Companies looking to issue stablecoins should rein in their enthusiasm, especially when their main business is unrelated to digital assets, Hong Kong Monetary Authority (HKMA) CEO Eddie Yue, wrote in a blog post on the central bank's website. Some companies that don't have a business that is related to stablecoins — tokens whose value is … Read more
El Salvador is reportedly in a tense situation with the International Monetary Fund (IMF) for merging Bitcoin with its core financial system. Bitcoin, the oldest and the most expensive cryptocurrency, is accepted as a legal currency in El Salvador alongside the US Dollar, which is the nation’s fiat currency. This financial dalliance of El Salvador … Read more
Liminal Custody, that offers storage and wallet services for virtual assets, announced that its Indian entity ‘First Answer India Technologies Private Limited’ is now officially registered with India’s Financial Intelligence Unit (FIU). With this, the entity has become the latest Web3 firm to have joined this list alongside Binance, KuCoin, and WazirX – aiming at … Read more
The Reserve Bank of India (RBI) has published its latest Financial Stability Report (FSR) that outlines important events that have recently taken place in the national and international banking and fintech sector. The domain of decentralised finance (DeFi) earned a brief mention in RBI’s report wherein the central bank, discussed the focus of global bodies … Read more
The European Union (EU) is adding more layers to its crypto-related regulations to ensure that virtual digital assets (VDAs) are not misused by criminals to conduct or finance illicit activities. The European Banking Authority (EBA) has imposed a ‘travel rule’ on crypto firms that will require them to store details of transactions on their platforms, … Read more
The governance token of World Liberty Financial (WLFI), a decentralized finance (DeFi) protocol backed by U.S. President Donald Trump and his family, may soon become tradable on exchanges after a community vote concluded on Wednesday. Token holders voted 99% in favor for the proposal to allow WLFI tokens to trade on secondary markets and transfer … Read more
South Korea has implemented its much talked-about “Virtual Asset User Protection Act” that defines the dos and don’ts for crypto firms, that wish to offer their services in the nation. This legal framework is aimed at controlling and eventually curbing the exploit of crypto assets for illicit activities like money laundering and terror financing. The … Read more
WazirX has been trying to resume services on its platform as it continues to investigate the recent hack of one of its wallets under Liminal Custody’s oversight leading to a loss of $230 million (roughly Rs. 1,900 crore). Over the weekend, the exchange published details on a ‘socialised loss strategy’ that it has hatched to … Read more
Japan’s Financial Services Agency (FSA) aims to promote treating cryptocurrencies akin to traditional assets such as stocks and gold. As part of this effort, the FSA has reduced tax rates on income generated from crypto activities. Corporate crypto holders will face slightly higher rates, while small-scale individual investors will benefit from comparatively lower taxes. The … Read more
As a lifelong Democrat and former Governor of Virginia, I’ve always believed our party should be on the side of growth, innovation, and economic opportunity. That’s why I’m concerned that too many Democrats are standing on the sidelines or standing in the way of one of the most transformative financial innovations of our time: blockchain … Read more