Tag: Regulation

Cryptocurrency Draft Law Presented in Peru – Regulation Bitcoin News

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A draft of a new cryptocurrency asset law was introduced in Peru in December, seeking to regulate the cryptocurrency interactions that are already happening in the country. The draft law, besides defining what a crypto asset is and establishing the duties of virtual asset service providers (VASPs), also seeks to legalize the use of assets to incorporate and be held by companies. Peru Launches First Cryptocurrency Regulation Attempt A new piece of draft legislation called “Cryptoasset Marketing Framework” has been introduced in the Peruvian Congress under the number…

Total Crypto Ban Is Difficult to Implement, Crypto Assets Should Be Regulated – Regulation Bitcoin News

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A renowned economist who is a member of India’s Monetary Policy Committee says that a total cryptocurrency ban is difficult to implement and “would only increase illegal activities and participation in the darknet.” She believes that crypto assets should be regulated. Monetary Policy Committee Member Says a Complete Crypto Ban Is Difficult to Implement Ashima Goyal, a member of India’s Monetary Policy Committee, talked about cryptocurrency in an interview with PTI on Sunday. The Monetary Policy Committee (MPC) determines the policy interest rate required to achieve the inflation target. Goyal…

China’s Digital Yuan Wallet App Now in iOS and Android App Stores – Regulation Bitcoin News

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China’s central bank has released its digital currency wallet app ahead of the Winter Olympics. The wallet app for the digital yuan, also known as e-CNY, can now be downloaded from the iOS and Android app stores in the country. Digital Yuan Wallet App Now Downloadable From iOS and Android App Stores China’s central bank, the People’s Bank of China (PBOC), has released a pilot version of its central bank digital currency (CBDC) wallet application. Developed by the PBOC Digital Currency Research Institute, the wallet app for e-CNY, also known…

Estonia Clarifies Upcoming Regulations, Will Not Ban Crypto Holding or Trading – Regulation Bitcoin News

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The government of Estonia has approved legislation tailored to improve oversight of its crypto sector which expanded rapidly due to favorable regulations and business climate. The new law, which is yet to be adopted, will introduce stricter requirements for service providers without preventing their clients from owning or exchanging cryptocurrencies. Authorities in Tallinn Draft Stricter Rules for Crypto Service Providers The executive power in Estonia has prepared and approved draft legislation designed “to more effectively regulate virtual asset service providers (VASPs).” The main goal, the Finance Ministry explained on Sunday,…

Polymarket’s CFTC Fine Hints at DeFi Regulation Roadmap

“DeFi presents unique challenges to both builders and regulators, and Polymarket remains committed to working with regulators to ensure that the rules currently governing digital assets and DeFi are sufficiently clear, allow for innovation in the United States, and protect individuals’ interests and the integrity of U.S. markets,” Polymarket  said in its statement. “We remain optimistic and look forward to a productive relationship with the CFTC that carves out a compliant path for DeFi products in the future.” Source

European Markets Regulator Seeks Feedback on Regulation of Tokenized Securities

The European Union’s markets regulator is seeking feedback on whether regulations need to be amended to accommodate tokenized securities. The European Securities and Markets Authority (ESMA) is seeking submissions from stakeholders on the use of blockchain technology in the settlement and trading of tokenized securities. Specifically, ESMA is exploring whether existing rules need to be amended to be effective for securities traded using distributed ledger technology (DLT). The agency’s “DLT Pilot” will explore how data stored on a blockchain could enable more efficient, secure and cost-effective trading and settlement of…

CFTC Fines ‘Decentralized’ Prediction Market Platform Polymarket $1.4 Million, Shuts Down Noncompliant Markets – Regulation Bitcoin News

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The U.S. Commodity Futures Trading Commission (CFTC) has ordered a “decentralized” prediction market platform to shut down non-compliant markets and pay a fine of $1.4 million. “Polymarket had been operating an illegal unregistered or non-designated facility for event-based binary options online trading contracts, known as ‘event markets,’” said the derivatives regulator. CFTC Takes First Crypto Enforcement Action of the Year The Commodity Futures Trading Commission (CFTC) has taken the first crypto enforcement action of the year in the U.S. The derivatives regulator announced that it entered an order Monday “filing…

Billionaire Ray Dalio Insists Governments Could Outlaw Bitcoin – Regulation Bitcoin News

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Billionaire Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has reiterated his warning that governments could outlaw bitcoin. “In history, they’ve outlawed gold and they’ve outlawed silver and so on, and they could outlaw bitcoin,” he stressed. Ray Dalio Continues to Warn About Governments Outlawing Cryptocurrency Bridgewater Associates founder Ray Dalio talked about bitcoin as he reiterated his warning that governments could outlaw the cryptocurrency on the Investor’s Podcast Network, published Saturday. Dalio currently serves as Bridgewater Associates’ chairman and co-chief investment officer. His firm’s clients…

India’s Central Bank RBI Says Crypto Is Prone to Fraud and Poses Immediate Risks to Consumer Protection – Regulation Bitcoin News

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India’s central bank, the Reserve Bank of India (RBI), has warned about multiple risks cryptocurrency poses to the country’s financial stability. “They are also prone to frauds and to extreme price volatility,” the apex bank claims, stressing that “cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) / combating the financing of terrorism (CFT).” RBI’s Assessment of Cryptocurrency India’s central bank, the Reserve Bank of India (RBI), published its biannual Financial Stability Report (FSR) last week. The 144-page document includes a section on “private cryptocurrency risks.” The term…

Canadian Regulator Insists Binance Is Unauthorized, Calls the Crypto Exchange’s Letter to Users ‘Unacceptable’ – Regulation Bitcoin News

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The Ontario Securities Commission (OSC) claims that Binance has rescinded its commitment to comply with previously agreed requirements. The crypto exchange told the regulator that there would be no new transactions involving Ontario residents after Dec. 31. However, Binance recently informed its Ontario users that they no longer have to close their accounts by year-end. OSC Says Binance’s Action Is ‘Unacceptable’ Cryptocurrency exchange Binance got into trouble with the Ontario Securities Commission (OSC) Thursday. Binance notified its users in June that Ontario was becoming a restricted jurisdiction and users may…