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Regulation

UK’s FCA Might Extend AML Regulations to Cryptocurrency Companies

The UK Financial Conduct Authority, responsible for financial regulations in the country, is looking to introduce further legislation that includes cryptocurrency firms.Such companies operating on the island may need to submit annual reports on how they deal with financial threats and crimes.UK FCA Explores Further Crypto RegulationsIn its latest consultation report, the watchdog noted that in July 2016, it introduced an annual financial crime report obligation for specific firms. By...

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Marriott Faces Class-Action Lawsuit over Data Breach

The sum of the damages Marriott potentially faces is not yet clear. The court will decide on the per capita sum. Besides, it will take into consideration the existence of Europe’s General Data Protection Regulation (GDPR).The U.S. largest hospitality corporation Marriott International Inc (NASDAQ: MAR) is now facing a new lawsuit in the UK. The reason for the class action lawsuit is a vast data breach that affected 339 million customers worldwide. The hack may be the biggest in...

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WAVES Used For The First Cryptocurrency-Backed Bank Loan In Russia

A Russian businessman has reportedly taken a loan from a bank using the WAVES token as collateral. With the nation’s unclear regulation status regarding digital assets, local lawyers argued on whether such transactions could legally proceed in the future.The First Cryptocurrency-backed Bank Loan In RussiaAlexander Ivanov, Waves founder and CEO, confirmed the news earlier today. He outlined the local report, which reads that for the first time in Russia, a bank has approved a loan secured by a...

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Tech Giants Oracle and Salesforce Accused of Violating EU GDPR

It has become known that the nonprofit organization Privacy Collective filed a class action lawsuit against tech giants Oracle and Salesforce for violating EU GDPR.Two American multinational tech companies Oracle Corporation (NYSE: ORCL) and Salesforce.com Inc (NYSE: CRM) are facing a multi-billion dollar class-action lawsuit for violating EU General Data Protection Regulation (GDPR) in their processing and sharing of data for advertising purposes.The lawsuit was filed by a nonprofit...

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TikTok Launching Fund Worth Over $2 Billion to Support Its Creators

TikTok has decided to support the next generation of content creators on its platform with a $2 billion TikTok Fund.Chinese video-sharing and social networking platform TikTok has announced the launch of its Creator Fund that is meant to motivate its content creators. According to a blog posted on its official website, the company said that it expects this Fund to grow to over $1 billion in the U.S. in the next 3 years, and more than double that globally.This is an ambitious plan that is seen...

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Bitcoin is not Completely Banned in China: Beijing Arbitration Commission

China has no reservation against ‘Bitcoin activities as virtual commodities,’ the Beijing Arbitration Commission (BAC) said in a report today. The report also added that the country’s laws and regulations ‘do not prohibit’ private possession and legal circulation of BTC.Bitcoin Is Not A Currency, But A ‘Virtual Commodity’Today local non-profit arbitration organization, the Beijing Arbitration Commission, pointed out in a report that Bitcoin cannot be used as a currency. It is not a legal...

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China’s Supreme Court to Strengthen Cryptocurrency Property Rights as Crypto Scams Surge

While the Supreme Court of China is working on strengthening the crypto regulation, an upsurge of CBDC-related scams has been reported.The Supreme Court of China has moved to strengthen property laws with a view to protecting crypto assets ownership in the country. In a release that mentioned digital currencies, property laws and data, the court stated that its aim is “promote the improvement of a modern property rights system with clear ownership.”The court’s move may not be unconnected with...

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US Government Misses Deadline to Release Cryptocurrency Regulations

The US government is still working on regulations on third-party reporting for cryptocurrency trades. The transactions will be reported by crypto exchanges in accordance with Section 6045 of the Internal Revenue Code (IRC), a Treasury attorney said.Cryptocurrency Exchanges Will Share Client Data as Stipulated in Section 6045Erika Nijenhuis, senior counsel at the US Treasury’s Office of the International Tax Counsel, said in a webinar that the government was still preparing rules on...

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Crypto App Bottlepay Set for Release Following Several Delays

A new cryptocurrency app known as Bottlepay will be introducing itself to the crypto-going public following months of delays.Bottlepay Is Now UnderwayBottlepay was originally set to be introduced in late 2019, though there were several problems with the product’s launch thanks to newfound regulations set forth by European lawmakers. The app had to redesign its cryptocurrency wallet to meet the standards set forth by AMLD5, which is the European Union’s anti-money laundering initiative. At the...

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CFTC Unveils Strategic Plan for 2020-2024, Wants to Introduce Comprehensive Crypto Regulation

The Commodity Futures Trading Commission (CFTC) has released its framework for 2020-2024. The framework will support the emergence of cryptocurrencies derivative markets.The Commodity Futures Trading Commission (CFTC) has released its strategic plan that will span through 2024. The strategic plan details a “Holistic Framework” that will see the increased adoption and integration of digital assets. The CFTC regarded crypto assets as 21st-century commodities, thus giving the commission the...

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