Tag: Regulation

Swiss Financial Watchdog Releases Revised AML Ordinance, Clarifies Crypto Requirements – Regulation Bitcoin News

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The Swiss financial regulator has published its updated anti-money laundering (AML) ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain reporting and identification requirements that apply to crypto transactions. Financial Authorities Adjust Swiss Anti-Money Laundering Rules Concerning Crypto Transfers Following consultations that started earlier this year, the Swiss Financial Market Supervisory Authority (FINMA) has partially revised its Anti-Money Laundering Ordinance (AMLO), clarifying the application of a maximum limit for unidentified crypto exchange transactions. In a press release on Thursday, the regulator said that the…

JPMorgan, DBS Bank, SBI Complete Live Defi Trades on Public Blockchain – Regulation Bitcoin News

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JPMorgan, DBS Bank, and SBI Digital Asset Holdings have completed their first lives trades on a public blockchain using decentralized finance (defi), tokenized deposits, and verifiable credentials under the supervision of the Monetary Authority of Singapore (MAS). Singapore’s central bank is planning two more pilots that involve Standard Chartered Bank, HSBC, and UOB. JPMorgan, DBS Bank, SBI, Standard Chartered Bank, HSBC, UOB Participate in MAS Digital Asset Pilots The Monetary Authority of Singapore (MAS), Singapore’s central bank, announced Wednesday that “the first industry pilot under the MAS’ Project Guardian that…

US Lawmakers Accuse Gary Gensler of ‘Hypocritical Mismanagement of SEC’ — Say the Chairman ‘Refuses to Practice What He Preaches’ – Regulation Bitcoin News

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Four congressmen have accused the U.S. Securities and Exchange Commission (SEC) under Chairman Gary Gensler of “regulatory hypocrisy and inconsistency.” They added: “While the SEC is failing to comply with federal transparency and record-keeping laws, the SEC is aggressively enforcing record-keeping laws on private businesses.” Gensler’s Regime at SEC ‘Has Been Characterized by Regulatory Hypocrisy and Inconsistency’ Four lawmakers sent a letter to the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, on Tuesday “denouncing the Biden administration’s inconsistency and hypocrisy of enforcing record-keeping laws, this time…

Binance CEO Sees No Threat to Crypto From Central Bank Digital Currencies — Says CBDCs Will Validate Blockchain Concept – Regulation Bitcoin News

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The CEO of cryptocurrency exchange Binance does not see central bank digital currencies (CBDCs) as a threat to cryptocurrencies, like bitcoin and ether. “It will validate the blockchain concept so that anybody who still has concerns about the technology will say: ‘Ok, our government is using the technology now,’” he opined. CZ Sees No Threat to Crypto Coming From CBDCs Binance CEO Changpeng Zhao (CZ) said Wednesday that he believes central bank digital currencies (CBDCs) are not a threat to cryptocurrencies, like bitcoin (BTC) and ether (ETH), Reuters reported. According…

Developers need to stop crypto hackers — or face regulation in 2023

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Third-party data breaches have exploded. The problem? Companies, including cryptocurrency exchanges, don’t know how to protect against them. When exchanges sign new vendors, most just innately expect that their vendors employ the same level of scrutiny as they do. Others don’t consider it at all. In today’s age, it isn’t just a good practice to test for vulnerabilities down the supply chain — it is absolutely necessary. Many exchanges are backed by international financiers and those new to financial technologies. Many are even new to technology altogether, instead backed by…

US Senators Question SEC Why Its Staff Is Quitting at Highest Pace in 10 Years – Regulation Bitcoin News

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Six U.S. senators have questioned the Securities and Exchange Commission (SEC) why its staff is quitting at a record pace. “Efforts to ram through hurried rulemaking without proper analysis, deliberation or consideration of downstream negative impacts is nothing short of regulatory malpractice,” the lawmakers told SEC Chair Gary Gensler. SEC Staff Leaving at Record Pace Six U.S. senators have reportedly sent a letter to the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, inquiring why the securities watchdog’s employees are quitting at a record rate. The private…

Crypto regulation is 1 of 8 planned priorities under India’s G20 presidency, says finance minister

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India’s Finance Minister Nirmala Sitharaman said she would love to show that the country is “moving speedily forward” with digital financial technology as it prepares to assume the presidency of the G20. Speaking at the Indian Council for Research on International Economic Relations on Nov. 1, Sitharaman said the people of India have taken to digital technology “as fish to water.” The finance minister added that crypto asset regulation would likely be one of India’s priorities in its leadership of the G20, but needed the support of other members. According…

The road to regulating cryptocurrency

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io President Biden is reportedly expected to sign an executive order in the coming weeks to begin government regulation of cryptocurrency. Bitcoin and other cryptocurrencies have experienced steep price drops over the past week. David Wachsman, CEO of Wachsman, joined CBS News to discuss. CBS News Streaming Network is the premier 24/7 anchored streaming news service from CBS News and Stations, available free to everyone with access to the Internet. The CBS News Streaming Network is your destination for breaking news, live events…

Crypto Regulation Will Be a Priority for G20 Under India Presidency, Official Says

With the presidency, India – which has passed what the local industry has criticized as a crippling tax regime, while the country’s central bank has called for a ban on cryptocurrencies – will now have a prominent role in framing global crypto regulation. As hosts, India will set the agenda for the year, identifying themes and focus areas for economic growth. India’s Finance Minister, Nirmala Sitharaman, had already said crypto will be part of the agenda, but this may be the first indication of it being a primary objective. Source