Russia’s relationship with cryptocurrencies and blockchain-based technology is undoubtedly a tumultuous one. While the country appears to support the nascent tech behind digital currencies, it’s also taking steps to limit their usage as much as possible. $8,000 of Crypto Per Retail Investor According to a new explanatory note that refers to a newly-passed law on...Read More
The United States Department of Justice is focusing its attention on the crypto-verse and how to control that ecosystem. On October 8, 2020, the US Attorney General released a report talking about the dangers associated with the adoption of cryptocurrencies and the expectations of the DOJ in this regard. The “Cryptocurrency Enforcement Framework” is an...Read More
Before implementing the ban on cryptocurrency derivatives sales in the UK for retail investors, the FCA asked over 500 firms, trade bodies, and competent authorities on their opinion. Interestingly, the results decisively concluded that 97% of all participants didn’t agree with the prohibition. 97% Oppose The FCA Crypto Derivatives Ban UK’s watchdog, the Financial Conduct...Read More
The United Kingdom Financial Conduct Authority plans to ban cryptocurrency derivatives and exchange-traded notes (ETNs) to retail customers from January 6th, 2021. The FCA statement described such products as “ill-suited for retail customers due to the harm they pose.” The regulator outlined that retail customers are unable to determine a reliable value because of several...Read More
A recent study compiled with government authorities and regulators concluded that they still view the cryptocurrency industry as a significant risk source. Those establishments raised concerns regarding the field’s self-regulation and the number of illegal activities funded by digital assets. Unsurprising: Regulators Worried About Crypto Regulations The UK’s oldest defense and security think tank, the...Read More
The highest judicial institution of the Pakistani province of Sindh has requested the federal government alongside the Federal Investigation Agency (FIA) and the State Bank of Pakistan (SBP) to submit a detailed reply on the ban on cryptocurrency dealing in the country, local media reported Wednesday. The Ban The court hearing is coming after it...Read More
The Mining industry in Venezuela now has its own regulatory framework. The National Superintendence of Cryptoactives and other Related Activities published on Monday the “Providence that regulates the activities related to the use, import, commercialization of Digital Mining equipment.” The legal instrument appeared in Official Gazette No. 41,969 and is already in effect. It would...Read More
In a recent report on stablecoins, the European Central Bank (ECB) questioned the accuracy of their name arguing that it may be misleading to users. The paper also highlighted that stablecoins could have a significant role in a digital economy if adequately regulated. The Name Stablecoins May Not Be A Proper Fit: ECB Whether they...Read More
According to new reports today, the Commission has further explained that the move was part of its effort to protect investors, and it is well equipped to provide the required regulations. Last week, the Securities and Exchange Commission, Nigeria (SEC Nigeria), published a proposed set of regulations for the cryptocurrency and blockchain space, given the...Read More
US-based money services businesses, including cryptocurrency companies, will soon be able to enjoy trimmed down regulatory processes. The Conference of State Bank Supervisors (CSBS) reportedly plans to unveil a new joint group of state regulators that will oversee all licensing. Simplified Regulation Processes For Crypto Firms In The US According to the Reuters report, the...Read More
The Nigeria Securities and Exchange Commission (SEC) has released a proposed cryptocurrency regulation guideline while classifying crypto assets as securities. Crypto Regulations Underway According to an official release on Monday (September 14, 2020), the Nigeria SEC announced that the commission is looking at a three-pronged approach towards regulating the crypto industry. The SEC also stated...Read More
Politicians in the Swiss senate passed a new set of financial law reforms on Thursday, September 10. The “blockchain act” will provide a clear legal framework regarding cryptocurrency trading and how it relates to securities laws, according to a new report. The proposed legal reforms were agreed upon unanimously by the Swiss House of Representatives...Read More
Russia’s On Digital Financial Asset (DFA) legislation has received yet another set of proposed amendments that can push the country into launching a full-scale ban on cryptocurrency usage, with three exceptions – inheritance, bankruptcy, and enforcement proceedings. Russia’s DFA Sees New Propositions The world’s largest country by landmass has been rather indecisive, to say the...Read More
The security of Monero (XMR) users could soon be at risk after cryptocurrency intelligence firm CipherTrace announced the creation of tools that enable law enforcement to track transactions on the privacy-oriented blockchain. CipherTrace Claims Ability to Track XMR Transactions According to a press release from Aug 31, CipherTrace collaborated with the US Department of Home...Read More
The UK Financial Conduct Authority, responsible for financial regulations in the country, is looking to introduce further legislation that includes cryptocurrency firms. Such companies operating on the island may need to submit annual reports on how they deal with financial threats and crimes. UK FCA Explores Further Crypto Regulations In its latest consultation report, the...Read More
