In light of recent regulatory scrutiny on the entire industry from global watchdogs, digital asset exchanges have attempted to enhance their efforts in order to comply with emerging legislation. The latest to outline its strategy is FTX, as the company’s CEO explained. FTX’s KYC/AML Endeavors The cryptocurrency space saw massive growth in the past year...Read More
The controversy surrounding the cryptocurrency taxation bill that might be passed in the United States has evoked a mixed reaction from crypto proponents. While the debate is still ongoing, Jack Dorsey, a popular Bitcoin advocate and CEO of the popular microblogging platform, Twitter, has recently shared his views on the matter. In a series of...Read More
The crypto community continues to rally the troops just hours ahead of the crucial vote on digital asset taxation from US Congress. This time, they have received support from one of the most influential people today – Elon Musk. CryptoPotato reported yesterday the controversy that arose from US authorities in regards to the country’s attempt...Read More
With new regulation and taxation on the cryptocurrency industry coming from the U.S., the situation just took another turn as President Joe Biden openly supported the highly unfavorable amendment proposed earlier by Senators Mark Warner and Rob Portman. Biden’s backing seems to target proof-of-stake assets, while mining appears untouched. Sitrep: Taxation and Regulation on Crypto...Read More
The world’s leading cryptocurrency exchange continues to tailor its product suite in a way that caters to customer protection regulations. In a recent announcement, the exchange revealed that users from Hong Kong “will not be able to open new derivatives products accounts,” with immediate effect. Moreover, “with effect from a date to be announced in...Read More
During an interview with Bloomberg, Gensler admitted that he is intrigued by the cryptocurrency space, but that wouldn’t deter him from protecting US investors via enhanced regulations on the market. Being deeply familiar with the blockchain space, as he taught DLT classes at the Massachusetts Institute of Technology (MIT), Gensler was expected to have a...Read More
11 mid-sized cryptocurrency trading venues in South Korea will reportedly cease their operations after the country’s watchdog identified that they operate their businesses illegally. The names of the exchanges remained undisclosed. Chain of Reaction in South Korea According to a recent report by The Korea Held, 11 mid-sized cryptocurrency platforms will soon shut down as...Read More
The American lawmakers proposed new cryptocurrency taxation that would raise nearly $28 billion in extra tax revenue. As part of it, digital asset investors in the US would have to report transactions that exceed $10,000 to the International Revenue Service. The Senate Aims to Collect More Taxes According to a recent Bloomberg report, the American...Read More
Although he made his fortune trading penny stocks and manipulating the markets, Jordan Belfort, the trader who inspired the iconic movie “The Wolf of Wall Street,” is currently not very happy with a lot of what’s going on with the crypto industry. In a recent interview he explained in detail what excites him and what...Read More
On July 26, Democrat senator Elizabeth Warren sent a letter to U.S. Treasury Secretary Janet Yellen asking for greater regulation for cryptocurrencies. If she had her own way, they would be banned outright. At a July 27 hearing of the Senate Banking Committee labeled “Cryptocurrencies: What are they good for?”, Warren continued to lambaste digital...Read More
Foreign virtual asset services providers (VASPs), including cryptocurrency exchanges operating in South Korea, have until September 24th, 2021, to register with the local regulator. Otherwise, they risk being blocked from providing services to Koreans, said the Financial Services Commission. Crypto Exchanges Might be Blocked in Korea? As reported by CryptoPotato earlier this year, the Asian...Read More
According to a fresh release, companies that transfer BTC or other cryptocurrencies must collect information about the senders and recipients if proposed EU regulations come into force. In a bid to end anonymous cryptocurrency wallets, the Europoean Commission has proposed a law that would require companies that transfer BTC and other cryptos to collect information...Read More
BlockFi, the centralized trading and lending digital asset firm, has received a letter from the New Jersey Bureau of Securities ordering the company to stop accepting new local clients from July 22nd. BlockFi’s CEO, Zac Prince, confirmed the development and said they are working with regulators to “help them understand our products.” Citing a draft...Read More
As crypto ownership and interest continue to rise in the UK, the country’s financial watchdog, the Financial Conduct Authority (FCA), is planning to launch a £11m ($15.25 million) marketing campaign to warn young investors about risks associated with crypto investments. FCA Targeting Millennials According to the regulator, the ads, which will be targeted at UK...Read More
Although numerous banking organizations have restricted their users from interacting with Binance, Visa and Mastercard have reaffirmed their belief in the world’s largest crypto exchange. With the growth of its services and popularity, Binance attracted regulatory scrutiny from various global watchdogs, as CryptoPotato explained recently. While the exchange’s attempts to enhance its compliance requirements continue...Read More
