Tag Archives: Regulations

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...

The city-state’s central bank – the Monetary Authority of Singapore (MAS) – reportedly issued guidelines that limit crypto trading service providers from promoting such assets. The financial institution believes dealing with digital assets is highly risky and unsuitable for every investor. In addition, Australia’s top financial watchdog – the Australian Securities and Investments Commission (ASIC) – advised locals to restrain from investing retirement savings into bitcoin and...

The Acting Comptroller of the Currency of the United States, Michael J. Hsu, gave a speech on January 13, 2022, highlighting the advantages of regulating the cryptocurrency space-specifically stablecoins-as a way to provide peace of mind and security to those using this type of technology. Speaking at the BritishAmerican Business Transatlantic Finance Forum, Hsu argued that the growth of the cryptocurrency industry had been so swift that the regulatory indifference of...

The cryptocurrency industry saw a tremendous surge in terms of institutional adoption in 2021. Experts suggest that this trend is likely to continue this year as well. But whether it’s a tidal wave or a trickle will depend on how the industry evolves in terms of technology that offers secure storage and protects user funds. Institutions Fear Security Risks The cryptocurrency market has been notoriously volatile – a common critique levied against the industry since the very...

The Securities and Exchange Commission has hired Corey Frayer to advise Chairman Gary Gensler on regulations of cryptocurrencies. Frayer’s previous experience includes operating as a professional staff member of the Senate Banking Committee and policy adviser for the House Financial Services Committee. The US watchdog has a complicated history with the cryptocurrency space. The appointment of Gary Gensler as Chairman earlier this year was considered by many as a positive step...