Tag: Regulation

RBI lists risks of stablecoin for developing economies, calls for global regulation

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Stablecoin has a lot of potential to harm emerging markets and developing economies, the Reserve Bank of India (RBI) claimed in its latest Financial Stability Report, released June 28. The report listed six threats that stablecoin presents. The RBI has been a steadfast critic of cryptocurrency, but it was particularly articulate about the problems it sees with stablecoin “from an EMDE [emerging markets and developing economies] perspective.” It listed six specific problems, even though: “The lack of authenticated data and inherent data gaps in the crypto ecosystem impede a proper…

Google Cloud Reveals ‘Productive Conversations’ with Authorities in EU on AI Regulation

The head of Google’s cloud division has said the company’s discussions with the EU will help create a “path forward” for AI development. Google is currently in productive talks with authorities in the European Union (EU) about artificial intelligence (AI) regulations. The company and EU regulators are having early discussions about designing safe AI technology. Google Cloud CEO Thomas Kurian told CNBC that the conversations are for the progress of the technology. Kurian also noted that the aim is to maximize AI opportunities despite its inherent risks: “We’re having productive…

How security, education and regulation can mitigate rising crypto scams

Crypto losses to bad actors have significantly increased in the last two years, but cybersecurity experts believe there is no cause for concern, as most new tech is exploited during the early days of its use.  According to blockchain security firm CertiK’s annual Web3 security report for 2022, malicious actors drained over $3.7 billion in value from Web3 protocols last year, representing a 189% increase over the $1.8 billion lost in 2021. CertiK’s report for the first quarter of 2023 also revealed that hackers accessed over $320 million in the…

Blockchain Aus CEO hammers ‘regulation by enforcement’

Blockchain Australia’s new CEO Simon Callaghan hopes the Federal Government will take its cues on crypto regulation from the United Kingdom, Hong Kong, and Singapore — and definitely not the United States. In his new position, Callaghan aims to steer crypto rule-making in the country and avoid making similar moves to the U.S. Securities and Exchange Commission — which is suing the world’s two largest exchanges and has branded at least 68 tokens as securities. “Regulation by enforcement is the equivalent of having a hammer and seeing everything as a…

Lack of bipartisan support on crypto regulation could make US ‘less attractive’ to firms: Moody’s

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The investors’ service of credit ratings agency Moody’s has reported that without support from United States lawmakers on both sides of the political aisle for legislation focused on digital assets, investors and companies could turn to other crypto-friendly jurisdictions. In a June 20 report, Moody’s pointed to key differences in the way Democrats and Republicans have handled crypto-focused legislation in the U.S., specifically competing language in a bill on stablecoins and a bill aimed at providing a comprehensive framework for digital assets. Many of the issues between lawmakers concern whether…

UK government moves forward on financial markets bill for potential regulation of crypto

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Lawmakers in the upper house of the Parliament of the United Kingdom are moving forward with legislation that could help support the adoption of crypto in the country. In a meeting of the U.K. Parliament’s House of Lords on June 19, many members advocated for the passage of the Financial Services and Markets Bill — legislation aimed at strengthening the country’s financial services industry. The bill went through a third reading in the House of Lords, one of the final stages in passage before considering any additional amendments and being…

cypherpunk ideals, regulation and the future of bitcoin

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In an exclusive interview with crypto.news, Paolo Ardoino, chief technology officer at Bitfinex and Tether, provided a fascinating insight into his journey in the cryptocurrency industry, his thoughts on regulation, and the role of bitcoin in the future. Journey into crypto Ardoino, a lifelong developer, got involved in the cryptocurrency industry after discovering bitcoin (BTC) as a potential ledger solution to outdated and bug-ridden financial technology. Beginning his journey with Bitfinex in 2014, he worked on improving their bitcoin trading platform before transitioning to his current role as the CTO…

SEC Requests Extension to Respond to Coinbase Regulation Request

The crypto industry and market participants, including Coinbase, require clear guidance to navigate compliance obligations effectively and ensure regulatory alignment. The United States Securities and Exchange Commission (SEC) has requested a four-month extension to respond to the request for regulatory clarity regarding crypto made by Coinbase Global Inc (NASDAQ: COIN). The exchange which alongside Binance was sued by the market regulator over its failure to register its staking-as-a-service offering under securities law, had initially requested clarification on several key regulatory issues, aiming to enhance transparency and compliance within the rapidly…

Ripple welcomes MiCA regulation as US lawsuit highlights lack of clarity

Cryptocurrency payments service provider Ripple continues to see global adoption of its payment services despite a long-winded legal battle with the United States Securities and Exchange Commission (SEC) over its XRP (XRP) token. In a wide-ranging interview with Cointelegraph at Money 20/20 in Amsterdam, Sendi Young, Ripple’s managing director for Europe and the United Kingdom, unpacked the firm’s growing remit worldwide, despite ongoing regulatory scrutiny in the United States. Cryptocurrency exchanges and businesses have clashed with U.S. regulators over the past year, with a lack of regulatory clarity threatening to stifle…

How crypto education, regulation, and token utility will shape the future of money

Blockchain and cryptocurrency technology has taken the financial world by storm, carrying with it the risks and rewards of innovation and investment. It is natural to feel left out, it is also important to educate oneself on the risks involved, the utilities of each potential token investment and the regulatory frameworks designed to prevent fraud, scans and illegal activities. Let’s explore how crypto education platforms, token utilities, and crypto regulations can help protect investors while creating a more secure and efficient monetary system in the future. Crypto education In 2022,…