#regulation News

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...

Ripple to Face SEC Suit Over XRP Cryptocurrency

Court Fixes Pretrial Date for Ripple V. SEC Case in February

December 31, 2020 by Anthonia Isichei at Altcoins

Following the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple, an initial pretrial conference concerning the case is scheduled to hold in February 2021. Ripple and SEC to Submit Joint Letter Before Pretrial According to a court document filed on Tuesday (Dec. 29, 2020), the U.S....

Facebook’s Stablecoin Libra Is Rebranded to Appease Global Regulators

December 2, 2020 by Anthonia Isichei at Regulation

In an attempt to get on regulators’ good books, Facebook’s stablecoin project, Libra, has been rebranded to Diem. Libra Gets a New Name According to Reuters on Tuesday (Dec.1, 2020), the Libra project underwent a name change and would now be known as “Diem”. The rebranded name comes from Latin...

U.K. Classifies Cryptocurrencies as Property Under English Law

UK Authorities Get Serious with Stablecoins, Set to Unveil Regulatory Framework

November 10, 2020 by Ogwu Osaemezu Emmanuel at Regulation

The government of the United Kingdom is making active plans to transform the nation’s financial ecosystem and ultimately make the region a hotbed for innovative businesses. The government says it plans to formulate amenable regulations for stablecoin initiatives and central bank digital currencies (CBDCs), according to a statement November 9,...

Spain plans bill to force disclosure of crypto-currency holdings

Spanish Crypto Investors May Soon Be Compelled to Reveal Holdings

October 14, 2020 by Anthonia Isichei at Regulation

Cryptocurrency holders in Spain may soon be forced to report their crypto holdings, as the government is planning on drafting a regulation that would reportedly crackdown on crypto tax fraud. Spain Working on Combating Crypto Tax Fraud According to Reuters on Tuesday (October 13, 2020), a government spokeswoman Maria Jesus...

BitMEX Hires New Chief Compliance Officer Amid Legal Battle

October 12, 2020 by Anthonia Isichei at Bitcoin

Following the ongoing battle between BitMEX, a global crypto derivatives exchange, and the U.S. government, BitMEX operator 100x Group has hired a new Chief Compliance Officer (COO). BitMEX Making Efforts to Improve Compliance Practices The news of the appointment was announced via a blog post on Monday (October 12, 2020)....

UK Regulators Officially Ban Retail Crypto Derivatives Trading

October 6, 2020 by Anthonia Isichei at Regulation

The UK Financial Conduct Authority (FCA) has officially prohibited the sale of crypto derivatives and exchange traded notes (ETNs) to retail consumers in the UK. FCA Says Ban in the Interest of Retail Crypto Traders The UK financial watchdog made this announcement in an official press release on Tuesday (October...

BitMEX Faces Legal Action in the US, One Co-founder Arrested

October 2, 2020 by Shaurya Malwa at Regulation

Legal prosecutors in the United States have documented criminal accusations blaming four originators and heads for BitMEX, one of the world's biggest cryptocurrency subordinates trades, of dodging rules intended to stop tax evasion. BitMEX in Troubled Waters The Department of Justice charged Arthur Hayes, Samuel Reed and Benjamin Delo, who...

Venezuela State-Run Oil Firm to Pay Suppliers in Bitcoin

Venezuelan Government Legalize and Control Bitcoin Mining Activities

September 24, 2020 by Anthonia Isichei at Regulation

A new decree in Venezuela officially made Bitcoin mining legal in the country. However, the regulation will enable authorities to monitor the BTC mining sector. Bitcoin Mining Legal in Venezuela The decree issued by Venezuelan’s National Superintendency of Crypto Assets and Related Activities (SUNACRIP) was implemented on Monday, according to...

OCC Authorizes U.S. Banks to Hold Stablecoin Reserves

September 22, 2020 by Anthonia Isichei at Regulation

The U.S. banking regulator has issued guidelines that will enable banks to offer services to stablecoin coin issuers in the country. Federal Financial Institutions to Offer Services to Stablecoin Issuers In an interpretive letter published by the Office of the Comptroller of the Currency (OCC) on Monday (September 21, 2020)...

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