Category: Regulations

News Philippine Bill to Impose Penalties for Crimes Involving Cryptocurrencies

Philippine Bill to Impose Penalties for Crimes Involving Cryptocurrencies

The Philippine country has no official regulation for cryptocurrencies and relies on advisories from SEC and BSP. SEC said some cryptocurrencies fall under securities categorization. A bill before the 17th Congress is seeking to increase penalties to criminality involving cryptocurrency. Congress received the law on February 14. If it becomes law, the penalty will be one …

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News Ranking officer in charge of Seoul crypto regulation found dead

Ranking officer in charge of Seoul crypto regulation found dead

An official in charge of devising measures against cryptocurrency speculation was found dead in Seoul this Sunday. The likely cause of death is heart attack according to media reports. Additionally, police are already investigating the cause of death of the officer attached to Office for Government Policy Coordination. He was in his 50s. Colleagues say …

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News CFTC instructing to duck pump-and-dump schemes

CFTC instructing to duck pump-and-dump schemes

The U.S derivatives regulator (Commodities Future Trading Commission) issued a warning against potential investors on Thursday regarding cryptocurrency “pumps-and-dumps” scams. The main intention of such schemes is to force investors by inflating the price of digital tokens through bogus information. Commodities Future Trading Commission to protect Investors against pump-and-dump schemes Some of the pump and dumps …

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News US Government to Emphasize on Cryptocurrency Risks Before Bitcoin Regulations

US Government to Emphasize on Cryptocurrency Risks Before Bitcoin Regulations

Rob Joyce, White House cybersecurity coordinator and special assistant to the president told US government is nowhere close to Bitcoin regulations. At Munich Security Conference in Germany, he highlights on the better understand the cryptocurrency risks and benefits before undertaking regulatory rules. Speaking with CNBC on Friday, Rob Joyce, special assistant to the president and …

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News Switzerland’s Finance Regulator to look some ICO as securities

Switzerland’s Finance Regulator to look some ICO as securities

Swiss Finance Regulator will treat some tokens from Initial Coin Offerings as securities. The announcement came amid in surge of inquiries to regulate ICOs launching in Switzerland. Regulator’s guidelines explain how ICOs will be regulated in future. The announcement comes in the wake of ICO spike and the inquiries to regulate crowdfunding in Switzerland. The post reads; “The guidelines define …

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News Spanish Party to Lure Blockchain Firms by Considering Tax Incentives

Spanish Party to Lure Blockchain Firms by Considering Tax Incentives

People’s Party is planning on a regulation that will allow the party to use tax breaks to attract investors in the blockchain technology. The law is in preparation stages. They are planning to have it ready this year, said Teodoro Garcia Egea, the lawmaker who is preparing the bill. He said the new move is …

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News Cryptocurrency Industry in Japan is launching a self-regulating body

Cryptocurrency Industry in Japan is launching a self-regulating body

Two cryptocurrency industries in Japan are aiming to form a self-regulating body. By April, the Japan Blockchain Association and the Japan Cryptocurrency Business Association could unite. To overcome the theft of $530 million of digital money, it aims to better safeguard the investors. Two cryptocurrency industry groups are forming a self-regulating body According to sources, the …

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News Class Action Lawsuit Filed Against Bitconnect in a Federal Court

Class Action Lawsuit Filed Against Bitconnect in a Federal Court

A law firm is suing BitConnect on behalf of former customers for Ponzi operations and fraud. The lawsuit was filed last month in the United States District Court for the Southern District of Florida. BitConnect closed crypto exchange and lending platform last month following cease orders from two state security regulators. The company said the …

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Exchange Bitlicense Comes to South Korea as Cryptocurrency Exchange Approval System

Bitlicense Comes to South Korea as Cryptocurrency Exchange Approval System

South Korea is following the footstep of NewYork state Department of Financial Services (NYSDFS) by considering BitLicense as cryptocurrency Exchange approval system. South Korea announcing Cryptocurrency Exchange approval system New York employs BitLincese, means that it allows cryptocurrency trading only when they have a license. Similarly, the South Korean Government is introducing cryptocurrency exchange approval …

