The UK is witnessing a dramatic decline in registration applications from crypto firms, with a more than 50% drop in the past three years. This trend has been attributed to burdensome and time-consuming regulatory processes imposed by the Financial Conduct Authority (FCA). Recent data reveals that the FCA received only 29 registration applications between May
Regulation
The Nigerian Securities and Exchange Commission (SEC) has recently approved two local crypto exchanges, Busha Digital Limited and Quidax, under the Accelerated Regulatory Incubation Program (ARIP). This program was specifically designed to onboard firms before the forthcoming release of the Rules on Virtual Asset Service Providers in May 2022. By granting these approvals, the SEC
OpenSea, a popular NFT platform, recently received a Wells Notice from the SEC regarding the classification of NFTs as securities. This move by the regulatory body has sparked concerns within the NFT community, particularly among creators and artists who fear the implications of such actions on their livelihoods. CEO Devin Finzer expressed shock at the
France has been known as a hub for crypto businesses over the past decade, attracting giants like Binance and Crypto.com to set up their European headquarters in the country. This is largely due to favorable tax rates, a talented workforce, and clear regulations in the crypto sector. However, with the recent French elections and increasing
The recent charges filed by the US Securities and Exchange Commission (SEC) against crypto lending firm Abra highlight the company’s failure to register its crypto asset lending product, Abra Earn. This oversight led to Abra selling nearly half a billion dollars of securities to US investors without complying with registration laws. The lack of transparency
The European Union’s regulatory framework for artificial intelligence (AI) has been criticized by Meta CEO Mark Zuckerberg and Spotify CEO Daniel Ek for its fragmented nature. They argue that this fragmented structure is stifling innovation in the AI sector. The CEOs believe that the EU’s AI regulations are inconsistent and overlapping, making it difficult for
The DeFi Education Fund and the Blockchain Association have joined forces to submit an amicus brief in support of a legal challenge against the SEC’s Consolidated Audit Trail (CAT). The brief emphasized the significant privacy and security concerns posed by the CAT, especially for participants in the digital asset market. It argued that the CAT
The Indian government is taking proactive steps to introduce comprehensive regulations for the crypto sector, signaling a commitment to establishing a regulatory framework for digital currencies in the country. The upcoming plan includes the release of a consultation paper in the coming weeks, aimed at soliciting feedback from stakeholders. This initiative aligns with Finance Minister
