Regulation

What is monetary policy? Monetary policy refers to the actions taken by a central bank or monetary authority to manage the supply of money and interest rates in an economy, with the aim of promoting economic growth and stability. To affect the price and accessibility of credit, this may entail altering the money supply, setting

A major Brazilian bank is offering a new and convenient option for taxpayers to settle their dues using cryptocurrencies. According to a statement published by Brazilian bank Banco do Brasil on Feb. 11, it is now “possible” for Brazilian taxpayers to pay their tax bill with crypto, in a joint initiative with Brazilian-based crypto firm

The joint provisional liquidators of FTX Digital Markets — the firm’s subsidiary in the Bahamas — have released a report on the company’s physical assets in the island nation. According to an affidavit filed by a PricewaterhouseCoopers partner with the Bahamas’ supreme court on Feb. 8, FTX’s joint provisional liquidators, or JPLs, said the company

Will 2023 finally see an explosion of crypto gaming? The signs are mixed, with former play-to-earn darling Axie Infinity falling out of favor and hemorrhaging players, while mainstream gamers report that Web3 games still have playability issues. The bright spot is that AAA games are finally starting to emerge in Web3, with projects like Illuvium

Kazakhstan, one of the biggest Bitcoin (BTC) mining hubs in the world, announced plans to introduce new crypto regulations aimed at reducing tax fraud and unlawful business operations.  A new law signed by Kazakh President Kassym-Jomart Tokayev on Feb. 6 reinstated the nation’s stand against the unlawful mining operations and issuance of crypto assets. Out

The parts that make up the cryptocurrency ecosystem are not all equal, United States Federal Reserve Board governor Christopher Waller told a conference audience on Feb. 10. He had clear preferences among the three elements of the ecosystem that he identified. Waller was hosted by the Global Interdependence Center at its “Digital Money, Decentralized Finance,

The Virtual Asset Regulatory Authority (VARA) recently provided the much-awaited guidelines for virtual asset service providers (VASPs) in Dubai, United Arab Emirates, which included a ban on privacy coins. On Feb. 7, VARA released several rulebooks for VASPs including the “Virtual Assets and Related Activities Regulations 2023” in which VARA mentioned a prohibition on privacy

Paxos Trust Company — the New York-based stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) — is reportedly being investigated by the New York Department of Financial Services (NYDFS). A “person familiar with the matter” told Bloomberg in a Feb. 10 report that the exact motive behind the probe is currently unclear. An NYDFS

The unsecured committee of creditors and others involved in crypto lending firm Celsius’ bankruptcy case have objected to a motion from the debtors delaying a reorganization plan. In separate Feb. 8 court filings, the committee and Withhold account holders as well as the United States Trustee and Celsius borrowers objected to a motion aimed at

Tether, the issuer of the world’s largest stablecoin by market value, has completed reserves attestation by major global accounting firm BDO. The stablecoin firm released BDO’s assurance opinion on Feb. 9, which re-affirms the accuracy of Tether’s consolidated reserves report (CRR) as of Dec. 31, 2022. The CRR shows that Tether’s consolidated assets amount to at

Cryptocurrency exchange Kraken is reportedly being probed by the United States Securities and Exchange Commission over whether it breached rules around the offering of securities.  According to a Feb. 8 Bloomberg report, the probe relates to certain offerings that Kraken has made to U.S. clients. A person with knowledge of the matter said the probe

Three Arrows Capital founder Kyle Davies has not responded to a subpoena issued over Twitter aiming to gather information related to the firm’s assets. In a Feb. 7 filing with United States Bankruptcy Court in the Southern District of New York, lawyers with the Latham & Watkins firm representing 3AC liquidators said Davies had “chosen

Crypto brokers and investment advisers offering or giving advice about cryptocurrencies will be put under the scope of the United States securities watchdog this year. A Feb. 7 statement from the Securities and Exchange Commission’s (SEC) Division of Examinations outlined its priorities for 2023, suggesting brokers and advisers dealing in crypto will need to be

The names of two guarantors who signed off on part of Sam Bankman-Fried’s $250 million bail bond will continue to remain a secret for now. A judge has also rejected an agreement that would have permitted Bankman-Fried to use certain messaging apps. Bankman Fried’s lawyers filed an appeal to block the release of the guarantors’

A federal judge has denied a joint agreement between Sam “SBF” Bankman-Fried’s legal team and prosecutors that would have allowed the former FTX CEO to use certain messaging apps. In a Feb. 7 filing for the United States District Court for the Southern District of New York, Judge Lewis Kaplan denied a motion proposing Bankman-Fried

The CEO of crypto miner Layer1 Technologies has filed a lawsuit against the firm’s two other board members — including co-founder Jakov Dolic — for allegedly commandeering Layer1’s operations for their own gain.  Layer1 CEO John Harney and DGF Investments Inc — a British Virgin Islands-based investment firm — filed the lawsuit against Dolic and