Tag Archives: Regulations

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...

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...