Tag: Regulation

Trump warms up to Bitcoin, signals openness to regulation

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Former President Donald Trump has recently showcased a notable shift in his stance toward Bitcoin, diverging from his historically critical view of cryptocurrencies. The change was particularly evident during his appearance on Fox News’ “The Ingraham Angle,” where he acknowledged the rising popularity of Bitcoin, especially among the youth and African American communities, despite his continued preference for the traditional currency, the dollar. Trump’s nuanced remarks signal an openness to the decentralized nature of Bitcoin, albeit with a nod toward the potential necessity for regulatory oversight. “Frankly, it’s taken a…

Ripple CEO backs XRP ETF, calls for clearer crypto regulation

Ripple CEO Brad Garlinghouse, in a Bloomberg interview on Feb. 20, expressed support for the creation of an XRP exchange-traded fund (ETF).  Garlinghouse highlighted the importance of diversification for investors, comparing the current state of the cryptocurrency market to the early days of the stock market. He suggested that, like in the stock market, where investors seek exposure to a range of assets rather than a single stock, the cryptocurrency market will likely see the introduction of more ETFs to distribute risk more broadly.  However, he refrained from providing specifics…

Expert Calls for Full Cryptocurrency Regulation in Nigeria to Mitigate Digital Asset-Related Financial Crimes

Nigeria must fully regulate crypto activities if it wants to curb financial crimes associated with digital assets, a forensic expert has said. The co-founder of A&D Forensics also called on Nigeria to enact laws that would mandate banks to vet service providers before granting them account access. Curbing Crypto-Related Financial Crimes According to a blockchain […] Source CryptoX Portal

US Congress challenges Yellen on crypto regulation, seeks clarity on Howey Test’s role

U.S. Congress members have challenged Treasury Secretary Janet Yellen‘s call for stronger crypto regulation, pointing out the Howey Test’s shortcomings in consumer protection in a recent letter. A new letter published by US members of Congress asks for clarity on the role of the country’s top regulatory in adopting crypto specific legislation. The letter was backed by key figures, including House Financial Services Committee Chair Patrick McHenry, House Agriculture Committee Chair Glenn Thompson, and Representatives French Hill and Dusty Johnson. They are seeking a comprehensive explanation from Yellen on how she envisions…

Treasury Secretary Janet Yellen Says U.S. Needs Better Stablecoin Regulation

Yellen also addressed the U.S. Securities and Exchange Commission’s proposal to further restrict how investment firms custody their client’s assets, including their crypto holdings. The proposed rule, which is on the agency’s agenda to complete this year, would require a wider range of client assets to be held with “qualified custodians,” and it has drawn criticism from bankers, some lawmakers and even other regulators about its potential effects. Source

Hong Kong’s FSTB to Consult on Regulation for OTC Crypto Venues

“In fact, OTC venues have played a certain role in some of the fraud cases involving some unlicensed VA trading platforms last year, having misled investors to channel funds to these unlicensed platforms,” the FSTB said. “Therefore, we believe that it is necessary to bring OTC venues under regulation, and we will launch a consultation very soon on the proposed regulatory framework.” Source

Crypto Needs Cohesive Regulation – A Look at Europe’s MiCA

Utility token refers to crypto-assets that are only intended to provide access to a good or a service supplied by its issuer. NOTE! Outside the scope of MiCA are: DeFI protocols, pure NFTs, CBDCs, security tokens or other crypto-assets that qualify as financial instruments according to MiFID II. Licensing. MiCA introduces licensing requirements for crypto-asset service providers, issuers of asset-referenced tokens and issuers of electronic money tokens. In general, CASP will trigger the licensing requirements, unless they are already a licensed credit institution under MiFID. As mentioned before, even with…

Crypto regulation – CryptoX

Here, we look at the current state of cryptocurrency regulations and talk to experts on what to expect in 2024. As we step into the new year, analysts expect to see a surge in regulatory clampdowns in the crypto space. The rules will expand to cover anti-money laundering and counter-terrorist financing risks, the conduct of companies operating in the crypto space, and supervisory actions concerning token sales. In the U.S., the tempo of regulatory actions shows no signs of abating; likewise, the UK has introduced a set of rules equating…

What Crypto Regulation May Bring in 2024

Amitoj Singh (India): The world’s largest democracy goes to elections next year and by June 2024, based on current state election trends and polls, Narendra Modi will return as India’s Prime Minister for a third term. With it, the same policies represented by his party, the Bharatiya Janta Party, are likely to be retained. That would mean India’s controversial and stiff crypto taxation policy may not see a change in 2024. A think tank study supports reducing the taxes – a 30% tax on crypto profits and a 1% tax…