Tag: Regulation

Lawsuit Claims US Labor Department’s Crypto Guidance Is Unlawful – Regulation Bitcoin News

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The U.S. Department of Labor has been sued by a 401(k) plan administrator over its cryptocurrency guidance. “This lawsuit seeks to preserve the rights of American investors to choose how to invest money in their own retirement accounts.” U.S. Labor Department Sued Over Crypto Guidance The U.S. Department of Labor (DOL) and Secretary of Labor Martin J. Walsh have been sued over the department’s Compliance Assistance Release No. 2022-01. The guidance, titled “401(k) Plan Investments in ‘Cryptocurrencies,’” was issued on March 10. The lawsuit alleges that the Labor Department breached…

105 Countries Are Exploring Central Bank Digital Currencies, CBDC Tracker Shows – Regulation Bitcoin News

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There are now 105 countries that are exploring central bank digital currencies (CBDCs). Among them, 50 countries are in an advanced phase of digital currency exploration (development, pilot, or launch). 105 Countries Are Exploring CBDCs The Atlantic Council’s Geoeconomic Centre has released a major update to its Central Bank Digital Currency (CBDC) Tracker. According to the tracker: 105 countries, representing over 95 percent of global GDP, are exploring a CBDC … A new high of 50 countries are in an advanced phase of exploration (development, pilot, or launch). Furthermore, the…

Nigerian Blockchain and Crypto Association Introduces a Code of Conduct for VASPs – Regulation Bitcoin News

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The Nigerian blockchain and crypto advocacy group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) recently announced the introduction of a code of conduct for Nigerian virtual assets service providers. The code of conduct, which was initiated by the office of the President of Nigeria, applies to all Nigerian VASPs. Making the Nigerian Blockchain Industry a Safe Space The Nigerian blockchain group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) has introduced what it called a code of conduct for virtual asset service providers (VASPs). The objective of…

SEC Launches Game-Show Campaign to Educate Investors in ‘a Playful Way’ – Crypto Included – Regulation Bitcoin News

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The U.S. Securities and Exchange Commission (SEC) has launched a game-show campaign to help investors make informed decisions “in a playful way.” One of the contestants in the game show chose to listen to a celebrity and invest in crypto. SEC Debuts ‘Game Show-Themed Public Service Campaign’ The SEC’s Office of Investor Education and Advocacy unveiled “a game show-themed public service campaign” last week. Titled “Investomania,” the campaign aims “to help investors make informed investment decisions and avoid fraud.” The campaign features a 30-second TV spot, interactive quizzes, and 15-second…

Uganda Central Bank Says It Is Open to Crypto Firms Participating in Regulatory Sandbox – Regulation Bitcoin News

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The Bank of Uganda (BOU) has hinted that it is open to the idea of crypto firms participating in the regulatory sandbox. The central bank’s position follows its deliberations with a team from the Blockchain Association of Uganda (BAU). BAU Members Asked to Acquaint Themselves Sandbox Regulations The Ugandan central bank has said following talks with the team from the BAU, it is now open to the idea of having crypto firms participate in its regulatory sandbox. Consequently, the central bank has asked members of the BAU that may want…

Localbitcoins User Pleads Guilty to Running Unlicensed Crypto Business — Faces Up to 5 Years in Prison – Regulation Bitcoin News

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A cryptocurrency trader has been convicted in the U.S. for operating an unlicensed money-transmitting business using Localbitcoins and Paxful. He faces up to five years in federal prison and a possible $250,000 maximum fine. Crypto Trader Pleads Guilty The U.S. Department of Justice (DOJ) continues to take action against crypto traders using services such as Localbitcoins and Paxful to buy and sell cryptocurrencies as a business without a license. The latest such case involved Hien Ngoc Vo, a 49-year-old man from Seattle, Washington, who operated an unlicensed crypto business in…

Regulation Won’t Let Us Engage in Crypto; Kiyosaki Talks Depression, Civil Unrest, and More — Bitcoin.com News Week in Review – The Weekly Bitcoin News

The new LUNA records gains amidst controversy, “Big Short” investor Michael Burry and author Robert Kiyosaki weigh in on recession, depression, and looming civil unrest. To top it all off, Bank of America’s CEO said “we have hundreds of patents on blockchain” but that regulations are blocking the institution from engaging in crypto. This is your bite-sized digest of this week’s hottest stories from Bitcoin.com News. Let’s dig in. Bank of America CEO: We Have Hundreds of Blockchain Patents — But Regulation Won’t Allow Us to Engage in Crypto The…

Central Bank Digital Currencies Could Kill Cryptocurrencies – Regulation Bitcoin News

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Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar says central bank digital currencies could “kill whatever little case there could be” for cryptocurrencies, like bitcoin and ether. RBI’s Deputy Governor Discusses Impact of CBDCs on Cryptocurrencies RBI Deputy Governor T. Rabi Sankar talked about the potential impact of central bank digital currencies (CBDCs) on cryptocurrencies, like bitcoin and ether, at a webinar organized by the International Monetary Fund (IMF), local media reported Friday. He was quoted as saying: We (RBI) believe that CBDCs would actually be able to…

South Korean authorities move to clean up and cool down cryptocurrency markets

▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io You can watch this video at Are the brakes being put on Korea’s cryptocurrency craze? The government recently confirmed a plan to impose a 20 percent income tax on capital gains from cryptocurrency transactions starting next year. Now, this is a very sensitive subject that reaches right to the heart of fundamental social obstacles facing younger people in particular. So, what’s going on? ▶ Coinbase Website: Coinbase.com ▶ CEX Website: cex.io Youtube version

Japan Adopts Legislation Establishing Legal Framework for Stablecoins – Regulation Bitcoin News

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The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd. Law on Stablecoins Approved in Japan in Aftermath of UST Collapse Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday. With the new law, Japan becomes…