Bitcoin Regulation

China Might Adjust FX Regulation for Cryptos

China is about to broaden the scope of its blockchain pilot in cross-border financing, Reuters reported Tuesday, citing a government official. Besides, China might reform the foreign exchange regulation to deal with cryptocurrency. Gov’t to Adjust Forex Regulation for Cryptos Lu Lei, deputy head of China’s State Administration of Foreign Exchange (SAFE), said at a...
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US Congress to Consider Cryptocurrency Act in 2020

The U.S. cryptocurrency scene might be on the way to seeing clear cut crypto regulations as Congress prepares to consider a new bill detailing modalities for digital asset oversight. Clear Definition for Digital Assets According to Forbes, the proposed bill titled ‘Cryptocurrency Act of 2020’ seeks to provide a clear framework for crypto regulations in...
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Germany To Issue Crypto Regulations On January 1 2020

The Amended Directive to the Fourth EU Money Laundering Directive will go into force in Germany on January 1, 2020. Some of the key changes affect how the German Banking Act and Payment Supervision Services Act relate to crypto. Crypto-Assets Are Now Financial Instruments The new law defines crypto-assets in a somewhat unwieldy manner: digital representation...
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Basel Committee Seeking Global Crypto Standard

The Basel Committee on Banking Supervision (BCBS) published on Thursday a discussion paper on the treatment of crypto and digital assets. Central Banks Expected to Share their View on Crypto The BCBS, an international body that has central banks as stakeholders, wants a global standard to approach cryptocurrencies and blockchain-based assets. The committee published a...
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Huobi US Closes Doors After Weak Demand

The US partner of the Huobi exchange has decided to fold its business, due to low demand and liquidity. The HBUS platform will stop its operations after December 15. Huobi US Failed to Spark Trading Interest HBUS, the platform that was supposed to replace the international Huobi service for US traders, was launched just months...
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Korean Government to Tax Crypto Capital Gains from 2020

The Korean government is preparing legal tools to tax capital gains from the sale of crypto assets. Specialized legislation to target digital asset deals is expected to arrive from the tax season for 2020. Korean Authorities Hope to Tax Crypto Capital Gains Until recently, Korea was one of the most active markets for crypto speculation....
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Ukraine Gov’t Collaborates with Belarusian Crypto Exchange

Ukraine’s Ministry of Digital Transformation has signed a memorandum of cooperation (MoC) with the Belarusian crypto exchange Currency.com. Ukraine Wants to Learn from Belarusian Experience in Regulating Cryptos While Ukraine’s Ministry of Digital Transformation was only established in August of this year, it has been very active in the crypto field. For example, it recently...
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Russia: De Facto Crypto Ban Will Be Hard to Achieve, Official Says

Russia may prohibit crypto payments for goods and services, but achieving such a ban might be quite difficult. This is the conclusion of Anatoly Aksakov, Chairman of the State Duma Committee on Financial Market. Ban Enforcement Might Be Challenging Aksakov told local media that enforcement on the use of crypto for payments is difficult from...
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Why is Russia Mirroring China’s Anti Crypto Stance?

Reports are emerging that Russia’s stance on crypto has turned negative. The news comes in the wake of a week of FUD stemming from another ‘bitcoin ban’ in China. It is no surprise that central banks do not favor decentralized currencies in a world where they’re racing to launch their own ones. Russian Central Bank...
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German Banks Could Store Bitcoin and Provide Crypto Services Soon

Cryptocurrencies might finally go hand in hand with traditional money services. Starting from 2020, it might be legal for German banks to sell cryptocurrencies like Bitcoin and provide custody solutions, local media reports.  Germany Welcomes Cryptos with Open Arms Currently, financial institutions operating in Germany are not allowed to directly sell cryptocurrencies to their clients....
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SEC May Come Down Harder on Illegal Crypto ICOs

Two years on from the 2017 ICO craze and some crypto projects are calling it quits despite escaping harsh sanctions from regulators. Some commentators say authorities may be forced to adopt harsher punishments for illegal token sales since indicted projects cannot be trusted to pay back investors. Gladius Calls it Quits According to the Wall...
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Bitcoin Usage May Spike Following Cash Restrictions in Malaysia

Malaysia is set to become the latest country to impose restrictions on cash transactions. The move could force more people to look towards bitcoin and crypto adoption in general as a way of getting around such limitations. Cash Restrictions May Boost Bitcoin Adoption The Malaysian government plans to impose restrictions on cash transactions reports local...
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Crypto Exchange Regulations are Coming to Hong Kong

Financial regulators in Hong Kong will introduce clear cut rules to govern the operations of cryptocurrency exchanges. Meanwhile, reports show that fund managers continue to struggle with the stringent requirements for crypto investment in Hong Kong. SFC To Regularize Hong Kong Cryptocurrency Exchange Scene According to Reuters, Hong Kong’s Securities and Futures Commission (SFC) is...
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What You Need to Know About the Queen’s Crypto Tax Update

The UK’s tax authority has updated its tax policy for crypto assets. Expect huge administrative headaches as all crypto transactions need to be converted into £ and recorded. The authority reiterates that Bitcoin is not money. Her Majesty’s Revenue and Customs (HRMC) on Friday updated its tax policy related to cryptocurrency in the UK. Here’s...
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UK Govt Official Swats Question on Proposed Crypto Derivatives Ban

The decision over whether to ban the sale of crypto derivative products to retail customers in the UK will be determined solely by the financial regulator. This was the message delivered by Economic Secretary to the Treasury, John Glen, in an answer to a question posed by the Member of Parliament for Shipley, Philip Davies....
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CFTC Chairman: Cryptoassets Other Than BTC and ETH Can Become Commodities

