Tag Archives: Regulations

Democratic Senator Elizabeth Warren is seldom reserved with her distaste for the crypto industry. Name any common criticism of Bitcoin, and she’s probably shared it already: volatility issues, environmental damage, ‘shadowy super coders’, and what have you. I won’t claim that her criticisms are entirely invalid (though I’ll cover those later), but they’ve become predictable to the point of comedy. Her reputation in the crypto community has entered the ranks of people like...

What’s worse than having money in your account and then suddenly receiving an email saying that you can’t access it because it presumably comes from illicit activities? That is what happened to a group of young Colombians who used to trade crypto in Binance —and they are not too happy about it. For more than five months, a group of Colombian users has reported on social media that their accounts were blocked by Binance because they had received money from illicit activities,...

Rep. Tom Emmer of Minnesota’s 6th district recently sent a letter to Gary Gensler – Chairman of the Securities and Exchange Commission (SEC) – with critical questions about the authority’s crypto industry reporting requirements. The letter is written on behalf of multiple blockchain firms that claim these requirements – framed as “requests” – aren’t exactly voluntary, and are stifling innovation. Stifling the Crypto Sector Sent on Wednesday, the letter was co-signed by seven...

Ukraine’s president has officially signed the virtual asset bill to legalize cryptocurrencies for income, exchange, and business, as approved by parliament last month. This comes after weeks of financial support from the crypto community for help in fending off Russia’s invasion. According to a statement from the Ministry of Digital Transformation of Ukraine, the new law creates conditions for a legal virtual asset market in the country. It will be regulated by the National...

Lack of expertise in blockchain and digital currencies is making investigations into fraud cases not only tricky but also susceptible to new scams. In one such case, the police in Indian city Pune have arrested two persons who were hired to help the probe into a crypto fraud case registered in 2018. What is the Case? According to the Pune police, it hired Ravindra Patil and Pankaj Ghode to assist in the investigation of a fraud case involving digital currencies. Ravindra...

Sandeep Nailwal – CEO and Co-Founder of Polygon – sees massive chaos reigning in the Indian cryptocurrency market. In his view, this disorder causes thousands of developers, investors, and entrepreneurs to leave to countries with more friendly regulatory frameworks. The Uncertainty Causes a Crypto’ Brain Drain’ It is safe to say that India’s digital asset environment is controversial. On one hand, the country has millions of crypto investors, some of whom have even swapped...

The Lower House of Russia’s Parliament – State Duma – has reportedly called upon establishing a regulatory framework on cryptocurrencies rather than imposing a blanket ban on them. The authorities joined the likes of the Finance Ministry, which urged for the same thing. The Never-Ending Saga Earlier this year, the Bank of Russia – the central banking institution of the largest country by landmass – reiterated its negative stance on the crypto sector. It called it a pyramid...

The Financial Conduct Authority (FCA) of Britain has ordered that all Bitcoin cashpoints in the country be shut down. ATM providers recently received an order from the watchdog to cease operations, or risk facing enforcement action. Weeding Out Money Laundering Bitcoin ATMs allow holders of cash to independently convert their cash into Bitcoin, or vice versa. Given that cash transactions are private, the proliferation of these machines has raised concerns that they could help...

The current Chairman of the US Securities and Exchange Commission – Gary Gensler – said that the agency will collaborate with government organizations to achieve “important public policy goals” in the cryptocurrency sector. His comments came shortly after the US President – Joe Biden – signed the first-ever executive order on digital assets. Gensler’s Reaction After The Executive Order The long-awaited executive order on cryptocurrencies from the White House was finally...

Earlier today, the leader of Dubai signed the “virtual assets law”, creating an independent authority for oversight of the cryptocurrency sector. The law is said to establish the United Arab Emirates (UAE)’s regulatory position in the industry. According to his announcement, the authority will “organize the issuance and trading” of virtual assets and virtual tokens, while independently authorizing “virtual asset service providers”. It will also organize the “operation” of...