Regulation

European Central Bank’s head (and former International Monetary Fund’s head) Christine Lagarde said that the stablecoins market is gaining momentum and the officials need to keep up with changes:“My personal conviction is that giving the developments we are seeing, not so much in the bitcoin segment, but in the stablecoins projects. And we only know of one at the moment but there are others, being explored and underway at the moment. We’d better be ahead of the curve if that happens. Because...

Justin Sun’s Weibo account got deleted for violating community laws and regulations. Co-founder of Binance, Yi He, was also booted from Chinese social media site. Sun vows to resolve situation as TRX price suffers flash drop. Controversial TRON (TRX) founder Justin Sun had his Weibo account deleted on Thursday, along with the co-founder of Binance, Yi He. The Chinese social media site saw fit to delete both users’ accounts for violating community provisions. The following message now...

The New York Department of Financial Services (NYDFS) said that it will soon introduce changes and upgrade its virtual currency license famously known as BitLicense. In the cryptocurrency community, NYDFS is well-known for already having a strict set of rules setting the highest regulatory benchmark standards.On Wednesday, December 11, Superintendent Linda Lacewell announced that the regulator will modify rules for the approval process of new digital currencies. Under the existing set of...

India is once again talking about banning crypto.Hey, India: Make Up Your Mind!It’s a situation India has been in before. Prior to this big argument, the country initiated a ban on banks doing business with cryptocurrency and blockchain ventures. Thus, these companies did not have any financial authorities to oversee their transactions.While the ban was relatively limited in scope, many news and media outlets misreported this as India was implementing a full ban, and likely bitcoin and crypto...

South Korea has passed new laws requiring that everyone opening a cryptocurrency account use their true, legal names to do so.South Korea: The Center of Crypto Regulation?As time goes by, many cryptocurrency exchanges and businesses are seeking out ways to remain fully compliant with federal regulators. The problem is that to do this, they’re often required to invade the privacy of their customers to one extent or another, and this scenario is no exception.One of the issues at hand is that...

After in September, Bakkt’s physically-backed Bitcoin futures platform finally started its work, a lot of crypto believers wondered what is next. Well, there is something. The U.S. Securities and Exchange Commission (SEC) recently approved a new investment fund that will invest in Bitcoin futures contracts. The registration statement filed by Stone Ridge Trust VI for the NYDIG Bitcoin Strategy Fund began with its work on Monday after the company, already in October filed Form N-2 with the...

Smart people are famous for revaluation of their beliefs, and now the Bank of International Settlements (BIS) is ready to try implementing their own cryptocurrency to stay ahead of the market. The same man who was calling for a “clampdown on Bitcoin”, Agustín Carstens, now says: “We have a responsibility to be at the cutting edge of the debate. There is really no choice but to do so, as otherwise, events will overtake us…” By “events” Carstens presumably means thousands of companies that...

The European Union has finally made its position clear on the issue of global stablecoins being deployed and used within its borders. The Council and the Commission explained their position in a joint statement. While the authorities acknowledged the importance of technological innovations which can be of great advantage to the financial sector, they also acknowledged the problems and risks that come from such an arrangement. They include money laundering, cybersecurity, privacy consumer...

Cryptocurrencies continue to make strong inroads in the global economy as even the global governments and banks have started experimenting with crypto assets. In its latest report dubbed Imagine 2030, Deutsche Bank analyst Jim Reid said that cryptocurrencies will dominate and replace fiat currencies over the next decade. With economic uncertainty brewing up all across the globe, Reid believes that government-backed fiat currencies won’t be sustainable. He said that there is a surge in demand...

Blockchain startup Ripple has been engaged in a long going battle with complainants claiming XRP as a security. However, it seems that the company wants to put an end to this debate and reach a final settlement. In its latest filing on December 4, with the U.S. District Court for the Northern District of California, Ripple said that the plaintiffs suing the company over the unregistered sale of security tokens (XRP) have brought the case too late. In the filing, Ripple says that even if XRP...