Regulatory Financial News

sturdy ropes but its resin is a prohibited narcotic drug that can land you in jail? Startup companies who plunged into hemp, lured by its eco-friendly potential, are thrown by regulations that trip them at every step. Shalini and Jayanti Bhattacharya’s three-year-old company India Hemp and Co manufactures protein powder and cans of kombucha made with hemp seeds, but the sisters are at their wits’ end as they have been unable to sell their products on many ecommerce platforms. “It has been impossible to get the big ecommerce platforms to understand that hemp food products are approved by the Food Safety and Standards Authority of India (FSSAI) and are different from hemp-based medicinal products that require a prescription from an ayurvedic doctor,” says an exasperated Jayanti.

Bill 2022, which seeks to repeal the 83-year-old Drugs and Cosmetics Act 1940 is likely to be placed before the Cabinet next week, said people with knowledge of the matter. The Bill seeks to regulate the import, manufacture, distribution and sale of drugs, medical devices and cosmetics.

India for their use, a media report said on Friday. The Drug Regulatory Authority of Pakistan (DRAP) said on Thursday that there was no restriction on hospitals or the common man on importing vital medicines (anti-cancer drugs and vaccines) from India for their own use under the Import Policy Order 2022 after obtaining no objection certificate (NOC) from the authority, The News International newspaper reported.

France’s financial regulator Autorité des Marchés Financiers (AMF) has announced key amendments to its digital asset regulatory regime in light of the Market in Crypto Asset (MiCA) regulation.

On Wednesday, Democratic Congresswoman Maxine Waters (D-CA) criticized PayPal's launch of its new dollar-backed stablecoin, PYUSD, as she believed the company should have waited for federal regulatory approval before proceeding.

In a blog post released on August 8, Bitstamp, the oldest cryptocurrency exchange, declared its intention to "permanently" halt trading of certain altcoins for its users based in the United States, starting August 29, 2023.

Binance Labs, the venture capital arm of the largest cryptocurrency exchange, Binance, remains an active investor in the crypto space despite its parent company facing regulatory challenges and potential fraud charges. 

Crypto-friendly British neobank Revolut has announced plans to halt its crypto services for US customers. 

Cryptocurrency ownership in Canada declined in 2022 due to a plethora of factors including uncertainty in regulation, fear of digital asset scams, and unfavorable market conditions.

As fractional ownership of real estate assets has gained popularity in India, the recent regulatory framework consultation paper for online fractional ownership platforms by the Security and Exchange Board of India (SEBI)is a proactive approach towards systematizing the industry. This move will build confidence, attract more capital from both domestic and offshore investors, and help institutionalize Fractional Ownership Platforms (FOPs).

Crypto trading platform Coinbase is poised for better-than-expected, Q2 earnings despite ongoing legal pressure against the firm and other industry giants, analysts say.

Popular video game retailer GameStop has announced plans to shut down its NFT wallet due to regulatory uncertainty in the crypto space. 

Norton Rose Fulbright’s Emea chair Farmida Bi has been appointed as chair of the International Regulatory Strategy Group council.

Company Law Committee, a government-appointed panel, is likely to discuss whether there is a need for a stricter regulatory regime for startups against the backdrop of instances of corporate governance concerns at some of the entities, PTI reported Sunday citing a senior government official. The move comes as part of the government’s efforts to boost the growth of startups in the country amid delay by the Bengaluru-based edtech major BYJU'S in submitting its financial statements and corporate governance concerns.

Bitcoin and crypto assets have been around for more than a decade, but there have been increasing efforts recently in terms of regulation and legalization. This is because the spectacular pace of adoption and the rise in market capitalisation of Bitcoin and crypto assets have resulted in them moving from a niche product used by cypherpunks to having a more mainstream presence as instruments for savings and investments. It can often be quite challenging to apply existing regulatory frameworks to crypto assets or developing new ones. For a start, the crypto ecosystem is evolving rapidly and monitoring it can get quite tricky in a global environment with a large number of players Let’s look at some of the legal and regulatory issues that need to be considered: 1. Legal characterization of crypto & taxation Legal characterization of Bitcoin and crypto assets plays a key role in determining how they are likely to be taxed. The main distinction is whether these assets should be defined as a commodity (in which case capital gains rules apply), a currency or given a whole new different category.

As regulatory scrutiny continues to circle the wider Web3 ecosystem, cryptocurrency lending platform Nexo will look to leverage training resources, connections and data by joining the Association of Certified Sanctions Specialists (ACSS).

Coinbase CEO Brian Armstrong has urged United States citizens to take action and email their representatives to vote “yes” on the Financial Innovation and Technology for the 21 Century Act (FIT21), which may provide regulatory clarity for crypto. 

A key US House Committee on Wednesday passed a bipartisan bill to ensure regulatory clarity for cryptocurrencies.

When the US markets watchdog cornered Ripple in a case last year over the sale of unregistered securities via XRP, it triggered a $15bn wipeout for holders of the cryptocurrency.

The cryptocurrency industry has been abuzz with excitement after a recent court ruling declared that Ripple's XRP token is not considered a security when sold on digital asset exchanges. 

The Chairman of the House Financial Services Committee (FSC), Patrick McHenry, announced a markup of a few legislations, three aimed at providing regulatory clarity for the digital asset ecosystem — cryptocurrencies, blockchain development and stablecoin payments.