Crypto regulations Financial News

Zodia Custody, the crypto security firm owned by British banking giant Standard Chartered, is expanding its services to Hong Kong. Zodia Custody’s foray into Hong Kong marks its latest stride into the Asia-Pacific region after announcing plans to expand into Singapore last month.

Hong Kong Police arrested 8 more people on Thursday in the JPEX scandal, taking the total of arrested individuals in the alleged fraud to 36.

Hong Kong's Commissioner of Customs and Excise, Louise Ho Pui-shan, has called for increased oversight and regulatory measures in response to mounting money-laundering risks within the crypto sector. 

South Korea’s Financial Supervisory Service (FSS) is looking to establish comprehensive guidelines for the issuance and distribution of cryptocurrencies to enhance the Virtual Asset Users Protection Act passed earlier this year.

Hong Kong-based BC Technology Group Ltd. is reportedly in the early stages of considering the sale of its crypto exchange platform OSL. 

South Korea's leading cryptocurrency exchange Upbit by volume has secured in-principle approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). 

G20 Finance Ministers and Central Bank Governors have issued a joint communique in Marrakech, Morocco announcing unanimous adoption of a comprehensive roadmap aimed at regulating crypto assets. 

Volumes in major crypto trading platforms in India have seen a hit following the high taxes imposed by the government. However, the progress that the country is making in bringing in regulations for this asset class has given hope to service providers such as CoinSwitch to see phenomenal growth in the crypto market. «The sunny side view is that India has made progress on crypto regulations with standards and rules on AML-CFT, data reporting and more. These standards enhance the transparency in the Indian crypto ecosystem, and provide an opportunity for the government to relook at the TDS rate,» Ashish Singhal, Co-founder and CEO of CoinSwitch, told ETMarkets in an interview. While trading volumes in crypto have recovered in 2023 from the sharp drop in 2022, pain pressures still seem to exist. How have volumes been on your platform so far this year? While there has been a recovery in the trading volumes since the beginning of this year, they have not touched the levels we saw in early 2022. This is a reflection of the continued uncertainty in the global macroeconomic outlook as well as India-specific headwinds such as the high TDS. The sunny side view is that India has made progress on crypto regulations with standards and rules on AML-CFT, data reporting and more. These standards enhance the transparency in the Indian crypto ecosystem, and provide an opportunity for the government to relook at the TDS rate. This would be in line with the spirit of G20 discussions on crypto, which is to arrive at a global standard.

India’s Central Board of Direct Taxes (CBDT) has collected more than 100 crore INR ($12 million) from one percent TDS (Tax Deducted at Source) on crypto transactions in this financial year.  

Finance ministers and central bank governors are all set to meet for the final time under India’s G20 presidency on October 12 and 13 in Marrakesh, Morocco. 

Crypto exchange Coinbase has secured a full major payment institution (MPI) license under Singapore's Payment Services Act.

Kenyan authorities have accused Worldcoin of engaging in acts of espionage and posing a threat to the country's statehood. 

Crypto exchange Gemini has unveiled plans to significantly expand its presence in India by investing INR 200 crore (approximately $24 million USD) over the next two years. 

Anatoly Yakovenko, co-founder of Solana and the CEO of Solana Labs, stressed the importance of the US government’s crypto bipartisan bill passed in July. However, he noted that the government shouldn’t wait for “perfect” legislation to move forward in regulations.

The recent push by G20 members to establish a global framework to regulate crypto has sent a wave of optimism among Indian crypto firms and investors. 

Hong Kong legislator Johnny Ng has extended an invitation to Buterin to gain a firsthand understanding of the region's regulatory environment and crypto-related strategies after the Ethereum co-founder questioned the city's crypto-friendliness.

Binance US, the American subsidiary of the well-known cryptocurrency exchange, is experiencing a series of high-profile departures. 