The UK Financial Conduct Authority has granted operational licenses to two cryptocurrency exchanges. Those are the UK-based digital security exchange Archax and the UK branch of the Winklevoss twins’ Gemini. Archax Regulated By The FCA As announced yesterday, the UK Archax platform became the “first-ever FCA regulated digital securities exchange and custodian” in the country....Read More
The U.S. Government’s acting Comptroller of the Currency allowed banks in the country to offer cryptocurrency custody services a little less than a month ago. Advocating the case for crypto, he now says that payments need to happen ‘virtually instantaneously.’ He also feels that ‘the crypto phenomenon cannot be ignored.’ Crypto-Friendly Brian: Payments Need To...Read More
Crypto commerce in Ireland is about to become a lot more regulated, with lawmakers in the country ready to introduce laws targeted at combating cryptocurrency-related money laundering. Wallets and Exchanges to Come Under Scrutiny in Ireland According to the Irish Examiner, Ireland’s cabinet is set to introduce new anti-money laundering (AML) laws. These pieces of...Read More
Following a recent update, the New York State Department of Financial Services (NYDFS) has approved eight cryptocurrencies for sale and trade and ten digital assets for custody by licensed entities. NYDFS License Cryptocurrencies For Trading And Custody In the latest update posted, the NYDFS has outlined the importance of regulating all assets available for purchasing...Read More
Germany’s financial regulator has come down hard on Bitcoin ATMs that are operating in the country without a license. BaFin Clampdown on Unlicensed Bitcoin ATMs According to a report by Handelsblatt, the German Federal Financial Supervisory Authority (BaFin) targeted operators of Bitcoin ATMs that were working in the country illegally. Only BTC machines with a...Read More
Top Japanese financial bureaucrat Ryozo Himino thinks that promoting cryptocurrency trading will not necessarily accelerate technological innovation. Rather it will spark increased speculative trading, the regulator said. Himono has, therefore, cautioned against the same. Deregulating Bitcoin & Cryptocurrencies Will Fuel’ Speculative Trading’ As per a Reuters article, the Japanese Financial Services Agency boss has shared...Read More
President Vladimir Putin of Russia has signed a new law that will prohibit the use of cryptocurrency as a payment means in the country by 2021. Meanwhile, the Russian government recently deployed blockchain technology for its constitutional amendment. Crypto as Payment to Become Illegal in 2021 According to a report by local news outlet RIA...Read More
A US federal court ruled that Bitcoin is a form of “money” covered under the District of Columbia’s (D.C.) Money Transmitter Act. The conclusion is part of a criminal action involving the U.S. versus Larry Dean Harmon, who operated a Bitcoin mixing platform. U.S. Court Regards Bitcoin as Money in Charges Against Helix Operator In...Read More
National banks and federal saving associations can now offer crypto custody services to customers following approval from regulators in the country. OCC Okays Crypto Custody Operations for US Federal Banks According to a letter issued by the Office of the Comptroller of the Currency (OCC) on Wednesday, U.S. Federal banks can now offer crypto custody...Read More
Yesterday, in an online discussion with India’s leading cryptocurrency industry players, the country’s former Finance Secretary, Mr. Subhash Chandra, said that ‘crypto assets’ should be regulated, but with ‘rules.’ Garg previously headed the Inter-Ministerial Committee that drafted a draconian bill banning cryptocurrencies in India. Maybe We Can Try to Regulate it (Crypto) as a Commodity:...Read More
The US government is still working on regulations on third-party reporting for cryptocurrency trades. The transactions will be reported by crypto exchanges in accordance with Section 6045 of the Internal Revenue Code (IRC), a Treasury attorney said. Cryptocurrency Exchanges Will Share Client Data as Stipulated in Section 6045 Erika Nijenhuis, senior counsel at the US...Read More
Abra has come under fire from U.S. regulators for offering illegal swaps to U.S. retail investors. This sets an alarming tone for the decentralized finance field, which is currently booming. SEC and CFTC Fine Abra $300k According to a press release by the U.S. Securities and Exchange Commission (SEC) on Monday (July 13, 2020), Abra...Read More
The US Commodity Futures Trading Commission (CFTC) published a new set of regulations for derivatives assets, including cryptocurrencies. The agency is developing comprehensive rules for digital assets to promote innovation in the field. CFTC’s New Legislation For Cryptocurrencies The CFTC is the US’s derivatives regulator. According to the chairman, Heath P. Tarbert, derivatives, including futures,...Read More
Kraken’s London-based subsidiary, Crypto Facilities, has reportedly become the first firm to get a trading license from the UK regulator, the Financial Conduct Authority (FCA). Kraken’s Crypto Facilities Becomes First in Europe With Trading License According to Financial News on Monday (July 6, 2020), the Multilateral Trading Facility (MTF) license will enable the crypto futures...Read More
In its most comprehensive report on cryptocurrencies to date, the UK Financial Conduct Authority (FCA) outlined that they have increased in popularity and ownership since 2018, with up to 2.6 million people on the island holding digital assets. The UK Watchdogs Advance On Crypto According to the report from the FCA published earlier this week,...Read More
