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Singaporehas announced plans to impose a trust requirement on cryptocurrency exchanges in a bid to instill confidence in the market and protect investors from potential losses.

On Monday, theMonetary Authority of Singapore (MAS)stated that cryptocurrency exchanges will be required to keep customer assets in a trust, according to areport fromBloomberg.

The new regulation is expected to be implemented before the end of the year.

Additionally, Singapore will proceed with its proposal to ban lending and staking for retail investors.

The MASinitiated a consultation on these measuresin October last year, just beforethe FTX debacle. The aim of the consultation was to enhance Singapore's regulatory framework for digital assets.

The MAS emphasized that although regulations play a crucial role in safeguarding consumers, traders must exercise caution due to the high risk and speculative nature of digital payment token trading.

Regulations alone cannot protect consumers from all losses, given the extremely high risk and speculative nature of digital payment token trading, the MAS said in the statement, adding consumers must continue to exercise utmost caution when trading.

In finance, trust refers to a legal arrangement where one party, known as the trustor or settlor, transfers the ownership of assets to another party, called the trustee.

The trustee then manages the assets on behalf of a third party, the beneficiary. Trusts are commonly used for estate planning and asset protection purposes.

There are several benefits to setting up a trust. For one, trusts are effective tools for protecting assets from creditors and legal claims.

By transferring ownership of assets to a trust, they are no longer considered part of an individual's personal estate, making them less susceptible to lawsuits, bankruptcy, or other legal proceedings.

Trusts also provide greater control and flexibility over how assets are managed and distributed.

Settlors can establish specific conditions and instructions for the trustee to follow, such as distributing assets to beneficiaries over time or for specific purposes. This control helps ensure that assets are used according to the settlor's wishes and can also protect beneficiaries from poor money management.

While Singapore takes steps to tighten its regulatory regime, other jurisdictions such asHong Kongare exploring ways to attract more participation in the cryptocurrency sector.

Just recently, the Hong Kong Governmentannounced the establishment of a task force, known as theWeb3 Development Task Force, dedicated to promoting the growth of Web3, with a particular focus on ethical development.

The move came as the city-state has been actively promoting the region as an attractive destination for cryptocurrency companies.

Last month, the government implemented a new regulatory framework for crypto thatallows retail investorsthe ability to trade virtual assets, instead of restricting digital assets trading to professional investors and traders with at least $1 million in bankable assets.

TheSecurities and Futures Commission (SFC)of Hong Kong will also start providing licenses to crypto exchanges.

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Singapore Plans to Safeguard Cryptocurrency Investments with New ... - Cryptonews

Explore complex cryptocurrency regulation in the United States: Past and present

Cryptocurrency regulation in the USA is a complex and ever-evolving landscape. In recent years, there has been a growing interest in cryptocurrency from both regulators and the public. This has led to several new regulations being implemented and several proposed regulations that are still being debated.

One of the essential pieces of cryptocurrency regulation in the USA is the Commodity Futures Trading Commission (CFTC)s ruling that Bitcoin and Ethereum are commodities. This ruling means cryptocurrency exchanges that trade these assets are now subject to CFTC regulation. The CFTC has also issued several guidance letters on cryptocurrency, which provide more information on how the agency intends to regulate this asset class. Another critical piece of cryptocurrency regulation in the USA is the Securities and Exchange Commission (SEC) ruling that initial coin offerings (ICOs) are securities. This ruling means that ICOs are subject to the same regulations as traditional securities offerings, which include registration with the SEC and compliance with anti-fraud laws.

The SEC has also brought several enforcement actions against ICO issuers who have violated securities laws. In addition to these specific regulations, several other laws and regulations could apply to cryptocurrency. For example, cryptocurrency exchanges may be subject to money laundering and terrorist financing regulations. And cryptocurrency users may be subject to tax laws. The rule of cryptocurrency in the USA is still in its early stages. More regulations will likely be implemented in the coming years as regulators and lawmakers gain a better understanding of this asset class.

