Tag: Regulation

India Brings Crypto Transactions Under Prevention of Money Laundering Act – Regulation Bitcoin News

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India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.” India Applies PMLA to Crypto Transactions India’s Ministry of Finance published a gazette on Tuesday notifying that certain crypto activities “when carried out for or on behalf of another natural or legal person in the course…

CFTC Chair Insists Ether Is a Commodity, Not a Security as Claimed by SEC Chairman – Regulation Bitcoin News

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The chairman of the Commodity Futures Trading Commission (CFTC) has insisted that ether is a commodity, not a security as claimed by the chairman of the Securities and Exchange Commission (SEC). The CFTC chief stressed that the derivatives watchdog would not have allowed ether futures products to be listed on CFTC-regulated exchanges “if we did not feel strongly that it was a commodity asset.” Ether Is a Commodity, Claims CFTC Chairman The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, addressed the claim made by the chairman of…

Founders of Multimillion-Dollar Global Crypto Ponzi Scheme ‘Airbit Club’ Plead Guilty – Regulation Bitcoin News

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The founders and promoters of multimillion-dollar cryptocurrency Ponzi scheme Airbit Club have pleaded guilty to various criminal charges. Airbit Club victims were promised “guaranteed daily returns on any membership purchased,” the U.S. Department of Justice (DOJ) detailed. Airbit Club’s Operators and Promoters Plead Guilty The U.S. Department of Justice (DOJ) announced Wednesday that six people behind Airbit Club, a crypto Ponzi scheme that purported to be a cryptocurrency mining and trading company, have pleaded guilty. The six individuals are Airbit Club co-founders (Pablo Renato Rodriguez and Gutemberg Dos Santos), senior…

Fed Chair Powell Provides Update on US Central Bank Digital Currency – Regulation Bitcoin News

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Federal Reserve Chairman Jerome Powell has provided an update on the Fed’s central bank digital currency (CBDC) work in a hearing before the House Financial Services Committee. While stating that the Fed is “making progress on technological issues,” Powell stressed that “policy issues are equally important.” Fed Chair Powell on CBDC Progress During a hearing before the House Financial Services Committee on Wednesday, Congressman Stephen Lynch (D-MA) asked Federal Reserve Chairman Jerome Powell for an update on the Fed’s work regarding a possible central bank digital currency (CBDC), the digital…

India’s Crypto Regulation Now Has Teeth, Experts Say

CryptoX – Cryptocurrency Analysis and News Portal The Bharat Web3 Association, the body representing the crypto industry, said it had asked the Ministry of Finance for this step, and the move was welcomed by industry leaders, including Ashish Singhal, co-founder of of crypto exchange CoinSwitch Kuber, Sumit Gupta co-founder of its rival CoinDCX, who both tweeted their support. Source The post India’s Crypto Regulation Now Has Teeth, Experts Say appeared first on CryptoX. CryptoX Portal

India’s Crypto Regulation Now Has Teeth, Experts Say

The Bharat Web3 Association, the body representing the crypto industry, said it had asked the Ministry of Finance for this step, and the move was welcomed by industry leaders, including Ashish Singhal, co-founder of of crypto exchange CoinSwitch Kuber, Sumit Gupta co-founder of its rival CoinDCX, who both tweeted their support. Source

Hong Kong Residents Lost More Than $216 Million to Crypto Scams in 2022 – Regulation Bitcoin News

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According to Hong Kong police, in 2022 there were 2,336 reported crypto scam-related cases in which more than $216.6 million was lost. Although losses relating to crypto scams only constituted just over 10% of the nearly 23,000 reported technology crimes, they still accounted for more than half of the $407.7 million that was lost to online fraudsters. Crypto-Related Scams Constitute Just Over 10% of Reported Technology Crimes Hong Kong residents reportedly incurred cryptocurrency-related scam losses totaling $216.6 million (HK$1.7 billion), just over half of the $407.7 million that was lost…

UK Widens Crackdown on Unauthorized Crypto ATMs – Regulation Bitcoin News

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Britain’s top financial regulator, the Financial Conduct Authority (FCA), has widened its crackdown on unauthorized cryptocurrency ATMs. “There are currently no crypto ATM operators registered with the FCA, which they must be to operate legally,” the regulator noted. FCA Cracks Down on Illegal Crypto ATMs Britain’s top financial regulator, the Financial Conduct Authority (FCA), announced Wednesday that it has taken further action against unregistered crypto ATMs in East London in collaboration with the Metropolitan Police, the largest police force in the U.K. The announcement followed a series of raids the…

FCA officials tell UK parliamentary committee crypto regulation is unavoidable

Officials of the United Kingdom’s Financial Conduct Authority (FCA) appeared before the House of Commons’ Treasury Committee on March 8 to discuss the agency’s work. Among the issues raised was cryptocurrency regulation, which the officials approached with a clear lack of enthusiasm. FCA chair Ashley Alder, who took that position in February after serving as CEO of Hong Kong’s Securities and Futures Commission, told the committee that the FCA is “midway through a quite ambitious reset” as the Financial Services and Markets bill makes its way through the Parliament. He…

Russian Crypto Industry Association Asks Putin to Help With Regulations – Regulation Bitcoin News

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The organization representing Russia’s crypto and blockchain sector has urged Vladimir Putin to spur regulatory efforts. The association fears the Russian Federation may lag behind other nations if it maintains its conservative approach towards new financial technologies. Russian Crypto Businesses Want Putin to Engage With Regulatory Process The Russian Association of Cryptoeconomics, Artificial Intelligence and Blockchain (Racib) has called on President of Russia Vladimir Putin to back the crypto community in shaping the country’s regulatory framework for cryptocurrencies and related technologies. In a letter to the Russian head of state,…