Sweeping Crypto Regulation? First Update the Bank Secrecy Act Source
Sweeping Crypto Regulation? First Update the Bank Secrecy Act
Tag: Regulation
UK Minister Commits to Greater Crypto Industry Engagement as New Regulation Looms
CryptoX – Cryptocurrency Analysis and News Portal Andrew Griffith berated regulators for being too slow, but there’s still no trace of his own long-awaited crypto consultation. Source The post UK Minister Commits to Greater Crypto Industry Engagement as New Regulation Looms appeared first on CryptoX. CryptoX Portal
Crypto Regulation Is Like a Flimsy Umbrella in a Monsoon – Op-Ed Bitcoin News
You know what they say, “when life gives you lemons, make lemonade.” But when it comes to protecting your crypto funds on centralized exchanges (CEXes), the old adage should be “when life gives you regulations, make a self-custody wallet.” Self-custody is undoubtedly a better solution for protecting the interests of customers in crypto. Regulation alone is not enough. The following opinion editorial was written by Joseph Collement, General Counsel at Bitcoin.com. Don’t get us wrong, regulation is important. It’s like a flimsy umbrella on a sunny day – better than…
A 5-Pronged Approach to Sensible Crypto Regulation After FTX
CryptoX – Cryptocurrency Analysis and News Portal Mike Belshe, CEO of BitGo, outlines a modest, five-pronged approach to sensible regulation of crypto in the U.S. which could have prevented FTX. Source The post A 5-Pronged Approach to Sensible Crypto Regulation After FTX appeared first on CryptoX. CryptoX Portal
South African Dispute Resolution Office Says It Now Considers Crypto-Related Complaints – Regulation Bitcoin News
According to South Africa’s Office of the FAIS Ombud, an independent dispute resolution office, individuals with crypto-related grievances that occurred after Oct. 19, 2022, can now formally submit such complaints on the agency’s website. However, the Office of the FAIS Ombud insisted that all complaints that occurred before crypto assets were designated financial products will not be considered and should not be resubmitted. Code of Conduct for Crypto Asset Service Providers The South African government agency charged with investigating and resolving complaints in terms of the Financial Advisory and Intermediary…
Singapore Regulator Advocates ‘One Regulatory System’ for Crypto and Traditional Finance – Regulation Bitcoin News
Singapore’s senior minister and the chairman of the central bank, the Monetary Authority of Singapore (MAS), says there should be just “one regulatory system” for both crypto and traditional finance. In addition, he stressed that regulators should provide “ultra clarity as to what’s an unregulated market,” so investors are aware that they go in at their own risk. ‘One Regulatory System’ Tharman Shanmugaratnam, Singapore’s senior minister who is also the chairman of the country’s central bank, the Monetary Authority of Singapore (MAS), talked about cryptocurrency regulation during a panel discussion…
Crypto Will ‘Play a Major Role’ in UAE Trade Going Forward, Minister Says – Regulation Bitcoin News
The United Arab Emirates (UAE) minister of state for foreign trade says that cryptocurrency “will play a major role for UAE trade going forward.” He stressed: “The most important thing is that we ensure global governance when it comes to cryptocurrencies and crypto companies.” Crypto to Play a Major Role in the UAE United Arab Emirates Minister of State for Foreign Trade Thani Al Zeyoudi talked about cryptocurrency Friday during an interview with Bloomberg in Davos, Switzerland. He shared that one area the UAE is looking to expand is cryptocurrencies,…
NYDFS Releases Guidance on Importance of Segregation and Separate Accounting for Customer Funds in Crypto Industry – Regulation Bitcoin News
On Monday, the New York Department of Financial Services (NYDFS) published guidance on custodial structures to help protect customers’ money if a crypto firm goes bankrupt. New York’s top financial regulator stressed that businesses should not commingle customer funds and that customer funds should be segregated with separate accounting. FTX Collapse Prompts NYDFS to Issue Guidance on Virtual Currency Custodian Regulations Following the recent collapse of FTX and allegations directed at its co-founder, Sam Bankman-Fried, and top deputies, the New York Department of Financial Services (NYDFS) released guidance detailing that…
Former SEC chief blasts ‘bogus’ catchphrase: ‘Regulation by Enforcement’
A former Securities and Exchange Commission (SEC) official has slammed “cryptocurrency lobbyists” for labeling SEC enforcement actions as “regulation by enforcement” — calling the term a “Bogus Big Crypto Catch Phrase.” John Reed Stark, a former chief of the Securities and Exchange Commission Office of Internet Enforcement and a crypto skeptic, opined in a Jan. 22 post that the argument is “sorely misguided” as it was just how securities regulations worked. “Litigation and SEC enforcement are actually how securities regulation works,” he argued. “The flexibility of SEC statutory weaponry is an…
US Authorities Charge Mango Markets Attacker — Defendant Arrested, Detained in Puerto Rico – Regulation Bitcoin News
The U.S. Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC), and the Department of Justice (DOJ) have charged an alleged attacker who stole $116 million from crypto trading platform Mango Markets. The defendant has been arrested and is currently detained in Puerto Rico. Mango Markets Manipulator Arrested, Detained The U.S. Securities and Exchange Commission (SEC) announced Friday that it has charged Avraham Eisenberg with “orchestrating an attack on a crypto asset trading platform, Mango Markets, by manipulating the MNGO token.” The regulator noted that the crypto token…