Regulations

Given The Risks, Is Crypto A Good Hedge Against Inflation?

Germans are expected to pay twenty to fifty percent higher prices on retail purchases. The price of gasoline…

El Salvador Bets On Bitcoin Whales Investing In Its Volcano Bond

Bitcoin Bond Could See Demand from Crypto Whales According to the Financial Times, Paolo Ardoino, the Chief Technology…

Multiple U.S. States Slam Voyager Digital With Cease And Desist Orders

Voyager Allegedly Selling Unregistered Securities Voyager Digital has come under the regulatory scrutiny of U.S. state securities divisions…

Crypto Must Be Regulated: Bank Of Japan

Following Russia’s attack on Ukraine, countries throughout Europe — and indeed, throughout the world — announced sanctions against…
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Grayscale CEO: Lawsuit Against The SEC Is Not Off The Table

Michael Sonnenshein, the CEO of Grayscale, revealed his company’s plans for the future, under the assumption that the SEC will not approve a Bitcoin ETF. Grayscale CEO, Michael Sonnenshein, recently spoke about the situation in the financial world of early 2022, during which he also...
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Malaysia Says Country Not Adopting Bitcoin As Legal Tender

Malaysia Refuses to Make Bitcoin Legal Tender Mohd Shahar Abdullah revealed in a parliamentary meeting that Malaysia is not planning on recognizing Bitcoin as a legal tender, according to Bloomberg. The Deputy Finance Minister said that Bitcoin had limitations such as price volatility and "exposure...
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Thailand Prohibits Use Of Crypto For Payments

Thai SEC Issues Crypto Payment BanIn an official press release, Thailand’s Securities and Exchange Commission (SEC) issued new rules that would ban the use of cryptocurrency as a payment method in Thailand, following similar steps already implemented by Turkey and Indonesia. According to the regulator,...
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Australian Regulator Sues Facebook

ACCC Takes Facebook to Task Over Fake Crypto AdsIn a press release on Friday (March 18, 2022), the Australian Competition and Consumer Commission (ACCC) alleged that adverts on Facebook which promoted crypto investment ventures, and featured famous Australians, were likely misleading users into believing that...
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El Salvador Fails To Launch ‘Volcano Bonds’ In Time

El Salvador has been frequently making headlines following last year’s move of recognizing Bitcoin (BTC) as legal tender. Since then, the country has been working on several crypto-related programs, one of which includes its so-called “volcano bonds.” Previously, El Salvador announced that volcano bonds will...
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A New Bill To Stop Russia Evading Sanctions Via Crypto

The United States senator Elizabeth Warren spoke yesterday, March 17th, during a Senate Banking Committee hearing. Senator Warren used the opportunity to introduce new legislation meant to prevent Russia and its companies from relying on the use of cryptocurrency to bypass sanctions. A New Bill...
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Dubai Unveils New Crypto Legal Framework

A Virtual Assets Law to Protect InvestorsSheikh Mohammed bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE, the country's Minister of Defense, and also Dubai's Ruler, announced the approval of the Dubai Virtual Asset Regulation Law. The new law was created...
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White House To Release An Executive Order On Cryptocurrencies This Week

The Biden administration is expected to release an executive order on cryptocurrencies this week. The order will task federal agencies with reviewing the US digital asset market and evaluate the development of a digital dollar. The order comes as regulatory scrutiny in the crypto sector...
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FCA Investigated 300 Probes Related To Crypto Businesses In 2021

50 Crypto Businesses Under Investigation In a press release published on Thursday (March 3, 2022), the Financial Conduct Authority (FCA) revealed that the agency received 16,400 inquiries concerning possible scams between April and September 2021. The most common type of scams included boiler rooms, cryptocurrency...
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Swiss City Plans To Make Bitcoin And USDT Legal Tender

Bitcoin and Stablecoins for Payment of Tax, Goods and Services In a bid to establish itself as a major hub for blockchain in Europe, Lugano is looking to encourage widespread cryptocurrency adoption across the city through an initiative called Plan B. According to a press...
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UK Advertising Regulator Bans Floki Crypto Ad

ASA Classifies Floki Inu Campaign as IrresponsibleThe Advertising Standards Authority (ASA) published its ruling on the Floki Inu (FLOKI) ad campaign on Wednesday (March 2, 2022). According to the ASA, the crypto ad was labeled irresponsible for two reasons. One was that the campaign exploited...
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EU Lawmakers Deleted A Passage That Called For A Ban On PoW-Based Cryptos

