domestic platforms. The announcement comes after FTX, the exchange that issued the FTT token, filed for bankruptcy in the United States and was subjected to investigations by regulatory bodies around the world. Indonesian Authority Orders Crypto Exchanges to Discontinue FTX Token […]

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Indonesia to Change Crypto Regulators as Part of Plan for Stricter Oversight

DIGIT — Fri, 11 Nov 2022 10:30:33 +0000

The government of Indonesia wants to assign crypto supervision to the Asian nation’s financial watchdog in order to ensure better protection for investors. The move is part of a planned overhaul of regulations in the sector aimed at increasing oversight of the expanding digital assets market. Indonesia Mulls Over New Financial Legislation Designed to Tighten […]

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Swiss Financial Watchdog Releases Revised AML Ordinance, Clarifies Crypto Requirements

DIGIT — Fri, 04 Nov 2022 05:30:07 +0000

The Swiss financial regulator has published its updated anti-money laundering (AML) ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain reporting and identification requirements that apply to crypto transactions. Financial Authorities Adjust Swiss Anti-Money Laundering Rules Concerning Crypto Transfers Following consultations that started earlier this year, the Swiss Financial […]

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China to Crack Down on Copyright Infringement Through NFTs

DIGIT — Sat, 10 Sep 2022 10:30:10 +0000

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online […]

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Crypto Investors in Thailand to Pay 15% Capital Gains Tax, Report Unveils

DIGIT — Fri, 07 Jan 2022 12:00:52 +0000

Crypto-related profits, such as those resulting from the trading of digital currencies, will be taxed at a rate of 15%, a finance ministry official has revealed to the local press in Thailand. After last year’s significant market growth, the department intends to improve surveillance of crypto trade in 2022. Thailand Urges Crypto Traders to Report […]

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Estonia Clarifies Upcoming Regulations, Will Not Ban Crypto Holding or Trading

DIGIT — Tue, 04 Jan 2022 22:30:05 +0000

The government of Estonia has approved legislation tailored to improve oversight of its crypto sector which expanded rapidly due to favorable regulations and business climate. The new law, which is yet to be adopted, will introduce stricter requirements for service providers without preventing their clients from owning or exchanging cryptocurrencies. Authorities in Tallinn Draft Stricter […]

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Estonia Considers Revoking Crypto Licenses as Government Mulls Tougher Regulations

DIGIT — Sat, 16 Oct 2021 01:30:14 +0000

Authorities in Estonia are working on new legislation expected to stiffen the rules for the country’s cryptocurrency sector. The Baltic nation’s regulator for the industry is considering whether to revoke previously issued crypto licenses and restart authorization from scratch. Licensed Crypto Companies Register Millions in Turnover, Estonia Gets Little With only around 1.3 million people, […]

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