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FTX failure reveals flaws in multifunction crypto-asset intermediaries — FSB

The Financial Stability Board (FSB) — the global body that monitors the financial services industry — released a report on Nov. 28 claiming the crypto industry might need additional regulations to prevent another catastrophe on the scale of the FTX scandal.According to the report, the FSB said the market turmoil

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Failure of Multi-Function Crypto Firms a Limited Threat to ‘Real Economy’: FSB

The FSB, which monitors financial systems and proposes rules to help prevent financial crises, said it was assessing the financial stability implications of multifunction crypto-asset intermediaries (MCIs) in July. MCIs are individual firms or groups of affiliated firms that combine a broad range of services, products and functions typically centered

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Hodlnaut heading for liquidation after failure of restructuring, sale efforts

Crypto lender Hodlnaut’s days appear to be numbered after the High Court of Singapore ended judicial management and ordered its liquidation. Users’ funds have been frozen since August 2022. Former Hodlnaut interim judicial manager (IJM) Aaron Loh Cheng Lee announced in a letter dated Nov. 10 and posted on the website

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Taiwan to Ban All Offshore Exchanges on Failure of Compliance

The Taiwanese government is planning to release guiding principles by the month end, in order to boost information disclosure for crypto exchanges. Taiwan is preparing to introduce some sweeping regulatory changes while restricting offshore exchanges from operating in the country without any proper compliance in place. The Financial Supervisory Commission (FSC)

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Failure to tax the metaverse ‘will create a tax haven’ — Harvard legal expert

Harvard legal scholar and Yeshiva University law professor Christine Kim recently published a research paper detailing arguments for not only taxing the metaverse but treating it as “a laboratory for experimenting with cutting-edge policy.”In the paper, dubbed simply “Taxing the Metaverse,” Kim argues that the metaverse allows participants to create

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