In the United States, cryptocurrency regulations have evolved over the years as regulatory bodies strive to address the unique challenges digital currencies pose. The approach to cryptocurrency regulation has primarily been driven by existing financial laws and the need to protect investors, prevent fraud, and ensure compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.

FinCEN: The Financial Crimes Enforcement Network (FinCEN), a U.S. Department of the Treasury Bureau, has actively regulated cryptocurrency-related activities. In 2013, FinCEN classified cryptocurrency exchanges and administrators as money services businesses (MSBs) and mandated them to register with FinCEN, implement AML procedures, and report suspicious activities.

Securities and Exchange Commission (SEC): The SEC has taken steps to regulate initial coin offerings (ICOs) and tokens deemed securities. In 2017, the SEC issued a report stating that ICOs may fall under the purview of securities regulations, and subsequent enforcement actions were taken against projects that violated securities laws. The Howey Test, which assesses whether an investment qualifies as a security, has been used as a guiding framework.

Commodity Futures Trading Commission (CFTC): The CFTC has asserted its regulatory authority over cryptocurrencies as commodities. In 2015, it designated Bitcoin as a commodity, subjecting it to CFTC oversight. The CFTC has regulated cryptocurrency derivatives, such as Bitcoin futures and options contracts, ensuring fair trading practices and market integrity.

Internal Revenue Service (IRS): The IRS has guided the tax treatment of cryptocurrencies. In 2014, the IRS classified cryptocurrencies as property for tax purposes, requiring individuals to report capital gains or losses when they sell or exchange cryptocurrencies. Failure to comply with cryptocurrency tax obligations can lead to penalties and legal consequences.

Here are some of the key takeaways from the current state of cryptocurrency regulation in the USA:

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Cryptocurrency Regulation in the United States: Past and Present - Analytics Insight

While the cryptocurrency markets have not made many surprising twists in recent days due to, in part, the pressure coming from the United States Securities and Exchange Commission (SEC), this might be the time to invest in some of the cryptocurrencies that still cost less than $0.10 per wholecoin.

In this context, Finbold has analyzed the crypto sector to reveal several of the most promising digital assets that have shown strength and potential to grow their price in the near future and represent an attractive investment in the week to come.

With its aim to become the fastest and purest Proof-of-Work (PoW) engine, Kaspa (KAS) has been lining up successes in recent weeks, including the listing of the Kaspa asset and trading pair on the Isolated Margin Trading platform of crypto trading network KuCoin, as well as on other crypto exchanges.

Presently, Kaspa was changing hands at the price of $0.02134, demonstrating an increase of 19.11% on the day, gaining 34.20% over the previous week, and growing by 11.24% on its monthly chart, as per the latest data retrieved by Finbold on June 16.

At the same time, the token of the enterprise-grade open-source blockchain protocol XDC Network (XDC) continues to be a good (and cheap) investment thanks, in part, to the organizations contributions toward turning Dubai into a rapidly expanding Web3 hub and the Silicon Valley of the Web3 era.

As things stand, XDC is currently trading at $0.03263, which represents a 1.97% gain in the last 24 hours and an advance of 2.73% across the past 30 days, as it tries to reverse the losses of 8.96% accrued over the previous week, the charts indicate.

Finally, Beldex (BDX), the utility crypto asset of the private ecosystem of decentralized applications (dApps) that promises to provide its holders with power and control to perform public and private transactions, has been on the rise as well amid the bearish sentiment on the wider crypto market.

Specifically, on its daily chart, it has recorded an increase of 8.53%, adding up to the 12.02% gain across the previous seven days, as well as a solid 25.05% increase over the past month, at the time of publication trading at $0.05433, as the most recent information suggests.

All things considered, just because an asset has a low price per unit does not mean it is not a good investment, particularly if such a cryptocurrency has otherwise made solid progress in recent weeks and has proven its potential. That said, every investor should conduct their own research before spending any significant amount of money.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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3 cryptocurrencies under $0.10 to buy next week - Finbold - Finance in Bold

The U.S. Securities and Exchange Commissions lawsuits against cryptocurrency exchanges Binance and Coinbase follow a year of price volatility and the collapse of several other crypto companies, including fraud charges against one of the largest crypto exchanges, FTX. Aaron Klein explains the SECs move, the current state of U.S. cryptocurrency regulation, and the continuing debate over cryptos core financial purpose.

