#regulation News

Pennsylvania Assembly Considering Crypto Task Force Act

Pennsylvania Legislators Propose the Creation of a Crypto Task Force

July 28, 2021 by Anthonia Isichei at Regulation

Some members of the Pennsylvania House of Representatives introduced a bill into the state’s General Assembly, which proposes the establishment of a crypto task force that would examine the use of cryptocurrency and digital assets in the Commonwealth of Pennsylvania. Crypto Task Force Bill Proposed in Pennsylvania The bill which...

Wilshire Phoenix Co-founder Says SEC Could Approve First Bitcoin ETF in 2023

July 27, 2021 by Anthonia Isichei at Bitcoin

William Cai, co-founder of the New York-based investment firm Wilshire Phoenix said that investors in the United States may have to wait till 2023 before regulators approve a Bitcoin ETF. US Might not get Bitcoin ETF in 2021 According to Business Insider on Sunday (July 25, 2021), Cai said that...

Global X Bitcoin ETF Application Joins Long List Before the SEC

July 23, 2021 by Anthonia Isichei at Regulation

The New York-based exchange-traded fund (ETF) provider Global X has become the latest company to file for a Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). Global X Files for Bitcoin ETF Global X revealed plans to launch a Bitcoin ETF in a Form S-1 filing with the...

Brazilian Regulator's Approve Latin America's First Ethereum ETF

Brazilian Regulators Give Greenlight to Latin America’s First Ethereum ETF

July 14, 2021 by Anthonia Isichei at Ethereum

The Brazil Securities and Exchange Commission (CVM) has approved the first Ethereum exchange-traded fund (ETF) in Latin America, by the Brazilian cryptocurrency asset manager QR Asset Management. Brazil Gets Ethereum ETF QR Capital announced the news in a tweet thread on Tuesday (July 13, 2021). According to the company, the...

Thailand’s Central Bank Cautions Against Using Crypto as a Means of Payment

July 10, 2021 by Anthonia Isichei at Regulation

The Bank of Thailand (BOT) has issued a warning against using digital assets as a payment method, stating it could work with the country's Securities and Exchange Commission (SEC) if crypto payments become widespread. BOT Against the Widespread Adoption of Crypto for Payments The BOT made the warning in a...

The American CryptoFed DAO is legally recognized by the State of Wyoming as the First Decentralized Autonomous Organization (DAO) in the United States

Wyoming Authorities Officially Recognize the First DAO in the United States

July 5, 2021 by Anthonia Isichei at Regulation

The U.S. State of Wyoming has legally recognized the American CryptoFed DAO as the first decentralized autonomous organization in the United States. First Legalized DAO in the US In a press release on Sunday (July 4, 2021), the American CryptoFed DAO announced that it received notice of legal recognition from...

Iran: Authorities Suspend Activities of Iran Blockchain Association

June 21, 2021 by Anthonia Isichei at Regulation

The Iranian government has suspended the Iran Blockchain Association (IBA) for reportedly violating laid down rules and operating contrary to its own articles of association. Iran Bans Blockchain Association According to the Financial Tribune on Sunday (June 20, 2021), the suspension of IBA's activities was carried out by Iran's Ministry...

Bank Indonesia Prohibits Cryptocurrency as Payment Tool

Indonesia’s Central Bank Bans the Use of Crypto as Payment Method

June 16, 2021 by Anthonia Isichei at Regulation

The Bank of Indonesia (BI) has banned the use of cryptocurrency as a means of payment, stating that the payment method is not legitimate in the country. Crypto as Payment Tool Not Legitimate in Indonesia According to Tempo on Tuesday (June 15, 2021), Perry Warjiyo, the governor of the Bank...

BoE says 'stablecoin' payments need same rules as banks

Bank of England Proposes Regulation of Stablecoin Use As Payment Means

June 8, 2021 by Anthonia Isichei at Regulation

The Bank of England (BoE) stated that stablecoin payments should receive the same regulations as bank payments, if the former gains widespread adoption. BoE Says Stablecoin Regulatory Framework Necessary in the UK According to Reuters on Monday (June 7, 2021), the BoE in a Discussion Paper, said that it was...

U.S. SEC Extends Decision Period on the VanEck Bitcoin ETF

April 29, 2021 by Anthonia Isichei at Bitcoin

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the VanEck Bitcoin exchange-traded fund (ETF) till June 2021. SEC Sets New Deadline for VanEck Bitcoin ETF Decision to June According to a notice by the SEC on Wednesday (April 28, 2021), the securities regulator stated that it...

Confirmed - South Korea to Impose Tax on Cryptocurrency

South Korea’s Upcoming Crypto Tax Law Inevitable, Says Finance Minister

April 27, 2021 by Anthonia Isichei at Regulation

South Korea's Minister of Economy and Finance has stated that the upcoming tax on cryptocurrency trading gains proposed by the government is inevitable. South Korea Not Going Back on Crypto Tax Policy According to Reuters on Tuesday, (April 27, 2021), Hong Nam-ki made the statement at a news conference when...

Turkey Central Bank to Prohibit the Use of Crypto for Payments

April 16, 2021 by Anthonia Isichei at Regulation

The Central Bank of the Republic of Turkey (CBRT) stated that it would ban the use of cryptocurrency as a means of payment. The upcoming ban comes amid an ongoing inflation crisis in the country. Turkey Bans Crypto Payments The CBRT announced the new legislation via the Resmi Gazete, otherwise...

Bitcoin ad banned for 'misleading pensioners'

UK Advertising Regulator Bans Bitcoin Ad Deemed Misleading

March 18, 2021 by Anthonia Isichei at Regulation

The Advertising Standards Authority (ASA), a self-regulatory advertising watchdog in the UK, has banned a bitcoin ad by cryptocurrency exchange, Coinfloor, for misleading a particular target audience. Bitcoin Ad Seen as Misleading and Socially Irresponsible According to an announcement on Wednesday (Mar. 17, 2021), the ASA upheld a complaint brought...

FINMA makes an unfavourable prognosis for Bitcoin Suisse AG licensing procedure

Swiss Regulator FINMA Rejects Bitcoin Suisse Application for a Banking License

March 18, 2021 by Wayne Jones at Bitcoin

The Financial Market Supervisory Authority (FINMA) of Switzerland has rejected Bitcoin Suisse's application for a banking license. AML Weaknesses Contributed to the Rejection The move is a significant setback for the eight-year-old crypto broker, which is flush with cash, on track for a double-digit million-dollar profit in 2020. Furthermore, it...

South Korea’s Tax Agency Clamps Down on Individuals Hiding Assets Via Crypto

March 15, 2021 by Anthonia Isichei at Regulation

South Korea's tax authority is targeting individuals who use cryptocurrency to conceal their assets as a way of evading tax payments. NTS Investigating Tax Offenders Concealing Assets Using Cryptocurrecy According to the Korea Herald on Monday (Mar. 15, 2021), the National Tax Service (NTS) clamped down on over 2,400 tax...

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