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Tag Archives: Regulations

Joe Biden To Push For Crypto Regulations as a Matter of National Security

Joe Biden’s administration wants to clarify once and for all the regulatory landscape surrounding the crypto sphere —taking the opportunity to exert greater control over the industry. Apparently, within the next few weeks, it is expected that the White House will issue an executive order declaring the regulation of cryptocurrencies as a matter of national security – which would raise the priority level that different federal agencies would have to assign to their efforts to...

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Indonesia’s Financial Regulator: Local Firms Are Not Allowed to Offer Crypto Services (Report)

The top monetary watchdog of Indonesia – the Financial Services Authority (OJK) – reportedly prohibited local companies from using, offering, or facilitating cryptocurrency services. The regulator believes dealing with bitcoin and the altcoins is risky due to their enhanced price fluctuations. Crypto Is Under Crossfire in Indonesia The authorities of the Asian country have displayed a hostile stance towards the cryptocurrency industry over the past several months. In November...

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Thailand To Regulate Use Of Cryptocurrencies For Payment

The Bank of Thailand (BOT), Securities and Exchange Commission (SEC) and Ministry of Finance (MOF) have jointly decided to regulate the use of cryptocurrencies as a medium of exchange. They cite threats of financial instability and crime as primary justifications. Strictness On Crypto BOT announced its regulatory decision in a press release earlier today. It begins by recognizing how digital asset companies are expanding the functionality of cryptocurrencies as a medium of...

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CNBC’s Jim Cramer Issued a Warning to Dogecoin Investors

The host of CNBC’s “Mad Money” – Jim Cramer – sounded a note of caution for investors regarding the popular memecoin Dogecoin. The American views it as a security that will soon get regulated. ‘Please Be Careful with Dogecoin’ The 66-year-old TV host often changes his stance on the crypto industry. Last year, he allocated some of his wealth into Bitcoin and Ether and even insisted on receiving his salary in the primary cryptocurrency. A few months later, the Chinese crackdown...

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Another Islamic Organization Issues Fatwa Against Cryptocurrencies in Indonesia

Tarjih Muhammadiyah is the third Islamic organization to issue a fatwa against the use of cryptocurrencies in Indonesia. Cryptocurrencies аnd Fatwas According to a report by CNBC Indonesia, the Tarjih Council and the Central Executive Tajdid of Muhammadiyah issued a new fatwa against cryptocurrency use, deeming it haram, or unlawful, for Muslims. The organization detailed two reasons behind the move. Firstly, it observed that digital assets such as Bitcoin are speculative and...

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SEC Commissioner Says Crypto Doesn’t Require Special Regulatory Framework

While there have been calls by the cryptocurrency community for the SEC to provide clearer regulation for the industry, one of the agency’s commissioners thinks otherwise. SEC Does Not Need to Re-Invent the Wheel Allison Lee, a Commissioner for the U.S. Securities and Exchange Commission (SEC), while appearing at a D.C. bar event on crypto regulation, has said that cryptocurrencies do not need a special set of rules. According to Lee: “Rather than pursuing approaches that...

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Crypto Could Contribute to BNY Mellon’s Revenue in 2023, Says CEO

According to BNY Mellon’s Chief Executive Officer – Emily Portney – digital assets could create a significant source of revenue starting from next year for the financial institution. America’s Oldest Bank Sees Crypto’s Potential The Bank of New York, established in 1784 and operating today as BNY Mellon, is the oldest continuously functioning bank in the past year or so. In a recent interview, Chief Executive Officer Emily Portney reaffirmed that position. She predicted that...

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Thailand’s Former SEC Chief Opposes Possible Crypto Taxation: Report

Tipsuda Thavaramara – former Deputy Secretary-General of Thailand’s Securities and Exchange Commission (SEC) – disagreed with the government’s intentions to impose a 15% capital gains tax on cryptocurrency profits. She believes such legislation is unpractical, unfair, and not beneficial for the trade sector. The Bill Lacks Clarity Earlier this month, the Thai authorities presented plans to slam local cryptocurrency investors and miners with a 15% capital gains tax. According...

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Singapore Urges Local Crypto Companies to Refrain From Promoting Digital Assets: Report

The city-state’s central bank – the Monetary Authority of Singapore (MAS) – reportedly issued guidelines that limit crypto trading service providers from promoting such assets. The financial institution believes dealing with digital assets is highly risky and unsuitable for every investor. In addition, Australia’s top financial watchdog – the Australian Securities and Investments Commission (ASIC) – advised locals to restrain from investing retirement savings into bitcoin and...

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Regulations Can Help Stabilize Stablecoins, Preventing a Possible Run, OCC Says

The Acting Comptroller of the Currency of the United States, Michael J. Hsu, gave a speech on January 13, 2022, highlighting the advantages of regulating the cryptocurrency space-specifically stablecoins-as a way to provide peace of mind and security to those using this type of technology. Speaking at the BritishAmerican Business Transatlantic Finance Forum, Hsu argued that the growth of the cryptocurrency industry had been so swift that the regulatory indifference of...

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