Related material:

Listen to Brookings podcastshere, on Apple or Google podcasts or on Spotify, send email feedback topodcasts@brookings.edu.

Thanks to audio editor Colin Cruickshank.

TRANSCRIPT

PITA: Last week, the U.S. Securities and Exchange Commission filed suit against two of the largest cryptocurrency exchanges, Binance and Coinbase. 2022 saw increasing volatility in cryptocurrency markets, so with us to talk about this latest move from the SEC and what it potentially signals for the future of cryptocurrency is Aaron Klein, the Miriam K. Carliner chair and senior fellow with the Center on Regulation and Markets here at Brookings. Aaron, thanks for talking to us today.

KLEIN: Oh, thank you for having me.

PITA: So, what can you tell us about what these lawsuits are about? Why did the SEC act against Binance and Coinbase?

KLEIN: So the Securities and Exchange Commission, or SEC, is our Americas largest regulator of capital markets. So they regulate exchanges, marketplaces, etc.. And the SEC has been sending warning signs for a very long time that it didnt believe crypto exchanges were following the rules. And in the wake of the failure of FTX, it has acted more aggressively, in this case, going after both Binance, who was a big player in the FTX saga, and then Coinbase, which is the, I think, the largest crypto exchange based in the U.S. and its saying that these folks are not operating so its very different. Binance, its accusing of more serious fraudulent activity, potentially more similar to some of the things that went on with FTX, taking customers money, etc.. Coinbase, its talking about whether or not it is properly registered and properly operating as an exchange. At a higher level, theres been a debate about what is crypto and what isnt it? Is it a security? Is it a commodity? Do they operate exchanges or spot markets? What type of structure is it? And the SEC is aggressively exerting its authority, saying, Oh no, youre an exchange. Youre under our existing purview in law. We dont believe youre complying with it and were going to sue you.

PITA: Is that the question of whether its a security or a commodity Im going to ask you a question about regulation in a moment in the U.S., but is that a question thats not happening just in the U.S., but internationally as well? And has, how have other countries been coming down on that question?

KLEIN: So its not as important a question in other countries. America is unique in that we regulate securities and commodities differently. That is, if youre trading the price of Apple stock, thats very different than if youre trading the price of corn or gold. Why do we regulate commodities differently from securities? Long history. A lot of it has to do with the tension in America between agricultural interests and banking interests, money-centered interests. But we have two different capital markets regulators, the Commodities Futures Trading Commission or CFTC and the Securities and Exchange Commission, or SEC. The SEC is what most Americans know, because most Americans who invest, invest in things like stocks and bonds and and trade in mutual funds. And those are all governed by the SEC. Its rare for retail investors to trade in commodities. Do you know anybody who trade soybeans futures? Right. Or even or even metallic gold? Right. Some people trade gold stocks or gold index funds, but to actually own gold itself. And so the CFTC is the smaller of the two regulatory bodies, but has been exerting more jurisdiction in crypto under the argument that crypto is a commodity, not a security. So in the rest of the world it would be the same regulator either place. Only in the U.S. do we differentiate between the two. And so those stakes are higher.

PITA: Okay. So what is the current state of regulation in the U.S.? It is seemed like the SEC or other bodies were a little more hands-off at the beginning. But now the last few years, there have been increasing real official guidelines, real official rules coming down. Where where are we at in that picture?

KLEIN: Well, look, I mean, crypto is still largely not that regulated, right? Does anybody really know what the crypto is? All these different exchanges, whether you have customer funds or commodity funds, look at what was going on with FTX. Right. On the other hand, by the way, things that are quote unquote regulated. Bernie Madoff wasnt just regulated, he was the head of the Nasdaq, you know, in the head of very prestigious groups of self-regulatory bodies and was running a giant Ponzi scheme, too. So theres a bit of an assumption that if youre regulated, then you have to be doing things aboveboard. And we have a long litany of regulated companies, regulated exchanges.

