Tag Archives: Regulations

Pakistani province plans to establish two hydroelectric-powered pilot mining farms, hoping to get further exposure to cryptocurrency adoption.Keeping up with the Global Crypto Bullish TrendsThe Pakistani province of Khyber Pakhtunkhwa is reportedly drafting plans to get into the cryptocurrency flow by building two hydroelectric-powered pilot mining farms. According to a recent news report, the region’s authorities have committed to capitalizing on the bullish trends of the global...

After temporarily breaking the ice on bitcoin regulations, the Indian government is doubling down its efforts to restrain cryptocurrency use. A new bill on the way could place cryptocurrency holders and miners at risk of fines and possible jail time.New Indian Anti-Bitcoin Bill On the CardsA fresh Reuters report claims that India is preparing a new heavy-handed anti-bitcoin bill. Previous regulations in the country targeted the use of private coins, but the new bill will outrightly...

The New York State Department of Financial Services (NYDFS) has announced that Bakkt Marketplace has become the 29th cryptocurrency company to receive BitLicense since 2015. This approval comes amid the firm’s endeavors to be publicly listed and to launch the long-anticipated Bakkt App. The NYDFS started granting such licenses to digital asset businesses in 2015, with the first one being Paxos. Earlier today, the organization announced the latest company to receive the coveted BitLicense –...

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...