Tag: Regulation

Illegal Use of Cryptocurrency Largely a Myth, Russian Lawmaker Says – Regulation Bitcoin News

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Only a small share of cryptocurrency transactions have illicit purposes and the use of digital coins in illegal activities is for the most part a myth, a high-ranking Russian lawmaker has recently stated. Andrey Lugovoy, who is one of the deputies working on new crypto regulations, also said Russia can become a global leader in crypto mining. Russian Developers Working on Software Detecting ‘Dirty’ Cryptocurrency The illegal use of cryptocurrencies is largely a myth, according to Andrey Lugovoy, a member of the working group on crypto regulation at the State…

Central Bank of Cuba Introduces Specific Virtual Asset Service Providers Regulation – Regulation Bitcoin News

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The Cuban government has issued new regulations concerning the operation of virtual asset service providers (VASPs) in the country. In an official resolution, the Bank of Cuba establishes specific procedures that these individuals or companies must follow to operate legally in the country, after establishing a general framework in August. Bank of Cuba Clarifies Rules for VASPs The Cuban government has advanced a new law framework that brings clarity to how virtual asset service providers must proceed to operate legally in Cuba. A new decree, identified with the…

India’s Decision on Crypto Regulation Will Not Be Rushed, Says Finance Minister – Regulation Bitcoin News

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Indian Finance Minister Nirmala Sitharaman says that the country’s crypto policy will not be rushed. “Our intention is in no way to hurt the ecosystem, or to even say that we don’t need it,” she added. Finance Minister on Indian Crypto Regulation India’s finance minister, Nirmala Sitharaman, discussed cryptocurrency regulation Wednesday at a fireside chat organized by Stanford University School of Medicine. She explained that India will not rush to finalize the country’s crypto policy. On the contrary, she said India will take an informed decision after due deliberations across…

We Want to Be a Responsible Global Crypto Hub – Regulation Bitcoin News

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The Monetary Authority of Singapore (MAS), the country’s central bank and the regulator of the crypto sector, says that its licensing process for digital asset service providers needs to be stringent. “It needs to be because we want to be a responsible global crypto hub with innovative players, but also with strong risk management capabilities,” said the central bank chief. Singapore’s Crypto Regulation Needs to Be ‘Stringent’ Monetary Authority of Singapore (MAS) Managing Director Ravi Menon talked about cryptocurrency regulation at the Financial Times Crypto and Digital Asset Summit Wednesday.…

Russian Law Enforcement Submits Proposals to Regulate Seizure of Crypto Assets, Data Sharing – Regulation Bitcoin News

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Russian Ministry of Finance has accepted a number of crypto regulatory proposals submitted by the country’s law enforcement departments. They cover a range of related areas, including the seizure of digital assets and the reporting of information on cryptocurrency transactions. Finance Ministry of Russia Backs Regulations Proposed by Law Enforcement Agencies Russia’s Ministry of Finance (Minfin) has supported some regulatory ideas regarding cryptocurrencies put forward by the nation’s law enforcement services, the daily Izvestia unveiled this week. The ministry is responsible for drafting the legislation that will introduce comprehensive rules…

Bank of Russia Seeks to Allow Stock Exchanges to Trade Digital Assets – Regulation Bitcoin News

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The Central Bank of Russia has recently proposed authorizing traditional stock exchanges to operate in the digital assets market. Industry watchers say the regulator aims to provide investors with an option to trade cryptocurrencies in a controlled environment. Russian Stock Exchanges to List Digital Financial Assets, Central Bank of Russia Suggests Stock exchanges and central clearing counterparties may be allowed to facilitate the trading of digital financial assets (DFAs), a collective term encompassing cryptocurrencies and tokens under current Russian law. The proposal was put forward by the Central Bank of…

Top ECB Official Ramps Up Anti-Crypto Rhetoric, Calls for Global Regulations – Regulation Bitcoin News

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Comparing the rise of crypto assets to the gold rush, a top executive at the European Central Bank has urged governments to take action to prevent “a lawless frenzy of risk-taking.” Speaking in the U.S., the ECB official called for a global regulatory clampdown on cryptocurrencies and stepping up efforts to issue central bank digital currencies. ECB’s Fabio Panetta Lashes Out at Crypto Assets, Says They Fail to Fulfill Promise A century and half after Americans pushed westward to seek fortune, a growing distrust of banks and technological innovation have…

Cambodia Reaffirms Stance Against Unsanctioned Crypto-Related Activities – Regulation Bitcoin News

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Cambodian authorities have reportedly said that no cryptocurrency company has been issued a business license yet, and that conducting cryptocurrency-related activities in the country is still illegal. Fintech Industry Growing Rapidly The Cambodian government has not greenlighted the issuing or use of any cryptocurrency in the country, a report has said. The report, which cites a document recently released by the Ministry of Finance and Economics, said it is still illegal to create, distribute, or trade cryptocurrencies in Cambodia. According to a China News Service report, while the ministry does…

Nepal Shuts Down Crypto Websites, Apps — Warns About Engaging in Crypto Activities – Regulation Bitcoin News

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The Nepal Telecommunications Authority has issued a warning that crypto activities are illegal. The regulator emphasized that websites, apps, and online networks related to crypto activities are prohibited to be used, operated, or managed within the country. Nepalese Regulator’s Crypto Warning Nepal’s regulator of the technology sector, the Nepal Telecommunications Authority (NTA), issued a notice Monday warning the public about engaging in illegal activities, specifically naming cryptocurrency, bitcoin, and online gambling. Noting that transactions using digital technologies, such as cryptocurrency, have been on the rise in Nepal, the NTA stressed…

Gibraltar rolls out new virtual asset regulation to combat market abuse

The British overseas territory of Gibraltar introduced a new regulatory package for distributed ledger technology (DLT) service providers. The document elaborates on the responsibilities of crypto businesses in regards to threats of market manipulation and insider trading.  On April 27, the government of Gibraltar published the 10th Regulatory Principle of the country’s financial services regulation. The details are revealed in a Guidance Note, provided by the Gibraltar Financial Services Commission (GFSC), the chief finance regulator of the territory. The regulation, crafted by a special working group that included both government…