The Ultimate Comprehensive and Up-to-Date Source to Master the Crypto Markets:
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Blockchain Expert: Clearer Regulations Can Boost AI and Web3 Adoption
Oct 11, 2024 | 22:30 pmArtificial Intelligence and Web3, are powerful technologies which when combined can create smarter and more decentralized systems, Mario Casiraghi, the co-founder of Singularity DAO, has asserted. Although both technologies have developed separately, Casiraghi argues that their combined strengths can help address limitations like centralized control and data inefficiencies. Clearer Regulations Could Boost AI and Web3 […]
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Chainalysis Latam Report Highlights Major Crypto Growth Milestone in Surprising Nation
Oct 11, 2024 | 21:30 pmA Chainalysis report reveals that Argentina surpassed Brazil in cryptocurrency value received during the period examined, highlighting the high adoption of stablecoins in Latin America. However, Venezuela was the market that grew the most, rising by 110% despite the current political and economic turmoil the nation is facing. Chainalisis Latam Report: Argentina Beats Brazil, Venezuela’s […]
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BRICS Slashes US Dollar and Euro Transactions to Below 30%
Oct 11, 2024 | 20:30 pmBRICS nations are increasingly using national currencies, with 65% of transactions now conducted in local currencies, according to a Russian finance official. The U.S. dollar and euro account for less than 30% of payments among member states, signaling a strategic shift to reduce dependency on Western financial systems. The trend has accelerated due to sanctions […]
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Peter Brandt Warns of Potential 75% Bitcoin Decline if All-Time High Stays Out of Reach
Oct 11, 2024 | 19:30 pmPeter Brandt, a well-known trader and chartist, has warned bitcoin investors about troubling market patterns. He highlighted that BTC has gone 30 weeks without a new all-time high, historically leading to severe declines of up to 75%. While Brandt remains optimistic, forecasting a bitcoin price of $135,000 by late 2025, he cautions that a close […]
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SEC’s Authority Over XRP Futures Challenged in Bitnomial Lawsuit
Oct 11, 2024 | 18:30 pmCrypto derivatives exchange Bitnomial is suing the U.S. Securities and Exchange Commission (SEC) over its authority to regulate XRP futures, challenging the classification of XRP as a security. The exchange, overseen by the Commodity Futures Trading Commission (CFTC), contests the SEC’s claim that XRP futures are “security futures” and aims to set a precedent affecting […]
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Prosecutors Recommend 18-Month Prison Term for Heather Morgan in Bitfinex Hack Case
Oct 11, 2024 | 17:30 pmHeather Morgan, known by her rap persona “Razzlekhan,” could land an 18-month prison sentence after pleading guilty to laundering cryptocurrency linked to the 2016 Bitfinex hack. Prosecutors described her role as pivotal in obscuring stolen bitcoin through complex schemes, despite not being part of the original theft. Her cooperation, and the influence of her husband, […]
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SEC Hits Market Makers With Fraud Charges for Misleading Crypto Investors
Oct 11, 2024 | 16:30 pmThe U.S. Securities and Exchange Commission (SEC) has charged multiple market makers and individuals with manipulating crypto asset markets, alleging they created fake trading activity to mislead retail investors. These schemes, including practices like wash trading, aimed to fabricate the illusion of active trading, violating securities laws. The SEC seeks penalties, including bans and disgorgement, […]
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Crypto Firms Eye Top Football League Sponsorships as Gambling Platforms Get Ousted
Oct 11, 2024 | 15:30 pmCrypto firms are making a big entrance into the Premier League this year, reaching an all-time high in the money spent on sponsorship deals. These firms, including high-profile crypto exchanges and decentralized finance platforms, aim to replace traditional gambling brands that are being ousted from appearing on the teams’ shirts. Crypto Firms Set to Substitute […]
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Russian Finance Minister: Western Policies Hurt the US Dollar
Oct 11, 2024 | 14:30 pmRussian Finance Minister Anton Siluanov believes that the policies of the US and its Western allies are affecting the role of the U.S. dollar as a reserve currency. Siluanov stated that while the U.S. dollar will remain popular, the BRICS bloc will develop a solution using digital financial assets to replace it. Russian Finance Minister […]
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Tokyo’s Metaplanet Grows Its Bitcoin War Chest to $45 Million
Oct 11, 2024 | 13:30 pmMetaplanet, a company listed on the Tokyo Stock Exchange, has bolstered its bitcoin (BTC) holdings with the purchase of an additional 108.99 BTC. Following this recent acquisition, the Japanese investment firm now boasts a total of 748.50 BTC in its reserves. A ¥1 Billion Bitcoin Bet: Why Metaplanet Isn’t Slowing Down Dubbed the ‘Japanese Microstrategy,’ […]
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MultiBank Sets Up in UAE with MEX Digital’s VARA License for Crypto Assets
Oct 11, 2024 | 09:42 amMultiBank Group, a global financial institution based in Dubai, has announced the launch of its subsidiary, MEX Digital FZE, in the UAE. MEX Digital has secured a license from the Virtual Assets Regulatory Authority (VARA) in Dubai to operate under the MultiBank.io brand. The license allows the company to offer services as a broker-dealer and exchange for virtual assets, excluding derivatives at this stage.MultiBank.io Secures VASP LicenseAccording to the firm, this development strengthens MultiBank.io’s position as a Virtual Assets Service Provider (VASP) in the region. The company can now provide virtual asset exchange and broker-dealer services under the new regulatory framework.“Our vision at MultiBank Group is to create an ecosystem to facilitate integration between the financial derivatives markets and the crypto markets,” said Naser Taher, the Chairman of MultiBank Group.“We are happy to have been awarded dual licenses, affirming our steadfast commitment to regulatory compliance and excellence worldwide,” he continued. “This milestone strengthens our dedication to creating a secure and transparent environment for the global cryptocurrency community and marks a significant chapter in our evolution from Forex to the forefront of the crypto economy.”🌟 Big news! #MultiBankGroup secures the prestigious UAE VARA license! 🌍🎉 With our subsidiary MEX Digital FZE now officially licensed in Dubai, we're continuing our mission to lead the financial industry. 🚀Learn More: https://t.co/sLZmQedwWE#VARALicense #Dubai pic.twitter.com/vTktDMckpH— MultiBank.io (@multibank_io) October 11, 2024Operating in Multiple MarketsMultiBank Group operates in traditional finance with net assets of over US$583 million. The firm serves more than one million traders across 90 countries and reports daily trading volumes of over US$15.6 billion. Founded in 2005, it operates under 15 regulatory licenses globally, across five continents.In July last year, MultiBank obtained a license from the Cyprus Securities and Exchange Commission to expand its derivatives brokerage services in Europe, as reported by Finance Magnates. This license was granted to its local subsidiary, MEX Europe, following the company's rebranding from IKON MultiBank Group in 2016. Additionally, MultiBank relocated its headquarters from Hong Kong to Dubai in late 2022 to strengthen its business position in the UAE. This article was written by Tareq Sikder at www.financemagnates.com.
