#Regulation News

India: RBI Set to Challenge Supreme Court’s Crypto Verdict

March 6, 2020 by Ogwu Osaemezu Emmanuel at Regulation

India’s central bank, the Reserve Bank of India (RBI) is putting preparations in top gear to file a review petition in the Supreme Court against the court’s verdict in favor of cryptocurrency trading in the state, reports the Economic Times on March 6, 2020. RBI Not Giving Up As reported...

Another Pro-Crypto U.S. Presidential Candidate Bows Out of 2020 Race

March 5, 2020 by Anthonia Isichei at Regulation

Bloomberg CEO and billionaire, Michael Bloomberg, who advocated clear crypto regulations, recently dropped out of the 2020 U.S. Presidential Race. Bloomberg becomes the second pro-crypto U.S. Presidential candidate to exit after Andrew Yang. Crypto Advocate Bloomberg Leaves Race, Endorses Joe Biden According to the Wall Street Journal on Wednesday, March 4,...

U.K.: FCA Says BitMex Not Authorized in the Nation, Warns Residents

March 5, 2020 by Ogwu Osaemezu Emmanuel at Regulation

The Financial Conduct Authority (FCA) has warned citizens to be wary of BitMex, a Hong Kong-based crypto exchange and derivative trading platform, as the firm is not authorized to operate in the United Kingdom, according to a statement on March 3, 2020. BitMex Not Authorized As part of its obligation...

Korean Lawmaker Stresses the Importance of a Cryptocurrency Special Zone for ICOs

Breaking: Cryptocurrency Now Fully Legal in South Korea

March 5, 2020 by Ogwu Osaemezu Emmanuel at Regulation

In another significant development for the cryptoverse, the South Korean National Assembly has officially passed the "Act on Reporting and Use of Specific Financial Information” bill into law, making cryptocurrency trading and holding a legal activity in the nation, reports TheNewsAsia on March 5, 2020. Bitcoin Now Legal in South...

Pawn Shops in Ukraine Set to Start Accepting Cryptocurrencies as Loan Security

Ukraine Mandates Citizens to Declare Bitcoin (BTC) Holdings for Tax Purposes

March 4, 2020 by Ogwu Osaemezu Emmanuel at Regulation

In a bid to regulate its cryptocurrency space, Ukraine's National Agency for Prevention of Corruption (NAPC) has defined clear rules for declaring cryptocurrencies as intangible assets. As such, taxpayers in the country have been mandated to report their crypto holdings following these guidelines, according to a Forklog report on March...

U.K.: FCA Says Kraken Crypto Exchange Not Allowed to Operate in the Country

March 4, 2020 by Osato Avan-Nomayo at Regulation

The U.K. Financial Conduct Authority (FCA) is warning the public that crypto exchange platform, Kraken, is not authorized to operate in the country. FCA Issues Kraken Crypto Exchange Warning In a statement issued on its website on Tuesday (March 3, 2020), U.K.’s financial regulator declared that Kraken is not licensed...

German Financial Regulator BaFin Recognizes Crypto As Financial Instrument

March 4, 2020 by Aisshwarya Tiwari at Regulation

Germany’s financial watchdog, the Federal Financial Supervisory Authority (BaFin) has officially recognized cryptocurrencies as financial instruments. This, according to a report by Decrypt, March 3, 2020. Higher Degree of Crypto Clarity in Germany Slowly and steadily, an increasing number of countries across the globe are giving clarity regarding the legal...

India: Supreme Court Quashes RBI’s Crypto Ban; Crypto Now Legal in India

March 4, 2020 by Aisshwarya Tiwari at Regulation

In a landmark ruling, India’s apex court – the Supreme Court of India – on March 4, 2020, ruled against the Reserve Bank of India’s (RBI) April 2018 diktat that prohibited banks from trading in virtual currencies such as Bitcoin (BTC). Supreme Court of India Quashes RBI’s Crypto Ban Two...

Sanctioned Chinese Nationals Laundered Money for North Korean Hackers

March 3, 2020 by Anthonia Isichei at Regulation

The Office of Foreign Assets and Control (OFAC) the enforcement body of the U.S. Treasury Department, sanctioned two Chinese nationals who played a part in laundering illicit funds linked to a crypto exchange hack. Chinese Nationals Funneled Funds for North Korean Crypto Exchange Hackers According to an official press release...

Algorand and SFB to Power Marshall Islands Central Bank Digital Currency

March 3, 2020 by Osato Avan-Nomayo at Regulation

SFB Technologies, a full-cycle digital agency focused on blockchain development has announced that Alogorand’s blockchain protocol will be used to develop the national digital currency of the Marshall Islands dubbed Marshallese Sovereign (SOV). Marshallese Government Targets World’s First CBDC According to an announcement issued by blockchain developer SFB Technologies, work...

Japan: JVCEA Registers Coinbase as Class 2 Member

March 2, 2020 by Anthonia Isichei at Regulation

The Japan Virtual Currency Exchange Association (JVCEA), the body set up to monitor and regulate crypto businesses in Japan, recently registered major U.S.-based crypto exchange Coinbase and two other companies as Class 2 members. Coinbase Joins JVCEA Ranks The JVCEA announced the news of the registration on its official website...

Everything You Need to Know About Cryptocurrency Regulations

Hong Kong Regulators Set to Tighten Oversight on Bitcoin Exchanges

February 27, 2020 by Ogwu Osaemezu Emmanuel at Regulation

Authorities in crypto-friendly Hong Kong have revealed that the nation is making plans to further increase regulatory oversight on bitcoin (BTC) trading venues and crypto-related businesses operating in the state, in accordance with the recommendations of the Financial Action Task Force (FATF), according to a speech on February 26, 2020....

Maple leaf coin representing cryptocurrency in front of Canadian flag. The First Cryptocurrency Investment Fund launches in Canada, providing a safe way to invest in bitcoin

Canada: Bank of Canada Will Only Launch Own CBDC If Cash Fails

February 26, 2020 by Ogwu Osaemezu Emmanuel at Regulation

The Bank of Canada, which is the nation’s apex bank, has made it clear through its Deputy Governor Timothy Lane, that it will only develop its own central bank digital currency (CBDC) if it sees a compelling reason to do so, according to a report released on February 25, 2020....

Dubai to Launch Blockchain-based Marketplace for Travel and Tourism

UAE: Moody’s Rates Dubai’s KYC Blockchain Platform “Credit Positive”

February 26, 2020 by Aisshwarya Tiwari at Blockchain, Regulation

According to a report by The National published on February 26, 2020, a recently formed consortium of six banks and licensing authorities in the UAE has been declared “credit positive” for lenders in the country by Moody’s Investors Service. UAE Embracing Blockchain Heads-On Gulf countries, in particular, have emerged as...

Bitcoin-Becomes-the-Main-Method-Of-International-Payment

Bitcoin Adoption in Lebanon Increases Amidst Worsening Economic Situation

February 25, 2020 by Anthonia Isichei at Regulation

As the current financial crisis rocking Lebanon continues to intensify, Lebanese citizens are increasingly looking to bitcoin to escape the country’s crippling economic situation. Lebanon joins the list of countries whose citizens have turned to the top cryptocurrency to counter the financial crisis. Bitcoin Gives ‘Financial Freedom’ Lebanon’s financial situation...

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