Poloniex – a multinational crypto exchange – caught the eye of Canadian securities regulators. The watchdog launched actions against it under the accusations of not complying with Ontario rules. Against The Law In a recent statement, the Ontario Securities Commission (OSC) accused the cryptocurrency exchange platform Polo Digital Assets – better known as Poloniex –...Read More
Michael Hsu – the new chief of the OCC – revealed that the US independent bureau plans to put under review its crypto guidelines offered over the past year. He added that all federal banks should provide interpretive letters and guidance, including issues around digital assets alongside pending matters. Is Stance Towards Crypto Getting Tougher?...Read More
Illinois will soon become the 3rd state in the U.S. to pass legislation that would favor Bitcoin with a new digital asset charter, which will be granted to a special purpose trust company instead of a traditional bank. Announced by crypto-advocate and Wall Street Veteran Caitlin Long, Illinois will be the third state, followed by...Read More
Latest reports from China reveal that self-regulatory bodies have reiterated a ban on financial institutions and payment companies from providing banking services to crypto traders and related entities. Per the original report, the move stems from high volatility in the crypto market, which reportedly exposes people’s property to risk. In a joint statement by three...Read More
Chinese officials warned the public about the risks associated with trading with digital assets. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies. Tighter Regulations on Crypto Trading According to the China Financial Stability Report, investors should be extra vigilant when...Read More
A Californian court required Kraken to provide information on users who executed crypto deals for the equivalent of $20,000 or more between 2016 and 2020 to the IRS. The order comes amid growing concerns of strict cryptocurrency regulations coming for the United States. ‘John Doe Summons’ for Kraken A federal court in the northern part...Read More
With the impending taxation of cryptocurrency gains in South Korea, a recent poll showed that most citizens are in favor of such a rule. When it came down to age, though, the younger generations were significantly less opened to the idea of getting taxed for their crypto trading. South Koreans Support Crypto Taxation The East...Read More
U.S. regulators are looking for ways to organize and adapt their laws to the rapidly changing world of cryptocurrencies. A bill to create a joint force between the SEC and CFTC to better understand and regulate cryptocurrencies has already been passed in the House and is ready to be introduced in the Senate. The Eliminate...Read More
Germany’s Financial Supervisory Authority is investigating Binance for its offering of tokenized shares and is already holding a preliminary opinion that doesn’t look too encouraging for the world’s leading crypto exchange. According to a legal opinion published on its official website, the Bundesanstalt für Finanzdienstleistungsaufsicht —or simply BaFin— considers that Binance would be violating securities...Read More
South Korea continues to reaffirm its grip on crypto regulations as the country’s regulator has ordered all of its officials to report their digital asset holdings. Additionally, the nation’s Financial Minister said that South Korea will “inevitably” impose taxes on gains from virtual asset trading next year. FSC Employees to Report Crypto Investments The East...Read More
The number of US-based financial institutions looking into launching cryptocurrency services continues to grow, and the latest to join the ranks is Charles Schwab. Nevertheless, giant founded in 1971 expects clearer regulations on digital assets before opening such products to the 32 million brokerage accounts employing its services. Charles Schwab to Get in Crypto? Headquartered...Read More
Brian Brooks, the acting head of the Office of the Comptroller of the Currency (OCC) under Donald Trump’s administration, noted in a Wall Street Journal report today that he would be working as Binance US CEO on May 1, 2021. Brooks’ Career at the OCC During his tenure as acting head at the OCC, Brooks...Read More
With Bitcoin (BTC) gaining widespread adoption globally, the United States government is reportedly in the early stages of developing regulatory guidelines for the popular cryptocurrency and the entire crypto industry. Sources familiar with the matter told FOX Business’ Charlie Gasparino that the upcoming regulation, which will focus on crypto infrastructure and taxation, is being led...Read More
Ahead of the long-anticipated public listing for his company, Coinbase’s CEO Brian Armstrong asserted that US regulators are wrong in believing cryptocurrencies are primarily used for illicit transactions. He added that the industry wants to be treated on the same playing field as traditional finance when it comes down to legislative frameworks. Armstrong on Crypto...Read More
The exponential growth of bitcoin and the entire cryptocurrency sector has caught the attention of global regulators, noted Kraken’s CEO, Jesse Powell. Speaking to CNBC, the executive warned of potential crackdowns, especially after the threats coming from the US government. Regulatory Crackdowns on the Crypto Industry? The cryptocurrency industry has been on a roll since...Read More