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Nigerian Court Denies Binance's Tigran Gambaryan Bail amid Health Concerns
Oct 11, 2024 | 04:02 amA Nigerian court has denied a bail application for Tigran Gambaryan, an executive at Binance Holdings Ltd, citing his trial on money laundering and currency manipulation allegations. The court ruled today (Friday) that Gambaryan's health condition did not justify his release. Justice Emeka Nwite of the Federal High Court in Abuja noted that illness alone does not warrant bail unless it poses a threat to others.Binance Executive's Health ConcernsGambaryan, who is the head of financial-crime compliance at Binance, has been in custody since February. His lawyer, Mark Mordi, argued that Gambaryan needs medical treatment for a herniated disk that has severely affected his mobility. Gambaryan appeared in court in a wheelchair.“We are deeply disappointed by the court’s decision to deny Gambaryan bail, particularly given his deteriorating health. He has been unlawfully detained for over 220 days,” a Binance spokesperson commented.“Gambaryan did not go to Nigeria as a decision-maker and there is no good reason to continue to hold him,” the spokesperson continued. “We are committed to working with the Nigerian government to resolve issues, but Gambaryan must be allowed to go home.” Following the ruling, Gambaryan’s wife, Yuki Gambaryan, expressed her disappointment, stating it was unjust for her husband to be denied necessary medical care. The legal conflict began in February when Nigerian authorities detained Gambaryan and a colleague during a visit to the country. The colleague escaped detention.BREAKING: Nigerian Court rejects ‘sick' Binance executive Gambaryan's second bail application - https://t.co/nKxzDjFOfI pic.twitter.com/qptkQgOFQe— Nairametrics (@Nairametrics) October 11, 2024Gambaryan has been held at the Kuje correctional center in Abuja since April. In response to the situation, Binance has used social media to call for his release. CEO Richard Teng claimed that Nigerian authorities demanded a “secret” payment to resolve their issues. Nigerian officials have denied these allegations, labeling them a diversion from Binance’s activities.Investors Allege Money LaunderingIn August, Binance and its former CEO, Changpeng Zhao, faced a class action lawsuit from three cryptocurrency investors who allege the exchange failed to prevent money laundering, as reported by Finance Magnates. Filed in the US District Court for the Western District of Washington, the lawsuit claims that stolen cryptocurrencies were deposited on Binance to obscure their origin, violating the RICO Act. The plaintiffs assert that Binance's platform facilitated the laundering process, making stolen assets untraceable. This article was written by Tareq Sikder at www.financemagnates.com.
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OKX Launches Fully Licensed Platform for Retail and Institutional Investors in UAE
Oct 11, 2024 | 03:17 amCrypto exchange OKX has launched its trading platform for retail and institutional investors in the United Arab Emirates. This follows the company’s acquisition of a full operating license from the UAE's Virtual Assets Regulatory Authority.OKX Offers Derivatives Trading AccessUAE residents can now access various services on the OKX platform after completing the required onboarding steps on its website or application. Services available include spot trading, express buy and sell, conversion, and on-chain earning products. Qualified traders and institutional investors may access derivatives trading, provided they meet specific criteria.To qualify for derivatives trading, customers must pass a knowledge test and a suitability assessment. They are also required to submit documentation proving they have liquid assets of at least 500,000 dirhams, approximately $136,000. Rifad Mahasneh, OKX’s General Manager for the Middle East and North Africa (MENA) region, stated that the company recognizes significant potential in the UAE. He noted that the regulatory environment in the jurisdiction facilitates business operations, enabling planning and investment for the future.“We are extremely bullish on the UAE as a crypto hub and only see the sector growing in the next few years,” Mahasneh said.Meanwhile, OKX has expanded its operations in Singapore by obtaining a Major Payment Institution license, as reported by Finance Magnates. The exchange appointed Gracie Lin, a former regulator, as the CEO of its Singapore unit. The MPI license was granted six months after receiving in-principle approval.KYC Policies for InstitutionsFor institutional clients, acceptance of OKX's Know-Your-Customer (KYC) policies is mandatory, along with meeting two out of three liquidity criteria: a minimum balance sheet of $20 million, an annual net turnover of $40 million, or total funds of at least $2 million.The launch comes nearly nine months after OKX received a conditional license from VARA. The license was non-operational until OKX met all regulatory requirements. The platform allows UAE crypto investors to deposit and withdraw fiat dirhams through local banks and trade AED against various cryptocurrencies. This article was written by Tareq Sikder at www.financemagnates.com.
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FTX’s Ryan Salame's Crazy LinkedIn Update: “New Position as Inmate”
Oct 10, 2024 | 23:30 pmSocial media updates about personal and professional lives have become common nowadays, but sometimes, some posts attract attention because they are unhinged. Ryan Salame, the former co-CEO of FTX, made such an absurd post on LinkedIn, updating on his “new position as Inmate at FCI Cumberland.”The Craziest LinkedIn PostSalame, once a high-ranking executive at the now-bankrupt FTX, was sentenced in May to seven and a half years in prison for fraud charges and conspiracy to operate an unlicensed money-transmitting business.Unlike Sam Bankman-Fried, the infamous founder of FTX, Salame is one of four former top FTX managers who pleaded guilty to the criminal charges brought against them by US prosecutors. However, he did not join Caroline Ellison, Nishad Singh, and Gary Wang in testifying against Bankman-Fried.The nature of his latest LinkedIn post has been highlighted by many as the craziest update on the professional networking platform. Despite the unhinged nature of the post, it is being taken as a joke.An Associate of Bankman-FriedSalame became an associate of Bankman-Fried when he joined the Hong Kong offices of Alameda Research as the Head of OTC for APAC in late 2019. After a couple of years, he moved to The Bahamas to become the co-CEO of FTX Digital Markets, according to his LinkedIn profile.He started his career at Ernst & Young and then moved to Circle, a stablecoin issuer, spending a couple of years at its crypto OTC trading desk.While Salame is facing seven and a half years in prison, Ellison, who is also the former girlfriend of Bankman-Fried, was sentenced to two years of imprisonment. Singh and Wang will receive their sentencing later this month.Meanwhile, Bankman-Fried was imprisoned for 25 years after a high-profile jury trial. Last month, his legal representatives formally appealed his conviction and requested a new trial. The 102-page appeal also accused Judge Lewis Kaplan of being unfairly biased in the previous trial. This article was written by Arnab Shome at www.financemagnates.com.
