Tag: Regulation

G20 Countries to Build Crypto Policy Consensus for Better Global Regulation – Regulation Bitcoin News

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The G20 countries aim to build a policy consensus on crypto assets for better global regulation. “After the crypto meltdown which we have seen recently, it is clear that we need internationally agreed standards on regulation,” said the International Monetary Fund (IMF)’s deputy managing director, Gita Gopinath. G20 Nations Discuss Crypto Regulation The G20 finance and central bank deputies met for the first time under India’s presidency on Dec. 13-15 in Bengaluru. Ajay Seth, India’s economic affairs secretary, said at a news conference Wednesday that the G20 nations aim to…

Cryptocurrency Cannot Be Stopped, FTX Collapse Isn’t an Indictment of Crypto – Regulation Bitcoin News

U.S. Senator Pat Toomey says illegal actions by crypto exchange FTX must be separated “from perfectly lawful and innovative cryptocurrencies.” Emphasizing that “The collapse of FTX is not an indictment of crypto,” he noted that “cryptocurrency cannot be stopped” and “the technology would simply migrate offshore” if Congress tried. Separating Illegal Actions From ‘Perfectly Lawful and Innovative Cryptocurrencies’ U.S. Senator Pat Toomey (R-PA) explained in his opening statement at the Senate Banking Committee hearing Wednesday that the collapse of crypto exchange FTX is not an indictment against cryptocurrency. “There was…

Argentine Province of San Luis to Issue Dollar-Pegged Stablecoin and Local Art NFTs – Regulation Bitcoin News

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San Luis, a province of Argentina, has approved a bill allowing it to issue a blockchain-based, dollar-pegged stablecoin. The bill, which also approves the issuance of local artistic assets as NFTs (non-fungible tokens) seeks to enable the promotion of social development, and economic, cultural, and financial inclusion using blockchain. San Luis Approves Blockchain Development Bill San Luis, an Argentine province, has taken its first steps to include blockchain-based tech as part of its digitization push. The legislators of the province recently approved a bill designated with the number VIII-1085-2022, called…

Bank of Russia Moves to Safeguard Crypto Companies Against Sanctions – Regulation Bitcoin News

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The Central Bank of Russia has introduced measures to protect entities working with digital assets from sanctions pressures. These businesses will be exempted from some reporting requirements as part of a regulatory relief intended to minimize the burden on financial organizations. Russia’s Central Bank Eases Supervision of Digital Asset Platforms Amid Sanctions The Central Bank of the Russian Federation (CBR) has allowed issuers of digital financial assets (DFAs) not to disclose information sensitive in the light of sanctions risks. The exemption, valid until July 1, 2023, concerns data revealing the…

US Senators Unveil New Crypto Bill — Experts Call It the ‘Most Direct Attack’ on Personal Freedom and Privacy of Crypto Users – Regulation Bitcoin News

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Two U.S. senators, including Elizabeth Warren, have introduced a bipartisan bill for the regulation of cryptocurrency. The bill, titled “Digital Asset Anti-Money Laundering Act,” is “the most direct attack on the personal freedom and privacy of cryptocurrency users and developers we’ve yet seen,” according to crypto advocates. Digital Asset Anti-Money Laundering Act of 2022 Launched U.S. Senators Elizabeth Warren (D-MA) and Roger Marshall (R-KS) introduced new legislation to regulate the cryptocurrency sector Wednesday. Their bill, titled “Digital Asset Anti-Money Laundering Act of 2022,” seeks to crack down on money laundering…

G20 to Establish Policy Consensus Regarding Harmonized Regulation of Crypto Assets

The G20 is working to create a global crypto policy consensus for better asset regulation and accountability.  The G20 governments are reportedly working on developing a unified crypto policy. If successful, this crypto policy should function as a framework that all member countries should follow to regulate digital assets. Commenting on the development, India’s federal economic affairs secretary, Ajay Seth, explained at a press conference Wednesday: “The regulation should flow from the policy view taken. In fact, one of the priorities which have been put on the table is to help countries…

Time for Serious Global Crypto Regulation, Germany Says – Regulation Bitcoin News

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Germany’s financial watchdog has issued a call for global regulation of the crypto industry in the aftermath of the FTX collapse. The hands-off approach was wrong, the head of the agency says, insisting it’s time to protect consumers as the sector expands links with traditional finance. Bafin President Convinced Self-Regulation Won’t Work for Crypto The man at the helm of the Federal Financial Supervisory Authority of Germany (Bafin) has urged for global regulation of the cryptocurrency space. This would ensure better protection for consumers, prevent money laundering and preserve financial…

FCA’s incoming chair calls for further crypto regulation

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The United Kingdom’s Financial Conduct Authority’s (FCA) recently appointed chair has presented an unfriendly attitude toward cryptocurrencies in a cross-party Treasury select committee meeting. Ashley Alder, who will assume control of the FCA in February, told Treasury members on Dec. 14 that cryptocurrency-related businesses were “deliberately evasive” and suggested the sector facilitated money laundering. According to a report from Financial Times, the current chief executive of Hong Kong’s Securities & Futures Commission highlighted his belief that the cryptocurrency ecosystem creates risk that requires further regulation from government: “Our experience to…

US Regulation Heats Up; Bitcoin Rises, Then Falls

Ether (ETH): The second-largest cryptocurrency by market cap after bitcoin similarly followed BTC’s trajectory, sliding around 1% to $1,310 as of publication time. Earlier in the day, PayPal and MetaMask announced the payments company will integrate its buy, sell and hold crypto services with MetaMask Wallet as the companies look to broaden users’ options to transfer digital assets from their platforms. Users will be able to buy and transfer ETH from PayPal to MetaMask. Source

calls for regulation and crypto criticisms aplenty

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United States lawmakers with the Senate Banking Committee had their share of crypto proponents and skeptics in a hearing exploring the collapse of the FTX exchange. In a Dec. 14 hearing on ‘Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers’, many senators reiterated views on crypto they had held seemingly without considering the events leading up to the collapse of FTX and the arrest of Sam Bankman-Fried. Unlike in a Dec. 13 House hearing — in which FTX CEO John Ray was the sole witness —…