Tag: Regulation

Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act – Regulation Bitcoin News

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Bitmex co-founder Arthur Hayes is not going to prison for violating the U.S. Bank Secrecy Act. Instead, the former crypto exchange CEO has been sentenced to “six months of home detention and two years of probation.” Hayes has agreed to pay a fine of $10 million. Bitmex’s Arthur Hayes Sentenced The U.S. Department of Justice (DOJ) announced Friday that the founder and former CEO of cryptocurrency derivatives exchange Bitmex has been sentenced for violating the Bank Secrecy Act (BSA). Hayes pleaded guilty to violating the Bank Secrecy Act in February.…

CFTC Chairman Confirms Bitcoin, Ether Are Commodities – Regulation Bitcoin News

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The chairman of the U.S. Commodity Futures Trading Commission (CFTC) says he is certain bitcoin and ether are commodities. He outlined how his agency is working with the U.S. Securities and Exchange Commission (SEC) to regulate the crypto sector, noting that “there are no customer protections right now in the crypto market.” Bitcoin and Ether Are Commodities ‘For Sure’ CFTC Chairman Rostin Behnam discussed the regulation of cryptocurrencies by the CFTC and the SEC in an interview with CNBC last week. The chairman was asked to comment on a bill…

Singapore High Court Injunction Blocks Sale or Transfer of BAYC #2162 NFT – Regulation Bitcoin News

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The Singapore High Court has granted a court injunction which stops or blocks the sale of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that one man claims was wrongfully taken away from him. NFT Used as Collateral A Singapore man has won a court injunction that blocks the sale or potential transfer of a Bored Ape Yacht Club (BAYC) non-fungible token (NFT) that he claims to be rightfully his. According to a report, the NFT is currently in the possession of an online lender named Chefpierre. The man,…

Draft Law About NFTs Submitted to Russian Parliament – Regulation Bitcoin News

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Lawmakers have filed a bill with the State Duma aimed at introducing the term NFTs to Russian legislation. The authors of the draft say the rights of those who own non-fungible tokens need to be protected as Russians are currently dealing with NFTs at their own risk. Russian Deputies Propose Amendments Legally Defining NFTs Members of the lower house of Russian parliament, the Duma, have put forward a draft law that will incorporate the term “NFT-tokens” into the Civil Code of the Russian Federation. The sponsors of the bill, Vladislav…

Cryptocurrency Is ‘Based on Nothing,’ Should Be Regulated, ECB’s Lagarde Says – Regulation Bitcoin News

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President of the European Central Bank Christine Lagarde has insisted that unlike a digital euro, cryptocurrency has no underlying asset. It should be regulated to prevent people from losing their life savings by speculating on crypto assets, the top ECB official has suggested. Cryptocurrency Is ‘Worth Nothing,’ ECB Governor Claims The head of the eurozone’s monetary authority, Christine Lagarde, maintains that cryptocurrencies are “based on nothing,” and is concerned about people “who have no understanding of the risks, who will lose it all and who will be terribly disappointed, which…

G7 Finance Leaders Call for Swift and Comprehensive Crypto Regulation – Regulation Bitcoin News

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The G7 finance ministers and central bank governors have called for a swift and comprehensive regulation of crypto assets. The G7 decision followed the recent crypto market turmoil, including the collapse of cryptocurrencies LUNA and UST. G7 Countries Calling for Swift, Comprehensive Regulation of Crypto Assets The finance ministers and central bank governors from the Group of Seven (G7) industrialized nations convened in Bonn and Königswinter, Germany, on May 18–20. Among the topics they discussed was the regulation of crypto assets following the recent market turmoil and the collapse of…

Director’s Update: Doing more with less – working with the FOI community to improve future FOI regulation

20 May 2022 This is the second in a series of updates from Warren Seddon, Director of FOI and Transparency. His blog posts provide a regular update on our FOI work and share key learnings to help practitioners and the wider FOI community understand our developing thinking and carry out their roles. You can read Warren’s last blog post here. The story of our performance regulating the Freedom of Information (FOI) Act is one of doing more with less in real terms. Even before the pandemic we continued to face…

SEC Chair Gensler Warns a Lot of Crypto Tokens Will Fail Following LUNA, UST Collapse – Regulation Bitcoin News

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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has warned that a lot of crypto tokens will fail and many crypto investors will get hurt following the collapse of terra (LUNA) and stablecoin terrausd (UST). SEC Chair Gensler’s Warning After LUNA and UST Collapse U.S. Securities and Exchange Commission Chairman Gary Gensler expressed his concerns Wednesday that more crypto investors will be harmed following the implosion of cryptocurrency terra (LUNA) and stablecoin terrausd (UST). He told reporters after a House Appropriations Committee panel hearing: I think…

Cyprus Drafts Crypto Rules, May Introduce Them Before EU Regulations – Regulation Bitcoin News

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Cyprus has prepared its own legislation to regulate crypto assets and is likely to adopt it before Europe finalizes a common regulatory framework, a government official has indicated. The authorities in Nicosia welcome the “careful” use of cryptocurrencies, he added. Government of Cyprus to Submit ‘Attractive’ Crypto Bill Cyprus has an “enviable position” in the EU when it comes to innovation, with the second-best progress last year, according to the European Innovation Scoreboard, the country’s Deputy Minister for Research, Innovation and Digital Policy Kyriacos Kokkinos stated at a meeting with…

Panama President Mulls Crypto Bill Approval Due to Money Laundering Concerns – Regulation Bitcoin News

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The president of Panama, Laurentino Cortizo, has declared he will not sign the recently approved cryptocurrency bill passed by the National Assembly of the country in its current form. Cortizo stated that one of his main concerns about the bill is the stance it takes regarding money laundering activities and crypto. Cortizo may approve some parts of the bill while vetoing others. Panama’s President Considers Crypto Bill Veto Laurentino Cortizo, the president of Panama, has announced his opinion regarding the recently approved cryptocurrency bill, and how it might…