Tag: Regulation

NCA wants regulation for coin mixers, but the crypto industry is already one step ahead

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The United Kingdom’s National Crime Agency (NCA) seeks to regulate the crypto coin mixers under the country’s laws against money laundering. Coin mixing tools are popular in the decentralized world as they maintain the privacy of transactions. These tools often mix several transactions to obscure the origin of a particular transaction. Then the recipient receives the transactions from a mixing “black box” comprised of hundreds of transactions from various wallets. While privacy-focused, these tools often face regulators’ ire as they are also a known way for hackers and criminals to…

Better Business Bureau Warns About Cryptocurrency — BBB Ranks Crypto Scams Second Riskiest – Regulation Bitcoin News

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The U.S. Better Business Bureau (BBB) says cryptocurrency scams have become the second riskiest. In addition, the organization noted that “Payment made via cryptocurrency that resulted in a monetary loss more than doubled from 2020.” BBB Sees Rising Crypto Scams The U.S. Better Business Bureau (BBB) released its 2021 BBB Scam Tracker Risk Report Friday. “This annual report uses data submitted by individuals and businesses to BBB Scam Tracker to shed light on how scams are perpetrated, who is being targeted, which scams have the greatest impact, and much more,”…

Japan Asks Crypto Exchanges to Comply With Sanctions Restrictions — Penalty Includes 3 Years in Prison – Regulation Bitcoin News

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Japan’s top financial regulator has asked cryptocurrency exchanges in the country not to process transactions subject to asset-freeze sanctions. The penalty for unauthorized payments to sanctioned persons includes three years in prison. Japan’s Financial Regulator and Ministry of Finance Ask Crypto Exchanges to Comply With Sanctions Restrictions Japan’s top financial regulator, the Financial Services Agency (FSA), announced Monday that the country will contribute to international sanctions efforts surrounding Ukraine following its attack by Russia. The FSA added that it has received approval by the Cabinet to implement “various measures including…

EU Parliament Committee Votes Against Proof-of-Work Ban, Supports Alternative Amendment on Crypto Assets – Regulation Bitcoin News

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European Parliament’s economic and monetary affairs committee has voted against banning proof-of-work-based assets for companies in the European Union. An alternative proposal on crypto assets by European Parliament member Stefan Berger receives support instead. Committee Rejects Proof-of-Work Ban The Committee on Economic and Monetary Affairs (ECON) voted on the proposed Markets in Crypto Assets (MiCA) framework Monday. The proposal includes a de-facto ban on proof-of-work, a last-minute addition to the bill. According to Patrick Hansen, head of strategy at Unstoppable Finance, the committee has voted against the proposed proof-of-work (POW)…

MiCA Amendments Proposed Last Minute Revive Threat of EU Ban on Bitcoin, Report Reveals – Regulation Bitcoin News

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Changes to the EU’s MiCA proposal to regulate crypto markets, suggested shortly before a vote on the package, indicate a bitcoin ban is still a possibility. Despite recently removing wording that would have prohibited coins with energy-intensive mining, some members of the European Parliament are now targeting “unsustainable” cryptocurrencies. New MiCA Paragraphs Call for Subjecting Cryptocurrencies to ‘Sustainability Standards’ A text banning the offering of services for cryptocurrencies relying on the proof-of-work (PoW) mining method was recently deleted from Europe’s Markets in Crypto Assets (MiCA) draft legislation. The controversial provision…

We Will Ensure Russia Cannot Use Crypto Assets to Evade Sanctions – Regulation Bitcoin News

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The Group of Seven (G7) countries issued a joint statement stating that they “will ensure that the Russian state and elites, proxies and oligarchs cannot leverage digital assets as a means of evading or offsetting the impact of international sanctions.” Meanwhile, the U.S. Treasury Department is “closely monitoring any efforts to circumvent or violate Russia-related sanctions, including through the use of virtual currency.” G7 Committed to Ensuring Russia Cannot Evade Sanctions Using Crypto The leaders of the Group of Seven (G7) countries jointly issued a statement Friday regarding further sanctions…

Cryptocurrency Can Bring Growth to American Economy if Properly Regulated – Regulation Bitcoin News

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U.S. Senator Cory Booker sees cryptocurrency as “an exciting innovation with the potential to bring growth to the American economy if properly nurtured and regulated.” The senator from New Jersey is encouraged by President Joe Biden’s executive order on crypto regulation. US Senator Sees Crypto Benefiting American Economy U.S. Senator Cory Booker talked about the potential benefits of cryptocurrency to the American economy Thursday. His comments followed President Joe Biden’s executive order on crypto regulation. Booker became the first African American to represent New Jersey in the U.S. Senate in…

UK Watchdog Asks Crypto ATM Providers to Stop Operating or ‘Face Enforcement Action’ – Regulation Bitcoin News

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U.K. watchdog, the Financial Conduct Authority (FCA), has told firms running crypto ATMs in the country that they are operating illegally and must therefore shut down their machines. Operators that fail to heed the warning will face enforcement action, the FCA said. Crypto ATM Providers Operating Illegally The U.K. financial sector watchdog, the Financial Conduct Authority (FCA), has said it asked cryptoasset service providers that operate crypto ATMs to “shut their machines down or face enforcement action.” The watchdog insisted that since none of the crypto firms that it has…