Tag: Regulation

Florida’s Office of Financial Regulation Issues Warning About DeFi

Florida’s Office of Financial Regulation (OFR) has issued a warning about decentralized finance (DeFi) based companies that offer lending, banking and investment services. The OFR is cautioning the public that before using any DeFi-based service, it is important to do the necessary due diligence and understand what DeFi is in order to avoid becoming the victim of a scam. The state regulatory body warns the DeFi investment market is still new, highly volatile and driven mostly by psychological factors rather than investment fundamentals. DeFi is one of the fastest-growing sectors…

Crypto Ban Proposed by Bank of Russia Met With Opposition in Parliament, Government – Regulation Bitcoin News

The central bank’s push for a restrictive policy regarding cryptocurrencies is not gaining support among members of the Russian government, legislature, or law enforcement. A blanket crypto ban, as proposed by the bank, would make a laughingstock of Russia, lawmakers have warned. Bank of Russia’s Hardline Stance on Crypto Rejected by Other Russian Institutions The Central Bank of Russia’s lobbying for prohibitive legislation on cryptocurrencies has not been met with understanding by other government bodies, Russian media revealed. Last week, the regulator published a consultation paper urging for a wide-ranging…

Russian finance ministry official calls for crypto regulation, not restriction

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In surprising comments made by the Russian director for financial policy, Russia could be softening its stance toward crypto. Ivan Chebeskov, a director within the Ministry of Finance, has come out in support of regulating crypto rather than banning it. His support is a response to the Russian central bank proposing a blanket ban on crypto mining and trading. According to Chebeskov, banning cryptocurrency operations and mining will lead to the country lagging behind the worldwide tech industry. The minister instead suggested that cryptocurrencies should be regulated: ​​“We need to give these…

Oman Invites Bids From Firms Interested in Creating Regulatory Framework for Virtual Assets – Regulation Bitcoin News

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Authorities in the Middle Eastern state of Oman have asked specialized companies, interested in helping the country set up a regulatory framework for virtual assets, to submit their proposals. Interested companies need to submit their proposals no later than March 23, 2022. Process Divided Into Two Phases The Oman financial regulator, the Capital Markets Authority (CMA), recently invited companies interested in helping it set up a regulatory framework for virtual assets to participate in a tender process. According to a report by Unlock Media, this process of creating the regulatory…

Myanmar Military Government Proposes to Jail Digital Currency and VPN Users – Regulation Bitcoin News

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Myanmar’s military-ruled government is proposing to enact laws that will see users of virtual private networks (VPN) and digital currencies being jailed for up to three years. In addition, offenders will be made to pay fines of up to $2,800. Draft Bill Open for Comments Myanmar’s military-ruled government is proposing to enact a law that outlaws the use of virtual private networks (VPN) and digital currencies in that country. Once enacted, violators of the new law not only face jail time but will be made to pay a fine. According…

SEC Has Taken 97 Crypto Enforcement Actions So Far — Crypto a Top Priority for Chairman Gensler – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has brought 97 cryptocurrency enforcement actions so far. Furthermore, the securities regulator has imposed approximately $2.35 billion in total monetary penalties against digital asset market participants. 97 Crypto Enforcement Actions Cornerstone Research published a report titled “SEC Cryptocurrency Enforcement: 2021 Update” last week. The report analyzes SEC enforcement activities from July 2013 to December 2021, the company detailed, elaborating: Since the first action in July 2013, the SEC has brought a total of 97 enforcement actions as of December 31, 2021. According to…

No Developed Nation Bans Cryptocurrencies, Telegram Founder Pavel Durov Warns Russia – Regulation Bitcoin News

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Pavel Durov, founder of the messaging app Telegram, has criticized Bank of Russia’s proposal to impose a blanket ban on a range of crypto-related activities. Such move would stifle high-tech development and chase away blockchain specialists, Durov says. Durov Speaks Out Against Bank of Russia Push for Crypto Ban The cryptocurrency ban proposed by the Central Bank of Russia (CBR) will destroy a number of high-tech sectors and spark an outflow of IT specialists, Pavel Durov, the man behind the popular-in-the-crypto-community messenger, Telegram, has predicted. The Russian entrepreneur also alerted…

UBS Warns of Crypto Winter Amid Expectation of Fed Rate Hikes and Regulation – Markets and Prices Bitcoin News

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UBS, Switzerland’s largest bank, has warned about a crypto winter where prices crash and may not recover for years. The bank’s analysts explained several major reasons affecting the prices of cryptocurrencies. UBS Expects Crypto Winter That Could Last Years Switzerland’s largest bank, UBS, has warned of a crypto winter where prices crash and may not recover for years. The bank’s analysts, led by James Malcolm, recently explained in a note to clients several reasons why cryptocurrency may lose its attractiveness to investors this year. Firstly, the UBS analysts detailed that…

Crypto and NFTs meet regulation as Turkey takes on the digital future

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In her monthly Expert Take column, Selva Ozelli, an international tax attorney and CPA, covers the intersection between emerging technologies and sustainability, and provides the latest developments around taxes, AML/CFT regulations and legal issues affecting crypto and blockchain. Turkey — the cradle of civilization — is quietly digitizing despite its high-inflation economy, and the lira’s volatility might be correlated with the prices of Bitcoin (BTC) and Ether (ETH). During the fourth quarter of 2021, the TRY/USD exchange rate crashed from 9 to 18.5 liras per dollar in the six weeks…

Russia May Allow Crypto Mining and Gold-Backed Stablecoins, Lawmaker Says – Regulation Bitcoin News

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Russia can legalize cryptocurrency mining and stablecoins backed by gold under government control, a high-ranking member of the Russian parliament has suggested. The statement comes after Bank of Russia proposed a wide-ranging ban on the use of cryptocurrencies, and their trading and mining. Mining and Some Stablecoins Can Be Legalized in Russia, Duma Deputy Insists The free circulation of cryptocurrencies must not be allowed as they carry risks for unqualified investors, but Russia may permit the use of gold-backed stablecoins and the mining of cryptocurrencies under government control, the Chairman…