And the other thing people have to understand is, America regulates markets, stocks, exchanges, bonds very different than we regulate things like banks or insurance companies. Those things are subject to prudential regulation. The regulator goes into the firm and examines the entity. You know, on an exchange, youre kind of regulating the market, the conduct of the market. Are people getting the best price or are they getting the most fair, best execution, etc.? Its not that theyre going in and saying, does E-Trade have your stock held aside for you? Right. Thats a very thats a very different type of regulation. And we dont do whats called prudential regulation as it relates to crypto. Crypto has been in a bit of nowhere, right? Its been a little bit not regulated by a lot of different people. The bank regulators tried to focus on keeping crypto out of the banking system, by and large. Several banks have leaned in on crypto like Silvergate and Signature Bank recently failed. Theyve been doing more in crypto clearing and crypto exchanges. Other parts of the crypto world said that they werent securities. The industry is coalesced around proposals to strengthen their oversight by the CFTC, saying theyre more regulated like commodities. But largely the crypto world has not been heavily regulated in the United States.

PITA: I know that there are some bodies like the Financial Action Task Force and other some some other international bodies that are looking to try and coordinate, since financial markets, of course, dont only exist solely within the U.S., right, its the global financial system. What sort of other coordination or thoughts on these matters are you seeing in that international realm outside of the U.S.?

KLEIN: Well, look, international realm loves to sit around and talk about how coordinated they are. And then every time theres a problem, its, oh, well, we didnt know this because the other person didnt inform us, etc.. In addition, yes, we live in a global world. However, most commodities are traded in dollars and the dollarization of the world gives the United States an important and unique position as a global regulator, because the only place you can get dollars is the United States or hold aside eurodollars. But the point being, the United States has a unique role here in this. Some of these companies, like Binance, had separate U.S. affiliates that they said had been carved off from the rest of their organization. FTX had a different affiliate in the United States than in Bahamas, where they were headquartered. But what weve seen and what the SEC alleges to be true in Binance, what we saw to be more true in FTX was these things were not nearly as separate and segregated from the offshore parent company as people were led to believe.

PITA: As youve talked about, you know, FTX, which was the second largest cryptocurrency exchange, had collapsed, theyre facing charges of fraud. Now, these recent charges against Binance and Coinbase; you also mentioned the failure of several firms that were sort of functioning as crypto banks. One of the cryptocurrencies, Terra, just completely collapsed last year and many of the others also saw, you know, a I dont know, a crash might be too strong a word, but a very strong devaluation in their amount. Do you think were approaching like a moment of reckoning for crypto? Is this the point at which either theyre going to start getting wrestled into a legitimate, for lack of a better word, legitimate part of the global financial system, or are we going to keep seeing the sort of volatility for for a while? What do you think?

KLEIN: So, look, I have no idea what the price of crypto is going to be. If I did, I would be a multibillionaire already and not have been an academic who was studying these things when they were, you know, trading for hundreds of dollars. I have no idea what the future price of any of these things are going. In terms of legitimacy, I think theres still a raging debate as to whether crypto serves an ultimate purpose or not. And to the extent it does serve an ultimate purpose, how much of that purpose is what I would call core to the financial system? That is, were going to be using these currencies for a truly kind of next-generation in innovative finance, Web 3.0 its often called, programable money, other things like that. Or how much of it are ways around national restrictions, capital flight controls, ways to move money around? Right? If the goal of Bitcoin is to be digital gold, right. Gold goes up in value because its a perceived hedge against inflation. A perceived theres a perceived that its not necessarily because people are needing more gold for jewelry or scientific experiments. And so its not clear what the future of any of these things are.

