Banks could be required to hold a “risk-weighted exposure amount” of up to 1,250% of capital based on exposure to crypto if the full parliament passes the measures. The Economic and Monetary Affairs Committee of the European Parliament has voted for measures requiring banks holding cryptocurrencies to set aside a punitive amount of capital. In…
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According to South Africa’s Office of the FAIS Ombud, an independent dispute resolution office, individuals with crypto-related grievances that occurred after Oct. 19, 2022, can now formally submit such complaints on the agency’s website. However, the Office of the FAIS Ombud insisted that all complaints that occurred before crypto assets were designated financial products will…
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The United Arab Emirates (UAE) minister of state for foreign trade says that cryptocurrency “will play a major role for UAE trade going forward.” He stressed: “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.” Crypto to Play a Major Role in the UAE United Arab…
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Singapore’s senior minister and the chairman of the central bank, the Monetary Authority of Singapore (MAS), says there should be just “one regulatory system” for both crypto and traditional finance. In addition, he stressed that regulators should provide “ultra clarity as to what’s an unregulated market,” so investors are aware that they go in at…
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According to Megan Crowell, losing certain employees could “severely [limit] the debtors’ options“ amid bankruptcy proceedings. Megan Crowell, the chief people officer at crypto lending firm BlockFi, has petitioned a court to allow bonuses for “key employees” amid Chapter 11 bankruptcy proceedings. In a Jan. 23 declaration for United State Bankruptcy Court in the District…
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On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial regulator stressed that businesses should not commingle customer funds and that customer funds should be segregated with separate accounting. FTX Collapse Prompts NYDFS to Issue…
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“A VCE’s customer agreement should make clear the parties’ intentions to enter into a custodial relationship, rather than a debtor-creditor relationship,” said the NYDFS. The New York Department of Financial Services, or NYDFS, has released guidelines on how licensed crypto firms should handle customer assets should they face “insolvency or similar proceeding”. In a Jan.…
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The Australian Minister for Financial Services said there was a “good argument” to treat crypto as financial products in an interview on Jan. 22. Australian crypto executives have urged caution over lumping all digital assets in the same boat as financial products, after recent comments from Australia’s assistant treasurer on the ma Speaking to the…
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The U.S. Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC), and the Department of Justice (DOJ) have charged an alleged attacker who stole $116 million from crypto trading platform Mango Markets. The defendant has been arrested and is currently detained in Puerto Rico. Mango Markets Manipulator Arrested, Detained The U.S. Securities and…
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