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News New Jersey Watchdog Slapped Bitstrade for Unregistered Securities Offering

New Jersey Watchdog Slapped Bitstrade for Unregistered Securities Offering

New Jersey’s Attorney General has officially announced the ceased order at Bitstrade on account of offering unregistered securities fraudulently. Another Ponzi Scheme Is Exposed Off Following Bitconnect’s Ponzi scheme, yet another Bitcoin company is offering fraudulent securities. According to New Jersey regulator, Bitrstrade which is an online cryptocurrency-related investment firm was violating the New Jersey’s …

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News Japan’s DMM Bitcoin exchange installs a traditional billboard to advertise services

Japan’s DMM Bitcoin exchange installs a traditional billboard to advertise services

DMM Bitcoin exchange has recently installed a traditional billboard in Japan, featuring a Japanese celebrity coated in gold. Crypto Exchange Advertising goes big in Japan Japan is setting a high range of trend by the latest ad for the DMM bitcoin exchange with the celebrity cost in gold. And while digital ads are still an …

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News Canada’s binary task force wants Google to ban binary options and cryptocurrency Ads

Canada’s binary task force wants Google to ban binary options and cryptocurrency Ads

Chairman of Canada’s Binary Options, Jason Roy has said that they were pleased with the recent move by Facebook to ban cryptocurrency and ICO ads and is urging Google to follow suit. ——————————————————- Regulator calls on Google to follow Facebook’s Footsteps to ban Binary option, ICO and Cryptocurrency Ads Their main concerns according to the chairman …

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News Ukraine cyber police support cryptocurrency legalization

Ukraine cyber police support cryptocurrency legalization

Ukraine cyber police say they support the idea of legalizing cryptocurrencies despite the fact that their existence and circulation depends on the foundations of financial pyramid.    Legal Favors at Cryptocurrency Cyber Police Department head Serhiy Demediuk said in a Facebook post that the department also supports the mining of cryptocurrencies. However, the head alluded …

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News U.S. CFTC charges My Big Coin Pay operators on fraud and ponzi claims

U.S. CFTC charges My Big Coin Pay operators on fraud and ponzi claims

The United States Commodity Futures Trading Commission has filed charges against Randall Crater and Mark Gillespie for allegedly causing people to invest in My Big Coin Pay and for misappropriating more than $5 million from the funds. US CFTC charges My Big Coin Pay operators In the meantime, the U.S. District Court for the District …

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News IMF wants regulators to coordinate globally on cryptocurrencies

IMF wants regulators to coordinate globally on cryptocurrencies

International Monetary Fund (IMF) says there is a need for regulators to coordinate on cryptocurrencies globally because there is increasing risks of surging crypto prices. IMF cites risks including the use of cryptocurrencies in money laundering, financing of terrorist activities and tax evasion and fraud. This is in addition to losses caused to investors. These …

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News India’s top bank suspend accounts of major bitcoin exchanges

India’s top bank suspend accounts of major bitcoin exchanges

Recently, the top banks of India have suspended accounts of major Bitcoin exchanges. Thus, suspecting of dubious transactions. Banks including Axis Bank, HDFC Bank, State Bank of India and Yes Bank have suspended accounts of top ten cryptocurrency exchanges. Such as Unocoin, BtcxIndia, Zebpay, CoinSecure among users. Reportedly, these banks have for additional collateral with …

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News CFTC files lawsuit against cryptocurrency investment schemes

CFTC files lawsuit against cryptocurrency investment schemes

The CFTC (Commodity Futures Trading Commission), US commodity files lawsuit against allegedly fraudulent cryptocurrency investment schemes. Both suits were filed on Thursday in US federal court in New York. Since these are the latest move from the country’s derivatives regulator in getting close over scrutiny activities into cryptocurrency. The joint statement published on the lawsuit …

