Tag: Regulation

Ukraine to Revise Virtual Assets Law in Line With EU Crypto Rules – Regulation Bitcoin News

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Work is underway in Ukraine to update the legal act that applies to cryptocurrencies in order to align the nation’s legislation with European standards. Several government institutions in Kyiv are preparing changes to the bill “On Virtual Assets,” which was signed into law earlier this year. Ukraine to Transpose European Crypto Regulations Into National Law Ukraine’s law “On Virtual Assets,” the main piece of legislation that concerns the country’s crypto space, will be amended in accordance with the provisions of the European Union’s Markets in Crypto Assets (MiCA) legislative package.…

US Sentences Promoter of $3.4B Bitconnect Crypto Ponzi Scheme to 38 Months in Prison – Regulation Bitcoin News

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The U.S. has sentenced a Los Angeles man to 38 months in federal prison for his role in the $3.4 billion Bitconnect crypto Ponzi scheme. He admitted to earning no less than $24 million from the scam, all of which will now be “repaid to investors in restitution or forfeited to the government,” the Department of Justice (DOJ) explained. US Bitconnect Promoter Sentenced to 38 Months in Prison The U.S. Department of Justice (DOJ) announced Friday that a Los Angeles man has been sentenced to “38­ months in prison for…

SEC Orders Crypto Firm to Pay Harmed Investors $35 Million — Charges Influencer Ian Balina – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has ordered crypto firm Sparkster and its CEO to pay $35 million into a fund for distribution to harmed investors. The securities regulator also charged crypto influencer Ian Balina for promoting crypto tokens without disclosing compensation received. SEC’s Cease-and-Desist Order Against Unregistered Crypto Firm The U.S. Securities and Exchange Commission (SEC) announced Monday that it has issued a cease-and-desist order against Sparkster Ltd. and its CEO, Sajjad Daya, “for the unregistered offer and sale of crypto asset securities from April 2018 through July…

The crypto industry can trust Cynthia Lummis to get regulation right

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As the world waits to see America’s take on cryptocurrency regulation, crypto enthusiasts should keep one thing in mind: The industry can trust Senator Cynthia Lummis. Her proposal with Senator Kirsten Gillibrand, which we’ve all been waiting for action on, is bipartisan in nature. We’re still awaiting the final details, but things have slowed to a crawl with the November elections around the corner. United States Securities and Exchange Commission Chairman Gary Gensler has moved forward with commentary that suggests the Commodity Futures Trading Commission will take a major role…

Australian senator drafts bill aimed at stablecoin, digital yuan regulation

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Australian Liberal Senator Andrew Bragg has released a new draft bill aimed at clamping down on digital asset exchanges, stablecoins, and China’s central bank digital currency, the e-Yuan. In a statement on Sept. 18, Senator Bragg stated that “Australia must keep pace with the global race for regulation on digital assets” as “it is essential that the parliament drives law reform” on the matter. The new draft bill, titled Digital Assets (Market Regulation) Bill 2022, calls for the introduction of licenses for digital asset exchanges, digital asset custody services, stablecoin issuers,…

CFTC Prepares to Step up Oversight of Crypto Market — Says Many Digital Assets Are Commodities – Regulation Bitcoin News

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The Commodity Futures Trading Commission (CFTC) has shared with Congress its plans to regulate the crypto market with “full oversight capabilities” if the proposed Digital Commodities Consumer Protection Act becomes law. The regulator claims to have the right experience and expertise and believes that “Many digital assets constitute commodities.” Meanwhile, SEC Chairman Gary Gensler has insisted that the vast majority of crypto tokens are securities. CFTC Chairman’s Testimony on Crypto Regulation and the Digital Commodities Consumer Protection Act The chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, discussed…

DOJ Launches Network of Over 150 Federal Prosecutors to Combat Criminal Uses of Crypto – Regulation Bitcoin News

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The U.S. Department of Justice (DOJ) has established the nationwide Digital Asset Coordinator Network of over 150 federal prosecutors. The authority explained that the new network will further its “efforts to combat the growing threat posed by the illicit use of digital assets to the American public.” US Government’s Digital Asset Coordinator Network The U.S. Department of Justice (DOJ) announced Friday that its Criminal Division has established the nationwide Digital Asset Coordinator (DAC) Network. The Justice Department noted that the DAC Network launch is “in furtherance of the department’s efforts…

UK Regulator Warns Crypto Exchange FTX Is Providing Services Without Authorization – Regulation Bitcoin News

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Britain’s top financial regulator, the Financial Conduct Authority (FCA), has issued a warning about cryptocurrency exchange FTX operating in the U.K. without authorization. “Almost all firms and individuals offering, promoting or selling financial services or products in the U.K. have to be authorized or registered by us,” said the regulator. FCA Warns About FTX Operating Without Authorization The U.K. Financial Conduct Authority (FCA) published a warning on its website Friday regarding crypto exchange FTX. The regulator detailed: We believe this firm may be providing financial services or products in the…

ECB Chooses Amazon and 4 Other Companies to Help Develop Digital Euro – Regulation Bitcoin News

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The European Central Bank (ECB) has selected five companies to help develop user interfaces for a digital euro. Each company will work with the ECB and focus on one specific use case of the digital euro. Amazon has been chosen to focus on e-commerce payments. ECB Collaborates With 5 Companies on Digital Euro The European Central Bank (ECB) announced Friday that it will collaborate with five companies “to develop potential user interfaces” for a digital euro. The ECB explained: The aim of this prototyping exercise is to test how well…

White House Releases ‘First-Ever’ Framework for Digital Asset Development — Crypto Industry Leader Says Recommendations Are Unclear – Regulation Bitcoin News

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The White House has now released what it called its “first-ever” comprehensive framework for the responsible development of digital assets just over six months after U.S. President Joe Biden signed an executive order on the same matter. However, one crypto industry leader has lamented the lack of clarity and understanding of the technology in the White House’s fact sheet. Reinforcing United States Leadership in the Global Financial System Just over six months after U.S President Joe Biden signed an Executive Order (EO) outlining the government’s multi-pronged approach toward digital assets,…