Tag Archives: Regulations

Indonesian province Bali has stated that tourists are not allowed to make payments with cryptocurrency, warning that violators “will be dealt with firmly.” The government is looking to curb the influx of foreign tourists as a way to tackle problematic foreigners who violate local laws. Offending Foreign Tourists to Face Tough Sanctions Bali will take action against foreign tourists who use cryptocurrency for payment, according to the province’s Governor Wayan Koster, who...

South Korea’s National Assembly has officially passed a bill into law requiring lawmakers and high-ranking government officials to disclose their crypto asset holdings.  The new law is a response to a recent scandal involving a politician allegedly violating campaign finance laws using cryptocurrency.  The “Kim Nam-guk Prevention Law” According to a report from local news agency News1, the relevant amendments to the National Assembly Act and Public Service Ethics Act passed...

Michael Saylor – Executive Chairman of the Bitcoin-bullish software company MicroStrategy – spoke at the Bitcoin 2023 conference in Miami regarding the trajectory of Bitcoin adoption as a Treasury Reserve asset, and its place next to crypto in the US regulatory perimeter.  The former CEO addressed whether the so-called “lack of clarity” surrounding crypto regulation in the United States is “by design,” and how regulatory agencies actually view digital assets.  What the SEC...

Markets in Crypto Assets (MiCA) is being hailed as the world’s first comprehensive set of rules that aims to bring the largely unregulated cryptocurrency markets under government regulation. It is part of a broader digital finance package, aka ‘Digital Operational Resilience Act (DORA),’ which aims at protecting the financial services sector from fraudulent activities and is likely to become law in July 2023, setting the wheels in motion for the rules to take effect by...

Christian Staub – Managing Director for Fidelity International’s business in Europe – said the investment giant intends to remain part of the cryptocurrency ecosystem.  However, he added that it will not urge people to buy bitcoin due to its “volatile and nascent” nature. The lack of pertinent regulation in the space is another present obstacle for the firm. Crypto to Become ‘More Sophisticated’ The multinational investment firm that has introduced several cryptocurrency...

Brad Garlinghouse, the chief executive officer of blockchain company Ripple, believes more crypto firms and businesses will leave the United States due to confusing regulations in the country. During an interview with CNBC, the CEO said the confusion in the country would push crypto entrepreneurs and investments into other friendly regions like Europe, the United Arab Emirates (UAE), the United Kingdom, and even Singapore. Regulatory Confusion in the U.S. Garlinghouse noted...

The United Kingdom has grand aspirations of becoming a digital assets hub, just as London already is for traditional finance. However, those plans are being thwarted by watchdogs and policymakers who want to take a heavy-handed approach to regulation. On May 17, it was reported that a panel of UK lawmakers said crypto assets should be regulated as gambling “given they are potentially used by fraudsters and pose significant risks to consumers.” The report from Parliament’s...

Brian Armstrong, the co-founder and CEO of leading American cryptocurrency exchange Coinbase, believes the U.S. Securities and Exchange Commission (SEC) is on a lone crusade in the push for regulatory clarity in the country, as the agency’s stance on the matter is different from that of Congress and other federal regulators. During a Monday interview with CNBC, the CEO insisted that SEC chair Gary Gensler is attempting to regulate the American digital asset industry from an...

A Democratic presidential candidate is pushing against the growing anti-crypto sentiment within his party by blaming regulatory agencies’ “war on crypto” for various bank failures that transpired in March.  In recent days, environmental lawyer Robert Kennedy Jr. has spoken out against the Biden administration’s general handling of the ongoing banking crisis, opposing the bailout approach used by financial agencies.  The War on Crypto In a tweet on Tuesday, Kennedy backed an...

The leading cryptocurrency exchange Coinbase announced the launch of a Bermuda-based marketplace that will serve non-US institutional users, according to a recent report.  The company has been eyeing other countries to relocate recently due to the regulatory hurdles in America. CEO Brian Armstrong held discussions with the authorities of Britain in April, suggesting that the UK could also become an expansion target for Coinbase. Disappointed in the US  Coinbase – the only...