The relationship between banking institutions and cryptocurrency hedge funds has become increasingly strained, as revealed by a recent survey conducted by the Alternative Investment Management Association (AIMA). Approximately 120 hedge funds operating in the cryptocurrency space have reported facing various obstacles in accessing banking services over the past three years. This troubling statistic reflects a
Regulation
Tether, the prominent stablecoin issuer behind USDT, has made headlines with its recent acquisition of 7,629 BTC, valued at an impressive $705 million. This move elevates Tether’s total Bitcoin holdings to 82,983 BTC, amounting to approximately $7.68 billion, placing the company as the sixth largest Bitcoin holder globally. This bold step showcases Tether’s commitment to
In a decisive move, China has introduced stringent regulations aimed at managing and mitigating risky foreign exchange practices, prominently affecting cryptocurrency transactions. The South China Morning Post highlighted that the country’s State Administration of Foreign Exchange (SAFE) has mandated financial institutions to closely monitor and report any suspicious activities linked to cross-border gambling, clandestine financial
In recent developments, Morgan Stanley’s subsidiary, E-Trade, is poised to expand its services to include cryptocurrency trading. As reported by The Information on January 2, this strategic move aims to position itself advantageously within an evolving regulatory landscape. The anticipated shift towards a more accommodating regulatory framework, spurred by the incoming administration of President-elect Donald
The IRS has recently introduced a temporary reprieve concerning the cost-basis reporting regulations for cryptocurrencies, a decision that has significant implications for investors in the digital asset space. This move underlines the agency’s recognition of the intricate challenges surrounding crypto taxation, especially in light of rapid market changes and the diversity of investor strategies. By
The advent of the Market in Crypto-Assets (MiCA) regulation marks a groundbreaking transition in the European Union’s approach to digital assets. Following years of deliberations and negotiations, the MiCA framework has evolved into a comprehensive set of regulations that addresses crucial gaps in oversight, significantly influencing how cryptocurrencies and digital tokens are managed within the
As the cryptocurrency market continues to flourish, the United Kingdom finds itself at a crossroads concerning the regulation of crypto advertising. The Financial Conduct Authority (FCA) has been facing an uphill battle with rampant breaches in advertising rules, which raises pressing questions about the efficacy of current legal frameworks. Notably, the FCA issued an alarming
In late December 2023, MoonPay, a prominent player in the cryptocurrency payment solutions sector, announced a significant regulatory achievement: it has received approval to operate under the European Union’s Markets in Crypto-Assets (MiCA) regulation. This momentous occasion, made public in a statement shared with CryptoSlate, solidifies MoonPay’s position as a serious contender in the European
The blockchain landscape has entered a period of unrest as prominent entities within the decentralized finance (DeFi) community, particularly A16z Crypto, voice their formidable opposition against the U.S. government’s newly proposed regulations aimed at digital asset service providers. This tension unfolds within the broader context of the government’s attempts to regulate an industry characterized by
Japan’s Financial Services Authority (FSA) has announced a strategic initiative to bolster internal audit processes within its financial institutions, notably extending its reach to encompass cryptocurrency exchanges. This move signifies a proactive response to perceived deficiencies in compliance and oversight within the industry. The FSA’s commitment to addressing these gaps aligns its audit standards with