Tag: Regulation

Indian Central Bank RBI Begins First Digital Rupee Pilot Today – Regulation Bitcoin News

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India’s central bank, the Reserve Bank of India (RBI), is launching its first digital rupee pilot on Nov. 1. with the participation of nine banks. “Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” said the central bank. RBI’s First CBDC Pilot Starts Nov. 1 India’s central bank, the Reserve Bank of India (RBI), announced Monday that “The first pilot in the digital rupee — wholesale segment (e₹-W) shall commence on November 1, 2022.” The…

Argentine Tax Authority AFIP Notified 4,000 Crypto Holders to Ammend Their Tax Statements – Regulation Bitcoin News

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The Argentine Tax Authority (AFIP) is ramping up its fight against cryptocurrency-related tax evasion. On Oct. 28, the organization informed it had sent notifications to 3,997 taxpayers about incongruencies between their tax statements and reports on their cryptocurrency holdings. These statements being reviewed correspond to reports of operations happening in 2020. Argentine Tax Authority AFIP Ramps up Crypto Vigilance The Argentine Tax Authority (AFIP) is using the reports coming from local exchanges to cross the data in the tax statements and the crypto holdings of several taxpayers and has already…

US Lawmakers Probe SEC, Treasury, Federal Reserve Over Revolving Door With Crypto Industry – Regulation Bitcoin News

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U.S. lawmakers have raised concerns about the revolving door between financial regulators and the crypto industry. “Over 200 government officials have moved between public service and crypto firms,” the lawmakers said, adding that they include 31 Treasury Department officials and 28 Securities and Exchange Commission (SEC) officials. Revolving Door Between Financial Regulators, Like SEC, and Crypto Industry Five U.S. lawmakers have sent a letter to seven financial regulators inquiring about measures they are taking to prevent the revolving door between their agencies and the crypto industry. The letters, dated Oct.…

Brussels to Spur Rollout of Instant Payments in Euro, Proposes Legislation – Regulation Bitcoin News

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The European Commission has approved a proposal to accelerate the introduction of euro instant payments. The technology is there and Europeans should be able to send and receive money immediately, the executive body said, revealing its intentions to push the industry toward wide adoption. EU Moves to Make Instant Payments Widely Available Throughout Europe A legislative proposal to provide all citizens and businesses with access to instant payments in Europe’s single currency has been put forward by the European Commission. The payments should be secure and affordable for anyone with…

Majority of Voters Want More Crypto Regulation — See Digital Assets as Long-Term Part of Economy, Survey Shows – Regulation Bitcoin News

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A new survey shows that a majority of likely voters want more crypto regulation. “Our national survey shows voters believe in the promise of digital assets and see it as a long-term part of the economy and their financial future,” said the Crypto Council for Innovation. Voters Want More Cryptocurrency Regulation The Crypto Council for Innovation, a crypto advocacy group, announced the results of a national survey Wednesday showing that “crypto users are poised to have an impact in close midterm races across the country.” About 1,200 likely voters participated…

Singapore Police Received 631 Cryptocurrency Scam Reports in 2021, Government Says – Regulation Bitcoin News

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The government of Singapore has revealed the number of crypto scams reported to the police in the past three years. “The vast majority of cryptocurrency scams are perpetrated by scammers based outside Singapore. As such, there is a limit to how much law enforcement agencies in Singapore can do,” said Singapore’s minister for home affairs. Singapore Government’s Data on Cryptocurrency Scams The Singaporean government has revealed the number of reports related to cryptocurrency scams the police received in the past three years. In a written reply to a parliamentary question…

US Judge Orders Bitcoin Ponzi Operator Imprisoned for Ignoring Court Order to Pay SEC $40 Million – Regulation Bitcoin News

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A district judge has ordered a bitcoin Ponzi operator to be arrested and imprisoned after he ignored multiple court orders and failed to pay the U.S. Securities and Exchange Commission (SEC) $40 million. He pleaded guilty to securities fraud in 2015. Bitcoin Ponzi Operator Faces Imprisonment After Failing to Pay SEC Judge Amos L. Mazzant of the U.S. District Court for the Eastern District of Texas said earlier this week that a bitcoin Ponzi operator will be arrested and imprisoned for civil contempt unless he immediately provides overdue documents and…

Singapore Seeks to Reduce Risks for Retail Crypto Investors With Restrictive Rules – Regulation Bitcoin News

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Financial authorities in Singapore have proposed new regulations designed to protect consumers from risks associated with cryptocurrency investment and trading. The measures, which also aim to expand regulations for stablecoins, will be discussed with the industry before their adoption. Singapore Prepares to Tighten Cryptocurrency Regulations, Limit Public Access to Digital Assets The Monetary Authority of Singapore (MAS) has put forward draft regulations that aim to restrict crypto trading for retail investors with the stated goal of reducing risks for consumers associated with decentralized digital currencies, while boosting the development of…

Fed Governor Waller Skeptical of Central Bank Digital Currencies — Says He’s ‘Not a Big Fan’ of the Fed Issuing Digital Dollar – Regulation Bitcoin News

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Federal Reserve Governor Christopher Waller says he is not a big fan of the Fed issuing a central bank digital currency (CBDC). “It’s just a checking account at the Fed,” said the governor. Federal Reserve Chairman Jerome Powell recently said that the central bank has not decided whether to issue a digital dollar. Fed Governor Skeptical of CBDCs Federal Reserve Governor Christopher Waller shared his view on central bank digital currencies (CBDCs) Tuesday during the Money 20/20 conference in Las Vegas. Commenting on the Federal Reserve issuing a digital dollar,…

Vietnam’s prime minister calls for crypto regulation: Report

Pham Minh Chinh, the prime minister of Vietnam, has reportedly said the country’s government should study crypto regulation in part based on residents continuing to trade digital assets despite their lack of legal recognition. According to an Oct. 24 report from online news outlet VnExpress, Chinh hinted a bill on anti-money laundering, or AML, should recognize an amendment on virtual currencies given that “in fact people still trade” crypto in Vietnam. The prime minister’s comments suggested the Vietnamese government may consider crypto regulation to address its role in financial crimes.…