#Regulation News

A Boost to Crypto Companies as Switzerland Introduces Guidelines to Deepen Access to Banking System

Swiss Regulator Issues Guidance for Blockchain and Cryptocurrency

August 26, 2019 by Ashwath Balakrishnan at Regulation

FINMA, the financial market regulator in Switzerland, has released a guide in line with FATF rules in order to target KYC/AML compliance for blockchain payments companies and cryptocurrencies. Any party that transacts in cryptocurrencies or transmits money over the blockchain is liable to comply with existing money laundering regulation in...

Mike Pompeo Buttresses the need for Amenable Bitcoin Regulations

August 21, 2019 by Ogwu Osaemezu Emmanuel at Regulation

In an interview with CNBC’s Squawk Box on August 2019, United States Secretary of State Mike Pompeo has made it clear that the U.S. must regulate bitcoin and altcoins just like other digital payment systems and electronic financial transactions in the state, to make it harder for bad actors to...

Abra Takes Bitcoin Adoption to 6,000 Retail Outlets in the Philippines

Philippines Central Bank Greenlights More Cryptocurrency Exchanges

August 20, 2019 by Osato Avan-Nomayo at Regulation

Local Philippines media outlet Philstar Global is reporting that a couple of cryptocurrency exchanges have obtained authorization from the country’s central bank. This development follows similar approvals gotten by close to a dozen platforms in recent time. Several countries in Southeast Asia continue to adopt a friendly approach towards the...

Singapore Book of Crypto code of conduct lightning blue

New “Code of Practice” Bolsters Cryptocurrency Regulation in Singapore

August 20, 2019 by Edoardo Vecchio at Regulation

The Association of Cryptocurrency Enterprises and Start-ups, Singapore (ACCESS) together with the Monetary Authority of Singapore (MAS) developed a new ‘Code of Practice’ to set standards of good practice regarding Anti-Money Laundering (AML) and countering the financing of terrorism measures for crypto-related businesses. This according to news published by The...

Swiss data Commisioner Switzerland Flag binoculars witnesses Libra

Libra Returns to Center Stage as American Delegation Holds Talks with Swiss Regulators

August 19, 2019 by Ashwath Balakrishnan at Regulation

Libra is back to making headlines after a brief stint in the shadows following news that they may not launch if regulators don't approve of the project. As per a Bloomberg report, August 18, 2019, a delegation of six bureaucrats, led by Rep. Maxine Waters, will discuss Libra with the Swiss Federal...

Reserve Bank of India vs Cryptocurrency: Showdown for the Banking Ban

August 14, 2019 by Ashwath Balakrishnan at Regulation

The Indian Supreme Court has held the initial hearing for the court case between the RBI and the Internet and Mobile Association of India (IAMAI), a not for profit body to enhance online services. The IAMAI appointed Mr. Ashim Sood as their counsel, representing the interests of cryptocurrency companies in...

Singapore Cryptocurrency Association Seeks Public Feedback

August 14, 2019 by Ashwath Balakrishnan at Regulation

The Association of Cryptocurrency Startups and Enterprises, Singapore (ACCESS) is looking to facilitate public discussion of their newly formulated code of practices. As per a report from Strait Times, the code aims to tackle a variety of issues like money laundering, financing global terrorism, and many other crucial issues that need...

OFAC examining Bitcoin and Ethereum tokens

United States: OFAC Prioritizes Cryptocurrency Regulation and Enforcement

August 14, 2019 by Ogwu Osaemezu Emmanuel at Regulation

The United States Department of Treasury's Office of Foreign Assets Control (OFAC) has shown a rekindled interest in regulating the cryptocurrency industry and enforcing the guidelines. The agency has hinted that regulating the cryptospace has become its top priority, and it could use an aggressive approach to sanitize the industry,...

Obscure Indian Property Law Could Criminalise Users Holding Their Crypto Abroad

August 13, 2019 by Ashwath Balakrishnan at Regulation

An anti-crypto lawyer from India, Vijay Dalmia, put forth his perspective on the current situation in the country on Mondaq, August 13, 2019. Notably, he discusses the Benami Act, 1988, which can cause incrimination for crypto investors who choose to stash their holdings with relatives or peers in countries with more...

Indian Government Confirms Intentions to Prohibit Cryptocurrencies

August 9, 2019 by Ashwath Balakrishnan at Regulation

In a recent court hearing that was set for August 8, 2019, the government of India asked the Supreme Court to postpone the hearing against the cryptocurrency ban to January 2020 as they wish to open the blanket ban bill for discussion in the Winter session of Parliament. This has...

South Korea Office window cryptocurrency department FSC

Bitcoin Exchanges in South Korea to come Under Direct FSC Regulatory Purview

August 8, 2019 by Osato Avan-Nomayo at Regulation

Reports from media sources in South Korea say the country’s top financial regulator plans to directly oversee the regulation of local Bitcoin exchanges, August 7, 2019. This move likely includes the creation of registration and licensing requirements for South Korean crypto bourses. Platforms in the country have in recent times...

Guys looking at Libra on whiteboard perplexed

Data Privacy Regulators Request More Information on Libra Cryptocurrency

August 7, 2019 by Anthonia Isichei at Regulation

Data protection regulatory agencies from around the world have joined the growing list of those who wish to examine and investigate Facebook’s cryptocurrency project. According to a joint press release on August 6, 2019, the information provided by Facebook isn’t transparent enough and request that the company provide robust information...

Blockchains on Busan Beach no looking safe disconnected

South Korea: Strict Cryptocurrency Regulations Might Scupper Blockchain Busan “Safe Habor”

August 7, 2019 by Anthonia Isichei at Regulation

South Korea’s tough cryptocurrency regulations might hamper the city of Busan from successfully having a regulatory-free zone for blockchain and cryptocurrencies, according to a report by Korea ITTimes on August 6, 2019. Over time, crypto enthusiasts, experts, and lawmakers have called on the FSC to review its stringent crypto policies...

A high-tech robot mecha stomping a washing machine cleaning money

Thai Financial Watchdog Declares war on Crypto-Fueled Money Laundering

August 5, 2019 by Ogwu Osaemezu Emmanuel at Regulation

Pol Maj Gen Preecha Charoensahayanon, the acting secretary-general of Thailand's Anti-Money Laundering Office (AMLO) believes Bitcoin and altcoins are a serious threat to the agency. As such, AMLO has pledged to prioritize the discovery of new hideouts for illegally obtained fiat converted to cryptoassets, according to a Bangkok Post report...

Crypto Mom Hester Pierce Hugged by crypto

SEC’s “Crypto Mom” Eager to Offer Regulated Platform for the Sale and Issuance of Tokens and Cryptocurrencies

August 5, 2019 by Ashwath Balakrishnan at Regulation

At the Convergence Forum held at the Singapore University of Social Sciences (SUSS), the SEC Commissioner, Hester Peirce, declared her desire to offer a non-exclusive safe harbor for the exchange of tokens and coins. There would almost certainly be a screening process for which tokens deserve to be listed as...

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