European Central Banks Demand Strict Cryptocurrency Regulations

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Europe's biggest banks have called on the European Commission to implement tough regulations for cryptocurrencies, such as stablecoins, that would protect consumers and preserve state sovereignty in monetary policy, Reuters reported.

Regulating the cryptocurrency markets

Chris Skinner

I guess that this is logical as my last line was that government control of cryptocurrencies is “not so easy for cryptocurrencies that have … The post Regulating the cryptocurrency markets appeared first on Chris Skinner's blog. Blockchain Fintech Future Grid Innovation Opinion Payments RegulationSomeone made the comment on my platform piece about what happens when there are no Jack Ma’s or Mark Zuckerberg’s, as the whole thing is decentralised?

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Russia to Regulate Cryptocurrencies in 2017

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Russia will start regulating cryptocurrency trading by the end of the year, according to the country’s Finance Minister. At the Moscow Financial Forum on Friday, Russian Finance Minister Anton Siluanov said: The state certainly understands that cryptocurrencies are a reality, there is no point in prohibiting them. It is possible to regulate them, so the […]. Cryptocurrency Bitcoin Bitcoin regulation cryptocurrencies Russia

Mexican Central Bank to Regulate Cryptocurrency

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Mexican President Enrique Peña Nieto is presenting a legislation that proposes to regulate cryptocurrency to the Mexican Senate today, according to reports. The legislation states that cryptocurrencies are not considered legal tender in Mexico, and proposes that the country’s central bank – the Bank of Mexico – should regulate firms working with these cryptocurrencies.

New York To Ease Cryptocurrency Regulations

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It will be easier for New York cryptocurrency businesses to launch in New York, thanks to a plan by regulators that would ease licensing rules. The New York State Department of Financial Services (DFS), which supervises 1,500 banks and financial institutions and more than 1,400 insurance companies, has proposed a conditional licensing framework that promises to make it easier for cryptocurrency startups.

Japan Regulators Crack Down on 15 Cryptocurrency Exchanges

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It’s not surprising that the Japanese government tighten its grip on cryptocurrency exchanges following a major hack a few weeks ago. Today, the Japanese government said it will start an inspection on 15 unlicensed cryptocurrency exchanges. In a news briefing, Japan’s financial services minister Taro Aso said regulators will investigate the 15 exchanges that have […]. Compliance Cryptocurrency Exclusive Uncategorized Coincheck cryptocurrency NEM Coins

Thailand to Tax Cryptocurrencies

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Taxes on cryptocurrency? That’s what regulators in Thailand are planning to institute. Taxing cryptocurrency is a way for […]. Compliance Cryptocurrency Exclusive Bitcoin cryptocurrency regulationsAccording to a report by Nikkei Asian Review, after a cabinet meeting suggested that crypto traders could be charged with as much as 7% value added tax as well as up to 15% tax on capital gains.

Report: $50B In Cryptocurrency Moved Out Of China

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More than $50 billion of cryptocurrency was transferred from virtual wallets in China to other parts of the world last year, a potential violation of the nation’s strict limits on how much money can be sent abroad, according to a new report. Cryptocurrency has not been without controversy.

Israel to Tax Cryptocurrencies

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Israel is going to put a tax on cryptocurrencies including bitcoin, regulators in the country said yesterday. According to a circular by Israel Tax Authority yesterday, the government said it looks at cryptocurrencies as a property rather than a currency, and therefore it will be taxable. According to the circular, translated by multiple reports, cryptocurrencies will […]. Cryptocurrency Exclusive Bitcoin cryptocurrency

Cryptocurrency Expert: Government-Backed Cryptocurrency Misses the Point

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EXCLUSIVE- To make a government-backed cryptocurrency is to defeat the point of cryptocurrency, Jacob Eliosoff, a programmer, crypto trader, businessman, and teacher, explains in an interview with Bank Innovation. There is no shortage of interest in government-backed cryptocurrency in today’s world.

How Do Countries Decide How to Regulate Cryptocurrency?

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EXCLUSIVE- Governments around the world are enacting new regulatory policies in response to the growing popularity of cryptocurrencies and ICOs. Joshua Klayman, who heads the Blockchain + Smart Contracts Group at International Law Firm Morrison Foerster, points out in an interview with Bank Innovation that, so far, all governments that have issued statements on cryptocurrencies […]. Compliance Cryptocurrency Exclusive Risk China cryptocurrency ico Isle of Man Malaysia

China Does a 180° on Cryptocurrency

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China has reportedly banned all bitcoin executives from leaving its borders as part of the country’s crackdown on its cryptocurrency industry. Though these reports named bitcoin executives in particular, some see the move as the onset of a larger “war” between governments everywhere and all cryptocurrencies. Compliance Cryptocurrency Exclusive Online Bitcoin China compliance cryptocurrency regulations

Libra Forces Cryptocurrency Regulators To Reexamine Procedures

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Facebook’s Libra project has renewed focus on how cryptocurrencies are regulated, with current rules on the sector patchy and varying from country to country. This week , it was reported that the Financial Action Task Force (FATF), the global anti-money laundering organization, is monitoring the planned Libra cryptocurrency, a signal of the growing scrutiny on cryptocurrency’s potential for money laundering and terrorism financing. Cryptocurrency and Blockchain.