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SEC Charges Cumberland DRW with $2 Billion in Unregistered Crypto Trading
Oct 10, 2024 | 12:22 pmSecurities and Exchange Commission (SEC) charged Chicago-based Cumberland DRW LLC for operating as an unregistered crypto dealer. The complaint involves more than $2 billion in crypto trades, allegations the company termed as an “enforcement-first approach to stifling innovation.” Alleged ViolationsThe SEC alleged that the crypto liquidity provider has been buying and selling crypto assets offered as securities without proper registration since at least March 2018. According to the complaint, the firm has acted as an unregistered dealer, routinely engaging in transactions for its own accounts. This activity, according to the SEC, took place on third-party exchanges and through Cumberland’s trading platform, Marea. However, the company has criticized the regulators' decision, saying the approach stifles competition. Cumberland added that it has engaged the SEC in a “good faith” discussion on the matter. It added that the transactions in question did not require registration as a broker-dealer. “At issue in our case is the SEC’s view that some of our transactions involving certain crypto assets were securities transactions. We have engaged in five years of good-faith discussions with the SEC on this point. On our end, we have shared dozens of written summaries and statements, produced thousands of pages of materials, and made our senior management and compliance personnel available for many hours of interviews.”pic.twitter.com/xlz9ECFDYe— Cumberland (@CumberlandSays) October 10, 2024However, the SEC, led by the Crypto Assets and Cyber Unit, contends that the crypto assets in question were treated as investment contracts, a type of security requiring proper registration.SEC’s Legal ActionThe SEC’s complaint was filed in the US District Court for the Northern District of Illinois. It charges Cumberland DRW with violating Section 15(a) of the Securities Exchange Act of 1934, which mandates that all securities dealers be registered. Commenting about the matter, Jorge Tenreiro, the Acting Chief of the SEC’s Crypto Assets and Cyber Unit, mentioned: “Despite frequent protestations by the industry that sale of crypto assets are all akin to sales of commodities, our complaint alleges that Cumberland, the respective issuers, and objective investors treated the sale of the crypto asset at issue in this case as investments in securities.” In the lawsuit, the regulator sought permanent injunctive relief against the company, the return of any profits gained from the alleged activities, prejudgment interest, and civil penalties. This article was written by Jared Kirui at www.financemagnates.com.
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Bybit Seeks Crypto License in Austria Following Kazakhstan Approval
Oct 10, 2024 | 08:16 amBybit has confirmed its pursuit of regulatory licensing in Austria. This move aligns with its efforts to expand into key markets while adhering to local compliance requirements.Meanwhile, Kazakhstan has granted Bybit a full license from the Astana Financial Service Authority, enabling the cryptocurrency exchange to offer trading, custody, and investment management services. Bybit Awaits Austrian ApprovalThe company plans to begin operations once it secures approval from Austrian authorities. This step will ensure that the exchange operates within the country’s regulatory framework.At present, Bybit is not licensed in Austria. As a result, it does not offer services in the Austrian market. Its team is evaluating the best time for a potential launch, with updates expected in the coming weeks.Expanding in Dubai and Partnering with NBABybit has received a provisional license from the Dubai regulator, two years after establishing its headquarters in the city. This step advances the platform toward becoming a fully licensed Virtual Asset Service Provider (VASP) in Dubai.“Dubai's strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating Officer of BybitThe provisional license, issued by the Virtual Asset Regulatory Authority, is currently non-operational. Last year, Bybit also obtained a preliminary Minimum Viable Product license in Dubai as part of its efforts to achieve full licensing in the region.Meanwhile, Bybit has formed a partnership with the Nordic Blockchain Association (NBA) to support innovation and growth in the regional blockchain ecosystem, as reported by Finance Magnates. This collaboration aligns with the NBA's efforts to improve the blockchain community in the Nordics.The association seeks to address challenges associated with blockchain adoption and promote educational initiatives. Bybit's participation is expected to contribute to these objectives by utilizing the exchange's global influence to enhance local and international collaboration. This article was written by Tareq Sikder at www.financemagnates.com.
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Wall Street Bitcoin Miner's AI Pivot Sparks Investor Lawsuit
Oct 10, 2024 | 02:07 amIris Energy Limited, the publicly listed Wall Street Bitcoin (BTC) mining company (NASDAQ: IREN) that recently pivoted to promoting itself as a high-performance computing (HPC) data center operator, is facing a class action lawsuit alleging it misrepresented its capabilities and prospects to investors.Wall Street Bitcoin Miner Faces Lawsuit over Alleged Misrepresentation of Data Center CapabilitiesThe lawsuit, filed in the United States District Court for the Eastern District of New York, claims that Iris Energy and its executives made false and misleading statements about the company's ability to transition its facilities from Bitcoin mining to HPC and artificial intelligence applications.According to the complaint, Iris Energy's Childress, Texas facility, which the company touted as a key asset for its HPC strategy, lacks critical features necessary for such operations. The lawsuit alleges that the site has inadequate power redundancy, cooling systems, and fiber connectivity.The lawsuit also cites statements made by Iris Energy's co-CEO, Daniel Roberts, who claimed the company had “built this base layer, this bedrock of high-performance data centers that can do any high-performance compute.” The plaintiffs argue that these statements were materially false and misleading, “because the Company overstated the capabilities of its data center business and its overall prospects.”Iris Energy's stock price fell approximately 15% following the publication of a critical report by Culper Research, which raised concerns about the company's HPC claims and the suitability of its facilities for such applications.“Culper further stated that it was ‘short IREN because we believe the Company has dramatically misrepresented the strength and potential of its assets for HPC/AI Applications’,” the lawsuit commented.The class action seeks to recover damages on behalf of investors who purchased Iris Energy securities between June 20, 2023, and July 11, 2024, alleging violations of federal securities laws.Bitcoin Miners from Wall Street Pivot to AIIREN's shift towards AI is driven by increasingly challenging conditions in the cryptocurrency mining market. The company's latest fiscal year 2024 report revealed that by adding AI industry support services to its offerings, IREN managed to secure new revenue streams. Although the net loss still amounted to $29 million, it was six times smaller than the previous year.Finance Magnates reported in 2023 that after a tough 2022, cryptocurrency miners began seriously looking towards AI and HPC, which are highly energy-intensive industries.An August report from VanEck this year confirmed this trend. According to Matthew Sigel, VanEck's head of digital assets research, the pivot from BTC to HPC/AI could unlock $38 billion in value for mining companies by 2027.“AI companies need energy, and Bitcoin miners have it,” Sigel commented. “As the market values the growing AI/HPC data center market, access to power—especially in the near term—is commanding a premium.”Examples of such moves have been visible since last year. For instance, HIVE Blockchain changed its name to HIVE Digital to better reflect the evolving nature of its business, which now focuses not only on BTC mining but also on supporting HPC and AI industries. The company expects this new venture to double its revenue and has announced the construction of a new hydroelectric data center to support this goal. This article was written by Damian Chmiel at www.financemagnates.com.
