In a significant stride towards modernizing the paradigm of cross-border transactions, the Bank for International Settlements (BIS) has announced its collaboration with several central banks, including those of Australia, Korea, Malaysia, and Singapore. This initiative, known as Project Mandala, aims to address critical regulatory challenges that plague international financial interactions. As global trade flourishes, the
Regulation
In today’s rapidly evolving financial landscape, the urgency for the United States to adopt new technologies and regulatory frameworks cannot be overstated. In a recent open letter addressed to Vice President Kamala Harris and former President Donald Trump, Charles Cascarilla, the CEO and co-founder of Paxos, highlighted a critical juncture for the nation’s economic future.
The recent announcement by Gemini, the cryptocurrency exchange co-founded by the Winklevoss twins, reveals a significant milestone in the realm of digital finance. On October 29, Gemini disclosed that it has obtained in-principle approval from the Monetary Authority of Singapore (MAS) to provide services related to cross-border money transfers and digital payment tokens. This strategic
As the landscape of digital currency continues to evolve, advocates for Bitcoin self-custody are mobilizing significant efforts at the state level to secure legal protections. The Satoshi Action Fund is at the forefront of this movement, channeling tactics reminiscent of those utilized by the cannabis industry to counteract federal restrictions. By pushing for laws that
In response to the burgeoning digital asset landscape and the increasing number of illicit activities linked to cryptocurrency, South Korea is gearing up to implement a regulatory framework aimed at cross-border transactions by late 2025. As outlined in a recent report by Reuters, the Ministry of Finance is spearheading this initiative, highlighting the urgent need
In the rapidly evolving landscape of cryptocurrency, Tether Holdings, the issuer of the widely used stablecoin, finds itself in the spotlight once more. Recently, CEO Paolo Ardoino vehemently denied reports suggesting that Tether is under investigation by United States authorities. This denial emerged following a Wall Street Journal article claiming federal prosecutors in Manhattan were
The European Union is currently at a crossroads concerning the regulation of cryptocurrencies, with various member states vigorously pursuing its governance. Amid this climate, the Netherlands has launched a public consultation aimed at refining its approach to crypto ownership and taxation. This initiative, initiated on October 24, 2023, reflects a growing recognition of the need
Denmark is at the forefront of a transformative move in the world of taxation, particularly concerning cryptocurrencies. The country is proposing a taxation model that aims to impose a 42% tax on unrealized gains from digital assets. This innovative approach aligns cryptocurrency taxation with existing frameworks governing specific financial contracts, promoting uniformity across various investment
In a progressive move to combat the rising tide of cryptocurrency-related crimes and illegal financial activities, the United States and Nigeria have established the Bilateral Liaison Group (BLG). Announced on October 23, this initiative signifies not just a heightened commitment to collaboration between the two nations but also a proactive response to the complexities posed
Bitcoin has emerged over the past decade as a potent alternative to traditional financial systems, capturing global attention and sparking intense debate among economists, governments, and regulators. Recent actions advocated by prominent financial institutions, such as the Federal Reserve Bank of Minneapolis and the European Central Bank (ECB), highlight an escalating trend toward tighter scrutiny