Bitcoin Daily: UK Researching CBDC Use Cases; Lebanon To Introduce CBDC In 2021; SEC Member Pushes For Cryptocurrency Regulation; ShapeShift Delists Three Privacy Coins

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The announcement did not specify the regulations, but it did note that the approach will ensure that the CBDC meets “the same minimum standards we expect of other payment methods.”. The U.K.

Cryptocurrencies Surge as Debate Over Digital Tokens, Securities Reignites

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EXCLUSIVE— Cryptocurrencies are experiencing one of their highest points in recent weeks, after remarks made by former financial regulator Gary Gensler brought back concerns that certain tokens should really be considered securities. The remarks point to a reoccurring debate among cryptocurrency aficionados about the nature of digital currency, which is having its first positive movements […].

China Likely to License Cryptocurrency Exchanges

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The People’s Republic of China will likely re-legalize cryptocurrency trading, ending its nation-wide ban on crypto exchanges from early September, as reported by cnLedger, a well-known source on cryptocurrency news in China. The report in question revealed that Xinhua News, recognized by many as the voice of the Chinese Government, published the following statement: Virtual […].

Is ‘Embedded Regulation’ The Key To Stablecoins’ Success?

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The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Regulators and lawmakers, however, can latch onto digital currency efforts as they must monitor and also supervise such stablecoins.

Is It Time For Cryptocurrency To Become More Regulated?

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The rapid growth of cryptocurrency has come with closer scrutiny and a call for tighter anti-money-laundering (AML), know-your-customer (KYC) regulations. Congress is considering numerous bills to clarify legal issues surrounding digital money, and last month the Financial Action Task Force (FATF) issued a final set of cryptocurrency guidelines to require more transparency of digital asset transactions and prevent them from being used for criminal activities.

India Moves To Outlaw Cryptocurrencies

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The Indian government has drafted a bill that would ban cryptocurrencies and attempt to regulate any official digital money, according to reports. . The proposed bill is appropriately called the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019,” and the draft has been distributed to various different government departments. Many government agencies feel the need to move on cryptocurrency is urgent.

New US 'Cryptocurrency Enforcement Network' Takes Aim At Bitcoin Scammers

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Bitcoin and other cryptocurrencies are continuing to attract attention from authorities for all the wrong reasons. That includes direct engagement with banks, financial institutions (FIs) and the community of actual cryptocurrency users. “To

Russia Will Launch Its Own ‘Cryptocurrency’

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Russian Minister of Communications and Mass Communications Nikolai Nikiforov has announced that the Russian state will “quickly” issue its own cryptocurrency, called the “CryptoRuble,” as reported by the Russian publication AIF. Commerce Compliance Cryptocurrency Exclusive Innovations Online Payments Security compliance CryptoRuble crytpocurrency Putin regulations Russia Russian Ruble

Russia Will Likely Ban All Cryptocurrencies – Except Its Own

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The Russian government is poised to launch the world’s first national cryptocurrency, the CryptoRuble, in the next few weeks, after which it will likely ban all other cryptocurrencies, effectively establishing a state monopoly over the Russian cryptocurrency market. Compliance Cryptocurrency Exclusive Innovations Online compliance cryptocurrency cryptocurrency exchanges CryptoRuble Putin regulation Russia

The lies spread by bankers about cryptocurrencies

Chris Skinner

I had a chat with The Financial Times the other day, and provided lots of background as to why I don’t think cryptocurrencies are the choice of criminals. The comment that was reported was the following: Chris Skinner, a financial technology author, said it was “complete rubbish” to suggest the main … The post The lies spread by bankers about cryptocurrencies appeared first on Chris Skinner's blog. Blockchain Crime Fintech Future Grid Numbers Opinion Regulation

Japanese Cryptocurrency Exchange bitFlyer Launches in Europe

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Japanese cryptocurrency exchange bitFlyer today announced its launch in Europe. bitFlyer, the first Bitcoin exchange to be regulated in Japan and the U.S., Compliance Cryptocurrency Exclusive Bitcoin bitFlyer cryptocurrencies European Unionsaid it received a Payment Institution (PI) license to operate in the European Union. The company’s founder and CEO of bitFlyer, Yuzo Kano, said in a statement: When I set up bitFlyer […].

