Tag: Regulation

Regulator Says UAE ‘Closer to Issuing the Regulatory and Supervisory Framework’ for VASPs – Regulation Bitcoin News

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The United Arab Emirates (UAE) is getting closer to issuing a regulatory and supervisory framework that will govern the country’s virtual asset industry, the Securities and Commodities Authority (SCA) has said. FATF Recommendations A UAE securities regulator, the SCA has said it is getting closer to “issuing the regulatory and supervisory framework related to virtual assets issued for investment purposes.” In addition, the regulator revealed in a statement that it had consulted the “concerned authorities” during the development of the regulatory framework that addresses the risks of money laundering and…

Crypto Industry Welcomes Biden’s Executive Order — Expert Says ‘It’s About as Good as We Could Ask’ – Regulation Bitcoin News

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Many people in the crypto industry welcome President Joe Biden’s executive order on crypto. A crypto regulatory expert says, “It’s about as good as we could ask.” Another sees the order as the federal government viewing “cryptocurrency as a legitimate, serious, and important part of the economy and society.” Crypto Community Welcomes Biden’s Executive Order U.S. President Joe Biden signed an executive order (EO) Wednesday establishing a national policy for digital assets. The order is “the first-ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital…

Softer-than-expected crypto regulation and stocks’ rebound position Bitcoin for a $42K close

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Bitcoin (BTC) bulls jumped in to defend the $40,000 level after a devastating retest of the $38,000 support on March 7. The confidence and momentum that was building up earlier in the month was suddenly shattered after BTC failed to break $44,500 for the third time this month on March 2. The Bitcoin price rally on March 9 has been partially attributed to this week’s expected United States inflation data report. Analysts expect another 40-year record high as the consumer price index (CPI) reaches 7.9% yearly gains. Furthermore, a statement from…

Biden Signs Executive Order Establishing National Crypto Policy Across 6 Key Priorities – Regulation Bitcoin News

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U.S. President Joe Biden has signed a “historic” executive order on crypto assets, establishing “a national policy for digital assets across six key priorities,” the White House stated. The executive order outlines “the first-ever, whole-of-government approach to addressing the risks and harnessing the potential benefits of digital assets and their underlying technology.” President Joe Biden’s Executive Order on Crypto Signed U.S. President Joe Biden signed a long-awaited executive order on crypto Wednesday, according to an announcement by the White House. Biden was expected to sign the executive order at the…

Biden to sign executive order on crypto, authorize all-government effort to consolidate regulation

Later today, U.S. President Joe Biden will sign a long-anticipated executive order on digital assets. Despite fears that the order may resound a regulatory clampdown on the industry, the language of the document is fairly favorable, the key focus being coordination and consolidation of various agencies’ efforts within a unified national policy. The order designates six key areas of the federal government’s involvement with the digital asset ecosystem — consumer and investor protection, financial stability, financial inclusion, responsible innovation, the United States’ global financial leadership, and combating illicit financial activity…

Europe’s MiCA Crypto Rules Submitted, ECON Committee to Vote in Mid-March – Regulation Bitcoin News

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The European Union’s regulatory proposal for crypto markets, MiCA, has been filed with the European Parliament. The latest version of the draft framework does not feature a controversial provision that could have effectively prohibited cryptocurrencies like bitcoin that rely on proof-of-work mining. Economic and Monetary Affairs Committee to Vote on Latest MiCA Draft on March 14 The EU’s Markets in Crypto Assets (MiCA) regulations have been submitted to the European Parliament’s Economic and Monetary Affairs Committee (ECON), the rapporteur for the regulatory package, Stefan Berger, announced on Twitter. Members of…

Pakistan’s Central Bank Sees Few Good Use Cases for Crypto Citing ‘a Lot of Misuses’ Worldwide – Regulation Bitcoin News

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The central bank of Pakistan does not see many good use cases for crypto. However, the regulator cites “a lot of misuses” of cryptocurrency around the world, “including human rights violations, trafficking of people, money laundering, and many other things.” Pakistani Central Bank Governor’s Stance on Crypto The governor of the State Bank of Pakistan (SBP), Reza Baqir, talked about cryptocurrency during a panel discussion at the 13th Karachi Litera­ture Festival Sunday, Dawn newspaper reported. Asserting that crypto lacks good use cases, the Pakistani central bank governor remarked: When we…

US Lawmakers Introduce Bill to Sanction Russia’s Gold – Regulation Bitcoin News

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Four U.S. senators are introducing a bill to place sanctions on Russia’s gold. “This legislation would deter the purchase of Russian gold and close this loophole that allows the Russian Federation to soften the financial impact of sanctions,” the senators explained. “By sanctioning these reserves, we can further isolate Russia from the world’s economy and increase the difficulty of Putin’s increasingly-costly military campaign.” US Lawmakers Seek to Sanction Russia’s Gold U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Bill Hagerty (R-TN), and Angus King (I-ME) announced Tuesday the introduction of…

FinCEN Issues ‘Red Flags’ on Potential Sanctions Evasion Using Cryptocurrency – Regulation Bitcoin News

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The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Russian efforts to evade sanctions that includes a number of crypto-related red flags. However, the bureau admitted that it has not seen “widespread evasion” of its sanctions using cryptocurrency. FinCEN Warns About Sanctions Evasion The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued an advisory Monday providing regulated financial institutions with “red flags on potential Russian sanctions evasion attempts.” Him Das, acting director of FinCEN, said: “It is vitally important for U.S.…

South African Regulator Explains Why It Has Been Targeting Global Crypto Exchanges – Regulation Bitcoin News

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Brandon Topham, the head of enforcement at South Africa’s financial sector regulator, has insisted that his organization has not issued warnings to some global exchanges because they deal in crypto. Rather, the warnings have been made because the exchanges are not registered to offer derivatives in the country. Exchanges Not Registered to Offer Derivative Products An official with the South African financial sector regulator, the Financial Sector Conduct Authority (FSCA), has said his organization has been targeting global cryptocurrency exchanges operating in the country because they “offer a derivative product…