Tag Archives: Regulations

The Russian Finance Ministry introduced public notices and said they started developing a comprehensive regulatory framework for the cryptocurrency industry. During the discussions, citizens and financial market players will be able to give their proposals on the matter. What Has Happened so Far? Ever since the start of 2022, Russia’s top authorities haven’t been able to come to an understanding of how to approach the digital asset sector and what rules to impose on it. The...

The Justice Department recently appointed cybersecurity prosecutor Eun Young Choi to lead the newly formed “National Cryptocurrency Enforcement Team”, aimed at cracking down on digital currency schemes involved in illicit finance. It specifically targets both cybercriminals and nation-states, including Iran and North Korea. Intercepting Crypto Crime Deputy Attorney General Lisa Monaco announced the new appointment in an interview with Bloomberg on Thursday. They also spoke...

As the political situation in Belarus evolves, the country’s government has sought to take full advantage of cryptocurrencies. This could be good or bad depending on viewpoints, but a recent decree by President Alexander Lukashenko could again reiginite debates about the role of the state in the promotion and control of cryptocurrency operations. On February 14, President of Belarus Alexander Lukashenko signed Decree No. 48, “On the register of addresses (identifiers) of...

BlockFi recently agreed to pay $100 million in a settlement after the U.S. Securities Exchange Commission (SEC) charged the firm with “failing to register the offers and sales of its retail crypto lending product.” The news that kept the space abuzz was broken by an SEC document, followed by a dissent note from Commissioner Hester M. Peirce – both put out on the SEC website. The Genesis of Trouble for BlockFi BlockFi has been offering interest-bearing accounts for crypto...

Despite Vladimir Putin’s request, the Bank of Russia and the Finance Ministry did not shake hands on a single solution regarding cryptocurrency regulations. While some reports indicated that the largest country by landmass will not ban digital assets, it is still uncertain what legislation it will impose. No Resolution After the Meeting The central bank of Russia and the Finance Ministry share quite different viewpoints on the digital asset space. Last month, the former...

Josh Gottheimer – a member of the Democratic Party – revealed an early draft of legislation regarding stablecoins. Many critics claim that such financial assets undermine the monetary network and are often used by bad actors in criminal activities. Enhanced Rules for Stablecoins Over the last couple of years, some stablecoins such as Tether and USD Coin have become some of the largest digital assets by market capitalization, utilized by countless traders. Those two have a...

A fortnight packed with important developments on the economic front, Indian Finance Minister Nirmala Sitharaman and Governor of India’s central bank Shaktikanta Das told the media that there is complete harmony between the two government bodies on the cryptocurrency front. Crypto Makes Headlines in India In the budget presentation for 2022-23 on February 1, Sitharaman proposed a flat 30% tax on all incomes from crypto activities. She also announced the introduction of...

Matt Hancock, a Conservative Party MP in the UK parliament, said Britain could create a “dynamic” regulatory environment for cryptocurrencies rather than follow the EU’s restrictive policies. He noted that this is possible because of Brexit, which offers the country an opportunity to benefit from crypto innovations. “We now don’t have to just take the EU’s restrictive regulatory regime and instead can design our own that is more dynamic,” Hancock told Express.co.uk in a...

Anton Siluanov – Russia’s Minister of Finance – believes local financial institutions should have a universal license to facilitate cryptocurrency trading services. His viewpoint stands far from the central bank’s proposal to impose a complete ban on all digital asset endeavors. Another Vote in Favor of Regulation A few weeks ago, Russia’s central bank urged the local government to impose a blanket ban on all digital asset endeavors inside its borders. The institution argued...

A recent estimate by the Russian government has revealed that locals currently own more than 16.5 trillion rubles ($214 billion) worth of cryptocurrencies. Russians Control 12% of Crypto Market According to a Bloomberg report on Tuesday, this figure represents approximately 12% of the total value of global crypto holdings or one-third of the market cap of Russia’s stock index. Citing unidentified people familiar with the matter, the report noted that the crypto holdings...