After a controversial paragraph in the market regulatory act attracted strong criticism, EU lawmakers decided to remove it. The passage said that no cryptos could be created, sold, or traded in the EU if their consensus mechanisms were not environmentally sustainable. The passage attracted criticism...
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Canadian PM Decides To End The Use Of The Emergencies Act

Canadian Prime Minister, Justin Trudeau, recently announced that he will end the Emergencies Act, which was enacted after trucker-led protests swept through his country. With the Emergencies Act active, protestors' bank accounts were frozen, while their efforts to raise funds through different means such as...
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Brazil’s Crypto Regulation Proposal Passes The Senate

A digital currency regulation bill recently passed a crucial legislative stage in Brazil’s Senate. After a unanimous vote to adopt the proposals set before them, the Senate fulfilled its role in establishing cryptocurrency regulations, sending the bill to the Chamber of Deputies. The Chamber of...
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Grayscale Curries Public Favor For Spot Bitcoin ETF

Public Comments for Spot Bitcoin ETF ApplicationIn a tweet thread by Grayscale on Tuesday (February 22, 2022), CEO Michael Sonnenshein announced the launch of an advocacy campaign soliciting investors in the United States to convince the SEC of the importance of having a spot Bitcoin...
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U.S. Lawmaker Proposes Bill For Stablecoin

Bill Accommodates both Bank and Non-bank IssuersRep. Gotthiemer’s bill, called the “Stablecoin Innovation and Protection Act of 2022,” defines stablecoins as “qualified” when they are 100% backed by the United States dollar and can be redeemed on a one-on-one basis. These qualified stablecoins can be...
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UK Authorities Carry Out First-Ever NFT Seizure

NFTs Linked to Tax Evasion CaseAccording to the BBC, Her Majesty's Revenue and Customs (HMRC) arrested the suspects on suspicions that they were trying to avoid paying value-added tax (VAT) worth £1.4 million ($1.89 million). The suspects allegedly used what the HMRC called "sophisticated methods"...
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The Central Bank Of Hungary Calls On EU Countries To Ban Crypto Trading And Mining

As countries around the world attempt to regulate digital currencies, Hungary looks to adopt a belligerent stance against cryptocurrencies. The Governor of Hungary’s Central Bank, György Matolcsy, recently urged EU countries to ban cryptocurrencies and crypto-related activities. The reason behind his call for a total...
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Russian Government And Central Bank Reach Crypto Agreement

According to recent reports, the country’s Central Bank has reached an agreement with the government to regulate crypto. The regulations should arrive by February 18th and will recognize crypto as an “analogue of currencies.” A recent report published by a local Russian newspaper, Kommersant, claims...
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Is Japan Stifling Crypto With Overregulation?

Crypto Regulation in JapanAs a first-mover in this field, Japan legalized cryptocurrency by amending its Payment Service Act and Fund Settlement Law in 2016. After these landmark moves, the nation recognized digital assets like Bitcoin (BTC) and Dogecoin (DOGE) as property value that can be...
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UK Tax Authority Releases Controversial Rules For DeFi

The UK tax agency, Her Majesty’s Revenue and Customs (HMRC) recently published a new set of rules for the decentralized finance sector. However, the document has already started attracting criticism, as the rules could severely affect innovation in DeFi. Published on Wednesday, February 2nd, the...
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Binance Places Restrictions On 281 Nigerian Crypto Accounts

Binance CEO Says User Security is PriorityIn a letter to Nigerian Binance users, the company’s CEO Changpeng “CZ” Zhao said that the platform restricted the accounts of several users in the country in compliance with international anti money-laundering rules (AML). The Binance CEO revealed that...
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US Government To Issue An Executive Order On Crypto

The Biden administration is allegedly preparing to issue an executive order in the coming weeks on the state of the crypto market in the United States. The order will include recommended actions on the regulation of digital assets. According to Barron's, the executive order would...
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Nepal’s Banking Institutions: “Crypto Is Illegal”

