Regulation

The largest US-based cryptocurrency exchange Coinbase has issued a formal apology for users in the UK and the EU region. The company acknowledged that its services have been unstable because of the high number of new registrations and the latest regulatory requirements.More Users Led To Problems On CoinbaseCoinbase users located in the UK or the EU might have noticed that the services on the popular US exchange didn’t operate properly in the past two months. The platform displayed “partially...

Since she was appointed the president of the European Central Bank, Christine Lagarde has advocated for a digital euro to complement technological advancement, especially in the payment industry.Speaking at the Reuters Online event on Wednesday, European Central Bank (ECB) President Christine Lagarde highlighted her thoughts on the crypto space and the digital payment system. According to Lagarde, Bitcoin is a very volatile asset that has facilitated ‘funny business’. She also noted that...

Regulators around the globe are reconsidering the blockchain & cryptocurrency regulations as this technology faces growth in multiple industries. Over the last couple of years, an obscure technology, blockchain, formerly related to virtual money has gained global acclaim. No longer recognized Bitcoin, it is now extended to practically every business. Regulators around the globe are reconsidering the scope of KYC and AML regulations due to the large adoption of this technology in multiple...

Jack Dorsey, the CEO of both Square and Twitter, isn’t a fan of any incoming cryptocurrency regulations.Jack Dorsey Isn’t in Favor of New Crypto RulesThis makes sense considering Square, one of his firms, recently purchased roughly $50 million in bitcoin a few months ago to become one of the first institutional enterprises to openly support bitcoin and hold such a large stake in it. It’s likely that Dorsey doesn’t want to take a hit for this purchase.However, in an open-word letter to the...

Coinbase spoke against the regulation referring to it as a “regulation not done properly.” According to them, the required information needed to make transactions does not achieve the goal or purpose of controlling illicit transactions.The Financial Crimes Enforcement Network (FinCEN) recently proposed regulations that will see exchanges and people identifying themselves when making transactions above a stated amount. According to reports, some major crypto firms have kicked against this new...

Cryptocurrency is a relatively recent invention, especially when we compare it to a traditional currency, which has been around as long as humans have lived in organized societies. But with any new development, there is a natural hesitancy in acceptance of change, especially from those who are in control of the old ways. But does this hesitancy translate into cryptocurrency being illegal? Let’s take a closer look at the legality or otherwise of cryptocurrency today. Property or Currency?...

Two more companies that could be affected by the recently proposed FinCEN crypto regulations, namely Square and Andreessen Horowitz, have confronted the legislation. Both believe that the industry requires clear rules but asserted that FinCEN has failed in its rushed attempt.Square Goes After The FinCEN Crypto RegulationsCryptoPotato reported recently that the US Treasury’s Financial Crimes Enforcement Network (FinCEN) came up with new regulations on Money Services Business (MSBs) that...

Several US Congress members and a Senator have joined Coinbase in asking the US Treasury to extend the timeframe for responses to the recently proposed crypto regulations. The lawmakers argued that the agency hadn’t provided enough time for all concerned parties to issue their feedback.US Congresspeople Ask For Crypto Regulation ExtensionCryptoPotato reported recently that the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed new regulations on Money Services...

Mike Novogratz said that investors remain confident in the top crypto asset, regardless of the Trump administration’s rules.Ex-hedge fund manager and Galaxy Digital founder Mike Novogratz hopes that the incoming Biden administration would provide “open-minded” regulations for digital assets. A few months ago, the CEO, who is also a philanthropist, donated $200,000 to the Biden Action Fund.Recently, the Trump administration proposed a new regulation for cryptocurrencies in the US. On the 18th...

On Wednesday, President Trump’s Working Group on Financial Markets published a report regarding stablecoins retail payments perception amongst the public.A certain leading US financial regulators group has recently issued a new statement regarding stablecoins. The group recommended that the same regulation used in other financial systems ought to be applicable to stablecoins. This decision was based on the fact that traders usually rely on stablecoins to purchase cryptocurrencies like Bitcoin...