Tag: Regulation

Nearly 400 Crypto Firms Lose Their Estonian Licenses Under New Rules – Regulation Bitcoin News

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The majority of crypto companies attracted by the once favorable Estonian regulations have either abandoned or lost their licenses. According to the latest numbers released by the Baltic nation’s anti-money laundering bureau, only 100 businesses are currently authorized to provide digital-asset services. Most Estonian Licenses for Provision of Crypto-Related Services Expire A total of 389 authorizations issued by the Estonian government to virtual-asset service providers are no longer valid, the country’s Financial Intelligence Unit (FIU) announced this week. As of May 1, 2023, there were 100 active authorizations, the bureau…

Binance looks to the UK for regulation amid US crypto crackdown

Crypto exchange Binance has acknowledged that a crackdown on cryptocurrencies has made it challenging to conduct business in the United States, and it is now looking to be regulated in the United Kingdom. During the Financial Times’ Crypto and Digital Assets Summit, Patrick Hillmann, the company’s chief strategy officer, expressed that the past six months have been quite confusing for the U.S. He added that the recent actions taken by the Securities and Exchange Commission (SEC) against rival exchange Coinbase for allegedly violating securities laws are an indication of how “the…

US lawmakers hold EU and UK as examples of crypto regulation in joint hearing

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Some members of the United States House of Representatives’ Financial Services and Agriculture Committees pointed to crypto asset frameworks being employed outside the country when discussing regulatory gaps at home. In a May 10 joint hearing on the future of digital asset regulation, some lawmakers pointed to the European Union’s Markets in Crypto Assets framework and digital asset regulation in the United Kingdom in contrast with the patchwork of requirements in the United States. Responding to questions raised by Oklahoma Representative Frank Lucas, Kraken chief legal officer Marco Santori said…

Philippines Law Enforcement Busts Crypto Scam Center, Over 1,000 Human Trafficking Victims Rescued – Regulation Bitcoin News

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Over 1,000 human trafficking victims were recently rescued from a “fraud factory” in Mabalacat, a town located nearly 90 kilometers northwest of Manila, Philippines law enforcement has said. Michelle Sabino from the Philippine National Police Anti-Cybercrime Group said trafficking victims use social media platforms such as Facebook to lure unsuspecting individuals. Cryptocurrency Scams According to Philippines law enforcement, over 1,000 human trafficking victims were rescued following a recent raid on a compound in Mabalacat, approximately 90 kilometers northwest of the capital, Manila. According to officials, many of the trafficking victims…

Hong Kong to Have Tight Crypto Regulations, Head of Monetary Authority Says – Regulation Bitcoin News

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Companies attracted by the plan to turn Hong Kong into a hub for digital assets should expect strict regulations, the region has indicated. Authorities are preparing new licensing rules for service providers working with cryptocurrencies and guidelines for banks interacting with crypto firms. Crypto Hub Hong Kong Has No Intentions to Adopt ‘Light-Touch’ Regulations Hong Kong’s central banking institution has made it clear that crypto companies enticed by the city’s attempt to establish itself as a hotspot for digital-asset business will not operate under very lax regulations. In an interview…

Previewing Congress’s Joint Crypto Regulation Hearing

From the House perspective, the next step toward legislation is still Wednesday’s hearing, kicking off at 9:30 a.m. ET and featuring former Commodity Futures Trading Commission Chair and current Harvard Research Fellow Timothy Massad, Republic Crypto Head Andrew Durgee, Wilmer Cutler Pickering Hale and Dorr Partner Matthew Kulkin, Kraken Chief Legal Officer Marco Santori and Web3 Foundation Chief Legal Officer Daniel Schoenberger. Source

Hong Kong Warns Crypto Businesses Not to Expect Special Treatment as City Readies Regulation

A high-ranking Hong Kong official has warned crypto exchanges to expect strict regulation and advises those in opposition to go elsewhere.  Hong Kong has stated that its upcoming crypto regulation would not promote a light-touch approach despite the city’s crypto-friendly disposition. The Chinese special administrative region is putting the finishing touches to digital asset licensing rules as it seeks to become a global crypto hub. Speaking at Tuesday’s Bloomberg Wealth Asia Summit, Hong Kong Monetary Authority CEO Eddie Yue Wai-man warned: “Our regulations will be tight.” Yue added that crypto…

Liechtenstein Prime Minister Says Government to Accept Bitcoin Payments, Open to Investing Reserves in BTC – Regulation Bitcoin News

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Liechtenstein’s prime minister has reportedly revealed that bitcoin payments will be accepted for some government services. “A payment option with bitcoin is coming,” he said, adding that he is open to investing state reserves in the cryptocurrency. Bitcoin Adoption in Liechtenstein Daniel Risch, Liechtenstein’s prime minister who also serves as the country’s finance minister, has reportedly revealed that Liechtenstein plans to accept bitcoin payments for certain government services. He said in an interview with German business daily Handelsblatt Sunday without giving a specific timeframe: A payment option with bitcoin is…

Ripple CEO Says Company Spends $200 Million Fighting SEC Lawsuit Over XRP, Ruling Could Come in 3 Months – Regulation Bitcoin News

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Ripple CEO Brad Garlinghouse has revealed that his company is spending $200 million defending itself against the SEC in its lawsuit over xrp. The executive expects a decision on the lawsuit in three to six months. “If we win the lawsuit, it’ll be clear what xrp is, but the rest of the industry is still going to be unclear. And the whole crypto industry needs regulatory clarity in the U.S. to really thrive,” said the Ripple boss. Ripple’s CEO Shares New Info on SEC Lawsuit Over XRP The CEO of…

‘Landmark’ Crypto Law Proposed in New York to Establish ‘Strongest and Most Comprehensive’ Crypto Regulations in US – Regulation Bitcoin News

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New York State Attorney General Letitia James has proposed “landmark” crypto legislation that claims to be “the strongest and most comprehensive set of regulations on cryptocurrency” in the United States. “Rampant fraud and dysfunction have become the hallmarks of cryptocurrency and it is time to bring law and order to the multi-billion-dollar industry,” said Attorney General James. NYAG Letitia James Launches ‘Landmark’ Crypto Legislation The New York State Attorney General (NYAG) Office announced Friday that Attorney General Letitia James has proposed “landmark legislation to tighten regulations on the cryptocurrency industry…