Nepal’s Banking Body Issues Crypto Ban NoticeAccording to The Himalayan, the Nepal Bankers’ Association recently issued a notice stating that individuals were prohibited from indulging in cryptocurrency activities. The notice covers Nepalis and foreigners living in Nepal, as well as Nepalis living abroad. An excerpt...
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IMF Sends Fresh Warning To El Salvador Over Bitcoin Adoption

IMF Still Not Sold on El Salvador’s Bitcoin AdoptionThe executive board of the IMF published a report on Tuesday (January 25, 2022) following the recently concluded Article IV consultation with El Salvador. While the report noted the country's effective management of the COVID-19 pandemic and...
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Kazakhstan Cuts Off Power Supply For Bitcoin Miners

Kazakhstan Bitcoin Miners Cannot Access ElectricitySince early January, Kazakhstan has been experiencing serious unrest, initially fomented via protests against a hike in gas prices. Since that time, the situation has become worse, leading to the deaths of several protesters. The current climate of unrest in...
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Bank Of America: Digital Dollar Is Inevitable

US authorities remain indecisive in regards to a centrally managed currency. However, the Bank of America, believes that an American CBDC can not be avoided and that a digital dollar is likely to emerge in the US over the next several years, most likely between...
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Russia’s Blanket Ban On Crypto Under Criticism

Pavel Durov thinks that a crypto ban would cause more harm than goodFollowing the publication of the Central Bank’s proposal, the founder of Telegram, Pavel Durov, commented on its consequences. On January 22nd, Durov stated that he believes that the proposed ban would “destroy a...
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Reuters: Binance Practiced Poor KYC

Binance Reportedly Ignored Warnings About Weak KYC Binance often made headlines in 2021–not all of them were positive. Regulators in different countries issued warnings against the cryptocurrency exchange giant and its affiliates, stating that the firm was not licensed to operate in their jurisdictions. From...
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Russia's Central Bank Calls For Blanket Ban On Crypto

Crypto Threatens Financial StabilityAccording to Reuters on Thursday (January 20, 2021), Russia's central bank in a report, has stated that cryptocurrency was highly volatile and is mostly used for fraud and other illegal activities. The apex bank also noted that crypto posed a risk to...
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Singapore Issues Warning Against Public Crypto Advertising

MAS Bans Crypto Services Promotion in PublicAccording to new guidelines published on Monday (January 17, 2022), the MAS said that digital payment token (DPT) providers were prohibited from marketing their services targeting the Singaporean public. The financial regulator stated that cryptocurrency firms should not advertise...
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Pakistan Central Bank Seeks To Ban Cryptocurrency

Central Bank Says Crypto is IllegalAccording to local media outlet SAMAA, a report submitted to Pakistan’s provincial court, Sindh High Court (SHC) has called for a ban on cryptocurrency. The 38-page report was submitted by the deputy governor of the SBP, Seema Kamil, to the...
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The EU Announces Comprehensive Crypto Rules And Targets Stablecoins

MiCA was introduced in Sep. 2020 by the European Commission as part of the larger Digital Finance strategy. MiCA generally relates to crypto assets that are described as digital demonstrations of value or rights, which may be transmitted and stored electronically, by use of distributed...
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Thailand Government To Provide Further Clarity On Its Crypto Tax Plans

Thailand’s government announced recently that it will expand its crypto tax plans in order to provide further clarity for crypto traders and businesses. The country’s central bank, the Bank of Thailand, stated in December that it would draw up new measured for regulating crypto-related activities...
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The Chinese Economy : Why It Impacts The Crypto Market

Recently, China clamped down hard on the crypto market, cutting crypto-related transactions from the financial system. The Chinese government also warned investors against speculative trading in 2021. However, this latest development makes it difficult for residents to buy Crypto via various payment means. Miners are...
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The Digital Yuan: How It Will Change China And The World

Central bank digital currencies (CBDCs) are the shiny new, cool high-tech thing that everyone in the crypto world is so excited about because it’s new and cool and high-tech, and it can help fight corruption or something. Forgive me, but that’s the impression I get...
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China Launches Digital Yuan Wallet For IOS And Android

The wallet is available for Android and iOS devices in their respective app stores, as the launch brings the country one step closer to introducing a central bank digital currency. Digital yuan wallet pilot now available throughout ChinaThe report of the wallet’s launch was first...
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US Regulator Cracks Down On Crypto Betting Service Polymarket

To this point, the Commodity Futures Trading Commission (CFTC) recently issued a $1.4 million fine for the crypto predictions company Polymarket, which failed to comply with registration requirements. The firm was also ordered to issue refunds and shut down operations immediately. What Happened?Polymarket is a...
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US Senate Classes Cryptocurrency As Equivalent To Cash For Reporting Purposes

The founding principle behind cryptos is that they are unregulated and decentralized. However, the US government is not too concerned about these principles. The existing Generally Accepted Accounting Principles (GAAP) do not directly refer to cryptocurrencies. The main accounting question is this: if cryptocurrencies are...
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India Set To Make Crypto Tokens An Asset Class — What This Means?

