Tag: Regulation

Zambia’s crypto regulation tests to be wrapped by June: Report

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Cryptocurrency regulation tests aiming to help shape crypto laws in Zambia that simulate the real-world use of crypto are on track to finish by June. In an April 12 Reuters interview, Zambia’s innovation, science and technology minister, Felix Mutati, said the purpose of conducting the tests was to help the government “see what would happen in the real world,” to assist in forming crypto regulations. Zambia’s central bank and securities regulator commenced the tests on Feb. 19, which Mutati said was looking to balance safety and innovation: “Our main goal…

French Central Bank Puts Its Suggestions for DeFi Regulation

The French central bank seeks to address the regulations for DeFi and stablecoins which go unattended in the pan-European MiCA regulations. On Thursday, April 11, the French Economy Ministry and the Banque de France published a consultation published two consultation papers individually to discuss European crypto asset regulation as well as the developments in the Metaverse. The French central bank shared its closed examination of decentralized finance (DeFi) along with its approach to regulation. Also, the discussion comes at a time when there’s a growing use of tokenization in finance…

India Seeks Common Crypto Framework for All Countries to Deal With ‘Many Collapses and Shocks in Cryptocurrencies’ – Regulation Bitcoin News

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India’s finance minister, Nirmala Sitharaman, said during her official visit to the U.S. that crypto regulation is a very important part of the discussion by the G20 countries given “so many collapses and shocks in cryptocurrencies.” She stressed: “We seek to develop a common framework for all countries to deal with this matter.” India Seeks Common Framework for Crypto Indian Finance Minister Niramala Sitharaman is currently on an official visit to the U.S. to attend this year’s Spring Meetings of the World Bank Group and the International Monetary Fund (IMF)…

French central bank looks at certification, incorporation as part of DeFi regulation

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The Banque de France has contributed to the discussion of European crypto asset regulation with a close examination of decentralized finance (DeFi) and potential approaches to its regulation. This discussion is timely because of the growing use of tokenization in finance and the introduction of blockchain technology in many economic sectors, the authors said.   The paper, written by members of the Fintech-Innovation Hub at the French central bank’s Autorité de contrôle prudentiel et de résolution, noted that the term DeFi hides a range of crypto asset services, technologies and…

IMF reiterates call for crypto regulation after the ecosystem’s ‘rough year’

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The International Monetary Fund, or IMF, has pointed to the collapse of FTX as well as “turmoil” in the banking sector in its calls for regulation of digital assets. In its Global Financial Stability Report released on April 11, the IMF renewed calls for “comprehensive and consistent regulation and adequate supervision” following the failures of cryptocurrency firms including FTX as well as the subsequent collapse of crypto-friendly banks, including Silicon Valley Bank and Signature Bank. According to the financial agency, regulation for entities in the crypto asset ecosystem — with…

Committee Advises SEC to ‘Aggressively Assert Authority’ Over Crypto — Says Virtually All Crypto Tokens Are Securities – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission’s Investor Advisory Committee has advised the SEC to “aggressively” assert authority over crypto assets that are securities. The advisory committee believes that “virtually all, if not all, crypto tokens are securities,” urging the regulator to “make crypto asset-related enforcement a top priority.” SEC Urged to ‘Aggressively’ Assert Authority Over Crypto Securities The U.S. Securities and Exchange Commission (SEC) Investor Advisory Committee (IAC) submitted its view on the regulation of crypto assets to the SEC on Thursday. The committee was established under Section 911 of…

ECB Board Member Warns EU’s New Crypto Rules Not Sufficient – Regulation Bitcoin News

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A European Central Bank Supervisory Board member has warned that the crypto rules in the EU’s Markets in Crypto-Assets (MiCA) bill “will not be sufficient on their own.” While emphasizing that “MiCA will set out important safeguards to prevent incidents similar to the FTX case from occurring,” she cautioned: “Certain areas still need further strengthening.” ECB’s McCaul Warns of EU’s Inadequate Crypto Regulation Elizabeth McCaul, a member of the European Central Bank Supervisory Board, discussed cryptocurrency regulation in a blog post published by the ECB Wednesday. She explained that the…

Government Could Ban, Seize Bitcoin — CBDCs Could Lead to Financial Slavery, Political Tyranny – Regulation Bitcoin News

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Presidential hopeful Robert F. Kennedy Jr. has issued a warning regarding the Federal Reserve’s new Fednow system and the potential risks of central bank digital currencies leading to financial slavery and political tyranny. He additionally warned: “We should not be blind to the obvious danger that this is the first step in banning and seizing bitcoin as the Treasury did with gold 90 years ago.” Robert F. Kennedy Jr. Warns about Fednow and CBDCs Lawyer and vaccine skeptic Robert F. Kennedy Jr. criticized the Federal Reserve’s Fednow system and central…

Int’l securities body IOSCO prepares crypto regulation report for 2023

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The International Organization of Securities Commissions (IOSCO) will launch a consultation for its regulation report on crypto assets in Q2 2023. The final recommendations from the organization are planned to be published by the end of 2023.  The dates are scheduled in IOSCO’s work program for 2023–24. Two major workflows are dedicated to decentralized assets in IOSCO’s Fintech Task Force plan. The first covers crypto and digital assets, and the second covers decentralized finance (DeFi). The DeFi consultation will start in Q3 of 2023. According to the work program text,…

Binance Asked to Provide More Information as Dubai Tightens Screws Against Crypto Entities – Regulation Bitcoin News

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Dubai’s Virtual Assets Regulatory Authority (VARA) has reportedly asked Binance to share more information about the crypto exchange’s ownership structure and its auditing procedures. According to reports, Dubai regulators are still keen on fostering innovation but without comprising the security of users’ funds. Binance Asked to Provide More Information The collapse of the crypto exchange FTX prompted Dubai regulators to ask for more information from crypto license applicants such as Binance, a Bloomberg report has said. According to the April 5 report, officials from Dubai’s Virtual Assets Regulatory Authority (VARA)…