Regulation by enforcement leads to ‘exodus’ of talent — RAK DAO exec
RAK DAO chief commercial officer Luc Froehlich told Cointelegraph that regulations require clarity, and a regulation-by-enforcement approach drives talent away.
RAK DAO chief commercial officer Luc Froehlich told Cointelegraph that regulations require clarity, and a regulation-by-enforcement approach drives talent away.
Non-KYC crypto exchanges expose users to significant legal risks, including liability for money laundering, asset seizure and tax compliance issues.
According to Odaily, Shaktikanta Das, the Governor of the Reserve Bank of India, emphasized the potential of central bank digital currencies (CBDCs) in enhancing efficient cross-border payments. India has once again positioned itself among the few countries that have introduced both wholesale and retail CBDCs. The initiative aims to facilitate cross-border transactions and address significant financial stability concerns associated with cryptocurrencies. A notable challenge, however, is that countries may prefer to design their systems based on national considerations.
According to Odaily, last week, U.S. Attorney General Merrick B. Garland announced in Washington that TD Bank, one of the largest financial institutions in the United States, has pleaded guilty to multiple felony charges, including conspiracy to violate the Bank Secrecy Act and money laundering. Garland confirmed in a statement that TD Bank has agreed to pay a criminal fine of $1.8 billion, along with civil enforcement actions, bringing the total penalties to approximately $3 billion. He highlighted that this resolution includes the largest fine ever imposed under the Bank Secrecy Act and marks the first time the Department of Justice has assessed daily fines against a bank. TD Bank is the largest bank in U.S. history to admit to violating the Bank Secrecy Act and the first to acknowledge conspiracy to launder money. The Department of Justice emphasized the bank's compliance failures, which created an environment conducive to rampant financial crimes.
According to Foresight News, South Korea is set to establish the Virtual Assets Committee within this month, with the first meeting expected to take place soon. The committee will operate under the jurisdiction of the Financial Services Commission (FSC). Analysts believe that the formation of this committee will expedite discussions on approving Bitcoin and Ethereum spot ETFs. Industry insiders have also indicated that the committee will address the issue of allowing corporate investments in virtual assets.
According to PANews, the Central Bank of Brazil is opening its Drex CBDC pilot program to new participants. This initiative aims to test more advanced use cases and privacy solutions in the project's second phase. Currently, 13 use cases have been confirmed, including carbon credits, agricultural bonds, and foreign trade platforms.
Harris takes a softer stance than Biden on crypto regulation and is more skeptical than Trump on taxes, Bitcoin mining and self-custody, according to Galaxy Research.
An FTX customer has sued hedge fund Olympus Peak over its alleged profits from the exchange’s meltdown.
The Brazilian central bank has 13 participants for phase 2 so far, and it is willing to take on an unlimited number.
The Democratic candidate appears to further embrace cryptocurrency with her “Opportunity Economy” pitch.