Cryptocurrency BansFollowing China’s cryptocurrency ban, regulatory concerns quickly shot up across the crypto community. But countries with the biggest crypto interest and use were the main focus. India, the second-biggest crypto country in Asia, became the focus of regulatory concerns. The fear of a crypto...
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Crypto Regulation Around The World: EU, US, UK, And Asia

Early on, regulators were happy to let the fringe sector exist in relative obscurity. Bitcoin then took off in 2013 and sparked the first major regulatory action on crypto via the Silk Road Marketplace shutdown. Since then, various jurisdictions have developed their regulations on cryptocurrencies,...
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Dubai World Trade Center To Become A Crypto Zone

For decades, Dubai has been on the lookout for any opportunity it might have to attract people and businesses. After monitoring recent developments in the crypto industry with great interest over the last few years, Dubai appears ready to make its move. According to its...
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How To Track Crypto Trading For Tax Purposes

Although the IRS will be tracking crypto trading information via the brokers, all Investors are advised to also keep their records. Every investor should track all his potential taxable transactions and the crypto fair market price throughout these activities. This will help them ensure the...
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India Parliament’s Winter Session: Three Crypto Bills Are Off The Table

Due to the recent disruptions in the Parliament, combined with the coming assembly elections in no less than five states, a number of bills have been removed from the schedule of India Parliament’s Winter Session. They included three key financial sector bills that were supposed...
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Thailand Central Bank Working Towards Developing Crypto Regulations

Proposed Regulation to Prohibit Crypto PaymentsAccording to Bloomberg on Tuesday (Dec. 14, 2021), BoT Governor Sethaput Suthiwartnarueput during an interview said that the central bank will issue a consultation paper on "Financial Landscape" by January 2022. The consultation paper is seeking a consensus for what...
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Australian Central Bank Not Compelled To Launch CBDC

Australia Not Ready to Issue Digital Australian DollarAccording to Reuters, RBA governor Philip Lowe while giving a speech on Thursday (Dec. 9, 2021), said that there is yet to be a "strong public policy case" for Australia to develop a retail CBDC, given the country's...
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India Government Planning To Regulate And Not Ban Crypto

India Not Banning CryptoAccording to local news outlet NDTV on Thursday (Dec. 2, 2021), a cabinet note being circulated by the Indian government as seen by the news outlet revealed that there was a suggestion to regulate private cryptocurrencies rather than ban them. The latest...
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Fidelity Investment Officially Launches Spot Bitcoin ETF In Canada

Fidelity's Spot Bitcoin ETF Debuts Trading in CanadaFidelity Investments Canada made history as the largest asset manager to launch a bitcoin ETF, as well as a mutual fund. The Fidelity Advantage Bitcoin ETF and the Fidelity Advantage Bitcoin ETF Fund officially launched in Canada on...
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Indonesia Central Bank Plans To Use CBDC To Fight Cryptocurrency

Fighting Crypto With CBDCAccording to Bloomberg on Tuesday (Nov. 30, 2021), the assistant governor of the Indonesia central bank Juda Agung, made the statement during a parliamentary hearing. According to Agung: “A CBDC would be one of the tools to fight crypto. We assume that...
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USDC Stablecoin Issuer Circle Served A Subpoena By The US SEC

Circle Cooperating With SEC InvestigationIn a regulatory filing on Monday (October 2, 2021), Circle revealed that it was subpoenaed by the SEC back in July. Meanwhile, the company initially disclosed that it was under investigation by the US regulatory agency in a filing back in...
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Thailand Tourism Agency Urged To Embrace Crypto To Boost Country's GDP

