Tag: Regulation

US Senator Calls for Comprehensive Crypto Regulation to Protect Consumers – Regulation Bitcoin News

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The chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Sherrod Brown, has called for a comprehensive regulatory framework for cryptocurrencies. “Recent crypto meltdowns have made clear that we need a comprehensive framework to regulate crypto products to protect consumers and our financial system,” said the senator. US Lawmaker Wants Comprehensive Regulatory Framework for Crypto U.S. Senator Sherrod Brown (D-OH), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, talked about crypto regulation Tuesday in his opening statement at the congressional hearing titled “Crypto Crash:…

Uzbekistan Allows Foreign Firms to Deposit Funds From Crypto Trading, Restricts Other Operations – Regulation Bitcoin News

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The Central Bank of Uzbekistan has permitted foreign-based businesses to open domestic bank accounts and deposit funds received from cryptocurrency trading. These companies will also be able to transfer the money abroad, but operations in the country will be restricted. Uzbekistan Updates Rules for Operations With Proceeds From Crypto Exchange Transactions The Central Bank of the Republic of Uzbekistan has adopted amendments to its regulations for foreign exchange transactions that concern non-resident legal entities, including those working with cryptocurrencies. In particular, they are now allowed to have accounts at local…

Oman Capital Markets Regulator Plans to Establish a Virtual Assets Regulatory Framework – Regulation Bitcoin News

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The Oman Capital Market Authority (CMA) has said it plans to establish a regulatory regime to govern as well as develop the country’s virtual assets market. The regulator said the envisaged regulatory regime enables it to avail an “alternative financing and investment platform for issuers and investors while mitigating the risks associated with this asset class.” ‘An Alternative Financing and Investment Platform’ The Oman financial markets regulator, the Oman Capital Market Authority, has said it plans to establish a virtual assets framework to “regulate and develop the market in the…

SEC Chairman Proposes Amending Federal Custody Rules to Cover ‘All Crypto Assets’ – Regulation Bitcoin News

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has proposed amending federal custody rules to cover “all crypto assets.” The SEC chief said: “Though some crypto trading and lending platforms may claim to custody investors’ crypto, that does not mean they are qualified custodians.” Gary Gensler Proposes Including Crypto in Expanded Custody Rules The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, announced Wednesday that he has proposed changes to federal regulations “to expand and enhance the role of qualified custodians.” All asset classes, including crypto,…

UK Police Raid Crypto ATM Sites — Regulator Says No Crypto ATMs Have Been Approved – Regulation Bitcoin News

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Police in the U.K., in collaboration with the Financial Conduct Authority (FCA), have raided several sites allegedly hosting cryptocurrency ATMs. “No crypto ATM operators currently have FCA registration,” the British financial regulator stressed, adding that it is “working with multiple law enforcement partners, including local police forces, to disrupt and disable illegal crypto ATMs.” UK Regulator Cracks Down on Unregistered Crypto ATMs Authorities in the U.K. have raided several sites around the city of Leeds in a cryptocurrency ATM crackdown. The raids followed a joint investigation between the country’s top…

Crypto regulation decided by Congress, not the SEC: Blockchain Association

Despite attempts to police cryptocurrency through enforcement actions, United States financial regulators “are bound by legal reality” and Congress will ultimately decide crypto regulations the policy expert for the crypto advocacy group Blockchain Association has suggested. The association’s chief policy officer, Jake Chervinsky, shared his views in an extensive Feb. 14 Twitter thread on the state of crypto policy. He noted neither the Securities and Exchange Commission (SEC) nor the Commodity Futures Trading Commission (CFTC) “has the authority to comprehensively regulate crypto.” 14/ No matter how many enforcement actions the…

US lawmakers and experts debate SEC’s role in crypto regulation

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The United States Securities and Exchange Commission and its chair Gary Gensler were the targets of many lawmakers and witnesses at a hearing exploring the crash of the crypto market. In a Feb. 14 hearing at the Senate Banking Committee titled ‘Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets’, ranking member Tim Scott said Gensler should appear before Congress before September to address additional enforcement actions in the crypto space, calling out the SEC chair for doing “rounds on the morning talk shows” rather than testifying. According…

Rwanda Government Orders Banks to Stop Facilitating Crypto-Related Transactions – Regulation Bitcoin News

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According to the National Bank of Rwanda, the country’s regulated financial services providers are now prohibited from facilitating crypto-related transactions. In her Jan. 31 letter justifying the decision, the acting governor Soraya Hakuziyaremye cites the unregulated status of most crypto assets and how this leaves users without the “guarantees and safeguards associated with regulated financial services.” Rwanda’s Growing Interest in Crypto The National Bank of Rwanda (NBR) has said the country’s financial services providers are forbidden from engaging in “any crypto-related activities until a regulatory framework has been put in…

India Having ‘Detailed Discussions’ With G20 Members on Crypto Regulation – Regulation Bitcoin News

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India is having “detailed discussions” with other G20 members about forming a collective standard operating procedure (SOP) to regulate crypto assets, Indian Finance Minister Nirmala Sitharaman has revealed. She also called for “a globally coordinated approach on the regulation of crypto assets” during her recent meeting with International Monetary Fund (IMF) Managing Director Kristalina Georgieva. G20’s Crypto Regulatory Discussion Underway Indian Finance Minister Nirmala Sitharaman answered some questions regarding crypto mining and regulation on Monday in Lok Sabha, the lower house of India’s parliament. Noting that cryptocurrencies are largely unregulated…