Tag Archives: Regulations

South Korea’s financial regulator, the Financial Services Commission (FSC), has announced new possible penalties for cryptocurrency exchanges based or operating in the country if they fail to comply with existing anti-money laundering (AML) rules.New Penalties for Crypto Exchanges in South KoreaAccording to the FSC’s statement from earlier today, the newly-announced initiative will affect all virtual asset service providers (VASPs), including digital asset exchanges.The revision proposal for...

As cryptocurrencies continue to pick up steam and encompass the features of regular asset classes, governments have likewise imposed taxes on capital gains from digital currency. South Korea is the latest country to adopt this initiative. Its Ministry of Economy and Finance said it will levy taxes on cryptocurrency profits from next year.The South Korean government is going ahead with its proposal to tax cryptocurrency returns after several reconsiderations. A local news agency, Yonhap...

Robert Ophèle, chairman of France’s financial regulatory body, the Autorité des Marchés Financiers (AMF), proposed a robust approach regarding cryptocurrecy regulations in order to encourage the growth and development of innovative projects.AMF Chairman Proposes Blockchain and DeFi Testing in Pilot RegimeSpeaking at the just concluded 5th Annual Conference Fintech and Regulation, Ophèle stated that with the continuous growth of the cryptocurrency sector, it was necessary for Europe to put in...

In a document filed with the United States District Court of New Jersey, Binance dropped the lawsuit filed against Forbes in November 2020. The case was in response to Forbes’ story, where it alleged that the cryptocurrency exchange was brewing plans to exploit United States investors through a sham company.Binance, through its attorneys, Peter J. Pizzi and Selina M. Ellis, have now dropped its defamation lawsuit, which was filed against Forbes last year. The new document calls for a...

San Francisco-based crypto payments platform Metal Pay has applied for a national bank charter with the U.S. national bank regulator, which would enable the company to offer seamless cryptocurrency-related services.Metal Pay Eyes Full National Bank LicenseIn a tweet thread published on Thursday (Feb. 4, 2021), Metal Pay’s First Blockchain Bank and Trust (FBB&T) revealed that it intends to become a full national crypto bank following its application with the Office of the Comptroller for...

News emanating from Nigeria reveals that the country’s central bank has allegedly placed a ban on buying and selling cryptocurrencies.A circular disseminated by the Nigerian Central Bank has revealed the apex bank’s intention to clamp down on bitcoin buying and selling. The Central Bank issued a memo signed by its Director of Finance and Policy Regulation, Kevin Amugo, in 2017, warning against the use of unregulated virtual currencies and highlighted the place of virtual currencies in...

The Government of India seems to have resumed its efforts to ban cryptocurrencies after a lull in a political and legal battle.The latest move by politicians came this week when they revealed a bill that could put any activity related to cryptocurrencies in checkmate.If Cryptocurrencies Are Legal, a Law Can Make Them IllegalThe “Cryptocurrency and Regulation of Official Digital Currency Bill” seeks to ban private cryptocurrencies —possibly any token not issued by the state. Such a path could...

Global regulators have always branded cryptocurrencies, especially bitcoin, as a tool for illicit activities such as money laundering and crime financing. Even the newly-confirmed US Treasury Secretary Janet Yellen recently raised concerns over the same issue. Experts like ECB President Christine Lagarde and Shark Tank’s Kevin O’Leary have also called for a unified global regulatory framework for bitcoin to work properly. With the regulatory pressure mounting on the crypto industry, Michael...

Goldman Sachs’ senior chairman Lloyd Blankfein urged regulators to up their game in accordance with bitcoin’s recent success. Additionally, he admitted that BTC could work, but it needs to address several problems before receiving mass adoption as a medium of exchange or a store of value.BTC’s Challenges AheadAs the primary cryptocurrency added over $30,000 in value in several months to a new all-time high, it started to appear on mainstream media outlets again. Traditional financial names...

​Janet Yellen, President Joe Biden’s U.S. Treasury Secretary nominee, seems to have balanced her statements about Bitcoin and crypto, after her previous negative rhetoric about the emerging technology.Janet Yellen Acknowledges Crypto’s BenefitsIn a written response to the U.S. Senate Finance Committee on Thursday (Jan. 21, 2021), Yellen stated that cryptocurrencies had benefits that needed to be explored. Yellen added that the emerging technology had the potential to “improve the efficiency...