Heath P. Tarbert, Chairman of the U.S. Commodity Futures Commission says cryptos classified as security tokens can become commodities. The CFTC chief also revealed that Ethereum futures may hit the market within the next 12 months. Crypto Transmutation from Security to Commodity is Possible Speaking at the DC Fintech Week on Monday (October 21, 2019),...
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Regulators Can Shut Down Bitcoin When They Want: Bloomberg Editor

Bitcoin can be shut down anytime, according to Bloomberg Digital and the lead executive editor Joe Weisenthal. As per him, the regulators can shut down and decide to bring an end to BTC and cryptocurrency in general, putting a full stop against creating Bitcoin-based investment products. The editor at Bloomberg was in the crypto news...
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New Singapore Payment Services Act Includes Forensic Crypto Tracking

Financial regulators in Singapore are looking to implement robust crypto tracking as part of efforts to combat financial crimes. This move comes as authorities are set to introduce the country’s new Payment Services Act. MAS Wants to Combat Illegal Crypto Transactions According to a speech published by the Monetary Authority of Singapore (MAS), the financial...
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China Pumps $28 Billion into Economy, Crypto Waits For Boost

The Chinese central bank has pumped nearly $30 billion into the economy after recent data showed a slowdown. Chinese crypto investors may get another lucky break if the funds overflow into the sector. Funds Flow In to Heal Slowing Economy People’s Bank of China injected $28 billion through loans to commercial banks, reported Bloomberg. The...
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IMF Has Another Trick Up Its Sleeve When Fiat Fails – Its Own Coin SDR

Virtually everybody knows what a dollar is, but not as many know about the SDR. The International Monetary Fund’s (IMF) Special Drawing Rights is an international, monetary reserve system created specifically to address limitations of gold and standard fiat currencies such as the USD. In short, should these fail, central banks and their governments retain...
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Breaking: US SEC Deems $1.7 Billion Telegram Offering Illegal, Orders Halt

The U.S. SEC announces an emergency action against Telegram’s initial token offering, which has already raised over $1.7 billion. The United States Securities and Exchange Commission (SEC) has announced that Telegram and the forthcoming GRM token constitute an unregistered digital token offering. Per an Oct. 11 press release, the SEC has filed an emergency action...
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Thailand’s First Regulated ICO Portal Targets $98M Token Offering

SE Digital, a subsidiary of major financial services firm Seamico Securities, has been confirmed as the first ICO portal operator to be approved by the Thai SEC. SE Digital, a subsidiary of major financial services firm Seamico Securities, has been confirmed as the first initial coin offering (ICO) portal operator to be approved by Thailand’s...
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FATF AML Regulation: Can the Crypto Industry Adapt to the Travel Rule?

As the deadline for the so-called travel rule looms, crypto exchanges and issuers are responding to the pressure. Regulators are clamping down on cryptocurrency, and companies around the world are feeling the strain. In late June, one of the most authoritative regulatory organizations worldwide, the Financial Action Task Force (FATF), issued new guidelines on how...
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Diginex Becomes First Asian Firm to Join Steptoe-Led Blockchain Alliance

Hong Kong-based startup Diginex becomes the first firm in Asia to join the Blockchain Alliance led by Steptoe & Johnson law firm. Hong Kong-based digital financial services startup Diginex has become the first firm in Asia to join the Blockchain Alliance led by Steptoe & Johnson law firm. Over 100 members in 19 countries Diginex...
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5 Things to Know About Grams Wallet’s Terms of Use Before GRM Launch

Encrypted messaging service Telegram has published the terms of service for its native cryptocurrency wallet Grams Wallet. Cloud-based instant messaging service Telegram has released terms of use for its native cryptocurrency wallet Grams Wallet. On Oct. 8, Telegram published terms of service the Grams Wallet, the wallet designed for its native cryptocurrency Gram (GRM), noting...
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EU Needs a ‘Common Approach’ to Crypto Regulation Says Commissioner

Valdis Dombrovskis — the European Union’s (EU) finance commissioner says crypto regulation will be a major focus of his if appointed for a second term. Robust Crypto Regulation in the EU According to Reuters, Dombrovskis is ready to change tack and pursue the creation of a well-defined framework for cryptocurrency regulations within the EU. Speaking...
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Major Exchanges Urge UK Regulator to Not Restrict Crypto Derivatives

The WFE, a global trade association of publicly-regulated exchanges, has appealed to the U.K.’s FCA not to restrict crypto derivatives for retail investors. The World Federation of Exchanges (WFE), a global trade association of publicly-regulated exchanges, has appealed to the United Kingdom’s Financial Conduct Authority (FCA) to not restrict cryptocurrency derivatives for retail investors. The...
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FCA Cryptocurrency Scam Probes Up 74% in 12 Months

UK regulators are increasingly shinning the spotlight on cryptocurrency businesses to root out bad actors. Combating Cryptocurrency Scams According to The Telegraph, the Financial Conduct Authority has initiated 87 investigations into cryptocurrency businesses over the last 12 months. This figure represents a 74% increase from the number of inquiries recorded as between October 2017 and...
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Hong Kong’s SFC Releases Regulations for Crypto Fund Managers

Hong Kong’s securities regulator, the Securities and Futures Commission, has released guidelines for virtual asset portfolio managers. Hong Kong’s securities regulator, the Securities and Futures Commission (SFC), has officially released regulations for crypto fund managers. The SFC published the regulatory circular on its website on Oct. 4. In the 37-page document titled “Proforma Terms and...
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FCA Pondering Crypto-Derivatives Ban

The UK’s Financial Conduct Authority (FCA) intends to ban crypto-related derivatives aimed at retail investors, according to a recent article published by The Economist. A consultation in this regard ended yesterday, and the verdict will be available early next year. FCA Concerned About Crypto Losses According to the Economist author, the British financial regulator is...
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