The European Parliament granted final approval to the European Union’s artificial intelligence law, one of the world’s first set of comprehensive AI regulations.
AI Act and stablecoin regulations in the EU, 30% crypto mining tax in the US: Law Decoded Spanish court denies Worldcoin’s injunction request against regulator Sam Altman’s company will have to freeze its operations in Spain for the next three months.
Binance.US suffers ‘near-mortal blow’ after SEC and class-action lawsuits: Law Decoded The world’s largest crypto exchange continues to grapple with ongoing legal challenges, particularly in the United States.
US lawmakers fight CBDC, advocate crypto custody for banks: Law Decoded Five United States senators have joined hands to fight President Joe Biden’s plans to issue a “digital dollar.”
OKX announces launch of Turkish platform The platform will host major cryptocurrency pairings with the Turkish lira, such as USDT, BTC and ETH, along with “sophisticated crypto functionalities.”
Spanish financial regulator warns investors over 18 unlicensed entities The list contains several crypto firms among companies trading without the correct licenses.
Do Kwon to be extradited to the US, CZ’s passports seized: Law Decoded The Terraform Labs co-founder, who has been in Montenegro since his arrest in March 2023, will reportedly be extradited to the United States to face fraud charges.
Pyth Network launches real-time market data on Hedera More than 400 Pyth price feeds will be launched on the open-source, proof-of-stake public ledger Hedera.
Crypto exchange BitForex halts withdrawals, stops responding to users A Hong Kong-based crypto exchange has suspended withdrawals for at least three days without warning.
EU crypto AML authority to establish HQ in Frankfurt The Anti-Money Laundering Authority will start its work by mid-2025.
ECB not convinced by ETF approval in the US, still dislikes Bitcoin The ECB executives agree that the expectation of spot ETF approvals drove the price of Bitcoin, but they believe it could turn out to be “a flash in the pan.”
South Korean province implements digital system to track tax evaders’ crypto The Gyeonggi tax department used the resident registration data of “delinquents,” tracing their mobile phone numbers to detect their accounts on crypto exchanges.
Japan regulator clarifies stance on P2P crypto transfers The FSA says its recommendations don’t envisage “any transactions from one individual to another.”
Japan and South Korea want more control over crypto transactions: Law Decoded Asian nations are pushing hard for more consumer protection, more oversight and more technical abilities for regulators.
Pro-XRP lawyer John Deaton may run against Elizabeth Warren in 2024 elections Deaton is “taking a serious look” at the upcoming election in the state of Massachusetts.
South Korean crypto exchanges reported 50% more suspicious transactions in 2023 The FIU has been actively encouraging crypto exchanges to report any transactions that raise suspicions of money laundering and illegal “foreign exchange outflow.”
Japan’s regulator suggests ‘stopping’ P2P transfers from fiat to crypto The Financial Services Agency and the National Police Agency encourage banks to “further strengthen their user’s protection.”
Isle of Man contemplates including crypto under ‘investment’ definition Crypto firms operating on the island would have to meet the qualification requirements for investment businesses, which were not designed for the crypto market.
S. Korean regulator will expel ‘unfit’ crypto exchanges from the market starting this year The South Korean Financial Intelligence Unit publicly announced the tightening of scrutiny over crypto exchanges in the country.
Is a US stablecoin bill just around the corner? Law Decoded Representative Maxine Waters revealed both political parties are now “getting very close” to a joint stablecoin vision.
Philippines to launch non-blockchain CBDC in two years The country’s central bank will focus on a wholesale CBDC, which will be mediated by banks.
Can Torrevieja become Europe’s first crypto-friendly city? Torrevieja, a tourist hub in the Alicante province of Spain, will allow stores to accept payments in crypto, paving the way for greater adoption.
Ex-UK chancellor faces scrutiny over lobbying allegations Philip Hammond, a vocal crypto advocate who served as the United Kingdom’s chancellor of the exchequer from 2016 to 2019, may have breached lobbying rules for former ministers.
Hong Kong plans universal AML requirements for OTC crypto traders The primary suggestion of the paper is to include OTC trades under the jurisdiction of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.
US Virginia bill seeks working group to study crypto, blockchain The current draft of Senate Bill No. 339 is a substitute amendment to the bill’s initial version introduced in January.
Hester Peirce against ‘gag rule,’ lawmakers challenging regulators: Law Decoded Hester Peirce believes that if the SEC is “confident in its investigative work” and analysis, it doesn’t need to “demand silence on the part of settling defendants.”
Euro-backed stablecoin trials begin in Spain Every EURM is backed on 1:1 par by euro and stored at Spanish banks, such as BBVA and Caixabank.
Argentina scraps crypto regularization in Milei’s new economic reform The asset regularization clause has been removed from the Law of Bases and Starting Points for the Freedom of Argentines.
Coinbase to charge conversion fees above $75M monthly volume An exception will be made for Tier 1 and Tier 2 Coinbase Exchange Liquidity Program members.
Japan to resolve CBDC issuance legalities by Q2 2024 While Japan is preparing to solve the legal issues around issuing a CBDC, it has not revealed plans for an official launch.