Tag: Regulation

Crypto Self-Custody Is Antidote to FTX Fraud — ‘Keep Your Coins Act’ Will Protect Self-Hosted Wallets – Regulation Bitcoin News

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U.S. Congressman Warren Davidson has touted the self-custody of cryptocurrencies as the antidote to crypto exchange FTX’s fraud. He is pushing for his bill called “Keep Your Coins Act,” which aims to “protect self-custody from misguided attempts to restrict it.” U.S. Lawmaker Pushes for Self-Custody Congressman Warren Davidson (R-Ohio) has touted crypto self-custody following the collapse of cryptocurrency exchange FTX. He tweeted Wednesday: Self-custody is the antidote to FTX’s fraud and my Keep Your Coins Act would protect self-custody from misguided attempts to restrict it. “Anyone attacking self-custody is telling…

Coinbase Secures Regulatory Approval to Operate as a Virtual Asset Service Provider in Ireland – Regulation Bitcoin News

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Coinbase has announced it has secured regulatory approval as a virtual asset service provider (VASP) in Ireland, according to a company blog post published on Dec. 21. According to the company, Coinbase has been approved by Ireland’s central bank which means the company can “provide products and services to individuals and institutions in Europe and internationally, from Ireland.” Coinbase Approved to Be a Regulated VASP by the Central Bank of Ireland On Dec. 21, 2022, Coinbase (Nasdaq: Coin) informed the public that it has been granted regulatory approval by the…

Nigerian Lawmakers Set to Pass Law That Diminishes Central Bank Influence on Crypto – Regulation Bitcoin News

Nigeria is expected to designate cryptocurrency as capital for investment if the country’s House of Representatives votes to approve a bill that seeks to amend the Investments and Securities Act of 2007, a report has said. A Nigerian lawmaker, Babangida Ibrahim, suggested that the Central Bank of Nigeria (CBN) is not well positioned to regulate cryptocurrencies. The CBN and SEC Feud The Nigerian House of Representatives is expected to pass a bill that seeks to give the country’s securities regulator the right to designate cryptocurrency as capital for investment, a…

Indian Government Updates Parliament on Cryptocurrency Bill and Investigations of Crypto Exchanges – Regulation Bitcoin News

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The government of India has provided some updates on its cryptocurrency bill and investigations of crypto exchanges in Lok Sabha, the lower house of India’s parliament. “Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage,” said the minister of state in the Ministry of Finance. Indian Government Answers Questions About Crypto Bill and Regulation The Indian government answered two sets of questions about cryptocurrency and its regulation Monday by various members of Lok Sabha, the lower house of India’s parliament. Parliament member Bhartruhari Mahtab asked…

Bank of Canada emphasizes need for stablecoin regulation as legislation is tabled

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Staffers at the Bank of Canada released an analytic note on fiat-referenced crypto assets, otherwise known as stablecoins, Dec. 19. In addition to a review of mechanisms for creating and distributing stablecoins and a list of the potential risks and benefits they involve, the note expressed the authors’ support for further regulation of the crypto asset. The global market for fiat-referenced crypto assets increased 30-fold between the beginning of 2020 and mid-2022, reaching $161 billion in U.S. dollars. They are mainly used on crypto-trading platforms, the note states, but they…

Basel Committee Finalizes Rules for Bank Exposure to Cryptocurrency Assets – Regulation Bitcoin News

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The Basel Committee, the organization in charge of setting global bank standards, has finalized its new rules related to banks and cryptocurrency exposure. The document establishes two different crypto asset classes, including tokenized real assets and stablecoins in one, and other cryptocurrencies in another, discriminating on the collateral and quantity that banks might hold for each one. Basel Committee Defines Final Rules for Crypto Exposure As banks have stepped into the realm of cryptocurrency services, standards organizations are now defining the ways in which traditional financial institutions will be able…

Government Agencies Need Crypto Wallets and Access to Exchanges, Russian Prosecutors Say – Regulation Bitcoin News

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Russian authorities are finding it hard to cash out digital assets they have gotten hold of, prosecutors have warned. They have also urged the government to recognize cryptocurrency as property, allow departments to have digital wallets and use crypto exchanges. Prosecutor’s Office Insists Russian Investigators Should Have Cryptocurrency Wallets Russian prosecutors are convinced that investigative authorities, among other government bodies, should be allowed to set up crypto wallets and be able to store and convert confiscated digital coins to fiat money, the business daily Kommersant reported. The Prosecutor General’s Office…

SEC Chairman Says Important to Regulate Crypto Issuers and Intermediaries – Regulation Bitcoin News

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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has stressed the importance of bringing “intermediaries and issuers of crypto securities” into compliance. In addition, the U.S. Treasury Department’s Financial Stability Oversight Council (FSOC) has recommended that regulatory agencies continue to “enforce existing rules and regulations applicable to the crypto-asset ecosystem.” SEC Chair Gensler on Crypto Regulation SEC Chairman Gary Gensler talked about crypto regulation Friday in his remarks before the U.S. Treasury Department’s Financial Stability Oversight Council (FSOC). Gensler said: Nothing about the crypto markets is…

Federal Prosecutors Probe Democrats Over Donations From Sam Bankman-Fried – Regulation Bitcoin News

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Several members of the U.S. Democratic Party and campaign committees are reportedly being probed by federal prosecutors over donations from former FTX CEO Sam Bankman-Fried (SBF) and another executive of the collapsed cryptocurrency exchange. “To any person, entity, or political campaign that has received stolen customer money, we ask that you work with us to return that money to the innocent victims,” said a U.S. district attorney following the arrest of Bankman-Fried. Federal Prosecutors Investigate Sam Bankman-Fried’s Political Donations The United States District Attorney’s Office for the Southern District of…