The cryptocurrency market is constantly evolving and changing, with new developments and challenges emerging every week. In this weekly update, we will provide a brief overview of some of the most important events that shaped the crypto space.
Biden opposes the scheme that would protect “tax evaders and cryptocurrency traders”
At the G7 summit, President Joe Biden said he had previously discussed the need for a bipartisan accord with all four legislative leaders.
Biden believes that the Republican strategy cannot be embraced. When Biden stated he wouldn’t accept a debt solution that safeguards affluent tax evaders and cryptocurrency traders while jeopardizing food assistance for a million Americans, he made an obvious reference to cryptocurrency.
If the US government hasn’t raised its debt ceiling by June 1st, a default will occur. US Treasury Secretary Janet Yellen delivered a stark warning in advance that failing to strike a deal would have fatal repercussions for the US and global economies.
Huobi is ordered to cease operations by Malaysian authorities
In response to Huobi Global and its CEO Leon Li operating a cryptocurrency exchange without first registering, the Malaysian Securities Commission declared on Monday that legal action had been taken.
Huobi was criticized by the Securities Commission Malaysia (SC), which is in charge of regulating the regulation of securities and digital assets, for conducting business “illegally.”
Huobi has been on the agency’s investor warning list since last year because it operates without being recognized as a “Recognised Market Operator,” which is a serious violation under the Capital Markets and Services Act.
Hong Kong intends to begin trading cryptocurrencies on a retail level
The Hong Kong Securities Regulatory Commission has completed its consultation on the rules regulating digital asset platforms, opening the door for authorized companies to provide their services to retail investors.
The Securities and Futures Commission (SFC) declared on Monday that it will implement several protections to “protect” small-scale investors, such as assessing tokens before they are published on exchanges.
This follows a period of consultation with important figures in the industry that was conducted in February and provided them the chance to offer guidance on several topics, including allowing smaller investors to trade crypto.
SEC approves Prometheum as the first digital asset firm
Despite the industry’s struggle with the American regulator over “impossible” criteria, Prometheus Capital and others have been permitted to deal in bitcoin securities.
The roots of a fully compliant U.S. crypto infrastructure may be forming on the fringe of the industry as a watchdog funded by the Securities and Exchange Commission (SEC) discreetly provides hefty licenses for enterprises striving to conform to the securities regulations.
The Financial Industry Regulatory Authority (FINRA), a business-funded regulatory organization formed by the SEC, designated Prometheum Ember Capital LLC as the first broker-dealer with custody rights for securities backed by digital assets on Tuesday.
Japan strengthens anti-money laundering rules for crypto
Japan is preparing to publish new anti-money laundering legislation that will make it easier to detect cryptocurrency transactions as it continues to follow other countries in the region.
The administration of the nation intends to implement the new rules on June 1 together with the implementation of the so-called travel rule, according to a Tuesday item in Japan Today.
To stop, spot, and punish money laundering and other financial crimes, it mandates financial institutions share certain information among themselves.
Binance gets approval to operate its digital assets in Thailand
Binance successfully obtained a digital asset license in Southeast Asia and collaborated with a local firm to open an exchange there.
Gulf Innova Co., a wholly owned Thai subsidiary of publicly listed holding company Gulf Energy, and the biggest cryptocurrency exchange in the world joined up on the Gulf Binance project.
Binance has been attempting to reestablish its presence in Thailand for the past year after being ejected for operating without a license following criminal accusations from Thailand’s securities commission.