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Ripple Custody Division Debuts for Banks and Fintech amid SEC Appeal over XRP
Oct 10, 2024 | 02:06 amRipple announced the launch of new crypto custody services on Thursday (today). These services are designed to assist banks and financial technology firms in storing digital assets for their clients. However, this diversification effort comes amid challenges for XRP, as the US Securities and Exchange Commission recently announced plans to appeal a ruling that deemed the token not a security in retail sales. Ripple continues to dispute the SEC's allegations regarding its XRP sales.Custody Division for Digital AssetsThe introduction of these features comes as part of Ripple’s expansion into custody services through its newly established division, Ripple Custody. Ripple's new offerings include pre-configured operational and policy settings, integration with the XRP Ledger blockchain, anti-money laundering risk monitoring, and an improved user interface. This initiative marks a shift for Ripple, which has primarily focused on its payment settlement business and the XRP cryptocurrency.“With new features, Ripple Custody is expanding its capabilities to better serve high-growth crypto and fintech businesses with secure and scalable digital asset custody,” Aaron Slettehaugh, Senior Vice President of Product at Ripple, said in a statement shared with CNBC.Just announced: Ripple launching CRYPTO CUSTODY STORAGE FOR BANKS.😶🌫️🔑“Storing digital assets on behalf of clients.”🧩 pic.twitter.com/tbPi9YQfmV— SMQKE (@SMQKEDQG) October 10, 2024Custody Market Sees Rapid GrowthThe custody market is growing quickly, with Ripple now entering a competitive field that includes established firms like Coinbase, Gemini, and Fireblocks. Custodians play a crucial role in the cryptocurrency ecosystem, safeguarding private keys needed for accessing digital assets. They also facilitate payments, trading, and ensure compliance with regulatory requirements.Ripple claims that custody is one of its fastest-growing sectors, with Ripple Custody reporting over 250% customer growth year-over-year and operations in seven countries. Major clients include HSBC and DBS Bank. Additionally, Ripple plans to enable clients to tokenize real-world assets, such as currencies and commodities, on its XRP Ledger.Last year, Ripple acquired Metaco, a firm specializing in crypto storage solutions, and Standard Custody & Trust Company, to enhance its custody offerings. This article was written by Tareq Sikder at www.financemagnates.com.
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Bitcoin Inventor's Controversial Identity Resurfaces in New HBO Documentary
Oct 9, 2024 | 10:39 amA new HBO documentary claimed to have uncovered the identity of Bitcoin creator Satoshi Nakamoto. However, the man identified as the mysterious figure behind the leading cryptocurrency has denied the claims, BBC reported. Titled “Money Electric: The Bitcoin Mystery,” the documentary identified Canadian crypto expert Peter Todd as the elusive inventor. However, Todd swiftly dismissed these assertions. Who is Satoshi Nakamoto?In a dramatic confrontation within the documentary, filmmaker Cullen Hoback presents evidence suggesting Todd's connection to Satoshi. Todd, a well-known figure in the Bitcoin community credited with numerous innovations, reportedly refuted the claims, stating that he is not Satoshi Nakamoto.He publicly dismissed the suggestion, saying that Hoback's evidence is built on coincidence rather than concrete proof. Todd's reaction reflects a long history of speculation surrounding Satoshi's identity. Despite his technical expertise, Todd had not previously been a prime suspect in the hunt for Satoshi, making this latest documentary revelation surprising.The greatest mystery of the internet age unveiled. Find out in #MoneyElectric: The Bitcoin Mystery, a new @HBO Original Documentary, premiering tonight at 9 pm ET on @StreamOnMax. pic.twitter.com/Tc24HY2tGD— HBO Documentaries (@HBODocs) October 8, 2024The intrigue surrounding Satoshi is not merely academic. If Satoshi Nakamoto still controls the original Bitcoin wallet, it would now contain approximately $69 billion worth of digital currency, positioning them among the world's wealthiest individuals. Previous SuspectsTodd is not the first individual to be associated with Satoshi's identity. Australian computer scientist Craig Wright claimed to be Satoshi but faced widespread skepticism and legal challenges. Even tech entrepreneur Elon Musk was suggested as a potential candidate, though he denied any involvement.While Money Electric delves into the history of Bitcoin and its creator, it fails to provide definitive evidence that Todd is Satoshi. Hoback's claims are reportedly circumstantial and fail to provide definitive evidence that Todd is Satoshi. One piece of evidence is based on a 2010 forum post where Todd responded to Satoshi's comments, which Hoback argues may indicate Todd's hidden involvement. However, even Hoback admits that the connection is tenuous.In 2019, Wright presented documents about the origin of the pseudonym Satoshi Nakamoto in an effort to support claims that he is the inventor of the cryptocurrency. In an interview, Wright reportedly presented the document of an article from the digital database of the academic journal JSTOR from 2008. The document is about a Japanese individual named Tominaga Nakamoto. Wright mentioned that he was inspired by the individual, and he named Satoshi Nakamoto, the creator of Bitcoin, to honor him. This article was written by Jared Kirui at www.financemagnates.com.
