Even as the crypto market continues to forge an impressive recovery from the 2022 bear market, the industry continues to attract the wrath of regulators worldwide, especially in the United States. Three U.S. financial watchdogs recently issued stern warnings to individuals looking to invest in retirement funds offering exposure to digital assets. The U.S. Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy, the North American Securities Administrators Association and the Financial Industry Regulatory Authority (FINRA) warned investors that individual retirement accounts (IRAs) that include cryptocurrencies could potentially be classified as “securities,” unless they are registered with the …

Australian residents have been identified as one the primary targets of a sophisticated network of cryptocurrency call-center scammers — which are suspected to be run by Israel-based crime bosses. Evidence uncovered after a full-scale raid of four Serbian call centers and 11 residences by Serbian, German, Bulgarian and Cypriot authorities found that Australians were among the top countries being targeted. The raids saw fifteen people arrested and $1.46 million in cryptocurrencies seized, among others. Dramatic police raids in Belgrade, Bulgaria and Cyprus, following investigations in Germany, have uncovered evidence Australia is in the top tier of countries being targeted: https://t.co/zWv7I3N5Kg …

The Canadian Securities Administrators (CSA) published a notice on Feb. 22 describing new commitments it expects from crypto asset trading platforms (CTPs) seeking registration in Canada. The CTPs will enter into a new version of preregistration undertakings (PRUs), which are legally binding documents. Registered CTPs will be contacted by their principal regulators about compliance with the new expectations. The new commitments represent investor protections in light of the spate of CTP insolvencies that occurred in 2022, the CSA wrote. The new commitments touch on issues that include segregation of assets, leverage, determination of capital, transparency and others. The notice devoted …

Not even 24 hours after the Canadian University Dubai (CUD) announced its partnership with Binance Pay to accept course fees in cryptocurrencies, a technical roadblock watered down the excitement behind the short-lived initiative. CUD, a private university in Dubai, was seemingly interested in allowing students — both domestic and international — to pay their tuition and course fees in cryptocurrencies. This initiative would have allowed students from varied backgrounds easy access to the Canadian curriculum in Dubai. Dear CUD Community, For technical reasons, CUD will not be accepting cryptocurrency as a method of payment, until further notice. We apologize for …

Canada-based Bitcoin (BTC) miner Hut 8 Mining Corporation has ramped up its ongoing fight with its power supplier for one of its mining sites, filing a lawsuit in a Canadian court. Hut 8 said on Jan. 26 it filed a Statement of Claim in the Superior Court of Justice of Ontario against Validus Power, an energy supplier for a Hut 8 mining facility in North Bay, Ontario. The firms have been in an ongoing dispute since early November 2022 due to what Hut 8 alleges is a failure by Validus to “meet its contractual obligations” for the power purchase agreement …

2022 was “the perfect storm” for Bitcoin (BTC) miners, according to Jaime Leverton, CEO of Hut8 mining, one of the largest crypto miners and digital asset experts in the space. Leverton sat down with Gareth Jenkinson, senior reporter at Cointelegraph, in an interview at the World Economic Forum in Davos, Switzerland. Topics included were the 2022 bear market, Web3 diversification and, crucially, Bitcoin’s growing positive impact on the environment and broader economy. Leverton shared that 2022 was a turbulent year for miners: “Obviously depressed Bitcoin prices, global hashrate continues to hit all-time highs and then an energy crisis is thrown …

Canada has remained a peculiar regulatory alternative to the neighboring United States in regard to cryptocurrency. While its licensing process has become more stringent than in some countries, Canada was the first to approve direct crypto exchange-traded funds. State pension funds have invested in digital assets, and crypto mining firms have moved to the country to take advantage of the cool temperatures and cheap energy prices. But the gold rush for miners in Canada may be slowing down. In early December, the province of Manitoba — rich in hydroelectric resources — enacted an 18-month moratorium on new mining projects. This …

Crypto exchange WonderFi, which is backed by crypto investor and billionaire Kevin O’Leary, has confirmed it is in preliminary discussions with fellow Canadian crypto exchange Coinsquare for a possible merger. In a statement on Jan. 12, WonderFi responded to a Bloomberg report suggesting the two exchanges were in "advanced merger talks" to "create a Canadian crypto giant." WonderFi clarified that the discussions were "preliminary" at this stage, adding that it cannot guarantee that an agreement will be reached. "In response to the press speculation, the Company acknowledges that it has held preliminary discussions with various third parties with respect to …

According to user reports on Jan 10, cryptocurrency exchange Crypto.com plans to delist Tether (USDT) for Canadian users effective Jan 31, 2023. According to the firm, if users do not withdraw or convert their USDT assets by the deadline, then their Tether will be automatically converted into USD Coin (USDC). "You may incur a retrieval fee if deposits of USDT are made from external wallets after this suspension period, and fund retrieval may not be possible in some cases." In August 2022, Crypto.com announced that the Ontario Securities Commission had accepted the firm's pre-registration undertaking for operations in Canada. As …

Staffers at the Bank of Canada released an analytic note on fiat-referenced crypto assets, otherwise known as stablecoins, Dec. 19. In addition to a review of mechanisms for creating and distributing stablecoins and a list of the potential risks and benefits they involve, the note expressed the authors’ support for further regulation of the crypto asset. The global market for fiat-referenced crypto assets increased 30-fold between the beginning of 2020 and mid-2022, reaching $161 billion in U.S. dollars. They are mainly used on crypto-trading platforms, the note states, but they have the potential for a wide variety of other uses, …

Welcome to Law Decoded, your weekly digest of all the major developments in the field of regulation. The FTX drama escalated last week when the Royal Bahamas Police Force arrested its former CEO, Sam Bankman-Fried, at the request of the United States government. Within hours, politicians, crypto executives and influencers had all booted up their Twitter apps to comment on the arrest of the former CEO, who had to miss his testimony before the U.S. Congress. However, the text of SBF’s planned testimony was obtained by the media, wherein he blamed the inclusion of FTX.US in the Chapter 11 bankruptcy …

The Canadian Bitcoin (BTC) mining firm Bitfarms is facing compliance challenges over its listing on Nasdaq due to the ongoing cryptocurrency winter. Bitfarms received a warning notification from Nasdaq on Dec. 13 because the company’s share price has stayed below $1 for 30 consecutive working days. Announcing the news on Dec. 14, Bitfarms said that it has an initial period of 180 calendar days to regain compliance with the requirements from Nasdaq. In order to regain compliance, Bitfarms’ shares should close at $1 per share for a minimum period of 10 consecutive days at any time before June 12, 2023. …