Tag Archives: Regulations

The forthcoming regulations in South Korea, which will require exchanges to have a real-name account at a local bank by September, might push many smaller trading platforms out of business. They are reportedly planning to fight back by suing the government. CryptoPotato reported before that the Korean government plans to implement a new rule on cryptocurrency trading venues. It carries hefty fines on these companies, should they fail to comply with AML rules. After several...

The Chinese government has reportedly intensified its crackdown on cryptocurrency mining and usage in the country by shutting down several crypto mining facilities in Sichuan. Sichuan Bitcoin Miners Join the List According to Wu Blockchain, the authorities of the Sichuan province officially issued a statement today, mandating every power supply company in the province to stop providing energy to crypto mining firms. The statement also reportedly clarified that the power...

Despite the massive adoption waves surrounding cryptocurrencies in recent months, the Indonesian authorities have decided they want nothing to do with this emerging asset class. According to a recent report, the governor of Indonesia’s central bank, Perry Warjiyo, asserted that the use of cryptocurrencies as a payment method in the country would no longer be condoned. Warjiyo made his statement in a virtual seminar held on Tuesday, warning all financial services providers to...

The Stellar Development Foundation is more focused on building its protocol than the market conditions, said the organization’s Senior Director of Enterprise Ecosystems, Lisa Nestor. In an exclusive interview with CryptoPotato, Nestor also spoke about Stellar’s latest developments. Stellar USDC Accessible Savings Products The blockchain-based network for currencies and payments recently announced a significant milestone achieved by partnering with the payment processor –...

With the recent increase in Bitcoin adoption, the Texas Department of Banking has confirmed that Texas state-chartered banks will now be allowed to store BTC and other cryptocurrencies for their clients. Texas Banks to Hold Bitcoin In an official notice issued Friday, the regulator noted that state-chartered banks can provide crypto-related services to their clients as long as they have “adequate protocols in place to effectively manage the risks and comply with applicable...

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...