A Ripple executive has re-emphasized the need to adopt a technology-neutral approach for more effective and adaptable guardrails as global regulators grapple with cryptocurrency rules.

At the recent Ripple Swell 2023 event, Navin Gupta, managing director of South Asia, Middle East and North Africa (MENA) at Ripple, told Cointelegraph that the industry should be regulated based on activity rather than the technology used. He said:

“We don’t want people to think about regulating the technology… We want regulators, or anybody for that matter, to be technology-neutral. It doesn’t matter if the [activity] is happening in blockchain or traditionally.”

“[If] somebody is going…

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BC Technology Group, the operator of Hong Kong’s publicly listed cryptocurrency exchange OSL, has announced a significant investment from industry firm BGX.

BC Technology entered into a partnership with BGX, which agreed to subscribe for shares in BC Technology for an investment of about 710 million Hong Kong dollars ($90.1 million), the firms said in a joint announcement on Nov. 14.

This strategic investment will involve the subscription of new shares under a specific mandate, subject to approval by shareholders, the announcement notes.

According to the firms, the investment marks a testament to OSL’s commitment to setting new standards in digital asset security, compliance and…

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Bitcoin (BTC) services platform Swan Bitcoin warned its customers that it would be forced to terminate accounts found interacting with crypto-mixing due to the regulatory obligations of its partner banks. 

Customers were informed about the policy in a letter suggesting the changes are due to the United States Financial Crimes Enforcement Network (FinCEN) proposed rule establishing new responsibilities on firms processing transactions from mixing services.

On Nov. 12, the co-founder of the firm, Yan Pritzker, took to X (formerly Twitter) to explain that although the firm is not against the use of privacy mixing tools and services, it has to adhere to the obligations of its partner banking…

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The Democratic Party of Korea, which holds 167 out of 300 mandates in the National Assembly, has made it mandatory for prospective candidates to disclose their virtual asset holdings before next year’s general election.

According to the local outlet, News1, the disclosure will be a part of the party’s effort to show the ‘high moral standards’ of its candidates. As the chairman of the Democratic Party’s strategic planning committee, Han Byung-do has reportedly stated behind the closed-door meeting with journalists:

“We have decided to verify whether candidates have conflicts of interest in virtual assets from the screening stage of the verification committee.”

In the case of false…

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Global investment bank Goldman Sachs and French universal bank BNP Paribas have reportedly led a new funding round for Fnality, a blockchain-based wholesale payments firm backed by Nomura Group.

Fnality has raised 77.7 million British pounds ($95.09 million) in a second round of funding, Reuters reported on Nov. 13. In addition to Goldman and BNP Paribas, the fund raise involved participation by settlement houses like Euroclear and Depository Trust and Clearing Corporation. Other investors included the global exchange-traded fund firm WisdomTree and Fnality’s existing investor Nomura.

There was also additional investment from initial round backers Banco Santander, BNY Mellon, Barclays,…

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Cryptocurrencies are the second most popular type of asset for investments among the adult French population, according to a survey by the Organisation for Economic Co-operation and Development (OECD) and published by France’s principal financial regulator, the Financial Markets Authority (AMF, on Nov. 13. 

According to the survey, 9.4% of the French population holds crypto assets, which is only marginally lower than those holding the most popular type of investment asset, real estate funds (10.7%). A further 2.8% of respondents possess nonfungible tokens (NFTs).

The survey also measured the group of “new investors” — those who have invested for the first time since the start of…

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The Australian Taxation Office (ATO) has issued guidance on capital gains tax (CGT) treatment of decentralized finance (DeFi) and wrapping crypto tokens for individuals, clarifying its intent to continue taxing Australians on capital gains when wrapping and unwrapping tokens.

In May 2022, the ATO outlined crypto capital gains as one of four key focus areas. Building on the initiative, the Australian taxman recently clarified a raft of actions considered taxable in its jurisdiction. The transfer of crypto assets to an address that the sender does not control or that already holds a balance will be regarded as a taxable CGT event, the ATO said in its statement.

“The capital proceeds for…

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