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Global Regulation

Quantum Updates 17 | October 2024

Quantum Updates 17 | October 2024

On 4 October 2024, US CFTC issued a supplemental no-action letter to KalshiEX LLC and Kalshi Klear LLC, exempting them from specific regulatory requirements as they transition their clearing operations from LedgerX LLC to Kalshi Klear LLC.

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Quantum Updates 16 | October 2024

Quantum Updates 16 | October 2024

On 6 September 2024, the UAE Cabinet issued Cabinet Decision No. 100 of 2024, amending the UAE’s Federal Decree-Law No. 8 of 2017 on Value Added Tax. These amendments discuss the VAT treatment of virtual assets such as cryptocurrencies and provide clear guidelines for businesses involved in virtual asset transactions. The new regulations will be effective from 15 November 2024 and requires businesses handling virtual assets to ensure compliance with the updated tax laws.

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Quantum Updates 15 | October 2024

Quantum Updates 15 | October 2024

On 25 September 2024, the Singapore High Court, presided over by Judicial Commissioner Kristy Tan, held a moratorium hearing via Zoom regarding Zettai Pte. Ltd. Numerous creditors raised concerns about Zettai’s financial practices, transparency, and fairness in the proposed moratorium, which the company, connected to cryptocurrency platform WazirX, sought to address financial fallout from a significant hack. Creditors voiced opposition to the moratorium and raised allegations of manipulation and mismanagement by both Zettai and WazirX.

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Quantum Updates 14 | September 2024

Quantum Updates 14 | September 2024

On 3 September 2024, the U.S. Commodity Futures Trading Commission (US CFTC) filed complaint against four online trading platforms, cryptoiminerstrade.com, FalconForexBot, Expert Stocks Zone, and swiftminingexpert.com, for allegedly operating as unregistered futures commission merchants (FCMs) and misleading the public about their regulatory status. The platforms allegedly falsely claimed to be regulated by the US CFTC, deceiving investors into believing that their funds were protected under U.S. financial laws.

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Quantum Updates 13 | September 2024

Quantum Updates 13 | September 2024

On 12 September 2024, the Commodity Futures Trading Commission (US CFTC) announced amendments to Regulation Part 40, which impact rule submission procedures for designated contract markets (DCMs), swap execution facilities (SEFs), and derivatives clearing organizations (DCOs). These changes aim to improve the certification process, update product certification requirements, and improve transparency for market participants, including those in the digital assets and cryptocurrency sectors.

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Quantum Updates 12 | September 2024

Quantum Updates 12 | September 2024

On 3 September 2024, the Singapore High Court held a case conference concerning Zettai Pte. Ltd., the parent entity of WazirX, which had filed for a six-month moratorium due to financial difficulties following a USD 234 million cyberattack on WazirX.

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Quantum Updates 11 | September 2024

Quantum Updates 11 | September 2024

On 20 August 2024, the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) issued Stablecoin Consultation Paper No. 7, proposing a regulatory framework for the issuance of Fiat-Referenced Tokens (FRTs).

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Quantum Updates 10 | August 2024

Quantum Updates 10 | August 2024

On 15 July 2024, the U.S. Copyright Office released a report titled “Copyright and Artificial Intelligence, Part 1: Digital Replicas.” The report delves into the challenges posed by AI-generated digital replicas, which are highly realistic reproductions of an individual’s voice, appearance, or other personal attributes. These replicas, created using AI technologies, raise legal and ethical concerns, particularly regarding unauthorized use and protection of personal identity.

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