When you go to crypto conferences, I was at one last week, thats still filled with platitudes of, you know, when the Wright brothers first plane went, it only went 90 feet, but the world was forever changed. And, you know, the a lot of people point out crypto was the number one advertiser in the Super Bowl at the beginning of 2022 and then kind of imploded in price. Well, if you go back to 2000, right, dot com. Pets.com, all the dot coms were right and there was a huge dot com collapse, yet the internet has remained being fundamentally transformed business, commerce, and everyday life. So the crypto enthusiasts say, look, you know, with any new technology there are ups and downs and initial use cases dont turn out, then other use cases turn out to be huge. And the skeptics point out this thing got really large, really fast. There was a bunch of fraud and malfeasance in it, and were still waiting for a major legitimate use case where somebody can go, Ah, this is something that can only be achieved through cryptocurrency that our existing prior financial system couldnt make happen.

PITA: So its still a wait and see, basically.

KLEIN: Yeah. I mean, you have your enthusiasts, right, who believe its there. You have your skeptics who think its not there at all. I kind of personally feel a little bit like Fox Mulder from my old X-Files days, right? I want to believe, but every time I go out into the field, theres an Agent Scully who kind of walks me through the actual proposal, and then I kind of go, huh, well, that didnt, that doesnt really make sense.

Now I want to caveat theres a distinction between crypto and blockchain, right, which is a different type of accounting settlement. Its used for currency, but you know, you could use it for land record duration, you could use it for car title management. Dont you think its weird that if you get pulled over by a cop, youre supposed to show them a sheet of paper that says, the cars yours?

PITA: Okay, right.

KLEIN: Dont you think theres a little bit of a better way that we could all title our cars and we all pay, like, 300 bucks to the state or whatever, and a, you know, title fee thing, and then you get a sheet of paper mailed to you. Like, theyre probably I have a digital drivers license. Maryland is an early adopter in that. I think there are three states that have digital drivers licenses. I think in five or ten years were going to be using digital drivers licenses a lot more and theyll solve a lot of fundamental problems about identity. So there could be more solutions to be had there. But Ive yet to see this case for a cryptocurrency where I go, Wow, this can only be accomplished by crypto and not by any of the other digital currencies that we use every day in our life. If I can give listeners one thought. You all have digital currency. Its called your credit or debit card.

PITA: Right. You can use it online. So there we go. All right. Well, Aaron, I really appreciate you taking the time to stop and explain this to us today. And Im sure our listeners will thank you as well.

KLEIN: Thanks for having me on. Hope to be back.

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What do the SECs lawsuits signal for the future of cryptocurrency? - Brookings Institution

NEW YORK, June 16, 2023 (GLOBE NEWSWIRE) -- Crypto enthusiasts around the world have found a safe, convenient, and highly profitable investment opportunity since the launch of Bitmanu miners. Three powerful ASIC mining rigs from this blockchain development company have already claimed their stake as the markets most profitable crypto miners.

Equipped with the latest 3nm chips, Bitmanu miners are capable of delivering higher mining speed in spite of their moderate power consumptions. Above all, these miners offer hash rates that are unheard of in this industry. Naturally, users of these mining rigs find it much easier to earn mining rewards without using a lot of power.

Bitmanu Hash Rates

Many Bitmanu customers have mentioned that needed just a month to earn 100% ROI by mining Monero. The profitability of these rigsis the highest ever in the industry. This has skyrocketed the demand for Bitmanu miners amongst seasoned mining experts as well as newbies looking to build a steady income source.

Potential Profits/Month

Even though Bitmanu miners are extremely efficient and powerful, these machines can be used without any mining knowledge and experience. They are delivered pre-configured, and users can start mining just by connecting them to a power socket.

For the first time in the history of this industry, we have designed mining rigs specifically for the common man. Our ultimate goal is to level the playing field and democratize the market, said David Letoski, CMO of Bitmanu.

To find out more about Bitmanu, please visit https://bitmanu.com/

About Bitmanu: Bitmanu stands as a prominent manufacturing company, driven by a team of investors and renowned experts in the cryptocurrency industry. The company's mission is to make the advantages of the latest technological innovations accessible to everyone. Bitmanu proudly presents an impressive lineup of cryptocurrency miners that deliver exceptional returns on investment with remarkable speed.

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Investment Opportunity with Latest Cryptocurrency Miners - GlobeNewswire