The United States May License Bitcoin and Cryptocurrency Exchanges

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The Acting Comptroller of the Currency of the United States, Keith Noreika, has stated that he is considering imposing a nationwide licensing program for cryptocurrency exchanges, similar to the licensing program recently enacted in Japan. This hypothetical licensing program could put into place a nation-wide, unified regulatory framework for cryptocurrency exchange platforms.

G7 Set To Oppose Facebook Libra Over Lack Of Regulations

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Facebook's proposed global digital currency Libra is expected to get pushback from G7 leaders who are anticipated to publicly oppose the project due to a lack of regulations, according to a Reuters report on Monday (Oct.

Bitcoin, Other Cryptocurrencies Continue Decline Over Regulation Fears

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With fresh concerns about government regulation of cryptocurrency surfacing, Bitcoin and other digital tokens continued the recent declines in value, erasing $550 billion in value for the global cryptocurrency market since the start of 2018. Citing Japan’s Nikkei Business Daily , TheStreet.com reported that two cryptocurrency exchange startups took back their applications to the Financial Services Agency in Japan after they were told to beef up their security features.

The Quadriga case shows why cryptocurrency needs regulation

Payments Source

When a cryptocurrency exchange is unregulated, you need to investigate their security practices yourself, writes Phillips Nizer LLP's Patrick Burke. ISO and agent Cryptocurrencies Financial regulations Digital payments

Singapore Banks Close Cryptocurrency Firms’ Accounts

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Several banks in Singapore have closed the accounts of an estimated 10 firms specializing in cryptocurrency and payments services. Anson Zeall, chairman of Access, Singapore’s Cryptocurrency and Blockchain Industry Association, said yesterday in an interview with Bloomberg that this is a problem “common among leading FinTech hubs” in many countries and urged Singapore’s government to […].

NY Creates Cryptocurrency Task Force

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A New York State politician announced the creation of what he called the nation’s first cryptocurrency task force, to “study how to properly regulate, define and use” the currency, according to a Facebook post and reports. Cryptocurrencies , like bitcoin, Ethereum, Litecoin and Ripple , are digital assets designed to work as a medium of exchange that uses strong cryptography to secure transactions,” he said.

Does it Matter if Cryptocurrencies Are Securities? (No)

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EXCLUSIVE— While the debate over whether cryptocurrencies are actually currencies, securities, or somehow a mix of the two drags on, there’s another question crypto enthusiasts should ask: does it matter? regulator Gary Gensler noted that in his mind, […]. Compliance Cryptocurrency Exclusive Online Premium Trading blokchain compliance cryptocurrencies Ethereum Financial Regulation Ripple securities XRP

Lawmakers Push To Fast-Track Crypto Regulation

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According to The Wall Street Journal , “the Internal Revenue Service is expected to update its 2014 guidance on cryptocurrencies in coming weeks, following an April request from a bipartisan group of 20 lawmakers. It is part of a broader push to boost the nascent cryptocurrency industry.” regulators and politicians increase their focus on big tech and associated areas, with recent hearings targeting Facebook and Google. Are new bitcoin rules coming?

Japanese Regulator Warns of ICO Risks As Bitcoin Tops $6,000

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Japan is the latest country to express concern over initial coin offerings and cryptocurrency, with its regulatory body the Financial Services Agency, or FSA, sending out a statement on the risks of ICOs to potential investors. Cryptocurrency Exclusive Payments Bitcoin cryptocurrency Financial Regulation ico

Reserve Bank of India Bans All Indian Banks and FIs From Handling Cryptocurrency

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The Reserve Bank of India (RBI) strikes cryptocurrency again. This time India’s central bank issued a statement today banning all entities that fall under its regulation, from dealing with any cryptocurrencies. Compliance Cryptocurrency Exclusive ban Bitcoin cryptocurrency Reserve Bank of IndiaSince RBI is India’s central bank that means all the country’s banks and FIs fall under RBI’s authority.

Today In Payments: Wirecard Files For Insolvency; New York To Ease Cryptocurrency Regulations

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In today’s top news, Wirecard files for insolvency, and New York proposes easing regulations for cryptocurrency licenses. New York To Ease Cryptocurrency Regulations. The New York State Department of Financial Services (DFS) has proposed a conditional licensing framework that promises to make it easier for cryptocurrency startups. Plus, California seeks a court order to make Uber and Lyft classify drivers as employees.