Regulatory Financial News

The EOS token has been granted whitelist approval by Japan’s crypto regulator, paving the way for the token to be traded against the Japanese yen on regulated exchanges in the country. 

India assumed the presidency of the G20. India had already bolstered its international reputation with its vaccine diplomacy, by playing a constructive role in climate change discussions, and by being the fastest-growing economy. For its presidency, India adopted the ancient Sanskrit shloka «Vasudhaiva Kutumbakam,» signifying «One Earth, One Family, One Future,” as its theme.

The Monetary Authority of Singapore (MAS) has unveiled its finalized regulatory framework for stablecoins. This development follows a public consultation in October 2022 and a parliamentary inquiry on 20 March 2023 regarding MAS' stance on cryptocurrency trading risks and stablecoin development. Senior Minister in charge of MAS, Mr. Tharman Shanmugaratnam, emphasized the consultation papers' intent to reduce consumer risks from cryptocurrency trading and ensure stablecoin value stability. The consultation period, which concluded on 21 December 2022, saw MAS receiving extensive feedback.

India assumed the presidency of the G20. India had already bolstered its international reputation with its vaccine diplomacy, by playing a constructive role in climate change discussions, and by being the fastest-growing economy. For its presidency, India adopted the ancient Sanskrit shloka «Vasudhaiva Kutumbakam,» signifying «One Earth, One Family, One Future,” as its theme. This emphasises sustainable, responsible choices for both individuals and governments, aiming for a just and equitable world.

The new rulebook will apply to single-currency stablecoins (SCS) pegged to the Singapore Dollar or any G10 currency, that are issued in Singapore. Issuers of such SCS will have to fulfil key requirements relating to value stability - including information relating to their composition, valuation, custody and audit - new capital requirements and redemption and disclosure rules.The new rules have been designed to ensure an orderly wind-down of failing stablecoins schemes and full value returns to investors.Only stablecoin issuers that fulfil all requirements under the framework can apply to MAS for their stablecoins to be recognised and labelled as 'MAS-regulated stablecoins'.

leadership, a key recommendation was to develop a common regulatory framework for generative artificial intelligence (AI), said N Chandrasekaran, chairman, Tata Sons and chairperson of B20 India. Speaking at a press conference ahead of the three-day B20 India Summit, Chandrasekaran said, “Digital transformation by adopting AI at a scale is one of key objectives of this summit.

Recent developments around Worldcoin have reignited discussions on data privacy and the ethical implications of personal identification. The project's audacious goal to grant everyone on Earth a biometrically verified digital ID has captured attention globally—and not always in a good way. 

Source: Binance

Sebi has levied a fine of Rs 20 lakh on Star India Market Research for allegedly flouting regulatory norms. Star India Market Research (SIMR) is a Sebi-registered investment adviser. The Securities and Exchange Board of India (Sebi) conducted an examination of SIMR before issuing a show cause notice on July 11, 2023, for alleged violations. In its 52-page order on Wednesday, Sebi found that SIMR charged arbitrary fees from clients, sold multiple products in a short span to the same client and also sold products for overlapping periods. This was done to defraud clients and earn maximum fees, the order said, adding that the noticee did not act honestly, fairly, and diligently in the best interests of its clients, thereby violating the code of conduct of Investment Advisers (IA) regulations. Further, Sebi observed that SIMR induced its clients to trade in the market, contravening the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) rules. «I note that there were 24 unique complaints pending against the noticee (SIMR).