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Exclusive: Anthony Scaramucci Criticizes Warren-Gensler “Hegemony” in US Crypto Regulation
Oct 9, 2024 | 08:34 amAnthony Scaramucci, the Founder of SkyBridge Capital investment firm, has voiced criticism of the current state of cryptocurrency regulation in the United States. The former White House Director of Communications called for a more bipartisan approach and suggested that the European Union's Markets in Crypto-Assets (MiCA) regulation could influence US policy.Anthony Scaramucci Slams “Destructive” US Crypto RegulatorsIn an exclusive comment to Finance Magnates, Scaramucci emphasized the importance of collaborative actions across divisions in terms of market regulation. “I think it's very important that we have a bipartisan commitment to crypto,” he stated, praising the efforts of Senators Kirsten Gillibrand and Chuck Schumer from New York.However, Scaramucci expressed strong disapproval of what he termed the “Elizabeth Warren and Gary Gensler hegemony” in shaping US crypto policy. “I think they've been very destructive to the industry unnecessarily,” he said, suggesting that their approach has been arbitrary and potentially motivated by factors beyond regulatory concerns.The former White House communications director pointed to the regulators' past interactions with Sam Bankman-Fried, the disgraced founder of FTX, as a possible factor in their current stance. “They were very close to Sam Bankman-Fried's parents. They met with Sam Bankman-Fried many times,” Scaramucci claimed, adding that he believes they were “embarrassed by Sam” and subsequently took a harder line against the crypto industry.“I think they did that unfairly, and they did that arbitrarily and capriciously, which is reflected in all the lawsuits that they've lost,” Scaramucci concluded in response to a question posed by Finance Magnates during an interview organized by Saxo Bank, in light of the upcoming US presidential elections.An example of what Scaramucci is referring to is the recent decision by the cryptocurrency exchange Crypto.com to take the Gensler-led Securities and Exchange Commission (SEC) to court, claiming regulatory overreach.Crypto Regulations in the US vs. EuropeScaramucci's comments come as the cryptocurrency industry faces regulatory uncertainty in the United States, while the European Union moves forward with its comprehensive MiCA framework. The contrast between the two approaches has led to speculation about whether the US might eventually adopt elements of the EU's regulatory model.So far, however, The US has adopted a more fragmented regulatory approach, relying on existing financial regulations and enforcement actions rather than comprehensive crypto-specific legislation.For example, the SEC focuses on regulating crypto assets that may qualify as securities, the CFTC oversees crypto derivatives and commodities, and FinCEN handles anti-money laundering compliance.In contrast, the EU has taken a more proactive and unified approach to crypto regulation. The block approved “Markets in Crypto-Assets Regulation” or MiCA, the world’s first comprehensive regulatory framework for cryptocurrencies.Presidential Elections and How They Can Influence CryptoWith just four weeks until Election Day, Vice President Kamala Harris's campaign is showing signs of strength, but the race remains too close to call according to political analysts, according to Scaramucci.The former Trump administration official turned critic believes the current polls are accurately reflecting voter sentiment, unlike in previous elections where Trump's support was underestimated.“I think the race is currently too close to call,” Scaramucci said in a recent interview with Saxo Bank. “And I think the race is definitely winnable for both sides.”While former President Trump maintains high name recognition and plans to hold daily rallies in the final weeks, the Harris campaign has deployed an unprecedented ground game. With a staff of 2,000 and approximately 200,000 volunteers working the equivalent of 300,000 shifts, Harris's operation dwarfs that of previous Democratic campaigns.“This is very different from 2016 because they're in the field, they are working, and she is showing up,” Scaramucci noted, contrasting Harris's approach with Hillary Clinton's 2016 strategy.However, Harris still faces challenges in voter familiarity compared to her opponent. “Trump has something that she doesn't have. He has a hundred percent brand name saturation,” Scaramucci explained. “Harris started on this real assault for the presidency on the 21st of July, but I would say that she's still somewhat unknown.”Despite this, Scaramucci believes Harris has momentum on her side. The Vice President is outpacing Trump in both media appearances and fundraising, with projections suggesting she may have a two-to-one advantage in campaign spending.Scaramucci believes Harris could support a “middle-of-the-road cryptocurrency legislation” that fairly regulates the industry. On the other hand, Trump's pro-crypto stance could lead to appointing crypto-friendly officials in regulatory bodies. This article was written by Damian Chmiel at www.financemagnates.com.
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Muinmos Partners with XBO.com to Improve KYC and Risk Management Systems
Oct 9, 2024 | 06:26 amMuinmos, a Danish RegTech firm, and cryptocurrency firm XBO.com partnered to improve how crypto exchanges onboard users. This collaboration promises speed, efficiency, and compliance with regulatory standards.Automating Compliance XBO.com's integration of Muinmos' software-as-a-service platform aims to improve users' experiences while strengthening the exchange's risk management capabilities. According to a statement shared with Finance Magnates, Muinmos aims to enhance the platform's ability to monitor transactions and detect suspicious activities by automating Know Your Customer (KYC) processes, performing real-time client classification, and conducting continuous risk assessments. "XBO.com is at the forefront of the crypto industry, and we are delighted they selected Muinmos when looking to take their KYC and onboarding to the next level, Remonda Kirketerp-Møller," the CEO of Muinmos said. "Onboarding new users is one of the first interactions customers have with an exchange and, with our platform integrated into theirs, XBO.com has a secure, automated system which enables quick, efficient, and compliant onboarding of users, enhancing the overall user experience for their clients." XBO.com, through its partnership with Muinmos, is reportedly seeking to address these challenges by introducing an automated KYC and onboarding process. It aims to boost XBO.com capabilities in dealing with potential security threats.Setting New StandardsThe Muinmos platform enhances regulatory compliance by incorporating traditional KYC checks, corporate data verification, and client risk assessments into a single, efficient workflow. The integration aims to accelerate the registration and verification processes and strengthen the exchange's ability to mitigate potential risks. For crypto users, this translates into quicker access to services without sacrificing security.In May, Muinmos and Blade Labs collaborated integrate client onboarding Platform of the former into the Digital Asset Platform of the latter. The partnership seeks to improve client onboarding process and address the challenges faced by compliance officers in the digital assets space.Munimos offers a client onboarding platform with AI capabilities that aim to streamline the client onboarding process, including investor classification. This offering allows enterprises and financial institutions to determine whether they can onboard clients and provide them with specific services in a given jurisdiction while ensuring continuous updates of regulations, client information, and risk profiles. This article was written by Jared Kirui at www.financemagnates.com.
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Wirex Pay Rolls Out Non-Custodial Wallet for Global Crypto Transactions
Oct 9, 2024 | 02:47 amWirex Pay has launched early access to its new app for select whitelisted users. The app is part of Wirex’s decentralized payment network, aiming to update the use of digital assets in everyday payments. This early phase allows users to test the system before a broader rollout.Direct Crypto Payments WorldwideWirex Pay is designed to give users complete control over their digital assets through a non-custodial wallet. It offers crypto payment capabilities for both online and in-store purchases across over 200 countries. The app is structured to eliminate the need for intermediaries, giving users direct access to their assets for secure transactions.Meanwhile, payment card provider Visa is expanding its collaboration with Wirex to promote Web 3 payments in the UK and the European Economic Area, as reported by Finance Magnates. The partnership aims to enhance payment services by integrating Visa cards and minimizing payment friction through Visa's network. The official announcement highlights the introduction of Wirex Pay, a modular Zero Knowledge payment chain. Blockchain Technology Made AccessibleSome features include real-time crypto payments, control through a non-custodial wallet, and a focus on privacy. Wirex Pay integrates ID verification for added security while maintaining user autonomy over assets. According to the firm, the platform aims to make blockchain technology more accessible for real-world spending, allowing users to carry out instant transactions globally.“Wirex Pay represents a significant step forward in the evolution of crypto payments,” commented Pavel Matveev, Co-Founder of Wirex Pay.“We've removed the barriers between crypto and everyday transactions, giving users the power to spend their assets freely and securely,” he continued. “We're thrilled to offer this exclusive early access to our community and can't wait for everyone to experience the future of payments.”Recently, Wirex has integrated ZeroFox's monitoring tools to address dark web threats and money mule accounts. The solution uses human and artificial intelligence to detect risks like leaked data and fake credentials. This article was written by Tareq Sikder at www.financemagnates.com.
