Regulation

A central bank digital currency (CBDC) can impact monetary policy by increasing money velocity, disintermediation, volatility of bank reserves, currency substitution and altered capital flows, even when it is not designed to do so, according to a study published by the International Monetary Fund. The unintended impact of a CBDC may be felt particularly acute

Crypto.com announced it has obtained a minimal viable product (MVP) preparatory license from Dubai’s Virtual Asset Regulatory Authority (VARA). This preparatory phase operations license came after the exchange obtained provisional approval from the Dubai regulator in 2022. In the preparatory stage, the MVP license allows the exchange to fulfill the conditions to operate within set

More than 80 virtual asset-related firms across Mainland China and foreign nations have expressed interest in establishing a presence in Hong Kong, amid efforts from the city to become a leading hub for Web3.  In a March 20 speech in Hong Kong, the Secretary for Financial Services and the Treasury, Christian Hui, stated that Hong

Venezuela’s president Nicolás Maduro has announced the reorganization of the National Superintendency of Crypto Assets, known as Sunacrip in Spanish, according to a decree issued on March 17. A new board will lead the reorganization, headed by Anabel Pereira Fernández, a lawyer who served as president of the Fondo de Garantía de Depositos y Protección

Before crypto exchange FTX and its founder Sam Bankman-Fried (SBF) got tied down around allegations of misappropriation of users’ funds, SBF was among the most influential crypto entrepreneurs. Long before FTX collapsed, an allegedly leaked email exchange with a top regulator shows SBF’s intent to get the exchange federally regulated. On May 28, 2022, nearly

Silicon Valley Bank UK (SVB UK) has granted millions of pounds in employee bonuses, just days after it was rescued by global banking giant HSBC for just 1 pound, according to unnamed sources. In a March 18 Sky News report citing unnamed sources, it was reported that payouts to SVB UK staff and senior executives

The Mid-size Bank Coalition of America (MBCA) has reportedly asked United States federal regulators to extend insurance on all deposits for the next two years. According to a March 18 Bloomberg report, the MBCA – a coalition of mid-size U.S. banks – sent a letter to the U.S. Federal Deposit Insurance Corporation (FDIC) asserting that extending

What is the Howey test? The Howey test is a legal test used in the United States to determine whether a transaction qualifies as an investment contract and, thus, is considered a security under federal law. The test was established by the U.S. Supreme Court in SEC v. W.J. Howey Co. (1946), and it has

Representatives from the Federal Deposit Insurance Corporation and Federal Reserve will be testifying before the United States House Financial Services Commission in a newly announced hearing investigating the collapse of two major banks. In a March 17 notice, Representatives Maxine Waters and Patrick McHenry — the ranking member and chair of the committee, respectively —

Institutional cryptocurrency custodian Protego’s conditional national trust banking charter has expired without it receiving permanent approval, according to a March 17 report in Fortune. A spokesperson for the United States Office of the Comptroller of the Currency (OCC) told Fortune that the firm did not meet pre-conversion requirements. According to the spokesperson: “[The] pre-conversion requirements

Troubled SVB Financial Group has filed a voluntary petition for a court-supervised reorganization under Chapter 11 in the United States Bankruptcy Court to preserve value. Announcing the news on March 17, SVB said that the funds of its venture capital arm SVB Capital and the broker-dealer SVB Securities, as well as funds of general partner

Our weekly roundup of news from East Asia curates the industry’s most important developments. Chinese billionaire arrested in U.S. for $1B financial fraud  According to an announcement published by the U.S. Department of Justice (DOJ) on Mar. 15, Chinese billonaire Ho Wan Kwok (aka Miles Guo and more commonly as Guo Wengui), has been arrested

The Solana-based decentralized exchange (DEX) Orca will block all United States users from trading using its web interface beginning March 31, according to a March 16 notice posted to its official website.  The exchange did over $634 million worth of trading volume in February and has over $46 million total value locked in Solana smart

European lawmakers are moving forward with the introduction of a European Union-wide digital wallet by passing a plenary vote on moving the initiative to interinstitutional negotiations. The European Parliament on March 15 voted in favor of negotiating a mandate for talks with the EU member states on the revision of the new European Digital Identity

The Reserve Bank of Australia (RBA) and Treasury have been holding private meetings with executives from Coinbase, with discussions revolving around the future of crypto regulation in Australia. Responding to Cointelegraph’s request for comment, an RBA spokesperson confirmed recent reports that these private meetings had occurred, stating that Coinbase met with the RBA’s Payments Policy

Massachusetts Senator Elizabeth Warren, one of the more prominent anti-crypto voices in the United States Congress, has called on Jerome Powell to recuse himself amid an internal probe at the Federal Reserve. Speaking to reporters in Washington D.C. on March 15, Warren said Powell had led “the de-regulatory movement” at the Fed potentially touching upon