Indian startups have quit their posts this year to date, amid the deepening funding winter and regulatory concerns, a significantly higher number than previous years, the media reported. Data compiled by Fintrackr showed that in the first eight months this year, nearly 20 startup CEOs have left their position to either join a new firm or continue in the same company in a different role. In January, edtech company upGrad's CEO Arjun Mohan quit after a nearly three-year stint. Last month, he joined Byju's to lead its international business. Prashant Jhaveri, chief executive of Flipkart's online pharmacy Flipkart Health+, also left the firm after serving more than a year at the company, reports entrackr. Fintech startup Slash and grocery tech startup Milkbasket are yet to announce their new CEOs. Throttle Aerospace's CEO reportedly stepped down from the company. In March, DailyRounds' CEO Deepu Sebin and FreeCharge's CEO Siddharth Mehta announced their resignation after serving for several years at the helm. In May, all three co-founders including CEO of buy now pay later (BNPL) startup ZestMoney resigned. Some startup founders also quit as CEOs voluntarily or were elevated to a new role. For example, co-working space provider 91Springboard has replaced its CEO Anand Vemuri with Anshu Sarin, the report mentioned. Logistics startup Porter promoted its CEO Pranav Goel to executive vice chairman. Consumer electronic brand boAt, higher education edtech platform DataTrained, and Skincare brand SkinQ also promoted their CEOs to a new role within the company. Some of the startups also saw layoffs. Cuemath laid off 100 employees and re-appointed Manan Khurma as its CEO.

In a move fueled by increasing regulatory uncertainty in the United States, global cryptocurrency exchange Bitstamp has announced to terminate Ethereum staking service for US users. 

In the dynamic landscape of blockchain and decentralized technologies, ambitious projects often strive to redefine norms and reshape industries. However, the journey is rarely without its challenges. 

Blockchain-based stock trading platform Dinari has obtained regulatory approval to tokenize stocks.

Canadian financial institutions are increasingly taking an interest in crypto as regulatory clarity emerges in the country, according to WonderFi CEO Dean Skurka, who met up with Cointelegraph at the Blockchain Futurist Conference in Toronto.

Coinbase (COIN) can now offer cryptocurrency futures trading on its U.S.-based exchange, the company said.

The Monetary Authority of Singapore (MAS), the city-state’s de-facto central bank, announced its revised regulatory framework for stablecoins, aimed to “ensure a high degree of value stability for stablecoins regulated in Singapore.”

The new rulebook will apply to single-currency stablecoins (SCS) pegged to the Singapore Dollar or any G10 currency, that are issued in Singapore. Issuers of such SCS will have to fulfil key requirements relating to value stability - including information relating to their composition, valuation, custody and audit - new capital requirements and redemption and disclosure rules.The new rules have been designed to ensure an orderly wind-down of failing stablecoins schemes and full value returns to investors.Only stablecoin issuers that fulfil all requirements under the framework can apply to MAS for their stablecoins to be recognised and labelled as 'MAS-regulated stablecoins'.

Singapore's central bank has released a revised regulatory framework aimed at ensuring stability for single-currency stablecoins (SCS) regulated in the city-state.

US Congressional Committee took a monumental step by advancing a bipartisan bill that seeks to establish a comprehensive regulatory framework for cryptocurrencies. This marks a pivotal moment for Capitol Hill in its endeavors to formalize federal oversight for the digital asset industry. The crypto sector has faced increased scrutiny, especially after several investors were affected by the sudden collapse of prominent companies like Celsius Network, Voyager Digital, FTX, and others. Against this backdrop, the classification of cryptocurrencies as securities or commodities represents a progressive stride, addressing both the Commodity Futures Trading Commission (CFTC) oversight and concerns raised by the Securities and Exchange Commission (SEC). With Congress passing its first regulatory bill for the crypto industry, a long-awaited victory has been achieved, while a parallel discussion regarding stablecoin requirements under the Federal Reserve’s purview is ongoing, which will strike a balance between innovation and investor protection.Why is this bill Important?The recent advancement of the regulatory bill by the US congressional committee signifies a groundbreaking effort to provide much-needed clarity to the evolving crypto industry. For years, crypto companies have operated within a regulatory gray area, leaving both investors and businesses uncertain about their legal obligations and rights.

As the world of cryptocurrency continues its volatile dance, the BTC/USD pair is currently witnessing a marginal increase, showing gains of nearly 0.10% and trading at a noteworthy $29,442 as of Monday. 

₹91 crore - has been awarded to McKinsey and Company India LLP and Accenture Solutions Private Limited India. While the RBI is already using AI and ML in supervisory processes, it now intends to upscale it to ensure that the benefits of advanced analytics.