Tag: Regulation

Russian Regulators Find Common Ground — Bitcoin Can’t Be Used for Payments – Regulation Bitcoin News

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Russian authorities are yet to reach full consensus on the future of cryptocurrencies but government institutions are on the same side of the fence in their intention to ban bitcoin payments. Other operations with digital assets are to be legalized and regulated, representatives of Russian business have revealed. Russian Central Bank, Finance Ministry Agree to Prohibit Crypto Payments The Central Bank of Russia, the Ministry of Finance and the government have converged on the question of how to regulate Russia’s crypto space. Decentralized digital currencies will not be accepted as…

FTC Warns of Romance Scams Luring People Into Bogus Cryptocurrency Investments – Regulation Bitcoin News

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The U.S. Federal Trade Commission (FTC) has warned about romance scams using cryptocurrency. Scammers use romance as a hook to lure people into bogus investments, especially crypto, the federal agency explained. “2021 numbers are nearly five times those reported in 2020, and more than 25 times those reported in 2019,” said the FTC. FTC Warns About Crypto Romance Scams The U.S. Federal Trade Commission (FTC) issued a warning Thursday about crypto-related romance scams. The FTC is an independent agency of the U.S. government whose principal mission is the enforcement of…

Spain Modifies Tax Model 720, Used to Declare Cryptocurrency Holdings Abroad – Regulation Bitcoin News

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The Spanish parliament has introduced an amendment to the tax model 720 used to declare cryptocurrency and other holdings abroad, softening some of the penalties associated with it. The modification, which has not yet been approved, changes some of the harsher penalties that were declared illegal by the Court of Justice of the European Union last month. New Model 720 in Parliament An amendment of the tax model 720, which forced taxpayers to disclose crypto and other kinds of asset holdings outside of the country, was introduced in the Spanish…

South Korea Jails Seven Masterminds of Country’s ‘Largest Crypto Fraud Scheme’ – Regulation Bitcoin News

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Seven executives of the collapsed South Korean scam cryptocurrency exchange, V Global, were recently handed lengthy jail sentences as punishment for their role in running one of the country’s biggest crypto frauds. Verdict Sets New Benchmark Seven former masterminds of the now-defunct scam crypto exchange, V Global, were recently given jail sentences for their part in misappropriating nearly $1.9 billion in investors’ funds. Lee Byung-gul, who was the CEO of the entity when the funds went missing, was handed a 22-year jail term while his accomplices were given jail sentences…

Canadian Lawmaker Introduces Bill to Encourage Crypto Sector Growth – Regulation Bitcoin News

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A bill has been introduced in Canada to encourage the growth of the crypto sector. “Canada should be attracting billions of dollars in investment in the fast growing crypto asset industry. Today I introduced a bill, the first of its kind in Canada, to make sure this becomes a reality,” said the parliament member who introduced the bill. Bill to Grow Crypto Sector Launched in Canada Canadian parliament member Michelle Rempel Garner introduced “Bill C-249” on Wednesday, which “may be cited as the Encouraging the Growth of the Cryptoasset Sector…

SEC Working With CFTC on Crypto Regulation, Says Chairman Gensler – Regulation Bitcoin News

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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says the securities regulator is working with the Commodity Futures Trading Commission (CFTC) on crypto regulation. In addition, he said the SEC is “trying to work with various crypto platforms, exchanges, lending platforms” to ensure investor protection. SEC Chair Gary Gensler on Crypto Regulation SEC Chairman Gary Gensler talked about cryptocurrency regulation in an interview with Bloomberg this week. “We do have a broad agenda and crypto is part of that agenda,” he began. Commenting specifically on crypto…

India Won’t Legalize or Ban Crypto at This Stage, Finance Minister Confirms – Regulation Bitcoin News

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India’s finance minister has revealed the current status of crypto policy in India, including whether crypto will be legalized or banned in the country. The question surrounding the legitimacy of cryptocurrency was raised in parliament after the government announced that income from crypto transactions will be taxed at 30%. Finance Minister Reveals Status of Crypto Policy in India India’s finance minister, Nirmala Sitharaman, clarified on Friday that the government has not made a decision on whether to legalize or ban cryptocurrency. During her Budget speech last week, the finance minister…

Global Regulators ‘Going Full Steam’ on Crypto — Official Says ‘Current Structure Is No Longer Fit for the Purpose’ – Regulation Bitcoin News

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Global regulators are “going full steam” on cryptocurrency regulation. “The current structure is no longer fit for the purpose with the development of cross-border digital market activities,” said the chairman of France’s markets watchdog AMF. Global Regulators Going Full Steam on Cryptocurrency Regulation Robert Ophèle, chairman of France’s markets watchdog, the Autorité des marchés financiers (AMF), and a member of the Financial Stability Board (FSB), reportedly discussed global cryptocurrency regulation Wednesday at a virtual conference held by Afore Consulting. The FSB is an international body that monitors and makes recommendations…

Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India – Regulation Bitcoin News

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The governor of India’s central bank, the Reserve Bank of India (RBI), has reiterated his concerns that cryptocurrency is a “big threat” to the country’s financial and macroeconomic stability. He also warned investors of the risks of investing in crypto, stating this type of investment has no underlying value. RBI’s Multiple Concerns About Crypto Reserve Bank of India (RBI) Governor Shaktikanta Das said during a press conference Thursday that cryptocurrency is a major threat to India’s macroeconomic and financial stability. Referring to any crypto not backed by the central bank…

Russian Government Approves Plan to Regulate Cryptocurrency – Regulation Bitcoin News

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The federal government in Moscow has adopted a concept for regulating the Russian crypto space as early as this month. The new framework is expected to place cryptocurrency flows under state oversight, introduce strict obligations for market participants, and ensure investor protection. Russian Authorities Move to Legalize Crypto Economy The Russian government “has determined the future of digital currencies in Russia,” an announcement published late Tuesday stated. The executive power in Moscow elaborated that the plan is to integrate the circulation of cryptocurrencies into Russia’s financial system. The cabinet also…