Crypto Holders Could Improve Thailand's EconomyAccording to the local media outlet,Bangkok Post Srupsrisopa made the statement while speaking at a seminar called Transform Tourism with Cryptourism on November 23. The Bitkub CEO stated that the over $2.8 trillion cryptocurrency market was worth nearly six times...
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EU Council Moves Forward With Landmark Crypto Regulatory Framework

Crypto Regulations Coming to the EUThe Council of the EU announced the news on its website on Wednesday (Nov. 24, 2021). According to the publication, the two proposals adopted include the Regulation on Markets in Crypto Assets (MiCA) and the Digital Operational Resilience Act(DORA). Both...
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IRS Seizes $3.5 Billion Crypto Assets In 2021 Fiscal Year

The Internal Revenue Service (IRS) has announced the seizure of billions of dollars worth of cryptocurrencies in 2021. In its latest annual report, the IRS stated that it retrieved $3.5 billion worth of crypto in the 2021 fiscal year. The data showed that out of...
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Department Of Justice Launches Dedicated Crypto Enforcement Team

Biden Administration Wants to ‘Protect’ U.S. CitizensAccording to Lisa Monaco, the Deputy Attorney General, their express goal is to step up the fight against ransomware groups. The fight against such misuse of cryptocurrencies aims to boost user confidence on these platforms. Here, the team would...
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Bank Of England And HM Treasury Working On Launching A CBDC By 2030

The UK is working towards launching a central bank digital currency (CBDC). The Bank of England and the HM Treasury have announced that it is taking the next major steps towards launching the digital pound. According to the press release, once the CBDC is launched,...
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Bitfury Appoints Former US OCC Head As New CEO

Former Acting Comptroller of the Currency Leads BitfuryBitfury announced the news of the appointment via a press release on Thursday (Nov. 4, 2021). An excerpt from the announcement reads: "Mr. Brooks will lead the 10-year-old crypto unicorn as it launches a new funding round, increases...
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Amendment Prohibits Pension Funds From Investing In Crypto

No Crypto Investment for Pension FundsThe draft proposals published in the Government Gazette, seek to amend Regulation 28 of the Pension Funds Act. According to Enoch Godongwana, the Minister of Finance for South Africa, “a fund may not invest in crypto-assets directly or indirectly.” The...
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U.S. Senators Ask Facebook To Cease Novi Wallet Pilot Program

Facebook Stablecoin Project Slammed by Five US LawmakersIn an open letter by Senators Elizabeth Warren, Sherrod Brown, Brian Schatz, Tina Smith, and Richard Blumenthal, addressed to Facebook’s Chairman and CEO Mark Zuckerberg on Tuesday (October 19, 2021), the U.S. lawmakers asked the social media company...
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New York's Attorney General Cracks Down On Crypto Lending Firms

The announcement issued on October 18 stated that these companies were acting contrary to the guidelines noted on a section of the General Business Law, also known as the "Martin Act." The attorney general further stated that crypto firms that offer lending services generate interest...
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Bitcoin Futures ETF May Finally Debut Next Week, Bloomberg Report Says

Bitcoin Futures ETF could be approved Next WeekThe Bloomberg report cited sources familiar with the matter, who stated that some of the filings whose deadlines are close could get the regulator’s approval. Some of the funds that are most likely to debut trading from next...
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G7 Leaders Discuss CBDC Guidelines, Say They Should ‘Do No Harm’

This week, the top seven advanced economies held discussions on the matter and concluded that CBDCs should not "do no harm" and that they should meet the required standards. The meeting by finance leaders from the G7 economies was held in Washington on October 13...
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US SEC Approves ETF For Companies With Significant Bitcoin Holdings

This new ETF will provide indirect investments to companies that hold the largest portion of their net assets in the primary cryptocurrency or generate most of their revenues and profits from crypto-related activities such as mining and lending. Some of the companies that will most...
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Russian Legislatures Discuss Legislative Restrictions On Crypto Investments

According to a local publication, the legislatures are considering these restrictions for unqualified investors who want to venture into digital assets. Restrictions to Protect InvestorsThe Head of the Duma Committee on the Financial Market, Anatoly Aksakov, was speaking during the International Conference on the Protection...
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Why Is The SEC Going To War With Crypto?

The relationship between the US SEC and the crypto industry has always been an uneasy one, at best, as for years, the regulator remained skeptical of the crypto industry and unconvinced of its potential. Quite the opposite, in fact, as the SEC has always considered...
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How Will DEXs be regulated? Will it happen?

