Tag Archives: Regulations

In a fresh attack on crypto-related activities in the country, the Chinese government banned social media accounts belonging to popular cryptocurrency proponents over the weekend. Reuters reported today that the attack was mainly aimed at crypto enthusiasts who have massive followers on the popular Chinese social media platform, Weibo.  Judgement Day Per the report, users who tried to check for fresh updates from these Weibo crypto influencers were greeted with a message...

Although the Reserve Bank of India recently issued a new circular clarifying that digital assets are not outlawed in the country, the entity still believes they carry significant risks. As such, the RBI has taken its concerns to the government, asserted the bank’s governor – Shaktikanta Das. The world’s second-most populated nation has always had a complicated relationship with the cryptocurrency space. An RBI directive from 2018, which most people considered as an all-out...

Bitcoin has become too big of an asset to escape regulatory frameworks, argued the governor of Sweden’s central bank – Stefan Ingves. At the same time, the nation’s finance minister confirmed that the country is already looking into implementing tighter rules around cryptocurrency exchanges. BTC: Too Big Not to Be Regulated During a recent speech cited by Bloomberg, Riksbank Governor Stefan Ingves joined the trend of central bankers commenting on bitcoin amid its recent...

Poloniex – a multinational crypto exchange – caught the eye of Canadian securities regulators. The watchdog launched actions against it under the accusations of not complying with Ontario rules. Against The Law In a recent statement, the Ontario Securities Commission (OSC) accused the cryptocurrency exchange platform Polo Digital Assets – better known as Poloniex – of not adhering to Canadian laws. According to the document, the trading venue failed to sign up with the agency...

Michael Hsu – the new chief of the OCC – revealed that the US independent bureau plans to put under review its crypto guidelines offered over the past year. He added that all federal banks should provide interpretive letters and guidance, including issues around digital assets alongside pending matters. Is Stance Towards Crypto Getting Tougher? The United States Office of the Comptroller of Currency, which regulates all national banks and federal savings associations, will...

Illinois will soon become the 3rd state in the U.S. to pass legislation that would favor Bitcoin with a new digital asset charter, which will be granted to a special purpose trust company instead of a traditional bank. Announced by crypto-advocate and Wall Street Veteran Caitlin Long, Illinois will be the third state, followed by Nebraska and Wyoming, to embrace cryptocurrencies as part of their plans to explore emerging financial technologies. ILLINOIS abt to be 3rd US...

Fear, Uncertainty, and Doubt (FUD) peaked on Wednesday as bitcoin hit rock bottom of $30,000 due to old “crypto ban” news, which re-emerged from China. Although the crypto market is in a recovery phase from Wednesday’s crash, let’s take a walk through history and see how China’s regulatory issues and crypto ban are the same old song and nothing but a long history of FUD. 2013: The Initial Ban China’s regulatory issues with cryptocurrencies date back to December 2013 when...

Latest reports from China reveal that self-regulatory bodies have reiterated a ban on financial institutions and payment companies from providing banking services to crypto traders and related entities. Per the original report, the move stems from high volatility in the crypto market, which reportedly exposes people’s property to risk. In a joint statement by three industry organizations in the country, China claimed that the rise and fall of crypto prices is “disrupting...

Chinese officials warned the public about the risks associated with trading with digital assets. The authorities pointed out three major considerations which might harm investors – false transactions, security breaches, and illegal and criminal activities involving cryptocurrencies. Tighter Regulations on Crypto Trading According to the China Financial Stability Report, investors should be extra vigilant when operating with bitcoin and other crypto assets. Officials from...

The recently-appointed SEC Chair, Gary Gensler, believes the cryptocurrency industry and the people involved need more advanced protection. In a recent interview, he also referred to bitcoin as a speculative store of value and called for an update of the existing regulations in the US. Advanced Protection for Crypto Investors in the US The cryptocurrency boom that started in late 2020, in which prices blossomed, and global demand skyrocketed, has caught the attention of...