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On Wednesday, Nikhil Rathi, CEO of the United Kingdom's Financial Conduct Authority, or FCA, issued the following statement to the Treasury Committee when asked about the risks of the much-unregulated cryptocurrency sector in the country:When we talk about the compensation scheme, we have to draw some pretty clear lines. I
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By approving bitcoin as legal tender and announcing plans to build a “Bitcoin City,” El Salvador is one step ahead of everyone else in pushing the mainstream adoption of bitcoin, and that seems to be a threat to other countries, including the United States, according to Milena Mayorga, El Salvador’s
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South Korea’s Financial Services Commission, or FSC, announced Tuesday that nonfungible tokens, or NFTs, will be taxed starting next year. According to The Korea Herald, this tax law amendment would impose a 20% tax on income from virtual assets that exceed 2.5 million won ($2,102) as of Jan. 1, 2022. The
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Supply chain tracking network VeChain has just upgraded its consensus mechanism to what it claims is the “world’s greenest” method of verifying blocks on the chain.On Nov. 16, VeChain reached a milestone in its six-year history by upgrading its VeChainThor mainnet to the first phase of the Proof of Authority
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Indonesia’s top Islamic body, the country’s authority on Shariah compliance, has reportedly declared cryptocurrency haram, forbidden for Muslims under Islamic law. The Indonesian Ulema Council explained that crypto has elements of uncertainty, wagering, and harm. Cryptocurrency Is Forbidden for Muslims Under Islamic Law in Indonesia Indonesia’s Ulema Council (Majelis Ulama Indonesia or
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Singapore, already a major financial center in the world, is now aiming to become a cryptocurrency hub as well. The city-state is seeking to secure its role as a leading player in the crypto space, the head of its central banking institution has indicated in recent comments. Singapore to Establish
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Acting chairperson of the Commodity Futures Trading Commission, or CFTC, Rostin Behnam has likened the government agency’s enforcement of the digital asset space to a beat cop on duty.At an Oct. 27 hearing of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry to assume his position on a permanent
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Hong Kong’s Hong Kong Monetary Authority, its de facto central bank, has released a whitepaper on retail central bank digital currencies (CBDCs) while it continues to explore the potential of a digital Hong Kong dollar (e-HKD) for its domestic and cross-border markets.The white paper was published Monday by the Hong
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Singapore’s principal financial regulator, the Monetary Authority of Singapore (MAS), has officially approved two companies to offer cryptocurrency services in the country.MAS issued licenses to Australian crypto exchange Independent Reserve and DBS Bank’s brokerage arm, DBS Vickers (DBSV), allowing them to provide digital payment token services under the Payment Services
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