The bill was approved during a plenary session of the Legislative Assembly by a 40-0 vote on April 28. Source
Panama President Considers Vetoing Crypto Regulation Legislation
Tag: Regulation
Swiss think tank urges greater global cooperation on crypto regulation
In a bid to combat illegal activity and “regulatory arbitrage,” a Swiss-based think tank has urged greater international cooperation on cryptocurrency regulation. On Monday, the Basel Institute of Governance and the International Academy of Financial Crime Litigators released a paper calling for further coordinated action against unlawful crypto-markets. Among the proposed solutions are greater cooperation between jurisdictions, as well as the creation of worldwide standards for cryptocurrency regulation. According to the paper, investigators who work with cryptocurrency should invest in learning approaches and technologies that are contemporary with evolving criminal…
Fed Vice Chair Pick and Ex-Ripple Adviser Tells Senators Crypto Needs Regulation
Michael Barr, a former Ripple adviser nominated by President Joe Biden to run the Federal Reserve’s oversight of the U.S. financial sector, sees cryptocurrency technology offering “some potential for upside and also some significant risks,” he said during a Senate hearing Thursday. While his time on the board of advisers at Ripple wasn’t raised during his opening testimony at a Senate Banking Committee hearing on his confirmation, Barr – now dean of the public policy arm of the University of Michigan Law School – was asked about his thoughts on…
Trade Minister Expects Russia to Legalize Cryptocurrency – Regulation Bitcoin News
Cryptocurrencies will be eventually legalized, a member of the Russian government has opined. The question is when this will happen, Trade Minister Denis Manturov stated as new crypto-related legislation advanced in the State Duma this week. Crypto Legalization Is Current Trend, Russian Minister Acknowledges Cryptocurrency can be legalized in the Russian Federation, according to a statement by the country’s Minister of Industry and Trade Denis Manturov, during the “New Horizons” educational marathon organized by the Russian “Knowledge” society. Quoted by the Tass news agency, the government official elaborated: I think…
Bank of England’s Cunliffe Warns Crypto Will See Tough Times as Federal Reserve Tightens Financial Conditions – Regulation Bitcoin News
Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has warned of hard times ahead for cryptocurrency investors as the Federal Reserve and other central banks tighten monetary policy. Bank of England’s Executive Warns About Crypto Sir Jon Cunliffe, deputy governor for financial stability at the Bank of England (BOE), had a warning for crypto investors at a Wall Street Journal conference Tuesday, Reuters reported. The Bank of England executive cautioned that crypto investors should expect more difficult times ahead. He explained that as the Federal Reserve and…
Chinese Authorities Prosecute Alleged Masterminds Behind MDC Pyramid Scheme – Regulation Bitcoin News
Chinese authorities in Rong County recently said they have prosecuted eight individuals accused of being the masterminds behind the Magic Data Chain (MDC) pyramid scheme. The pyramid is thought to have handled transactions with a total value of over $147 million. Virtual Currency Pyramid Scheme Authorities in China’s Rong County, Zigong City, recently prosecuted eight people accused of orchestrating the MDC virtual currency pyramid scheme, a local report has said. According to the report, the prosecution of the case was handled by the Rong County People’s Procuratorate, and was only…
German BaFin official calls for ‘innovative’ EU-wide DeFi regulation
Birgit Rodolphe, an executive director at Germany’s Federal Financial Supervisory Authority (BaFin) has called for innovative and uniform regulation of the decentralized finance (DeFi) space throughout the European Union (EU). BaFin is Germany’s financial regulatory body responsible for regulating banks, insurance firms, and financial institutions including cryptocurrency companies. BaFin is the issuer of “crypto custody licenses,” a permit required for firms wanting to offer cryptocurrency services within Germany. In an article on BaFin’s website Rodolphe warned of the risks to consumers of the unregulated DeFi space and called for standardized…
South Korea Launches ‘Emergency’ Investigation Into Collapse of LUNA and UST – Regulation Bitcoin News
South Korea’s top financial regulators have launched an emergency investigation into the collapse of cryptocurrency LUNA and stablecoin UST. The authorities have asked domestic cryptocurrency exchanges to provide information relating to transactions and investors of the two coins. South Korea’s Emergency Investigation Into LUNA, UST South Korea has launched an “emergency” investigation of domestic crypto exchange operators following the collapse of the terrausd stablecoin (UST) and terra (LUNA) cryptocurrency, Yonhap News reported Tuesday, citing unnamed sources. Last week, UST lost its peg to the U.S. dollar, sending its price and…
US congress research agency weighs in on UST crash, notes gaps in regulation
The Congressional Research Service (CRS), a legislative agency that supports the United States Congress, has published a document that contains a rundown on algorithmic stablecoins and points out key factors to look at in the TerraUSD (UST) crash. In the report, the CRS described the UST crash as a “run-like” scenario and posited that there are policy issues connected to the risk of such events. According to the CRS, a “run” situation starts when holders are doubtful of the reserves that back the dollar peg of the asset. Following this, a…
Indian Regulator SEBI Proposes Banning Public Figures From Endorsing Crypto Products – Regulation Bitcoin News
The Securities and Exchange Board of India (SEBI) has reportedly proposed banning public figures, including celebrities and sportsmen, from advertising and endorsing crypto products. The regulator also proposed that public figures be held liable for any law violations when promoting crypto products. SEBI’s Crypto Advertising and Endorsement Proposal The Securities and Exchange Board of India (SEBI), the country’s securities and commodity market regulator, has proposed prohibiting public figures, including celebrities and sportsmen, from endorsing crypto products, Businessline reported last week. In addition, the regulator proposed requiring advertisers to disclose possible…