cryptocurrency regulations

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India: Conducive Regulations Aid Crypto Firm CoinDCX Raises $2.5 Million from Polychain Capital

May 26, 2020 by Aisshwarya Tiwari at Regulation

Indian cryptocurrency firms are leaving no stone unturned in recent times. The country’s government, which is rather slow in adopting technology, okayed cryptocurrency businesses to continue earlier this year, leading to a flurry of investment and technological activity. The latest to attract institutional investment is CoinDCX, a Mumbai-based crypto exchange that’s...

South Africa Central Bank: “Cryptocurrencies Don’t Meet Requirements For Money”

South Africa: Government Panel Proposes Strict Crypto Regulations

April 17, 2020 by Aisshwarya Tiwari at Regulation

An intergovernmental panel in South Africa comprising the central bank, treasury, and financial regulators is calling for the enactment of strict crypto regulations in the country. Strict Crypto Policing in South Africa In a paper published by the Intergovernmental Fintech Working Group (IFWG) in South Africa, the government panel argued...

Hawaii Set to Introduce Regulatory Sandbox for Cryptocurrency Companies

March 19, 2020 by Osato Avan-Nomayo at News

Financial regulators in Hawaii have introduced a regulatory sandbox for cryptocurrency businesses in the State as a way of developing clear-cut laws for the emerging digital economy. Two-Year Sandbox for Cryptocurrency Firms in Hawaii Hawaii’s governor’s office released a press statement on Tuesday (March 17, 2020) announcing the creation of...

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...

Man sitting down calculating bitcoin Tax

Crypto Tax: IRS Invites Industry Stakeholders to Parley in March

February 19, 2020 by Osato Avan-Nomayo at Regulation

The United States Internal Revenue Service (IRS) is inviting cryptocurrency stakeholders to a crypto tax summit in March. The move comes as the IRS has declared its intention to pursue robust virtual currency tax enforcement in 2020. IRS and Crypto Groups to Discuss Taxation Policies According to Bloomberg Tax, the...

RBI Argues Against Crypto Utility in India

January 22, 2020 by Osato Avan-Nomayo at Regulation

The Reserve Bank of India (RBI) says citizens do not need cryptos as the country’s mainstream financial framework already has working solutions for cross-border remittances. The Indian central bank also clarified the legal situation of cryptocurrencies in the country, stating that there is no ban on virtual currencies. Crypto Offers...

U.K. Classifies Cryptocurrencies as Property Under English Law

November 19, 2019 by Osato Avan-Nomayo at Regulation

The U.K. is now the latest jurisdiction to classify cryptocurrencies and virtual assets as property. The Times reports that a legal panel chaired by Sir Geoffrey Vos, Chancellor of the High Court reached the decision which presents significant implications for the legality of cryptocurrencies and blockchain assets in the U.K....

Captain America Bitcoin Running Blue Red White

CFTC Chairman: The U.S. Should be the Global Leader in Crypto Asset Development

November 13, 2019 by Anthonia Isichei at Regulation

Heath Tarbert, the head of the United States Commodity and Futures Trading Commission (CFTC), says the country ought to be leading the global crypto market. Per a report by Law 360, Chairman Tarbert also says the country’s financial watchdogs and the U.S. Congress should consider simplifying the regulatory framework for...

Andreessen Horowitz Stands up for Pro-Cryptocurrency Regulations

September 2, 2019 by Ashwath Balakrishnan at Bitcoin

Renown venture capital and investment advisory firm, Andreessen Horowitz, held a conference on cryptocurrencies to which they invited companies and regulators who are dealing with this new industry. Marc Andreessen discussed the importance of cryptocurrencies, likening it to how the internet was viewed in its early days, as reported by...

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...

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...

FATF Guidelines Not Necessarily Negative for Cryptocurrencies

June 24, 2019 by Osato Avan-Nomayo at News, Regulation

Contrary to the prevailing narrative, the incoming Financial Action Task Force (FATF) anti-money laundering (AML) guidelines for cryptocurrencies might not be overly negative for the industry. However, there are still a few vague aspects of the FATF’s document that might require a little extra clarifying before it publishes its interpretive...

Japan FSA Investigates Security Lapses at Cryptocurrency Exchanges

April 24, 2019 by Osato Avan-Nomayo at Exchange, News, Regulation

Japan’s Financial Services Agency (FSA) recently investigated two cryptocurrency exchanges which made significant changes in its management as reported by Reuters. The regulatory watchdog was on the lookout for the modalities put in place by these platforms to prevent money laundering and to protect customer funds. FSA Takes Exchanges to...

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