Tag Archives: Regulations

The policymaker has continued to stake a claim for the crypto asset industry for his agency tasked with regulating securities in the United States. According to Gensler, cryptocurrencies should be regulated the same way as securities. In a speech on reducing risk and increasing transparency of derivatives at the International Swaps and Derivatives Association Annual Meeting on May 11, he said: “Most crypto tokens involve a group of entrepreneurs raising money from the public...

The Chairman of the Financial Stability Board (FSB) – Klaas Knot – raised concerns that the cryptocurrency sector could harm the monetary network in the future. In his view, the digital asset market is expanding at a fast pace, while some of the tokens are employed by criminals in illicit activities. “For these reasons, policy work on crypto assets is a priority for the FSB,” the executive outlined. The FSB Wants to Regulate “Unbacked” Crypto The lack of an appropriate...

The Financial Accounting Standards Board (FASB) has unanimously voted to review accounting rules for exchange-traded digital assets in the United States. This could have major implications for corporations seeking a regulatory pathway for better managing cryptocurrencies on their balance sheets. Celebration Among Bitcoiners Microstrategy CEO Michael Saylor claimed the result of the vote was 7-0 over Twitter on Wednesday. Though the official result is yet to be posted by the...

Two of the main committees of the state of Hawaii – Commerce and Consumer Protection (CPN) and Ways and Means (WAM) – greenlighted the launch of a unit called Blockchain and Cryptocurrency Task Force. The division’s main goals will be to supervise the local digital asset ecosystem and explore the employment of cryptocurrencies. Hawaii Seeking to Regulate Crypto In a letter addressed to Hawaii’s President of the Senate – Ron Kouchi – the two committees outlined the “emerging...

On May 3, U.S. Senator Cynthia Lummis (R-WY) was interviewed by Axios news media and revealed important details about the crypto bill she hopes to introduce before the end of the year. The bill, Lummis says, adapts the legal framework so that cryptocurrencies and traditional assets fall under similar regulatory categories. “We’ve designed it so it works within the customary framework for managing and regulating traditional assets. So, for example, Bitcoin is a commodity. So...

Ripple CEO Brad Garlinghouse recently revealed that the almost two-year lawsuit with the United States Securities and Exchange Commission (SEC) is drawing to its climax and could be resolved before the end of the year. The Long-Awaited Climax Is Near In an interview with Fox Business correspondent Charlie Gasparino, the Ripple boss acknowledged that the company’s ongoing legal battle with the SEC has gone “quite well.” He further noted that his company’s case will set a major...

Several countries have started to explore regulatory frameworks as cryptocurrency adoption remains high. Adding to the trend, Belgium regulators have imposed a new law in place for individuals and entities wanting to provide exchange services between virtual currencies and legal currencies or custody wallet services. Belgian cryptocurrency exchanges and custodial wallet services will have to register with the Financial Services and Markets Authority (FSMA) to operate in the...

Ravi Menon – the head of the Monetary Authority of Singapore (the country’s central bank) – said the nation’s crypto regulations will include a “stringent” licensing process. He believes strict rules could reshape the city-state as a global digital asset hub. MAS Seeks the Balance on Crypto Regulations Despite its rapidly-growing popularity in the last several years, the cryptocurrency sector remains a risky field for retail investors. That is what Ravi Menon – Managing...

Coinbase has unveiled “Coinbase Intelligence,” a set of tools offering crypto compliance solutions for businesses, financial institutions, law enforcement agencies, and all those who are new to digital assets.  “Coinbase Intelligence is our growing suite of products dedicated to crypto compliance that are designed to help secure the crypto economy from bad actors. As part of this suite, we are introducing a new product, Coinbase Know Your Transaction (KYT), and providing an...

Gibraltar, a small British overseas territory, has released a new guideline for cryptocurrency businesses operating in the region, which aims to foster market Integrity and combat market manipulation. The Gibraltar Financial Services Commission (GFSC) published the regulatory principle on Wednesday (April 27, 2022). The new rule was drafted by a special working group comprising government officials and experts in the crypto and blockchain industry. Governments and regulators...