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Bybit Partners with Nordic Blockchain Association to Promote Web 3 Innovation
Oct 8, 2024 | 13:16 pmBybit partnered with the Nordic Blockchain Association (NBA) to foster innovation and growth within the regional blockchain ecosystem. The partnership is reportedly part of the NBA's effort to create a better blockchain community in the Nordics.Building a Blockchain EcosystemThe association aims to address challenges related to blockchain adoption and promote educational initiatives. Bybit's involvement promises to further these goals, leveraging the exchange's global influence to enhance local and international collaboration.Commenting about the partnership, Jakob Mikkel Hansen, the CEO and Board Member of the Nordic Blockchain Association, said: "We are excited that such a large and important international company as Bybit has joined the Nordic Blockchain Association as a member. "This once again shows that the Nordic region has an important role to play in the global blockchain ecosystem. We look forward to creating value, raising awareness, and promoting education with our new community partner, Bybit."Nordic Blockchain ConferenceOne of the main highlights of this collaboration will be the Nordic Blockchain Conference 2025 (NBC25), the largest blockchain and Web3 event in the region.Recently, Kazakhstan awarded Bybit a full license approval. According to the firm, the license, awarded by the Astana Financial Service Authority, strengthens its expansion in the region. It enables the company to provide a range of crypto services as part of its ongoing global expansion.Kazakhstan is among the important crypto hubs attracting important firms, especially with its regulatory tightening in other parts of the world. With the new license, Bybit now offers digital asset trading, custody services, and investment management to users in the region and at the Commonwealth of Independent States.Additionally, Bybit received a provisional license from the Dubai regulator two years after setting its headquarters in the Middle Eastern city. This approval brings the exchange closer to becoming a fully licensed Virtual Asset Service Provider in Dubai. Notably, the provisional license is non-operational and was issued by the Virtual Asset Regulatory Authority. Bybit also obtained a preliminary Minimum Viable Product license in Dubai to comply with global regulations for digital assets. This article was written by Jared Kirui at www.financemagnates.com.
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SEC Escalates Crypto Scrutiny: Unregistered Offerings Lead Surge in Lawsuits
Oct 8, 2024 | 10:34 amThe number of crypto-related litigations brought by the SEC increased four times in the third quarter compared to the prior quarter, according to a recent study. This comes as the sector faces intensified scrutiny amid heightened enforcement actions by the regulator.Surging Enforcement ActionsThe research by Finbold indicates that from July to September 2024, the SEC filed more digital asset cases than in the entire first quarter of the year. The number of cases climbed to 12 in Q3, a notable rise from just 6 in Q1 and 3 in Q2. In particular, the SEC concentrated on unregistered offerings, which remain the most common complaint. Several firms faced lawsuits for allegedly infringing on securities laws. The report highlighted that despite pushback from the cryptocurrency community over perceived vague regulatory guidelines, the SEC insists that existing rules, including the Howey Test, are clear and enforceable. The increase in litigation also highlights the ongoing exploitation of cryptocurrencies by fraudsters. Various scams, including Ponzi and pyramid schemes, have increased, taking advantage of the burgeoning interest in digital assets. Notably, the SEC reported a significant romance scam, which deceived investors into losing by promising high returns through fake investment opportunities. Fraudsters frequently utilize false claims of compliance and performance to lure unsuspecting investors, indicating that regulatory oversight is critical in safeguarding the public.Insider Trading CasesDespite the surge in cryptocurrency-related litigations, these cases represent a minority of the SEC's overall enforcement actions in 2024. Of the 228 cases reported between January and September, only 21 reportedly involved cryptocurrencies. That accounts for approximately 9.21% of the total.In August, the SEC charged Abra, a digital asset platform operated by Plutus Lending LLC, for failing to register its retail crypto lending program, Abra Earn. The watchdog added that Abra operated as an unregistered investment company amid concerns about investor protection and regulatory compliance.SEC said that Abra launched Abra Earn, a program facilitating crypto lending at various interest rates among US investors. This program allegedly amassed significant traction, with $600 million in assets at its peak, nearly $500 million of which came from US investors. This article was written by Jared Kirui at www.financemagnates.com.
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Crypto.com Takes SEC to Court, Claims Regulatory Overreach
Oct 8, 2024 | 08:09 amCrypto.com sued the US securities watchdog for allegedly overstepping its mandate. The crypto exchange claims the Securities and Exchange Commission (SEC) has extended its jurisdiction beyond statutory limits by interpreting crypto assets as securities. This lawsuit reportedly followed a Wells notice by the regulator against the company. In its statement, the exchange argued that the SEC had imposed an unlawful rule categorizing most crypto transactions as securities, while transactions involving Bitcoin and Ether escape this classification. Crypto RegulationsIn addition to the lawsuit, Crypto.com Derivatives North America (CDNA) petitioned the Commodity Futures Trading Commission (CFTC) and the SEC for clarification on the regulation of certain cryptocurrency derivative products. Crypto.com maintains that the regulator's distinction lacks a foundation in law and ignores the similarities between these assets.“Specifically, our lawsuit contends that the SEC has unilaterally expanded its jurisdiction beyond statutory limits and separately that the SEC has established an unlawful rule that trades in nearly all crypto assets are securities transactions no matter how they are sold, whereas identical transactions in Bitcoin and Ether are somehow not,” Crypto.com explained. The petition seeks to confirm that these products fall exclusively under the jurisdiction of the CFTC. The company highlighted the Dodd-Frank Act, a regulation that facilitates joint interpretations between regulatory bodies.SEC to RespondUnder the joint rules, the CFTC and SEC have 120 days to respond to the petition, either by issuing an interpretation or providing written justification for denial. This process is designed to enhance regulatory clarity for market participants.In June, Coinbase, another major crypto exchange, filed a lawsuit against the SEC and the Federal Deposit Insurance Corporation (FDIC). The lawsuits claimed that both agencies failed to fulfill Freedom of Information Act (FOIA) requests submitted to the US District Court for the District of Columbia.The filed case mentioned that the two regulators did not provide the requested information under the Act, thus undermining the transparency in regulatory dealings. Coinbase also faulted the agencies for actions perceived as attempting to marginalize the cryptocurrency industry within the banking sector. This article was written by Jared Kirui at www.financemagnates.com.
