Japan’s Cabinet has approved a proposal to eliminate corporate tax on unrealized cryptocurrency gains, potentially revolutionizing the crypto landscape in the country. If this proposal becomes law, it would mean that companies would no longer have to pay taxes on the difference between the market and book values of their crypto assets. This move is […]
Swiss digital asset bank Sygnum has obtained a Major Payment Institution Licence (MPIL) from the Monetary Authority of Singapore (MAS) for its Singapore arm. This license will enable the bank to offer brokerage services for cryptocurrencies, known as Digital Payment Tokens (DPTs), in Singapore. Sygnum also revealed that it currently manages CHF 3.2 billion in […]
Chinese authorities have reportedly cracked down on a $2.2 billion underground banking operation that used foreign virtual currency trading platforms to help clients bypass the country’s capital controls. The operation involved underground banks purchasing virtual currencies and then selling them through overseas trading platforms to obtain foreign currency, thus circumventing China’s strict foreign exchange regulations. […]
Hong Kong is considering accepting and regulating fiat-referenced stablecoins (FRS) through a proposed licensing regime. The Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) have published a consultation paper outlining the requirements for obtaining a license. The proposed criteria include full backing of stablecoins with reserves, segregation and safekeeping […]
Africa has emerged as a continent with significant interest in cryptocurrency, with countries like South Africa, Nigeria, Zimbabwe, Kenya, and Ghana leading the way in adoption. In 2023, these countries made significant progress in cryptocurrency regulation and adoption.South Africa has been at the forefront of cryptocurrency regulation, implementing measures such as taxing cryptocurrencies and recognizing […]
Ripple’s Chief Legal Officer, Stuart Alderoty, recently revealed the details of the US Securities and Exchange Commission’s (SEC) settlement offer to the company. The SEC had requested Ripple to publicly acknowledge that XRP is a security and offered a short window for compliance. However, Ripple rejected the offer, maintaining that XRP is not a security.In […]
The United States Securities and Exchange Commission (SEC) has set a deadline of December 29, 2023, for final changes to be made to spot Bitcoin exchange-traded fund (ETF) filings. Several firms, including Grayscale, BlackRock, and Ark Invest, have applied for a spot in a Bitcoin ETF and are hopeful for approval in 2024. The SEC […]
Dieter Enkelmann, former CFO of Bär Bank, has taken a seat on the board of Aquila Swiss Wealth Partners, a partner of Aquila Group. This move brings attention to the Aquila Group, which has been in the spotlight due to a contentious legal case in London. Enkelmann’s involvement with Aquila Swiss Wealth Partners raises questions […]
Western banks have been cutting tens of thousands of jobs this year, with Swiss bank UBS leading the way. According to calculations by the British newspaper “Financial Times,” European and American banks have eliminated more than 60,000 positions in 2023. This is a significant number, comparable to the aftermath of the 2008 financial crisis, and […]
A new startup called Quantarea has recently launched in Stettlen, Switzerland, with the aim of offering “Quant as a Service” to the country’s financial industry. The company, founded last summer, is based in the former paper and cardboard factory in Bernapark. Led by a team of experienced individuals from the Swiss finance scene, including former […]
