Regulation

With the prior involvement of Australia with blockchain and cryptocurrencies, recommendations and probable impact of the formulated fintech and regtech industries will only complement the growth of the crypto sphere.The place of blockchain technology as a tool to drive the growth of Fintech and Regtechs has been highlighted in Australia’s Senate Committee report. As gleaned from the page of Senator Andrew Bragg’s, the Chair of the Senate Select Committee on Financial Technology and Regulatory...

With ByteDance based in China, it will have to comply with the Chinese regulators before going ahead with the TikTok sale. With less than three weeks on the timeline for TikTok to sell its U.S. and other international businesses, the parent company ByteDance seems to have come to a conclusion on the possible buyer.According to news outlet CNBC, TikTok has chosen a bidder for its U.S., New Zealand and Australian businesses. It further outlined that the expected sale price ranges between $20...

Many people are seeing bitcoin as a potential hedge against inflation, but as of late, that sentiment is growing, largely because of Jerome Powell, head of the Fed.Bitcoin Could Potentially Surge in the Coming WeeksAs the U.S. Federal Reserve chairman, Powell will be speaking this week at the annual Jackson Hole conference in Wyoming. He’s expected to lay down the law and instill a new set of rules and regulations that will potentially bring inflation in the United States even higher. Among...

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...

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...

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...

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...

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...

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...

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...