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Finery Markets Expands Liquidity Pool, Partners With $20 Billion Volume Provider
Oct 8, 2024 | 03:59 amFinery Markets, a non-custodial crypto ECN and SaaS trading platform provider, has announced a new partnership with technology and digital asset liquidity provider Stillman Digital. This collaboration is set to expand Finery Markets' pool of global liquidity providers and enhance trading options for institutional clients.Finery Markets Expands Liquidity Pool with Stillman Digital PartnershipStillman Digital, which has facilitated over $20 billion in trade volume since 2021, will now offer its liquidity solutions through Finery Markets' platform. The partnership is expected to further increase Stillman Digital's trading volumes, which exceeded $5 billion in Q2 2024 alone.“With Stillman Digital on board, our liquidity takers—including payment companies, OTC desks, brokers, and digital asset firms—will benefit from competitive pricing across a diverse range of asset pairs,” commented Konstantin Shulga, Finery Markets CEO.A July analysis by Finery Markets, examining two million institutional spot trades, revealed a marked increase in institutional investors' interest in digital assets. This uptick in engagement aligns with recent approvals of crypto-related investment products, such as the successful introduction of a Bitcoin ETF.The collaboration will integrate Stillman Digital's services, including electronic trade execution, market making, OTC block trading, and on/off-ramp solutions, into Finery Markets' product suite. This includes FM Marketplace, FM Liquidity Match, and FM Whitelabel.Finery Markets, established in 2019, currently serves over 100 global businesses in the digital asset space across more than 35 countries. The company's platform offers a hybrid, crypto-native ECN that allows trading through an aggregated order book or RFQ system.“By integrating with Finery Markets, we will be offering our liquidity solutions and trading services to a broader customer base,” added Jack West, Stillman Digital Co-Founder. “We believe that crypto ECNs represent a dynamic market structure component that will foster innovation and enable us to enhance our market footprint by delivering the most competitive pricing available within their ecosystem.” Finery Markets was the first crypto ECN to receive SOC 2 Type 1 certification. Earlier in the year, the company also initiated a partnership with Hidden Road. This collaboration features the integration of Finery Markets' flagship offering, FM Liquidity Match, into Hidden Road’s operations, which mainly focus on prime brokerage services for cryptocurrency spot transactions. This article was written by Damian Chmiel at www.financemagnates.com.
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11 Crypto Platforms Under Review as Hong Kong Faces Criticism on Strict Regulations
Oct 8, 2024 | 01:40 amThe Hong Kong Securities and Futures Commission (SFC) plans to approve more cryptocurrency exchanges by the end of the year, according to CEO Julia Leung. Speaking to local outlet HK01 on October 6, Leung noted that 11 platforms seeking licenses have undergone on-site reviews. She expects further progress in their applications before 2024 ends.This follows the approval of the local exchange HKVAX, which aims to launch in Q4 2024. It is the third exchange to gain regulatory approval in Hong Kong. It joins HashKey and OSL, which upgraded their previous licenses. Bullish, the parent company of CoinDesk, has also applied for a license.Hong Kong's Crypto Uncertainty GrowsThe total number of applicants remains unclear. The SFC’s website lists either 11 or 16 platforms under the new licensing rule. The approval process has faced criticism for being too strict, which some argue could delay Hong Kong’s goal of becoming a crypto and web3 hub.In August, reports highlighted “unsatisfactory practices” at some exchanges, such as limited executive oversight of client assets and weak cybercrime defenses. Despite an invitation for major players like Coinbase to set up in Hong Kong, companies such as OKX and Bybit withdrew their applications in May. The South China Morning Post reported that this may have been due to SFC requirements preventing mainland Chinese residents from accessing their services.📰 Julia Leung, the chief executive of the Hong Kong Securities and Futures Commission, shared with HK01 that the regulator hopes to make progress by the end of the year, including the issuance of licenses in groups. pic.twitter.com/EAw8tWmwmk— The Roundtable - Web3/NFT/Crypto (@0xRoundTable) October 7, 2024JPEX Collapse Prompts Regulatory ChangesThe SFC has also been criticized for its handling of rogue exchanges. Last year, the collapse of JPEX led to over 2,600 Hong Kong residents losing around $200 million. This incident prompted the SFC to publish lists of licensed and suspicious platforms to increase transparency, as reported by Finance Magnates.The commission is now exploring regulations for over-the-counter crypto trading and custody services, with industry input being sought. This article was written by Tareq Sikder at www.financemagnates.com.
