Tag Archives: Regulations

Francois Villeroy de Galhau – Governor of Banque de France – believes cryptocurrency firms should obtain tougher regulatory licenses to continue providing their services. He also stated France should introduce stricter rules for domestic digital asset entities as soon as it is ready with its legislation instead of waiting for other European countries.  Villeroy’s Latest Recommendation According to the central banker, cryptocurrency entities should secure more stringent...

The Israel Securities Authority (ISA) could amend three of its existing monetary laws to squeeze in cryptocurrencies.  The regulator’s proposals seek to grant investors maximum security when dealing with digital assets, reminding about the recent collapse of FTX and the severe losses it caused to consumers.  Paying Attention to Crypto Israel’s financial watchdog proposed that cryptocurrencies should be included in the nation’s existing securities legislation. As such, the...

President Jair Bolsonaro of Brazil has approved a bill of crypto industry regulations most recently passed by the nation’s Senate and Chamber of Deputies. The bill, signed into law on Thursday, will take effect in 180 days, by which time crypto companies in the region must adapt to the new rules.  Having passed through Parliament in late November, the bill would make it possible for crypto firms to register in the country and establish physical offices. These include firms...

The Advertising Standards Authority (ASA) – UK’s advertising regulator – banned an NFT promotion by Crypto.com on December 21. According to the press release, ASA flagged a paid-for Facebook advertisement for the crypto platform, citing failure to illustrate the risk of investing in NFTs as well as clarify details with regard to fees. This isn’t the first complaint against an advertisement by the exchange. In fact, the regulator banned two adverts from the platform following...

Coinbase founder and CEO Brian Armstrong, for one, believes that ideal crypto regulations should start with centralized actors since most of the damage to the consumers has been done by these entities. In a recently released “realistic blueprint,” Armstrong highlighted the need to pursue legislation early instead of waiting for something comprehensive and perfect. Regulations should initially focus on centralized actors in crypto, such as – stablecoin issuers, exchanges, and...

U.S. Senator and chairman of the Senate Banking Committee, Sherrod Brown (D-OH), spoke on Sunday about what actions regulators need to take after the implosion of FTX.  He suggested that crypto may be something that “ought to be banned” if not for the risk of sending the industry offshore.  Banning Crypto Speaking with NBC’s Chuck Todd on Meet the Press, Brown agreed that Sam Bankman-Fried – FTX’s former and disgraced boss – used political favor and donations to create an...

Mark Branson – President of Germany’s financial market regulator BaFin – reportedly urged global authorities to cooperate and impose appropriate laws on the cryptocurrency industry. Such rules could grant additional customer protection and prevent the usage of the asset class in illegal activities, he claimed. ‘Now is the Time’ According to Branson, the current supervision of the cryptocurrency sector is not strict enough to keep bad actors away. “Just let the industry grow...

With FTX’s collapse spurring global regulators into action against the crypto industry, the Canadian Securities Administrators (CSA) are no exception. On Monday, the association announced an expanded ruleset pertaining to crypto trading platforms in Canada, which would bar them from offering margin or leverage trading to Canadian clients.  No More Leverage As announced by the regulator on Wednesday, its new rules will apply to any platform within the country subject to...

On December 13, 2022, Bahamian authorities denied parole to Sam Bankman-Fried, also known as SBF, after he was charged by U.S. lawmakers with eight counts of financial fraud. As reported by Reuters, Bahamian Chief Magistrate JoyAnn Ferguson-Pratt denied Sam Bankman-Fried’s lawyers’ request for parole, citing a “great” risk of him becoming a fugitive. Therefore, SBF, now inmate 1472, must spend Christmas in a Bahamian correctional facility, per Magistrate Ferguson-Pratt’s...

Jeffrey Sprecher – CEO of Intercontinental Exchange Inc (ICE) – said watchdogs should regulate most cryptocurrencies as securities. Gary Gensler – Chairman of the US SEC – also classified the majority of digital assets as securities, meaning they should fall under his agency’s jurisdiction. ‘Exchanges Will be Separated From the Brokers’ Sprecher thinks the FTX collapse has shown that most cryptocurrencies should be classified as securities, or in other words, fall in the same...