Tag: Regulation

US lawmaker says crypto regulation from SEC is ‘needed now’

John Hickenlooper, a United States Senator representing Colorado, has penned a letter to Gary Gensler urging the Securities and Exchange Commission chair to establish “clear rules” for the crypto market. In an Oct. 13 letter, Hickenlooper called on the SEC to take action on regulatory issues including identifying the cryptocurrencies that will be considered sasecurities, establishing registration guidelines for trading platforms, and “determining what disclosures are necessary for investors to be properly informed.” According to the senator, the lack of a coordinated regulatory framework from the government has led to…

Brazilian Securities and Exchange Commission CVM Defines Rules to Classify Cryptocurrency Assets as Securities – Regulation Bitcoin News

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The Brazilian Securities and Exchange Commission (CVM) has clarified the criteria by which different cryptocurrency assets can be considered securities. Through the issuance of a guidance opinion document, the CVM defines different classifications for existing cryptocurrency assets, specifies which can be viewed as securities, and explains how it will intervene in these markets. Brazilian Securities and Exchange Commission CVM Addresses Crypto Securities Classification The Brazilian Securities and Exchange Commission (CVM) has issued a new guidance opinion document that touches on the issue of crypto-based securities. The document, which acknowledges there…

Ripple CEO Anticipates Answer in SEC Lawsuit Over XRP in the First Half of 2023 – Regulation Bitcoin News

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Ripple CEO Brad Garlinghouse says he thinks “we’ll have an answer in the first half of next year” in the U.S. Securities and Exchange Commission (SEC) lawsuit over xrp. Maintaining that xrp is not a security, the executive stressed that the case “is about the whole industry” and “Everyone acknowledges how important this is.” Ripple’s CEO Expects Answer in First Half of Next Year Ripple CEO Brad Garlinghouse talked about the timeframe of the lawsuit by the U.S. Securities and Exchange Commission (SEC) over the sale of XRP during an…

Key EU Parliament Committee Approves MiCA Deal to Regulate Crypto – Regulation Bitcoin News

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European Parliament’s economic committee has backed the adoption of the comprehensive Markets in Crypto Assets (MiCA) regulation. It has also supported the introduction of rules for tracing cryptocurrency transfers, part of the latest EU anti-money laundering push. European Union’s MiCA Crypto Law Passes Another Hurdle Before Final Adoption The European Parliament Committee on Economic and Monetary Affairs (ECON) has approved the provisional deal on a landmark legislation tailored to regulate the European Union’s crypto space. The vote, in which 28 members were in favor and only one against, comes ahead…

US Acting Comptroller urges not to rush with the crypto regulation

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Michael J. Hsu called for tighter interagency efforts and highlighted the three most dangerous areas of the new industry. Acting Comptroller of the Currency Michael J. Hsu urged his fellow regulators not to lower their standards when dealing with crypto under the pressure of “being perceived as anti-innovation luddite.” According to the OCC, it’s necessary to “learn and smartly adapt” to ensure safety, soundness, and fairness regarding the industry.  Hsu made his remarks on crypto during his speech at the Harvard Law School on Oct. 11. The full text of…

Coinbase Receives In-Principle Approval to Provide Crypto Services in Singapore – Regulation Bitcoin News

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Singapore’s central bank, the Monetary Authority of Singapore (MAS), has given Coinbase “in-principle approval” allowing the crypto exchange to “offer regulated digital payment token products and services in the island state.” Coinbase stressed: “Today’s announcement underlines our commitment to Singapore as a regional hub.” Coinbase Committed to Making Singapore Its Regional Hub The Nasdaq-listed crypto exchange Coinbase announced Monday that it has received “In-Principle Approval (IPA) as a major payments institution license holder from the Monetary Authority of Singapore (MAS).” The announcement details: This license will allow us to offer…

US Treasury Charges Bittrex With Sanctions Violations, Crypto Exchange Agrees to Settle With Regulator – Regulation Bitcoin News

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On October 11, the U.S. Treasury department’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) announced that it has settled charges with the cryptocurrency exchange Bittrex. The crypto exchange was accused of sanctions violations and failure to “implement effective sanctions compliance controls” between March 2014 and December 2017. Crypto Exchange Bittrex Charged With US Sanctions Violations, Washington State Trading Platform Agrees to Settle The Washington State-based crypto asset exchange Bittrex has been charged by FinCEN and OFAC over “116,421 apparent violations of multiple sanctions programs.”…

Russian Companies Are Using Crypto in Trade Despite Lack of Regulation, Officials Admit – Bitcoin News

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With limited access to global finances, Russian businesses have begun settling in cryptocurrency with their partners abroad. Although these are still small-scale payments, government officials have noted their increase, which comes even before authorities have decided how to regulate these transactions. Cross-Border Crypto Settlements on the Rise in Russia as US Dollar and Euro Payments Decline Companies operating under sanctions imposed on Russia over the escalating conflict in Ukraine have started employing cryptocurrencies despite that the new regulations for this type of payment are expected to come into force in…

India’s Central Bank RBI Publishes Digital Currency Details — Confirms Digital Rupee Pilot Launching ‘Soon’ – Regulation Bitcoin News

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India’s central bank, the Reserve Bank of India (RBI), says it will soon commence “limited pilot launches” of the country’s digital currency (digital rupee) for specific use cases. The central bank explained that “multiple technological options shall be tested and based on the outcomes, the final architecture shall be decided.” RBI Prepares to Launch Digital Rupee Pilot India’s central bank, the Reserve Bank of India (RBI), published a report titled “Concept Note on Central Bank Digital Currency” Friday. The 51-page document explains the “objectives, choices, benefits, and risks of issuing”…

Latest EU Sanctions Expected to Stimulate Russia’s Own Crypto Market, Exchanges Maintain Services – Regulation Bitcoin News

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The new crypto sanctions imposed by the European Union are likely to spur the development of the country’s digital asset market, according to a Russian lawmaker. Anatoly Aksakov, who chairs the parliamentary Financial Market Committee, believes Russians will manage to bypass the restrictions. Meanwhile, major exchanges have reportedly informed Russian users that trading continues. Russians Find Ways to Circumvent Mounting European Crypto Sanctions, Duma Member Insists This week, the EU adopted its eighth package of penalties against Russia, meant to hit its government, economy, and energy exports in response to…