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The U.S.-based crypto exchange Coinbase is doubling down on its efforts to bring more regulatory clarity for stablecoins. In a blog post on Monday, Dec. 4, 2023 the San Francisco-headquartered crypto exchange noted younger adults feel the “everyday pain points of dealing with the current financial system,” saying stablecoins offer consumers “all the benefits of cash without the drawbacks.” Coinbase being a stakeholder in Circle, the issuer of the USDC stablecoin , claims that physical cash “no longer meets the needs and expectations of today’s digitally savvy consumers” as interbank transfers can take days, while its crypto-alternatives are way cheaper and faster to move. Stablecoin popularity in Nigeria, Brazil and Argentina | Source: Coinbase Yet, regulatory hurdles still keep the U.S. from becoming a “crypto hub,” while Nigeria and Brazil are proving to be “pivotal in encouraging the adoption of stablecoin s and cry...

Trading volumes on the Ukrainian crypto exchange Kuna have shrunk 90% since March 2023 due to government policies, the CEO said. The government of Ukraine has recently approached the local cryptocurrency industry with a new request to provide certain financial information.  The National Bank of Ukraine (NBU) had demanded four local crypto firms — Kuna, CoinPay, GEO Pay and Qmall — to provide financial statements for the first two quarters of 2023. The NBU has demanded the crypto businesses to provide the financials within seven days. Kuna exchange founder and CEO Michael Chobanyan shared the news about the latest NBU’s request on July 3, citing a document distributed by the Ukrainian Telegram news channel “Politics of the country.” The National Bank of Ukraine’s document that was sent to local crypto exchanges. Source: Telegram According to the document, the NBU also demanded the crypto businesses to provide data on operating volumes as well as information about reception and ...

Kuwait’s Capital Markets Authority has officially confirmed the commitment to “absolute prohibition” of virtually all crypto operations in the country. The state of Kuwait is the latest jurisdiction to ban virtually all operations involving cryptocurrencies like Bitcoin (BTC). On July 18, Kuwait’s main financial regulator, the Capital Markets Authority (CMA), issued a circular on the supervision and issuance of virtual assets in the country. In the circular, the CMA confirmed the commitment to “absolute prohibition” on major use cases and operations involving cryptocurrencies, including payments, investments, and mining. The circular also bans local regulators from issuing any licenses allowing firms to provide virtual asset services as a commercial business. In the meantime, securities and other financial instruments regulated by the Central Bank of Kuwait and the CMA are excluded from the latest prohibitions, the announcement notes. Apart from the prohibitions, the CMA also requ...

Amidst recent limitations imposed by Australian banks on cryptocurrency payments, key players within the blockchain industry are mobilizing to resist these constraints. Blockchain Australia, an industry organization, has voiced its opposition to the restrictions and expressed its determination to address the issue proactively with concrete data-driven strategies. Fostering collaboration Acknowledging the growing concerns regarding crypto-related scams and fraud, Blockchain Australia is actively addressing these challenges through a series of initiatives. Their efforts include the launch of an educational program aimed at empowering consumers with knowledge about cryptocurrencies, emphasizing that crypto itself is not inherently problematic but rather scammers who exploit it.  Furthermore, they are recognizing and promoting the ethical conduct of industry players who uphold best practices, seeking validation from banks. To foster collaboration and combat scams within Australia...

The cryptocurrency exchange secured VASP licensing in Lithuania in April. On May 23, cryptocurrency exchange Bitget announced its successful registration as a virtual asset service provider (VASP) in Poland. The regulatory license allows Bitget to operate legally within the Polish market. In April, Bitget received its VASP license in Lithuania, allowing it to offer cryptocurrency-related services both within and from the Baltic nation.  Gracy Chen, Bitget’s managing director, said, “We understand that regulation is the future of the cryptocurrency industry if mainstream adoption is to be achieved. The recent registrations in the two European countries enhance our foothold and service in Europe.” According to its latest quarterly update, Bitget grew its staff count from 1,000 to 1,300 members during Q1 2023 and still has around 300 openings in research and development, compliance, business development, operations and customer support.  Additionally, the price recovery of Bitcoin (B...

SEC's recent charges against crypto exchange Kraken over its staking program have sent tremors through the crypto industry. Members of the crypto community are seemingly outraged over the recent charges laid against crypto exchange Kraken in relation to its staking-as-a-service program in the United States.  On Feb. 9, the United States Securities Exchange Commission (SEC) announced it had settled charges with Kraken over “failing to register the offer and sale of their crypto asset staking-as-a-service program,” which it claims is qualified as securities under its purview. Kraken agreed to settle the charges by paying $30 million in fines and to immediately cease the staking services to U.S. retail investors, though it would continue to be offered offshore. The move appears to have attracted the ire of not only the general crypto community, but also of investors, politicians, and industry executives. Cinneamhain Ventures partner and Ethereum bull, Adam Cochran called out SEC chie...