Tag: Regulation

Singapore Regulator Explains Action Against Binance vs FTX — Warns Even Licensed Crypto Exchanges Can Fail – Regulation Bitcoin News

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The Monetary Authority of Singapore (MAS), the regulator overseeing the crypto sector, has defended the action it took against crypto exchange Binance and not the collapsed crypto platform FTX. The central bank also warned that cryptocurrencies are “highly volatile and many of them have lost all value.” Singapore’s Central Bank Clarifies Its Stance on Binance and FTX The Monetary Authority of Singapore (MAS), the country’s central bank, issued a press release this week “to address some questions and misconceptions that have arisen in the wake of the FTX.com (FTX) debacle.”…

NY Attorney General Urges Congress to Ban Crypto in Retirement Accounts – Regulation Bitcoin News

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New York Attorney General Letitia James has urged Congress to pass a law prohibiting crypto investments in retirement accounts. “Hardworking Americans should not have to worry about their retirement savings being wiped out due to risky bets on unstable assets like cryptocurrencies,” she stressed. NYAG Letitia James Urges Congress to Prohibit Crypto Investments in Retirement Accounts New York Attorney General Letitia James announced Tuesday that she has “urged congressional leaders to adopt legislation that would prohibit investing retirement funds in digital assets, such as cryptocurrencies, digital coins, and digital tokens.”…

IMF calls for tighter crypto regulation in Africa as the industry unfolds

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The International Monetary Fund (IMF) is calling for increased regulation of Africa’s crypto markets, one of the fastest-growing markets in the world, the global institution blog reported on Nov. 22.  Among the reasons why countries in the region should embrace regulation, the monetary fund cited the collapse of FTX and its ripple effect in cryptocurrencies prices, which is “prompting renewed calls for greater consumer protection and regulation of the crypto industry.” Moreover, the authors argue that “risks from crypto assets are evident” and “it’s time to regulate” to find a…

Better Regulation of Africa’s Growing Crypto Market Urgently Needed – Africa Bitcoin News

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A well-regulated African cryptocurrency market is needed in order to protect users as well as help countries stop bad actors from using digital assets to circumvent capital controls, the latest post on the IMF blog has said. The blog post reiterated the IMF’s belief that risks to a country are “much greater if crypto is adopted as legal tender.” Crypto’s Volatility Said to Render It an Unsuitable Store of Value The collapse of the cryptocurrency exchange FTX and subsequent crypto market downturn once again highlights the need for better regulation…

FTX Collapse Isn’t a Crypto Failure — It’s a Failure of SEC, Bankman-Fried, Centralized Finance – Regulation Bitcoin News

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U.S. Congressman Tom Emmer says the FTX meltdown is not a crypto failure but a failure with SEC Chairman Gary Gensler, former FTX CEO Sam Bankman-Fried, and centralized finance. “We need to get to the bottom of this. We need to understand why Gary Gensler and the SEC were not doing their job,” the lawmaker stressed. Rep. Emmer Says FTX Fallout Isn’t a Crypto Failure U.S. Congressman Tom Emmer (R-MN) stated Tuesday that the implosion of cryptocurrency exchange FTX is not a crypto failure. Instead, he said it is a…

Crypto’s Future Will Be Based on Self-Custody and Regulation: Kraken’s Dave Ripley

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High Quality Reserves, Audits, and Regulation – Sponsored Bitcoin News

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sponsored What is BUSD? Recently, there have been many questions about the safety and soundness of products in the crypto space. There have been many questions about stablecoins in general, so this piece is intended as an explanation of BUSD. First and foremost, BUSD is a stablecoin pegged to the US Dollar (USD) which came from a partnership between Binance and Paxos. BUSD is issued by Paxos Trust Company, an NYDFS-regulated entity, on the Ethereum blockchain. This regulated status comes with some conditions attached which restrict the actions that Paxos…

Kenyan Lawmaker Proposes Introducing Crypto Income and Capital Gains Tax – Regulation Bitcoin News

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According to a capital markets amendment bill reportedly sponsored by Kenyan lawmaker Abraham Kirwa, cryptocurrency holders in the country will be obliged to pay taxes on gains. In addition, the bill (if passed into law) would require crypto holders to furnish Kenya’s Capital Markets Authority with details such as “the amount of proceeds from the transaction, any costs related to the transaction, and the amount of any gain or loss on the transaction.” Sharing Crypto Transaction Details With Regulator As per a capital markets amendment bill reportedly before the Kenyan…

Cybercrooks to ditch BTC as regulation and tracking improves: Kaspersky

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Bitcoin (BTC) is forecasted to be a less enticing payment choice by cybercriminals as regulations and tracking technologies improve, thwarting their ability to safely move funds. Cybersecurity firm Kaspersky in a Nov. 22 report noted that ransomware negotiations and payments would rely less on Bitcoin as a transfer of value as an increase in digital asset regulations and tracking technologies will force cybercriminals to rotate away from Bitcoin and into other methods. As reported by Cointelegraph, ransomware payments using crypto topped $600 million in 2021 and some of the biggest…

FTX Collapse Highlights Urgent Need for Tighter Crypto Regulation – Regulation Bitcoin News

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Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, says the collapse of cryptocurrency exchange FTX has highlighted the urgent need for tighter crypto regulation. “We should not wait until it is large and connected to develop the regulatory frameworks necessary to prevent a crypto shock that could have a much greater destabilizing impact,” said the deputy governor. Bank of England’s Cunliffe on FTX Collapse and the Need for Crypto Regulation Sir Jon Cunliffe, Bank of England’s deputy governor for financial stability, shared his view on the collapse…