Hong Kong, one of the most significant and leading financial centers in the world, has played a large role in the development of cryptocurrencies. For instance, the Chinese territory has birthed some of the most established and successful crypto companies to date including the crypto derivatives exchange FTX, along with the digital asset platform Crypto.com. Yet, as trillions of dollars are traded regularly through crypto exchanges founded in Hong Kong, the “Vertical City” also contains an abundance of physical over-the-counter crypto shops as well. Henri Arslanian, PwC crypto lead and former chairman of the Fintech Association of Hong Kong, told …
A group of lawmakers from the U.S. Congress has sent a letter to Securities and Exchange Commission (SEC) Chairman Jay Clayton, calling for regulatory clarity regarding cryptocurrencies, CNBC reported September 28. According to CNBC, more than a dozen congressmen asked Clayton to tell investors how the SEC plans to regulate digital currency. The lawmakers requested clarity on the criteria for identifying digital tokens as “investment contracts” and therefore securities, in addition to a description of the tools the SEC will use to provide more concrete guidance to innovators in the field. The letter reads: "It is important that all policy …
The U.S., Switzerland, and Singapore were ranked as the top three “most favorable” countries for Initial Coin Offerings (ICO) in a recent report, according to a press release the researchers shared with Cointelegraph July 14. Analysts associated with the Crypto Finance Conference compiled the research based on publicly available data of the top 100 ICOs by country in terms of funds raised and ranked them by number of projects launched. The report highlights the U.S. as the most favorable country for ICOs with a total of 30 companies launched in the field. The second country is Switzerland, which is responsible …
The U.S. Commodity Futures Trading Commission (CFTC) has issued an advisory statement for listing virtual currency derivative products, according to a CFTC press release published yesterday, May 21. The advisory statement is aimed at providing clarity for exchanges and clearing houses. The staff advisory, which was jointly issued by the CFTC’s Division of Market Oversight (DMO) and Division of Clearing and Risk (DCR), focuses on the specific areas involved in listing virtual currency derivatives on a designated contract market or swap execution facility. It covers the necessity for more market surveillance, coordination with CFTC staff, large trader reporting, and DCO …
In a cease-and-desist letter to fast-growing crypto exchange FTX, the Federal Deposit Insurance Corporation (FDIC) shed light on a now-deleted tweet from the exchange’s president, Brett Harrison, and issued a stark warning over the company’s messaging. Harrison’s original tweet said, “Direct deposits from employers to FTX US are stored in individually FDIC-insured bank accounts in the users’ names.” He added, “Stocks are held in FDIC-insured and SIPC [Security Investor Protection Corporation]-insured brokerage accounts.” Although Harrison stewarded FTX to its best-ever year in 2021, increasing revenue by 1,000%, the firm now faces the unenviable prospect of running afoul of a powerful …