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FTX Bankruptcy Plan Approved, Promising 119% Return to Creditors
Oct 7, 2024 | 22:51 pmThe US bankruptcy judge Jon Dorsey has approved the reorganization plan for FTX, paving the way for the defunct cryptocurrency exchange to repay billions of dollars to its creditors. The decision marks a significant update in the company's efforts to wind down operations and compensate affected customers.FTX Bankruptcy Plan Approved, Creditors Set to Receive Full RepaymentUnder the approved plan, 98% of FTX creditors are slated to receive approximately 119% of their allowed claims within 60 days of the plan's effective date. The company projects that between $14.7 billion and $16.5 billion will be available for distribution. The sum includes assets recovered from various sources worldwide.“We are poised to return 100% of bankruptcy claim amounts plus interest for non-governmental creditors through what will be the largest and most complex bankruptcy estate asset distribution in history,” commented John J. Ray III, FTX's Chief Executive Officer and Chief Restructuring Officer. “In preparation for this process, we are finalizing agreements to retain specialized agents to assist us in getting recoveries to customers around the world as safely and expeditiously as possible,” he further explained.The FTX Debtors today announced that the United States Bankruptcy Court for the District of Delaware has confirmed FTX’s Plan of Reorganization. Read about it here: https://t.co/kETV0rgs0v— FTX (@FTX_Official) October 7, 2024The plan's approval comes less than two years after FTX's high-profile collapse in November 2022, which sent shockwaves through the cryptocurrency industry. Since then, a team of professionals has worked to rebuild FTX's financial records and recover assets globally.US Bankruptcy Judge Dorsey, who presided over the case, praised the reorganization effort as “a model case for how to deal with a very complex Chapter 11 bankruptcy proceeding.”The distribution process is expected to be intricate, involving creditors across more than 200 jurisdictions. While the plan promises full repayment, some customers may still feel the sting of missed opportunities. Since FTX's bankruptcy filing, cryptocurrency prices have rebounded significantly, with Bitcoin surging approximately 260%.The FTX bankruptcy case has been closely watched by the crypto industry and financial regulators alike. It follows the criminal conviction of FTX founder Sam Bankman-Fried, who was sentenced to 25 years in prison for fraud earlier this year.In response to the latest news, the price of Bitcoin fell by more than 4% on Monday. It still remains clearly above the psychological threshold of $60,000 though. On Tuesday, one BTC is priced at $62,430.Sam Bankman-Fried, SEC and CFTCAmid the ongoing efforts to repay creditors of the bankrupt FTX, the case of its former chief and founder, Sam Bankman-Fried (SBF), who is currently incarcerated with a 25-year prison sentence, continues to unfold. Last month, he formally appealed his conviction and sought a retrial. In a 102-page appeal document, SBF's legal team accused Judge Lewis Kaplan of exhibiting unfair bias during the trial.Shapiro has stepped in as Bankman-Fried's new legal counsel, replacing trial attorneys Mark Cohen and Christian Everdell post-conviction. In their recent submission, the defense argued that Judge Kaplan had unjustly prevented Bankman-Fried from informing the jury that FTX customers might recover their funds through bankruptcy proceedings.Meanwhile, the FTX bankruptcy case has seen a significant development. The United States Commodities Futures Trading Commission (CFTC) agreed to a $12.7 billion settlement to resolve a 19-month lawsuit. The settlement, finalized after extensive negotiations, includes $8.7 billion in restitution and $4 billion in disgorgement. In this context, the CFTC opted not to pursue a civil monetary penalty. FTX has acknowledged its substantial potential liabilities to the CFTC due to the actions and convictions of FTX insiders, highlighting the commodities regulator as a major creditor in the Chapter 11 proceedings.Additionally, last month the Securities and Exchange Commission (SEC) expressed concerns over FTX's proposed payment plan to creditors, particularly the use of stablecoins. The SEC filed a motion stating it does not provide an opinion on the legality of the transactions detailed in the plan under federal securities laws but reserves the right to challenge any transactions involving crypto assets. This article was written by Damian Chmiel at www.financemagnates.com.
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92% of Asset Managers Expect More Digital Asset Funds from Traditional Firms - Survey
Oct 7, 2024 | 11:31 amInstitutional investors and wealth managers predict a surge in the launch of new digital asset funds within the coming year. They expect this trend to substantially transform the sector amid growing interest among traditional institutions. According to a study by Nickel Digital Asset Management, the growing trend indicates that established financial players are preparing to take a larger stake in the digital finance ecosystem, led by the success of tokenized funds like BlackRock's BUIDL.Potential Surge in Crypto FundThe research found that 70% of respondents expect an increase in the launch of digital asset-focused funds compared to the previous year. Among them, 14% predict this growth will be dramatic, highlighting the rapid momentum in the space. The study surveyed financial institutions across the US, UK, Germany, Switzerland, Singapore, Brazil, and the United Arab Emirates, managing a combined $1.7 trillion in assets. Commenting about the findings, Anatoly Crachilov, the CEO and Founding Partner at Nickel Digital, said: “As the digital asset sector evolves and new funds come to market, it’s clear that institutional investors are driving this expansion.”“At Nickel Digital, we welcome this development and continue to cater to growing allocators’ interest by offering low-volatility, risk-controlled investment solutions, leveraging our five-year audited track record in the digital assets space.”Nearly 93% of those surveyed believe that more traditional firms will enter the digital asset sector in the next three years, with 38% anticipating a dramatic increase. The study highlighted that the recent success of BlackRock's tokenized BUIDL fund is a key driver behind this trend.Paving the Way for Tokenized InvestmentsLaunched on the Ethereum network in March, BlackRock’s BUIDL fund reportedly holds an estimated $500 million in assets under management (AUM), but almost all respondents (95%) expect BUIDL to grow to $10 billion by the end of 2025. The BUIDL fund holds short-term US Treasuries, which helps mitigate counterparty risk while allowing investors to earn a yield linked to the US dollar. This structure has made BUIDL particularly appealing to institutional investors looking for a stable yet profitable asset class.Interest in tokenized funds goes beyond mere curiosity. The study found that 5% of institutional investors are already invested in tokenized funds, with an additional 13% planning to invest within the next year. This article was written by Jared Kirui at www.financemagnates.com.
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UAE Updates Crypto Laws, Exempts Transactions from Value-Added Tax
Oct 7, 2024 | 06:36 amThe United Arab Emirates (UAE) exempted all crypto transactions from value-added tax (VAT), effectively treating cryptocurrencies similarly to traditional financial services. This action reportedly aims to clarify the regulatory status of the sector.Regulating Crypto The new tax exemption, effective November 15, 2024, was announced by the Federal Tax Authority (FTA). The Arabic version of the announcement was released on October 2 and the English translation on October 4, Coindesk reported. By exempting crypto transactions from the standard 5% VAT, the UAE government aims to align digital assets with traditional financial services, which often enjoy similar exemptions. This regulatory update covers the exchange and transfer of ownership of digital assets. That means all cryptocurrency conversions and transfers will be free from the VAT burden. UAE Introduces Retroactive VAT Exemptions for Crypto Transactions https://t.co/aaNPfOJFyO— Bitcoin.com News (@BTCTN) October 7, 2024The FTA defined virtual assets as digital representations of value that can be traded or used for investment purposes, distinguishing them from fiat currencies or financial securities. The updated regulations have brought about clarity by formally exempting virtual assets from VAT, according to a section of the country's regulations. The changes reportedly apply retrospectively to transactions dating back to January 1, 2018. This means that businesses dealing with cryptocurrencies must reassess their VAT obligations for the past years, as these transactions are now exempt from VAT. Broader Regulatory ContextThe UAE’s approach to virtual assets reflects its broader ambition to become a regional hub for digital finance and blockchain technologies. By exempting digital asset transactions from VAT, the government is taking another step to foster an environment conducive to crypto and blockchain innovation.Recent reports show that the UAE is quickly growing into a global technology hub, attracting Asian tech professionals. Capital.com's findings highlighted that 81% of Asian tech experts view the region as an important tech destination. The UAE surpasses traditional favorites like Germany and Hong Kong in appeal, with nearly half of the surveyed professionals expressing a willingness to relocate there. The survey was conducted across Singapore, Hong Kong, Vietnam, and India. Favorable government policies are among the factors driving the growth of the UAE as a tech hub. 76% of respondents believe the UAE offers a conducive environment for tech development. This article was written by Jared Kirui at www.financemagnates.com.
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