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News SWIFT and Central Securities Depositories sign MOU for distributed ledger technology

SWIFT and Central Securities Depositories sign MOU for distributed ledger technology

SWIFT and seven Central Securities Depositories have signed an MOU to show how distributed ledger technology would be used in voting and proxy-voting and other applications. It will also show how ISO 20022 can support distributed ledger technology. Most importantly, it will help develop standards, which is the most pressing challenge for emerging technologies such …

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News Brazil could turn to Ethereum blockchain to collect petition signatures

Brazil could turn to Ethereum blockchain to collect petition signatures

The constitution requires that the Brazilian Congress must hear any petition that gets 1 percent of signatures from the electorates. But that constitutional promise has caused political crisis related to the electoral process. Failure to fulfill this promise had been due to lack of a platform that can securely collect and verify the signatures and …

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News Visa suspends pre-paid crypto cards

Visa suspends pre-paid crypto cards

Prepaid Visa card users will no longer be able to use the cards for cryptocurrency transaction after Visa suspended the service starting January 5. This is another embarrassing move by a major financial institution. With the cards, users could fund their accounts using BTC or ETH. They can withdraw it in regular currencies such as …

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News Bitconnect gets cease order from Texas State Securities Board

Bitconnect gets cease order from Texas State Securities Board

BitConnect handed a cease order from Texas State Securities Board (TSSB) on January 5, stating to close down operations in 30 days. TSSB orders Bitconnect stop operation The cease and desist letter orders BitConnect to stop selling its Bitconnect Coin assets in Texas until when it registers with Securities Commissioner or given exemptions to register. It …

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News Finance Ministry of Russia draft law on cryptocurrencies regulation

Finance Ministry of Russia draft law on cryptocurrencies regulation

Recently, Russia takes a step forward with its plans on cryptocurrencies regulation  and ICOs. Thus, to provide an accurate framework for trading in the industry. According to Antony Siluanov, Finance Minister said in Econo Times, “The Ministry of Finance has prepared a draft law, currently under consideration, which will determine the procedure for issuing, taxing, buying and …

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News South Korea imposing the new regulations on cryptocurrency trading

South Korea imposing the new regulations on cryptocurrency trading

South Korea’s government said on Thursday that it will execute more measures to operate cryptocurrency trading. The government declares that, “The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility”. But, the government has not given accurate examples. Instead, …

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News South Korean government summons an emergency meeting

South Korean government summons an emergency meeting

South Korean Government has called for an emergency meeting targeted at discussing trading of cryptocurrencies. And regulatory or other measures to be introduced in the market. This is according to a central bank official on Wednesday. While the official did not give further details, the meeting shows the frenzy over cryptocurrencies in the country. The …

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News Treasury ministry plans strong regulations of Bitcoin

Treasury ministry plans strong regulations of Bitcoin

United Kingdom Treasury wants to crack down on Bitcoin since there are growing concerns of its use in money laundering and dodging taxation and will implement a regulation that requires cryptocurrencies to disclose their identities and report suspicious activity. The new law is expected next year. The treasury committee is not convincing that the regulatory …

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News South Korea finalizing regulation for crypto exchanges

South Korea finalizing regulation for crypto exchanges

South Korea is working on a law to regulate cryptocurrencies to curtail the risks surrounding its use such as lack of customer protection and money laundering, says the country’s Financial Services Commission. If implemented, the proposal will categorize cryptocurrency exchanges such as Bithumb, Coinone, and Korbit as “unauthorized fundraising” but will allow them to run …

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News Bitcoin market has loose regulations: Japanese cryptocurrency researcher

Bitcoin market has loose regulations: Japanese cryptocurrency researcher

Japan- largest Bitcoin market in the world in terms of trade volumes but has loose regulations for the business and investors according to Koji Higashi, the co-founder of IndieSquare and Japanese cryptocurrency researcher. He also says there is loose customer protection by government, which has given much freedom to cryptocurrency exchanges. Japan has a legal …

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