Tag: Regulation

Coinbase Blacklists Over 25,000 Crypto Addresses Tied to Russian Individuals and Entities – Regulation Bitcoin News

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The cryptocurrency exchange Coinbase has addressed the company’s procedures toward complying with sanctions in a blog post published on Sunday. The crypto firm says that respecting sanctions plays a “vital role in promoting national security” and the acts can help deter “unlawful aggression.” Coinbase Intends to Comply With International Sanctions, Chief Legal Officer Says ‘Digital Assets Have Properties That Naturally Deter Sanctions Evasion’ Following the statements of the two chief executives from two of the largest crypto exchanges on the planet, Coinbase has published a blog post concerning the company’s…

US Lawmakers Working on Policy to Open Crypto Markets to Institutional Investors, Says Kevin O’Leary – Regulation Bitcoin News

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Kevin O’Leary, aka Mr. Wonderful, has revealed that a group of U.S. lawmakers is working on a policy to open crypto markets to institutional investors. “The good news is they are all over it and agree there is tremendous opportunity once they pass policy,” said O’Leary. U.S. Senators Working on Crypto Regulation for Institutional Investors Shark Tank star Kevin O’Leary revealed in a series of tweets Thursday that he just had a bipartisan meeting with a group of U.S. lawmakers to discuss crypto regulation. He tweeted: Spent my day at…

Russia Proceeds With Efforts to Legalize Crypto Amid Sanctions Over Ukraine – Regulation Bitcoin News

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Authorities in Russia are continuing their work to establish a comprehensive legal framework for crypto transactions. The efforts, which started before the military invasion of Ukraine, go on amid warnings that Moscow may use cryptocurrencies to evade expanding financial sanctions. Expert Council Meets in Russia to Discuss Law ‘On Digital Currency’ Attempts to legalize and regulate operations with cryptocurrencies are ongoing in Russia, despite the situation surrounding the military assault the Kremlin launched in neighboring Ukraine. An expert council supporting the crypto regulatory working group at the State Duma, the…

Crypto industry seeks to educate, influence US lawmakers as it faces increasing regulation

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Interaction between the cryptocurrency industry and Capitol Hill is becoming ever more intensive as efforts to regulate crypto grow in tandem with its popularity. The surge in crypto industry lobbying last year was given some concrete parameters in February by crypto analytics startup Crypto Head. It released a report showing that the crypto companies that spent the most money on lobbying in 2021 were Robinhood, Ripple Labs, Coinbase and the Blockchain Association. These organizations were the lobbying leaders during the past five years as well, although with different rankings. Here…

Crypto Not Suitable as Means of Payment or Store of Value – Regulation Bitcoin News

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Malaysia’s deputy finance minister says that cryptocurrencies, such as bitcoin and ethereum, are not suitable as a means of payment or a store of value. While digital assets are not recognized as legal tender in Malaysia, the finance ministry official said that they are an asset class that can be invested in. Deputy Finance Minister on Cryptocurrency in Malaysia Malaysian Deputy Finance Minister Yamani Hafez Musa talked about cryptocurrency Thursday in reply to a question raised by parliament member Nurul Izzah Anwar in Dewan Rakyat, The Star reported. The parliament…

US Treasury Monitoring Crypto Use to Evade Sanctions, Says Treasury Secretary Yellen – Regulation Bitcoin News

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U.S. Treasury Secretary Janet Yellen says the Treasury Department is monitoring Russian efforts to evade sanctions using cryptocurrency. Four U.S. senators have written to Yellen raising concerns about Russia using cryptocurrency as a channel to circumvent sanctions. Treasury Secretary Janet Yellen on Monitoring Russian Efforts to Use Cryptocurrency to Evade Sanctions U.S. Treasury Secretary Janet Yellen talked about the Treasury Department monitoring Russian efforts to evade sanctions using crypto at an event hosted by the University of Illinois Wednesday, the Wall Street Journal reported. Yellen said: We will continue to…

Hillary Clinton Urges Regulation of Crypto Exchanges for National Security Purposes in Wake of Russian Sanctions

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Former Secretary of State Hillary Clinton is imploring cryptocurrency exchanges to deny access to Russian users as part of the United States’ broader effort to apply economic pressure after Vladimir Putin’s invasion of Ukraine. In an interview with MSNBC’s Rachel Maddow, Clinton says she disagrees with the crypto exchanges which have not gone along with the US’s recently imposed sanctions against Russia. “I was disappointed to see that some of the so-called crypto exchanges, not all of them, but some of them, are refusing to end transactions with Russia from…

Proof-of-Work Ban Removed From Europe’s Proposed Crypto Regulation – Regulation Bitcoin News

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A text threatening to prohibit cryptocurrencies relying on energy-intensive proof-of-work mining has been deleted from the draft legislation aimed at regulating the European crypto space. The move comes after the controversial provision sparked objections from the crypto community. MiCA Proposal Drops Ban on Proof-of-Work Coins Wording that could have banned cryptocurrencies with proof-of-work (PoW) mining, like bitcoin, is missing in the latest version of EU’s Markets in Crypto Assets (MiCA) framework. The European Parliament (EP) was expected to approve the proposal on the last day of February but the vote…

UK Regulator Bans Floki Inu Ad for Being Irresponsible, Exploiting Investor FOMO – Regulation Bitcoin News

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The U.K.’s advertising authority has banned an ad for cryptocurrency floki inu (FLOKI). The authority says the ad’s “Missed Doge? Get Floki” claim “exploited consumers’ fears of missing out and trivialized investment in cryptocurrency.” The ad was also “irresponsible” and “took advantage of consumers’ inexperience or credulity,” the regulator said. Floki Ad Banned in the UK The Advertising Standards Authority (ASA), the U.K.’s regulator of advertising, published its “Ruling on Floki Inu” Wednesday. The advertising authority began investigating an ad campaign for floki inu (FLOKI), the cryptocurrency inspired by Elon…

US lawmakers and Fed chair push for crypto regulation in wake of Russia sanctions

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Federal Reserve Chair Pro Tempore Jerome Powell and some members of the U.S. House of Representatives called for congressional action on crypto in response to discussions about Russia potentially evading sanctions. In a Wednesday hearing of the House Financial Services Committee on “Monetary Policy and the State of the Economy,” California Representative Juan Vargas asked Powell if cryptocurrency could be a “way out” for Russia looking for financial transactions in the wake of the United States and European Union cutting the country off from the SWIFT payments network. The Fed…