Tag Archives: Regulations

The government of the African country Botswana has reportedly passed a bill to impose a comprehensive regulatory framework on cryptocurrency trading. The initiative is part of its efforts to tighten anti-money laundering measures. According to a recent coverage by Bloomberg, Botswana will become the next nation to implement rules in its cryptocurrency ecosystem. The Virtual Assets Bill (as the proposed legislation is called) was approved unanimously today (February 2)....

A state senator has introduced a bill in Arizona that seeks to make bitcoin a legal tender. Although the US federal law doesn’t allow the states to create their currencies, the bill may spark an interesting discussion. State Senator Wendy Rogers, a Republican, has moved a draft bill numbered SB 1341 that seeks to accord bitcoin the status of transactional currency or legal tender. If the bill is discussed in the state senate and house of representative for which a date is not...

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...

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...

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...

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...

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...

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...

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...

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...