Tag: Regulation

Fed governor explains who needs crypto regulation and why demand for it is growing

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Regulation is needed to open the crypto ecosystem to a larger public, United States Federal Reserve Board governor Christopher Waller told an audience at the SNB-CIF Conference on Cryptoassets and Financial Innovation in Zurich, Switzerland. Financial intermediaries can help manage risk for new crypto users, but cannot eliminate it, Waller said, and new and fast-growing financial products need public confidence to survive. The banking official used historical examples to show the relationship between technical innovation, regulation and the amassing of fortunes. “New technology — and a lack of clear rules…

Central Bank of Armenia Urged to Regulate Cryptocurrencies – Regulation Bitcoin News

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Calls have been issued in Armenia for the central bank to do its job and put the country’s crypto space in order. Both government regulators and representatives of the financial sector insist that the industry needs regulation to prevent the use of cryptocurrencies for illicit purposes. Bankers and Tax Officials in Armenia Call for Crypto Regulations The State Revenue Committee (SRC), a regulatory body responsible for tax and customs services in Armenia, has turned to the Central Bank of Armenia (CBA), urging the monetary authority to ensure the country’s crypto…

Bulgarian Chief Prosecutor Accused of Willfully Failing to Act Against Onecoin Fraudsters – Regulation Bitcoin News

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The legal representative of victims of the Onecoin bitcoin scam operation, Jonathan Levy, has accused the Bulgarian prosecutor of deliberately failing to take action against Onecoin. The lawyer said due to the prosecutor’s inaction, more victims are losing millions of dollars to the fraudsters. Prosecutor Refusing to Take Action Against Ruja Ignatova’s Mother A lawyer representing victims of the Onecoin bitcoin Ponzi scheme, Jonathan Levy, has suggested that the criminal scheme’s masterminds may be getting protection from the Bulgarian chief prosecutor, Ivan Geshev. In an open letter addressed to Yuliya…

South Africa Charges Former Monero Lead Developer With 378 Counts of Fraud and Forgery – Regulation Bitcoin News

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Former Monero lead maintainer, Riccardo Spagni, faces over 370 counts of fraud, forgery, and uttering. The charges against the developer stem from fraudulent activities he allegedly committed when he was still employed by Cape Cookies. Fluffypony Pleads Not Guilty The so-called crypto mogul and former Monero lead developer, Riccardo Spagni, has been charged with 378 counts of fraud by the South African government, a report has said. The charges follow allegations that Spagni defrauded his former employer of more than $93,500 (R1,453,561). The crimes are alleged to have taken place…

NY Attorney General Warns About Investing in Crypto Market — Says It’s Extremely Unpredictable, Unstable – Regulation Bitcoin News

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New York Attorney General Letitia James has issued a warning about investing in cryptocurrency. She said the crypto market is “extremely unpredictable” and “unstable,” noting that the market “reached record lows” last month. NY Attorney General Warns About Cryptocurrency New York Attorney General Letitia James issued a warning about investing in cryptocurrencies Thursday. The official Twitter account of the New York Attorney General’s Office tweeted: The cryptocurrency market is extremely unpredictable. Just last month, the market reached record lows and investors lost hundreds of billions. James added: “New Yorkers should…

US Arrests Former Employee of Opensea NFT Marketplace in ‘First-Ever Digital Asset Insider Trading Scheme’ – Regulation Bitcoin News

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The U.S. Department of Justice (DOJ) has indicted an employee of non-fungible token (NFT) marketplace Opensea in what the department called the “first-ever digital asset insider trading scheme.” DOJ Indicts Former Opensea Product Manager The DOJ announced Wednesday the unsealing of an indictment charging Nathaniel Chastain, a former product manager at Ozone Networks Inc. (aka Opensea), in its “first-ever digital asset insider trading scheme.” Chastain was arrested Wednesday morning in New York. The Justice Department explained that from June to September 2021, the defendant allegedly used Opensea’s confidential information about…

The Future of Crypto Regulation

The “Regulation” exploration, taking place in the ACC Ballroom A on Friday, June 10 at 1:00 p.m. CT, will feature three panels with representatives from the Federal Reserve Bank of Richmond, industry associations and law firms steeped in cryptocurrency issues. Panelists will discuss finding a regulatory “sweet spot” to support novel projects while still mitigating the chances of another project collapsing in a dramatic fashion and harming investors. Original Source CryptofutureRegulation CryptoX Portal

Tough Crypto Law Expected in Russia Despite Central Bank’s Softer Stance on Crypto Payments – Regulation Bitcoin News

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The bill “On Digital Currency,” meant to comprehensively regulate crypto transactions in Russia, will be a “tough” law, according to the head of the State Duma Financial Market Committee. The legislation is yet to be finalized and will not be reviewed by lawmakers in the near future, Anatoly Aksakov revealed in an interview, despite Bank of Russia’s decision to drop its opposition to crypto payments, at least when they facilitate Russia’s foreign trade amid sanctions. Adoption of Russian Law on Cryptocurrencies Delayed by Ongoing Debate Over Rules Discussions about the…

Singapore’s Central Bank, DBS, JPMorgan Collaborate to Explore Uses of Digital Assets, Defi – Regulation Bitcoin News

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The Monetary Authority of Singapore (MAS) has partnered with major banks and financial services companies to explore the uses of asset tokenization and decentralized finance (defi). DBS Bank and JPMorgan will pilot the first project. Project Guardian Launched The Monetary Authority of Singapore (MAS), the country’s central bank, announced Tuesday that it has partnered with the financial services industry to launch Project Guardian. The central bank described Project Guardian as “a collaborative initiative with the financial industry that seeks to explore the economic potential and value-adding use cases of asset…

Finance Leaders of G7 Nations Call for Immediate and Comprehensive Regulation of Crypto

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The regulation of cryptocurrency is something that continues to be and will continue to be, a topic of contention in the financial world. The recent collapse of LUNA and the UST stablecoin has once again stirred the conversation and has inspired global financial leaders to reconsider the cryptocurrency problem. Finance and industry leaders from the G7 nations met to discuss ways to discuss a regulatory framework for the cryptocurrency industry. A G7 meeting was recently held in Germany, on May 18-20. The core issues discussed centered on the regulation of…