In the rapidly evolving landscape of cryptocurrencies, India has emerged as a pivotal player, commanding global attention as the current G20 president. Rajagopal Menon, Vice President of WazirX, shares insights on India's leadership in shaping the regulatory discourse around cryptocurrencies and the evolving dynamics of the crypto market. «With its presidency of the G20, India’s voice for global crypto rules for crypto is being taken seriously. Detailed Crypto regulations are inevitable. It is a question of “when” and not “if”,» Rajagopal said. In this exclusive interview with ETMarkets, he delves into the potential impact of rate hikes, crude oil prices, and the strengthening dollar on the crypto market's near-term performance. Additionally, Menon addresses the volatility within the crypto space and discusses the significance of India's journey towards crypto regulation, shedding light on WazirX's growth and strategic priorities for the future.With rate hike concerns and firming crude oil prices and the dollar, how do you see the crypto market performing in the near term?As with any market, many variables come into play when it comes to cryptos. Like an accomplished juggler, one is expected to keep an eye on multiple balls, from central banks' rate hike concerns to firming crude oil prices and a robust dollar.

The crypto market landscape has been evolving over the years globally and in India, with the growing interest of investors. While the booming market still remains unregulated in many nations, including India, central banks and governments are working actively to build a regulatory framework. Asked what the future for crypto looks like over the next decade, Rahul Pagidipati who heads one of India’s oldest crypto exchanges, ZebPay, said there is potential for crypto to make a position in mainstream investment. “The next 10 years could be the defining decade for crypto as mainstream adoption can massively increase,” the CEO said in an interview with ETMarkets. Pagidipati is optimistic about India's crypto future, with potential for growth, innovation, and global impact. Edited excerpts:After doubling between November and July, bitcoin prices have slumped 18-20% in the last one month. How are you reading this volatility?Bitcoin is a fundamentally robust asset with remarkable economic potential, and short-term price swings are part of market dynamics.

The US, which boasts the largest consumer base for crypto, is currently grappling with uncertainty due to the SEC's relentless crackdown on crypto operations. This has significantly impeded progress in terms of regulatory developments, the adoption environment, and the support from financial institutions in providing liquidity for virtual digital assets. In stark contrast, the EU, the UK, Hong Kong, Dubai and Singapore, have been steadily cultivating thriving ecosystems for crypto. Their proactive approach has even enticed crypto entrepreneurs in the USA to consider relocating their operations to these countries for smoother functioning. However, there is a glimmer of hope on the horizon in the form of the Fit Act, which aims to bring the US on par with other nations that have implemented forward-looking crypto regulations. The primary objective of this bill is to clearly define boundaries for oversight of the industry between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) and remove any ambiguity which might cause differences in verdict or uncertainty for stakeholders. Amid the SEC's ongoing exercise of authority over the crypto industry, the Ripple verdict has ignited hope within the community. This first-of-its-kind positive judgment has raised expectations for additional scrutiny of lawsuits and the possibility of more favourable verdicts in the future. This bill, which marks the first-ever congressional vote on the matter, has boosted the ecosystem's hopes further.

G20 Summit in September 2023, the global crypto community is abuzz with anticipation. G20 Summit is a watershed moment in our country’s history and this landmark event will have a profound impact on how future regulations and advancements on crypto will be outlined, both in India and across the globe.The G20 Summit: A Global Stage for Crypto DiscourseThe G20 Summit presents an unparalleled opportunity for world leaders to engage in an open dialogue about the regulation and growth of the cryptocurrency sector. With representatives from the United States, China, the European Union, and other major economies, the G20 is uniquely positioned to foster global cooperation on this important issue. India, as the host nation, is poised to play a pivotal role in shaping the discussions surrounding cryptocurrency regulations. The Indian government has already made significant strides in recognizing and regulating digital assets in the last few months, and its commitment to promoting innovation in the crypto sphere is well-established. In this context, the G20 Summit can serve as a platform for India to showcase its progress and encourage other nations to adopt similar regulatory frameworks.Crypto Regulation: A Call for Global CollaborationIn order for the cryptocurrency industry to reach its full potential, it is imperative that countries work together to establish a coherent and well-coordinated regulatory environment. Currently, the global regulatory landscape is fragmented, with each country adopting its own unique approach to crypto regulation. This lack of coordination not only stifles innovation but also creates challenges for businesses operating in multiple jurisdictions.