Regulatory

India should create a regulatory body to classify online games as based on skill or chance, introduce rules to block prohibited formats and take a stricter stance on gambling websites, a government panel said in a report seen by Reuters. The panel of Prime Minister Narendra Modi's top officials has for months been drafting regulations for the country's online gaming sector, where foreign investors such as Tiger Global and Sequoia Capital have backed gaming startups Dream11 and Mobile Premier League, hugely popular for…

WASHINGTON—Wall Street is attempting to derail Securities and Exchange Commission Chairman Gary Gensler’s agenda by challenging economic assumptions underpinning dozens of policy proposals.Brokerages, hedge funds, private-equity firms, mutual funds, high-frequency trading firms and public companies have argued in comment letters filed this year that the costs of many of the proposals would outstrip the benefits, and that the SEC’s studies of the issues are flawed. Mr. Gensler is pursuing…

Chinese digital loan apps were utilising the loophole in the regulatory guidelines to dupe Indian clients. As fintech companies were unlikely to get a fresh non-banking financial company (NBFC) license from the RBI to offer loans, they devised the Memorandum of Understanding (MoU) route with the already defunct Indian NBFCs to indulge in large-scale lending activities.Investigating agencies found that various fintech companies, in collaboration with NBFC, had thus indulged in predatory lending, by-passing the regulatory…

Singapore-based cryptocurrency platform Crypto.com has registered with Britain's financial services regulator, the company said in a statement on Wednesday. Joining the Financial Conduct Authority's (FCA) register means that Crypto.com has approval to offer crypto asset services and products to customers in the United Kingdom in compliance with anti-money laundering and "terrorist" financing rules. The United Kingdom is a "strategically important market for us", said Crypto.com CEO Kris Marszalek, citing an increase in…

Shares of India's digital payments firm Paytm fell 6.2% on Friday, hit by a proxy advisory firm's opposition to the reappointment of its chief executive officer and the central bank's guidelines for digital lending apps.Institutional Investor Advisory Services has said it opposes the reappointment of Vijay Shekhar Sharma as CEO and managing director at the annual general meeting next week."Vijay Shekhar Sharma has made several commitments in the past to make the company profitable, however, these have not played out. We…

JD Alois / Crowdfund Insider: Las Vegas-based Fortress Blockchain Technologies, which is building financial, regulatory, and tech B2B infrastructure for Web3 companies, raised a $22.5M seed — Fortress Blockchain Technology has raised a $22.5 million seed round to pursue its vision for B2B infrastructure for Web3. JD Alois / Crowdfund Insider: Las Vegas-based Fortress Blockchain Technologies, which is building financial, regulatory, and tech B2B infrastructure for Web3 companies, raised a $22.5M…

Robinhood’s cryptocurrency division has been fined $30 million by the New York Department of Financial Services over alleged anti-money laundering and cybersecurity violations (via The Wall Street Journal). This marks the state’s first enforcement action related to cryptocurrency. The settlement resolves the investigation opened by the NYDFS last March, which Robinhood disclosed in a filing with the Securities and Exchange Commission before the company went public. While Robinhood initially estimated that the NYDFS…

The regulatory environment surrounding crypto is shifting stateside as the SEC takes aim at major players in the web3 world, promising to shake up business as usual with aggressive action. This week on Chain Reaction, we sat down with David Nage. Nage is a Principal at Arca overseeing their early stage fund with a primary focus on blockchain and digital assets. On the podcast this week, we dug into a multitude of crypto topics impacting the web3 venture capital world, including struggles with the blockchain gaming…

Indonesia is blocking residents from accessing various online platforms after those services failed to comply with a July 29th regulatory deadline, reports (via ). Among the affected platforms are PayPal, Steam and Yahoo (owned by Engadget’s parent company Apollo Management). Under the country’s 2020 MR5 law, companies labeled as “Private Electronic System Providers” had until this week to register with a government database or face an outright ban. Similar to India’s , MR5 gives Indonesia the power to force online…

SoftBank announced on Monday the sale of chip designer Arm to Nvidia or as much as $40 billion (roughly Rs. 2,93,320 crores) in a deal set to reshape the semiconductor landscape.The deal, which is subject to regulatory approvals including in Britain, the United States and China, will be putting a long-neutral technology vendor to Apple and others under the control of a single player.It could face potential pushback from regulators, as the ongoing US-China tech spats have put any global deal in the semiconductor sector…