However, with the decentralized nature of DEXs, it will be hard for regulators to formulate the right course of action when it comes to regulations. As such, regulations about these exchanges could take time before being enforced. Can DEXs be Regulated?It is required that all...
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Currency.com Joins CryptoUK To Pioneer Regulated Crypto Exchanges

Belarus-based trading platform Currency.com has joined forces with CryptoUK to help achieve the latter’s goal of achieving a favorable regulatory framework for the UK cryptocurrency industry. CryptoUK primarily intends to achieve this by collaborating with companies within the ecosystem to educate government bodies and regulators,...
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Crypto Exchange Poloniex to Settle SEC Charges in the US

On August 9th, 2021, the United States Securities and Exchange Commission announced that Poloniex LLC would pay $10.4 million to settle charges that they were operating an unlicensed exchange that facilitated the purchasing of digital asset securities. The SEC found that Poloniex failed to register...
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Is Regulation Good For Crypto? Is It Inevitable?

For an industry that has provided a censorship-resilient and non-government issued system of payment, it is hardly surprising that regulation is one of the biggest concerns in cryptosphere since Satoshi Nakamoto created the foremost distributed ledger, Bitcoin. While cryptocurrencies have undoubtedly lived up to the...
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Tether Woes Compound As Fresh Bank Fraud Probe Looms

Stablecoin issuer and the company behind the largest dollar-pegged token, Tether is again at the center of the regulatory attack. Fresh allegations hint that the United States Department of Justice may probe the company executives for bank fraud. Fraud Investigation According to Bloomberg, the subject...
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The UK Declares Crypto Ad Red Alert – Should We Expect More Bans?

This is not the first signal for the tightening advertising policy in cryptocurrencies. At the end of May 2021, the ASA demanded that the Luno cryptocurrency exchange change the advertising posted on the London transport network, recognizing it as ‘misleading.’ The New ASA Policy, Triggered...
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CBDCs Are Not Good For Anyone – 3 Reasons Why

Government Interest in Digital Currencies The main reason why central banks and other financial regulators have a problem with cryptocurrencies is their anonymity, making these assets easy to manipulate and be used for money laundering and terrorism financing. This created a gap for a central...
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What Are Privacy Coins, And Will They Be Able To Survive Regulation?

Monero (XMR), ZCash (ZEC), and DASH have been the leading cryptos offering on-chain privacy to various degrees, meaning users can hide transaction sizes and address balances. Although Bitcoin and Ether work using pseudonyms, otherwise known as addresses, it is reasonably easy to cross-reference IP addresses...
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Crypto For Property Tax Considered in Tennessee

A year after the devastating blow of the coronavirus to America, the country's economy acts like it was no big deal. Incessant printing of money, and stimulation packages one after another. The GDP is growing, people are spending, and the stock market is going all-time-high....
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Crypto Trade Groups Can’t Stop Shortsighted Regulators

Usually, it revolves around the controversial Craig Wright and his outlandish claims to be Satoshi Nakamoto or when certain currencies think that they are legitimately starting to threaten Bitcoin’s hegemony. We’re looking at you ETH and BCH. Regulatory Problems However, the number one reason to...
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U.S. Senator Says Debate About Crypto And Ransomware Just Starting

There have been countless cases of massive ransomware attacks, as well as smaller ones, many of which demanded to be paid in Bitcoin or some other cryptocurrency. Ransomware in the Senate These days, as digital currencies are rapidly advancing in terms of adoption, the topic...
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KYC – Why Is Verification A Necessary Evil?

For those interested in history, the KYC initiative dates back to 9/11, when America issued the Patriot Act – a federal law to prevent such attacks in the future. KYC Today Today KYC and AML compliance is a must for all regulated organizations which work...
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US‌ ‌Government‌ ‌To‌ ‌Create‌ ‌A ‌Ransomware‌ ‌Task‌ ‌Force‌, ‌Strike‌ ‌Crypto‌ ‌Fraudsters‌ ‌Back‌

Ransomware Attacks Spur Biden to Action According to Anne Neuberger, deputy national security adviser for cyber and emerging technologies, the Biden administration will be introducing a whole range of initiatives to stem growing cyber fraud. These measures were triggered by several successful hacker attacks on...