The European Union is set to launch a new agency to take severe measures on money laundering across its borders. Cryptocurrencies have the ability to take part in illicit financial operations as well, and the new department will put them under its scope of regulations. Crypto Under The Radar of the EU According to a...Read More
Bitcoin failed to produce any notable gains over the past week, and the same can be said about the entire cryptocurrency market. It appears that the most recent regulatory clampdown in China and talks of legislation in other countries continue to take their toll. At the time of this writing, BTC is trading at around...Read More
The world’s leading cryptocurrency exchange has announced the hiring of Jonathan Farnell as the company’s new Director of Compliance. This comes as the firm faces enhanced regulatory scrutiny among multiple jurisdictions, including the UK. In a press release shared with CryptoPotato, Binance asserted that Farnell will be its new Director of Compliance to “help develop...Read More
Brazil seems to be close to putting the brakes on its race to boost the cryptocurrency industry. After pushing hard for the legality of digital asset trading, the recent nominee to lead the CVM (Brazil’s equivalent to the U.S SEC) said that the country must have greater control and vigilance over this type of operations....Read More
The Swiss banking giant UBS sounded a note of caution to its customers that regulatory crackdowns can pop the “bubble-like” crypto markets. Furthermore, they said bitcoin might become an unsuitable option for professional investors. Beware of Popping The Bubble In a recent note, the multinational investment bank – UBS Group AG – warned its clients...Read More
The world finally has its first legal DAO, thanks to developments in the state of Wyoming. The American CryptoFED DAO, an organization dedicated to creating a monetary system resilient to fluctuations in value, received notice from the Wyoming Secretary of State’s office that its project had been officially recognized as a DAO in the United...Read More
Coinbase executives continue to move among the big names in the financial landscape. This month, it was the turn of none other than U.S. Federal Reserve Chairman Jerome Powell. According to Powell’s working schedule for May, the head of the Fed had a face-to-face meeting with the head of the cryptocurrency exchange Coinbase Global Inc....Read More
François Villeroy de Galhau – the head of the French central bank – sounded a note of caution that Europe’s monetary sovereignty faces tough times if the EU does not regulate cryptocurrencies. Without hasty action, the international role of the euro would be endangered. ‘Europe Must Be Ready’ At the annual financial conference in Paris,...Read More
Germany’s financial regulator, the Federal Financial Supervisory Authority, also known as BaFin, issued a license to Major U.S. cryptocurrency exchange Coinbase to enable its local subsidiary to carry out cryptocurrency custody business in the country. BaFin announced the news of the approval via an official release on Monday (June 28, 2021). According to the German...Read More
It seems that the Mexican government has no interest in becoming the next Bitcoin Nation, nor does it want its private banks to walk down that road. Mexico Says No To Crypto The Secretary of Finance and Public Credit of the Government of Mexico, Arturo Herrera Gutierrez, shared on his Twitter account an official statement...Read More
The forthcoming regulations in South Korea, which will require exchanges to have a real-name account at a local bank by September, might push many smaller trading platforms out of business. They are reportedly planning to fight back by suing the government. CryptoPotato reported before that the Korean government plans to implement a new rule on...Read More
YESTERDAY, the UK’s Financial Conduct Authority issued a warning to Binance Markets Limited and the Binance Group, making it clear that Binance Markets Limited could not operate in the country as it is currently doing. Binance Markets Limited is not permitted to undertake any regulated activity in the UK. This firm is part of a...Read More
The United Kingdom appears to be operating in the same light as the U.S. with regard to its stance on cryptocurrencies. Further warnings and banking clampdowns have occurred, the latest coming from the Financial Conduct Authority (FCA). FCA head of enforcement and market oversight Mark Steward issued the warning at a weekly virtual summit, stating...Read More
The Chinese government has reportedly intensified its crackdown on cryptocurrency mining and usage in the country by shutting down several crypto mining facilities in Sichuan. Sichuan Bitcoin Miners Join the List According to Wu Blockchain, the authorities of the Sichuan province officially issued a statement today, mandating every power supply company in the province to...Read More
Despite the massive adoption waves surrounding cryptocurrencies in recent months, the Indonesian authorities have decided they want nothing to do with this emerging asset class. According to a recent report, the governor of Indonesia’s central bank, Perry Warjiyo, asserted that the use of cryptocurrencies as a payment method in the country would no longer be...Read More
