Tag: Regulation

Bank of England’s Cunliffe Warns Crypto Is ‘Prone to Collapse’ — Touts ‘Same Risk, Same Regulatory Outcome’ – Regulation Bitcoin News

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Bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, has warned that cryptocurrencies are “very vulnerable to sentiment and prone to collapse.” He urged regulators to “get on with the job” and regulate crypto under the principle of “same risk, same regulatory outcome.” Bank of England’s Cunliffe on Crypto Regulation Sir Jon Cunliffe, deputy governor for financial stability at the Bank of England (BOE), discussed cryptocurrency risks and regulations this week at the British High Commissioner’s residence in Singapore. The Bank of England executive cautioned: Financial assets with…

Rethinking approaches to regulation of the Fourth Industrial Revolution

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Mass adoption of technologies of the Fourth Industrial Revolution (4IR) potentially could trigger an even larger than projected transition to a new taxonomy of regulation concerning various fields of human life, including that of finance and the market itself. New technologies are enabling new concepts, systems and frameworks, such as driverless cars, drone postal deliveries and central bank digital currencies (CBDC). In the foreseeable future, the role of technology in our society would be exceeding the boundaries of an elementary subsystem, where its regulation would be designated to the stakeholders…

Putin Signs Law Prohibiting Payments With Digital Assets in Russia – Regulation Bitcoin News

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President Vladimir Putin of Russia has signed into law a bill banning payments with digital financial assets. The legislation obliges exchange operators to refuse to process transactions facilitating the use of DFAs, a legal category currently covering cryptocurrencies, as “monetary surrogates.” President Putin Approves Legislation Banning Digital Asset Payments in Russian Federation Russian President Vladimir Putin has signed a law imposing direct restrictions on the use of digital financial assets (DFAs) as a means of payment inside his country, the crypto page of the RBC business news portal reported. The…

Aussie FPA supports ‘crypto rule book’ and regulation of exchanges

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The Financial Planning Association of Australia (FPA) has shown its support for the “crypto rule book” idea and called for regulating exchanges instead of crypto assets. In May, the Australian Law Reform Council (ALRC) proposed to tackle crypto regulation through a rule book-style framework which sets out a series of gradually updated compliance principles for local crypto firms to adhere to. The comments came via a submission to the Treasury by FPA’s head of policy, strategy and innovation, Ben Marshan, who also argued that the regulation of crypto exchanges should…

Russia Considers Jail Time for People Helping Crypto Scammers Launder Proceeds – Regulation Bitcoin News

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The interior ministry of Russia has decided to go after those providing money-laundering services to crypto fraudsters, suggesting they should go to prison. The department wants to introduce criminal liability for the activities of these people, also known as ‘droppers.’ Law Enforcement in Russia Targets Droppers Involved in Fraudulent Crypto Schemes The Ministry of Internal Affairs of the Russian Federation (MVD) and other security agencies are hoping to introduce criminal liability for citizens providing assistance to scammers that exploit the popularity of cryptocurrency investments. Law enforcement officials say they have…

UK financial watchdog exec hints at importance of international collaboration on crypto regulation

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The chief executive of the United Kingdom’s Financial Conduct Authority, or FCA, said the U.K. government will be working with its counterparts in the United States to address a regulatory framework for cryptocurrencies.  In a speech for the Peterson Institute for International Economics on Thursday, FCA chief executive Nikhil Rathi said the U.S. and the U.K. will “deepen ties” on crypto regulation following discussions among regulators at the Financial Innovation Partnership on June 29. In addition, its government has coordinated with the U.S. and Singapore to launch an International Organization…

ECB Calls for Urgent Regulation of Stablecoins and Defi, Won’t Rule Out Bitcoin Mining Ban – Regulation Bitcoin News

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A new report by the European Central Bank (ECB), presented as a “deep dive into crypto financial risks,” calls for “appropriate” regulation and oversight of stablecoins and decentralized finance (defi). It also addresses the hot topic of Bitcoin’s carbon footprint in Europe, suggesting a ban on proof-of-work mining is probable. Growth of Stablecoins, Defi Warrants Regulation and Supervision, ECB Says Crypto-related financial risks, those associated with stablecoins and defi platforms in particular, as well as the threat to climate transition goals blamed on energy-intensive methods of crypto mining, are in…

South African Exchanges Embrace Regulation of Cryptocurrencies as Financial Assets

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South African Reserve Bank (SARB) announced that it will soon be regulating cryptocurrencies as financial assets, which was already been discussed about by the central bank for some time. It has been confirmed that the new regulations will be taking effect over the next 12 months. “Our view has changed and we now regard it (cryptocurrency) as a financial asset and we hope to regulate it as a financial asset.   There has been a lot of money that has flowed in, and there is a need to regulate it…

Celsius Files for Bankruptcy — Regulator Says the Crypto Lender Is ‘Deeply Insolvent’ – Regulation Bitcoin News

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Another crypto lender, Celsius Network, has sought bankruptcy protection in the U.S. “Customer claims will be addressed through the Chapter 11 process,” the company said. Two other crypto firms recently filed for bankruptcy protection: Voyager Digital and Three Arrows Capital (3AC). Celsius Follows Voyager, Files for Chapter 11 Bankruptcy Crypto lender Celsius Network announced Wednesday that it has “filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York.” Alex Mashinsky, CEO and co-founder of…

BIS committee and IOSCO issue guidance for regulation of stablecoin arrangements

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The principle of “same risk, same regulation” for crypto received further confirmation with the release Wednesday of new guidance on stablecoin arrangements (SAs). The guidance, issued by the Bank for International Settlements (BIS) Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO), applies the Principles for Financial Market Infrastructures (PFMI) for payment, clearing and settlement systems to systemically important SAs that transfer stablecoins.  The document is intended for use by SA designers and operators and extends the PFMI standards to SAs without establishing new standards.…