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Tag Archives: Regulations

Companies Should Separate Clients’ Crypto Assets From Their Own: NYDFS

The New York State Department of Financial Services (NYDFS) urged firms to set apart customers’ cryptocurrency holdings from their own assets. The watchdog argued that co-mingling funds could trigger a significant financial loss for investors. The NYDFS’ Recommendation New York’s financial watchdog issued guidance to state-regulated companies on how they should better protect clients in the event of potential insolvency. It outlined the increasing interest in cryptocurrencies...

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The Central African Republic Appoints a Committee to Design Crypto Legislation

One of the poorest countries – the Central African Republic (CAR) – formed a team of 15 agencies, whose responsibility will be to draft a “comprehensive” cryptocurrency bill. The nation made the headlines last year, becoming the second after El Salvador to embrace bitcoin as a legal tender. Another Crypto Step Faustin-Archange Touadéra – President of the Central African Republic (CAR) – revealed that the government established a committee of 15 experts to design a pertinent...

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South Africa Regulator Takes Action Against False Crypto Advertising Claims

On January 23, South Africa’s Advertising Regulatory Board (ARB) introduced new cryptocurrency-focused rules into the nation’s advertising code to protect consumers from misleading advertising. The new guidelines aim to ensure that cryptocurrency advertisements accurately state the risks involved with all cryptocurrency investments, making it clear to consumers that they stand to lose their capital due to market volatility. “Advertisements must expressly and clearly state...

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IMF Recommends 5-Point Crypto Regulation Scheme

As global influencers rubbed elbows at Davos, the IMF issued recommendations for crypto to global regulators. Depending on who you ask, crypto regulation could hurt the industry or open up vast new markets for normie investors. In a note published over the week, the International Monetary Fund wrote: “During times of stress, we’ve seen market failures of stablecoins, crypto-focused hedge funds, and crypto exchanges, which in turn raised serious concerns about market integrity...

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Indian Minister Says Crypto Transactions Are Fine as Long as They Follow Laws 

In a significant development that indicates that the Indian government may not fully chime with the central bank’s overly hostile stance against cryptocurrencies, a junior minister explained that such activities are fine as long as they follow existing laws.  This is in sharp contrast to the Reserve Bank of India’s (RBI) ban on crypto in 2018 and not fully opening up to the sector even when the Supreme Court scrapped the RBI order in 2022, calling it illegal.   Crypto Is...

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Crypto Exchanges Should be Supervised as Banks, Urges Japan’s Financial Regulator

Mamoru Yanase – Deputy Director-General of Japan’s Financial Services Agency (FSA) – urged global watchdogs to impose tougher regulations on the cryptocurrency industry. He believes digital asset exchanges should be treated the same way as banks. It’s All Because of FTX According to Yanase, one way to prevent another collapse of a cryptocurrency platform is if regulators treat such entities as traditional financial institutions. The Japanese referred to the demise of FTX,...

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Meet The House Republican Who Could Decide Crypto’s Future

While crypto prices rallied last week, the public learned House Republicans are forming a cryptocurrency subcommittee. The announcement may spell the beginning of the end of U.S. regulatory ambiguity on blockchain and digital assets. “Strange, isn’t it? Each man’s life touches so many other lives. And when he isn’t around, he leaves an awful hole, doesn’t he?” — Clarence, “It’s A Wonderful Life” (1946 Christmas drama about a banking panic). Addressing a Big Hole Rep. Patrick...

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Hong Kong to Publish Approved List of Crypto Assets for Retail Trading: Report

Regulators in Hong Kong will soon decide which crypto tokens its citizens can invest in amid a raft of new digital asset policies coming this year. The move is the latest crypto regulatory step taken by Hong Kong in a market that has a long association with significant digital asset trading volume. Hong Kong to Issue Consultation Paper Hong Kong’s Securities and Futures Commission (SFC) is preparing a list of crypto assets open to retail traders, Reuters reported on...

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SEC Files Complaint Against Gemini and Genesis for Allegedly Selling Unregistered Securities

The Securities and Exchange Commission (SEC) has filed a complaint against Genesis Global Capital and Gemini Trust Company for allegedly selling unregistered securities to retail investors in the US. The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains, plus front-end interest and civil penalties. Both companies raised billions of dollars by offering and selling securities to US investors through the Gemini Earn crypto asset lending program. Gemini...

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SEC Chair Gensler Advises US Troops to Stay Away From Crypto

The Chairman of the United States Securities and Exchange Commission (SEC) – Gary Gensler – told members of the US Army to refrain from investing in cryptocurrencies.  He believes the sector lacks proper regulation and most digital assets will collapse in the future. Another Wave of Scepticism One of crypto’s keenest critics – Gary Gensler – launched another bashing manifest against the industry. In a recent Twitter Space, he pointed out that an increasing number of US...

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