In a recent crackdown on data privacy violations, South Korea’s Personal Information Protection Commission (PIPC) has levied a hefty fine of KRW 1.14 billion ($861,408) against Worldcoin and its affiliate Tools for Humanity (TFH). The enforcement action, detailed in a press release on September 25, is pivotal in the ongoing dialogue around the responsibilities that
Regulation
Dubai’s Virtual Assets Regulatory Authority (VARA) has recently unveiled a new set of marketing guidelines aimed at enhancing investor protection in the rapidly evolving virtual asset space. This set of rules is particularly timely as the digital currency landscape continues to attract a diverse array of investors, many of whom may not fully understand the
The conversation surrounding the regulatory framework for Bitcoin and other digital assets continues to build momentum. In a recent appearance on “Mornings with Maria,” Cantor Fitzgerald CEO Howard Lutnick urged regulators to recognize Bitcoin as a commodity, akin to gold and oil. This classification could open the door for a more coherent and supportive regulatory
In a significant move to fortify its position as a global financial hub, Hong Kong’s financial regulators have laid out an ambitious plan aimed at aligning its over-the-counter (OTC) derivatives reporting framework with international standards, including those applicable to cryptocurrency derivatives. The joint announcement from the Hong Kong Monetary Authority (HKMA) and the Securities and
Cynthia Lummis, the Senator from Wyoming, has made a noteworthy assertion regarding the future of Gary Gensler, the current Chair of the U.S. Securities and Exchange Commission (SEC). During a recent appearance on CNBC’s Squawk Box, Lummis expressed skepticism about Gensler’s longevity in this pivotal role, suggesting that he may step down next year. This
On September 27, 2023, the US Securities and Exchange Commission (SEC) reached a pivotal settlement with the Mango Markets decentralized autonomous organization (DAO) and the Blockworks Foundation. This action came on the heels of allegations surrounding the entities’ promotion of unregistered securities in light of a significant $100 million exploit that rocked the platform in
Recent judicial decisions in the United States are painting a complex picture regarding the intersection of cryptocurrency technology and existing legal frameworks. One landmark ruling from Judge Katherine Polk Failla has noteworthy implications for the burgeoning domain of cryptocurrency protocols. On September 26, her decision established that software code employed in blockchain projects, such as
In a recent statement, Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), provided noteworthy clarity on the classification of Bitcoin. In an interview aired on CNBC’s “Squawk Box” on September 26, he reaffirmed that Bitcoin is not deemed a security according to U.S. law. This marks a significant point of distinction
In an era where crypto assets are gaining ground, the Australian Securities and Investments Commission (ASIC) has announced a decisive move towards establishing a licensing framework for cryptocurrency service providers. As reported by the Australian Financial Review on September 23, this initiative seeks to impose licensing requirements under the Corporations Act for various local crypto
As discussions around the regulation of stablecoins intensify, Congresswoman Maxine Waters has taken a central role, urging for a bipartisan agreement by the close of 2024. Leading the House Financial Services Committee, Waters has expressed optimism regarding the potential for a collaborative legislative approach to stabilize this burgeoning financial sector. Her call to action was
