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Global Regulation

Quantum Updates 16: UAE Rolls Out New VAT Rules | October 2024

Quantum Updates 16: UAE Rolls Out New VAT Rules | 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: SG Court Orders WazirX-Zettai Relief | 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: CFTC Targets Unregistered Platforms | September 2024

Quantum Updates 14: CFTC Targets Unregistered Platforms | 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: CFTC Amends Rules for Entities | September 2024

Quantum Updates 13: CFTC Amends Rules for Entities | 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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