Tag: Regulation

Abu Dhabi Global Market Regulatory Arm Unveils Document Proposing Changes to Virtual Asset Regulations – Regulation Bitcoin News

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The Financial Services Regulatory Authority (FSRA), a regulator in the United Arab Emirates (UAE)’s financial center and free zone, the Abu Dhabi Global Market (ADGM), has released a consultation paper that proposes amendments to regulations that govern the use of virtual assets. Regulator Seeks to Amend Requirements for Public Keys A regulator in the Abu Dhabi Global Market (ADGM) — a financial centre and free zone located in the UAE — has unveiled a consultation paper proposing amendments to the regulatory framework that governs the use of virtual assets. The…

Fed Chair Powell Says Crypto Needs New Regulation Citing Risks to US Financial System – Regulation Bitcoin News

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The chairman of the Federal Reserve, Jerome Powell, says crypto requires new regulation, citing that it presents risks to the U.S. financial system and could destabilize existing financial institutions. Fed Chair Powell Sees the Need for New Crypto Regulation Federal Reserve Chairman Jerome Powell talked about the need to establish new regulation for cryptocurrency Wednesday during a panel discussion on digital currencies organized by the Bank for International Settlements (BIS). Noting that new forms of digital money, including cryptocurrencies and stablecoins, will require new rules to protect consumers, the Fed…

Thailand Adopts Rules Restricting Cryptocurrency Payments From April – Regulation Bitcoin News

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Regulators in Thailand have decided to limit the use of cryptocurrencies as a means of payment. The authorities consider the country’s current payment system efficient and insist cryptos would only bring risks for the financial system, economy, people and businesses. Thailand SEC Issues Regulations Limiting Use of Digital Assets for Payments Financial regulators in Thailand are taking steps to prevent the use of cryptocurrencies in payments for goods and services, citing various financial and economic threats. On Wednesday, the country’s Securities and Exchange Commission (SEC) announced rules designed to discourage…

DBS CEO Sees Crypto as an Alternative to Gold — Says Central Banks Globally Should Regulate Cryptocurrencies – Regulation Bitcoin News

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The CEO of Southeast Asia’s largest bank, DBS, says cryptocurrency “can be an alternative to gold.” He added that regulating crypto “out of the formal banking system is an unwise thing to do.” DBS’ CEO on Cryptocurrency and Regulation DBS Bank Group CEO Piyush Gupta talked about cryptocurrency and its regulation at the recent Economic Times Global Business Summit. DBS is Southeast Asia’s largest bank by assets. The Economic Times quoted Gupta as saying: I don’t think that cryptocurrencies will become money as we know it, but it can be…

UK Regulator Issues Crypto Ads Notice to 50 Firms — Says ‘This Is a Red Alert Priority’ – Regulation Bitcoin News

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The U.K.’s advertising authority has sent an enforcement notice to more than 50 companies that advertise cryptocurrencies. “We will monitor for compliance and implement sanctions if we do not see improvements,” said the regulator. British Advertising Regulator’s ‘Red Alert’ Priority Issue The U.K. Advertising Standards Authority (ASA), the country’s regulator of advertising, announced Tuesday: We have issued an enforcement notice to over 50 companies which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated fairly.…

Malaysian Ministry Proposes Legalizing NFTs to Boost Participation in Crypto Sector – Regulation Bitcoin News

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Malaysia’s communications ministry has proposed legalizing non-fungible tokens (NFTs) to increase the participation of young people in the cryptocurrency space. The crypto sector is under the purview of the central bank, Bank Negara Malaysia, and the Securities Commission. Malaysian Ministry Wants NFTs Legalized Malaysia’s Ministry of Communications and Multimedia has proposed legalizing non-fungible tokens (NFTs) “to help the younger generation who are actively involved in the space,” Malaysian national news agency, Bernama, reported Monday. Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin was asked in Dewan Rakyat, the lower…

We Don’t See That Crypto Could Be Used in Large-Scale Way to Evade Sanctions – Regulation Bitcoin News

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The U.S. Department of the Treasury does not see that cryptocurrency could be used in a large-scale way to evade sanctions. “Its share as a medium for illicit finance is not anywhere as large as just using cash,” a senior Treasury official noted. Treasury Department’s View on Crypto Use to Evade Sanctions Nellie Liang, Treasury undersecretary for domestic finance, talked about the potential use of cryptocurrency as a tool to evade sanctions for Russia Friday in an interview with Reuters. The senior Treasury official explained that the crypto market is…

Facebook Owner Meta Sued for Publishing Scam Crypto Ads by Australian Regulator – Regulation Bitcoin News

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The Australian Competition and Consumer Commission has filed a lawsuit against Meta, formerly Facebook, for “publishing scam advertisements featuring prominent Australian public figures.” The regulator said, “The essence of our case is that Meta is responsible for these ads that it publishes on its platform.” Meta Sued for Publishing Cryptocurrency Scam Ads The Australian Competition & Consumer Commission (ACCC) announced Friday that it has taken legal action against Meta Platforms Inc. (formerly Facebook) and Meta Platforms Ireland Ltd. Australia’s competition regulator alleges that the companies “engaged in false, misleading or…

European ‘MiCA’ regulation on digital assets: Where do we stand?

The proposed European Union Regulation on Markets in Crypto Assets, or MiCA, (hereinafter the “regulation”) was put to a vote in the European Union Parliament’s Committee on Economic and Monetary Affairs on March 14, 2022, and in the end, the proposed amendment to ban or restrict proof-of-work-based crypto assets, which would have effectively resulted in a ban on Bitcoin (BTC), was rejected. The question of how crypto assets will be assessed from an environmental regulation perspective remains, however, with the Member of the European Parliament in charge of the text…

Dubai’s New Virtual Asset Regulator Licenses Crypto Exchanges Binance, FTX – Regulation Bitcoin News

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Dubai’s Virtual Asset Regulatory Authority has licensed two cryptocurrency exchanges: Binance and FTX. The regulator was formed last week when Dubai approved its first law to regulate crypto assets. Dubai Licenses Binance and FTX Cryptocurrency exchanges FTX and Binance have been licensed by Dubai’s Virtual Asset Regulatory Authority (VARA). The regulator was established last week when the first law to regulate crypto assets was adopted in Dubai. Binance announced Wednesday: We have been granted a virtual asset license from Dubai’s Virtual Asset Regulatory Authority (VARA). With this license, “Binance will…