Cryptocurrency regulations across different countries continue to be a hot topic, and Spain is the latest to join in. The nation’s watchdog has asked industry participants, investors, and consumers for their opinion, and they have until April 16th to respond. Spain’s Regulator Looks for Crypto Legislation According to a report from La Informacion, The National...Read More
As nations are dabbling with establishing legislative frameworks on the cryptocurrency industry, several giants have formed a coalition to lobby policy makers and conduct researches to ensure the proper implementation of such rules. According to a Wall Street Journal coverage from today, the prominent names to participate in the new initiative are the mutual fund...Read More
Speaking at a City and Financial Conference today, John Glen said authorities need to regulate stablecoins due to the threat it poses should a major firm dominate the sector. “There is the potential for some firms to swiftly achieve dominance and crowd out other players due to their ability to scale and plug into existing...Read More
While the cryptocurrency landscape in India is still faced with regulatory uncertainty, the government has directed that companies should disclose details of their crypto transactions and holdings. Possible Crypto Regulation for India? According to a document published on March 24, both public and private firms in India care to disclose details of their cryptocurrency activities...Read More
Binance has hired two former executives from world-renowned regulatory organizations – Rick McDonell and Josee Nadeau. The popular crypto exchange aims to enhance its AML and CFT endeavors and develop more robust relationships with law enforcement bodies worldwide. The Malta-based crypto exchange announced the latest hirings in a press release shared with CryptoPotato. Rick McDonell...Read More
Less than two years after launching, OKEx Korea has decided to shut down its services to South Korea-based customers. Although the company failed to explain why, the closure comes amid new regulations imposed by South Korea towards exchanges. Earlier today, OKEx Korea published a termination notice informing that the cryptocurrency exchange will shut down its...Read More
Pakistani province plans to establish two hydroelectric-powered pilot mining farms, hoping to get further exposure to cryptocurrency adoption. Keeping up with the Global Crypto Bullish Trends The Pakistani province of Khyber Pakhtunkhwa is reportedly drafting plans to get into the cryptocurrency flow by building two hydroelectric-powered pilot mining farms. According to a recent news report, the region’s...Read More
After temporarily breaking the ice on bitcoin regulations, the Indian government is doubling down its efforts to restrain cryptocurrency use. A new bill on the way could place cryptocurrency holders and miners at risk of fines and possible jail time. New Indian Anti-Bitcoin Bill On the Cards A fresh Reuters report claims that India is...Read More
The New York State Department of Financial Services (NYDFS) has announced that Bakkt Marketplace has become the 29th cryptocurrency company to receive BitLicense since 2015. This approval comes amid the firm’s endeavors to be publicly listed and to launch the long-anticipated Bakkt App. The NYDFS started granting such licenses to digital asset businesses in 2015,...Read More
South Korea’s financial regulator, the Financial Services Commission (FSC), has announced new possible penalties for cryptocurrency exchanges based or operating in the country if they fail to comply with existing anti-money laundering (AML) rules. New Penalties for Crypto Exchanges in South Korea According to the FSC’s statement from earlier today, the newly-announced initiative will affect...Read More
As cryptocurrencies continue to pick up steam and encompass the features of regular asset classes, governments have likewise imposed taxes on capital gains from digital currency. South Korea is the latest country to adopt this initiative. Its Ministry of Economy and Finance said it will levy taxes on cryptocurrency profits from next year. The South...Read More
The European Central Bank (ECB) has asked the parliament for veto powers in matters concerning Facebook’s Diem and other stablecoin projects. According to a Reuters report on Tuesday (Feb. 23, 2021), the ECB has asked European Union (EU) lawmakers for veto powers on stablecoin regulations in the Eurozone. An excerpt from the ECB’s formal opinion...Read More
Robert Ophèle, chairman of France’s financial regulatory body, the Autorité des Marchés Financiers (AMF), proposed a robust approach regarding cryptocurrecy regulations in order to encourage the growth and development of innovative projects. AMF Chairman Proposes Blockchain and DeFi Testing in Pilot Regime Speaking at the just concluded 5th Annual Conference Fintech and Regulation, Ophèle stated...Read More
In a document filed with the United States District Court of New Jersey, Binance dropped the lawsuit filed against Forbes in November 2020. The case was in response to Forbes’ story, where it alleged that the cryptocurrency exchange was brewing plans to exploit United States investors through a sham company. Binance, through its attorneys, Peter...Read More
San Francisco-based crypto payments platform Metal Pay has applied for a national bank charter with the U.S. national bank regulator, which would enable the company to offer seamless cryptocurrency-related services. Metal Pay Eyes Full National Bank License In a tweet thread published on Thursday (Feb. 4, 2021), Metal Pay’s First Blockchain Bank and Trust (FBB&T)...Read More
