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El Salvador Bets On Bitcoin Whales Investing In Its Volcano Bond

Bitcoin Bond Could See Demand from Crypto WhalesAccording to the Financial Times, Paolo Ardoino, the Chief Technology Officer of cryptocurrency derivatives exchange Bitfinex, revealed that users of the exchange have indicated “half a billion dollars” of interest in the bond. Back in November 2021, the...
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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 in New Jersey, Oklahoma, Kentucky, Washington, Texas, Alabama, Vermont, and Indiana for operating interest-bearing crypto accounts. According to state regulators, Voyager’s activities were in contravention of securities...
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Crypto Must Be Regulated: Bank Of Japan

Following Russia’s attack on Ukraine, countries throughout Europe — and indeed, throughout the world — announced sanctions against Russia for acting as an aggressor. However, due to the cryptocurrency industry, which is decentralized and out of any centralized institution’s or government’s control, the question now...
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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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Binance Is Back In Malaysia!

Photo by Esmonde Yong on UnsplashPhoto by Esmonde Yong on Unsplash Who in the crypto-verse hasn’t heard of Binance? They are a well-known cryptocurrency exchange–the largest exchange in the world in terms of daily trading volum. Binance has previously acquired many regional exchanges around the...
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Blockchain Against Crime: Dubai Police With A New Approach

Recently, during the World Police Summit, the Dubai police revealed plans for a new approach to fighting crime. With new technologies, the way criminals conduct their activities is changing and evolving. Law enforcement officers have concluded that they need to adopt these technologies as well,...
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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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EU Regulatory Authorities Issue Crypto Warning

A group of European Union financial regulators has warned consumers against the risky nature of cryptocurrencies, adding that they could lose all their money if they make crypto investments. Retail Consumers Could Lose Their Money in Crypto InvestmentsThe warning published on Thursday (March 17, 2022),...
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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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Crypto Prices Rally After Ukraine Moves To Recognize Digital Currencies

New reports have revealed that Ukraine is moving towards legally recognizing cryptocurrencies in the country. The country’s president, Volodymyr Zelenskyy, signed a virtual assets bill into law this Wednesday, March 16th. The new law will allow Ukraine to establish a regulated crypto market and grant...
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South Korean President-Elect To Make Country A Crypto Hub

Suk-yeol Promises Better Crypto PoliciesYoon Suk-yeol of the conservative People Power Party (PPP), South Korea's main opposition party, emerged as the President-elect of the country by a close margin against rival Lee Jae-myung of the ruling Democratic Party. During one of the campaigns, Suk-yeol made...
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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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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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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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Why Is Binance Banned In The USA? Examining The Issues

Founded in 2017 by Changpeng Zhao, Binance grew to be the biggest cryptocurrency exchange in the world. However, in 2021 the United States Department of Justice along with the Internal Revenue Service began investigating the exchange on allegations of money laundering and tax offenses. 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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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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Coinstore Moves Into India Despite Regulatory Concerns

Despite this uncertainty, Singaporean-based exchange Coinstore has started operations with the launch of a web and app dedicated to Indian users. Coinstore co-founder Jennifer Lu revealed that more than 15% of cryptocurrency transactions in India occur on its exchange. This metric is a major factor...
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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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Binance Singapore Withdraws License Bid

Binance Singapore has announced plans to withdraw its application for a license allowing it to operate in Singapore. As a result, Binance will phase out Singapore users from the platform by February 13, 2022. With Singapore having one of the most progressive crypto regulatory frameworks,...
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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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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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Spanish Regulator Criticizes Andres Iniesta For Advertising Binance

The Spanish market regulator, National Securities Market Commission (CNMV), has issued a warning to legendary soccer star Andres Iniesta for promoting cryptocurrency investments, stating that such investments are risky. Iniesta recently advertised Binance, the largest cryptocurrency exchange platform on his social media handles. Iniesta is...
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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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Turkey’s Failing Economy And The War On Cryptocurrency

Turkey’s Failing EconomyIt is not uncommon for countries with a history of high inflation to have a low savings rate, there are two main reasons for this. Firstly, what's the point in saving money if it's going to be worthless in the future? Secondly, if...
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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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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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Is it Possible to Ban Crypto? (Spoiler: Not Really)

Changing Regulations As a result, some started working on regulations, as the demand for "digital gold" from private and institutional investors rose higher than ever. Some threw all their efforts into the development of CBDCs. And lastly, some – like Algeria, Egypt, and Bolivia –...