Regulation

In a series of reports, the Joe Biden administration on Friday has offered its response to the President’s executive order on cryptocurrencies – Ensuring Responsible Development of Digital Assets – issued earlier this year, media reports said. Here is all that you need to know about the Biden administration’s Friday reports: The Joe Biden administration has asked the enforcement agencies to strictly pursue the digital asset sector and identify gaps in regulations. It also...

India’s government has not completely embraced cryptocurrencies, and the Governor of the Central Bank of India, Shaktikanta Das has warned Indians about cryptocurrencies. There have been different reactions from different nations to cryptocurrencies, ranging from rejection to acceptance and regulation. The cryptocurrency market has been on a bearish cycle, the bulls on numerous occasions tried to take over the market, but all to no avail. Different government agencies...

The Australian Federal Police – an independent agency responsible for investigating crime and protecting the country’s national security – reportedly formed a new cryptocurrency unit. The goal is to detect criminals who use digital assets in their activities, such as money launderers, and bring them to justice. Applying strict regulations on the digital asset sector has been a mission for the Aussie government for a while now. Last year, former Federal Treasurer – Josh...

The United Kingdom finally has a new Prime Minister of the United Kingdom in the face of Liz Truss, who spoke positively about the cryptocurrency industry several years ago. To become the UK’s next PM, Truss was chosen over Rishi Sunak (Chancellor of the Exchequer from 2020 to 2022), who also favors digital assets. Earlier this year, he opined that Britain will thrive economically if it becomes a global crypto hub. It is safe to say that the political environment in the...

Congressman Brad Sherman, who represents California’s San Fernando Valley in the U.S. Congress, is a keen critic of the cryptocurrency industry. In his view, it undermines the dominance of the American dollar and is a threat to the country’s national security. However, Sherman does not believe the government can prohibit the asset class “anytime soon” since there is too much money and power behind it. Crypto Should Have Been Banned Years ago Unlike some other American...

The Securities and Exchange Commission of Thailand (SEC Thailand) has asked cryptocurrency companies operating in the country to include clear and visible warnings about the risks associated with virtual tokens and crypto investments. SEC Guideline on Crypto Ads In an email statement from last week, the capital market regulator asked companies to abstain from giving false and misleading information in their ads. They were also asked to provide information on advertising terms...

The crypto division of the popular trading app Robinhood has been slapped with a $30 million fine in New York after the company allegedly violated cybersecurity regulations and anti-money laundering laws. The penalty was handed down by the New York State Department of Financial Services, which accused the company of failing to utilize proper resources to halt illicit trading activity on its platform. Robinhood Has Landed in Hot Water A press release involving the matter...

A new crypto bill introduced by John Boozman – a republican from Arkansas – and Debbi Stabenow, a democrat from Michigan, would (if passed) give the Commodity Futures Trading Commission (CFTC) full control over bitcoin and Ethereum, the world’s two largest and most popular digital currencies. The CFTC Would Have Most of the Power In the bill, both ETH and BTC are clearly described as commodities. In addition, they account for roughly two thirds of all activity in the...

Iranian trade minister revealed on Monday that regulations and logistics have been finalized to facilitate the use of crypto in Iran’s international trade. The move comes nearly 3 weeks after it officially announced to have completed $10 million worth of imports paid in crypto. Iran Approves Crypto for Global Trade Iran’s Trade Minister Reza Fatemi Amin said the country, which has been facing US sanctions since 1979, on finalized regulations to use cryptocurrencies for...

Umar Farooq, Chief Executive Officer of JPMorgan’s blockchain unit, believes that real use cases of crypto are yet to unravel while most of the existing assets are “junk” with only a few exceptions. Speaking at the Monetary Authority of Singapore’s (MAS) Green Shoots seminar on Monday, Farooq said that the regulation has also not caught up with the burgeoning sector, thereby obstructing the foray of several many traditional financial institutions. “Most of crypto is still...