Crypto Seems to be Frowned Upon (Regulatory Digest, Nov 23–29)

Some recent selected news about Gibraltar Financial Services Commission, US Colorado, UK, New Zealand's BTC-e, Nigeria, Uganda, Malaysia, Taiwan, etc.

  • The Gibraltar Blockchain Exchange (GBX) attains a license from the Gibraltar Financial Services Commission. The GBX is said to be the first exchange to be authorized by the financial services body. It launched back in July and currently offers trading pairs with USD.
  • Colorado released cease-and-desist orders to four ICO projects. The four are Cred, CrowdShare Mining, CyberSmart Coin Invest, and Global Pay Net. Overall, the US State suppressed 18 illegal ICOs, including DavorCoin (DAV).
  • Venezuela’s Constituent National Assembly passes legislation on cryptocurrency regulation. The bill, proposed by Nicolas Maduro, legalizes the country’s cryptocurrency Petro. Petro can now be used as a unit of exchange to pay for goods and services in the country.
  • Thailand cultivates a friendlier environment for cryptocurrencies. Despite being in a military dictatorship, the country’s military junta worked to advance cryptocurrencies by approving exchanges, legalizing ICOs, and regulating the market. With the elections drawing near, it is said that cryptocurrencies will be a crucial part in Thai economics and politics.
  • New Zealand’s website, previously known as BTC-e, is suspended by the Domain Name Commission (DNC). The suspension comes as a result of suspicions on the authenticity of its registration details. WEX advised users to go to its site mirror
  • Atiku Abubakar promises Nigerians he will be accepting of blockchain and cryptocurrencies if he wins the presidential elections. He plans to make Nigeria a technologically knowledgeable country by adding cryptocurrencies and distributed ledger technologies into the elementary and tertiary curriculum. Akitu served as Nigeria’s Vice President for eight years until 2007. He is at present the country’s opposition leader.
  • Germany’s Federal Ministry for Economic Affairs and Energy (BMWi) is proposing to use blockchain technology to fight tax fraud. Christian Hirte, Parliamentary State Secretary at BMWi, believes that using the technology could guarantee that taxes are trackable anytime.
  • The US SEC probe on Riot Blockchain is still ongoing. Riot Blockchain is investigated due to its nebulous registration statements presented by the company’s board. The company is also suspected of participating in a pump-and-dump scheme.
  • Uganda’s Planning and Finance Ministry completed a draft bill for a new crypto-related regulation. The East African country has seen a rise in Bitcoin Ponzi schemes and online scams with thousands of locals defrauded. The draft bill is expected to be introduced to the parliament for discussions and approval next month.
  • Taiwan strengthens regulations on AML directed at cryptocurrency exchanges. The newly approved legislation states the Financial Supervisory Commission (FSC) has the authorization to monitor exchanges and prevent suspicious transactions. The country’s Ministry of Justice (MoJ) says the government is laboring to meet international AML standards. But some speculate the new AML bill is compelled by China.
  • The Financial Conduct Authority (FCA) of the UK is preparing to restrain fraudulent cryptocurrency activities in the nation’s market. 24 firms are being investigated for operating without a license or permission. In order to curb illicit activities, the FCA will be partnering with Her Majesty’s Treasury (HMT) and the Bank of England to confront the damages and promote a beneficial innovative future.
  • In an address to Parliament, the Finance Minister of Malaysia, Lim Guan Eng, forewarns locals and businesses against issuing new cryptocurrencies. The MP recommends waiting for lawful regulation from the Central Bank, the Bank Negara Malaysia.

Don’t do it without Bank Negara’s guidelines or directive on the matter to avoid doing something wrong and against the law

Lim Guan Eng, Finance Minister of Malaysia

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Chief of Allianz Global Investors Asks Regulators to Introduce Crypto Ban

CoinSpeaker Chief of Allianz Global Investors Asks Regulators to Introduce Crypto Ban As the global regulatory bodies continue to explore different possibilities for digital currencies, global chief investment officer and CEO of Allianz Global Investors Andreas Utermann wants regulators to completely “outlaw” cryptocurrencies.  On Tuesday, December 11, Reuters reported Utermann speaking at a panel discussion in London. Citing the huge losses incurred by the investors in this year’s crypto-market crash, Utermann said: “You should outlaw [crypto assets].” By “you” he certainly meant all the global regulatory bodies as he even urged them to declare the entire crypto industry as illegal. “I am personally surprised that regulators haven’t stepped in harder.” At the panel discussion, Utermann was accompanied by Andrew Bailey, chief executive of U.K.’s Financial Conduct Authority (FCA). Bailey is also the executive director of U.K.’s central bank – Bank of England. He called Utermann’s comments as “quite strong” while adding that digital currencies have “no intrinsic value”. The Bank of England executive said that U.K. regulators were “closely” monitoring all the developments in the cryptocurrency space.  It also includes a close watch on the developments in the ICO-market. No Plans On Introducing an Outright Ban Although after a sharp attack on crypto assets, there’s likely to possible plan in the near term to ban them completely. In fact, some parliamentarians in the U.K. have demanded to allow citizens to pay taxes using Bitcoin. Eddie Hughes, a member of the U.K. Parliament is a huge crypto enthusiast who has put forward this proposal. Hughes opinion was much in line with going with the flow i.e. the growing acceptance of digital currencies across the globe. He said: “You’re either ahead of the curve or you’re behind the curve, and our country is in an interesting position right now. We need to be seen as a progressive country. We are at a crossroads and we’re about to determine our future – one in which taking the lead in this field could prove very beneficial.” While Utermann’s statements were quite hard-hitting, Allianz’s chief economist Mohamed El-Erian holds a somewhat mild approach. El-Erian was peaking at a conference in New York 15 days back. El-Erian said that cryptocurrencies will continue to survive in the current bear market. He also asserted that they will become “more and more widespread.” However, El-Erian says that he doesn’t believe that cryptocurrencies will replace fiat currencies anytime in the future.  “Cryptocurrencies will exist. They will become more and more widespread, but they will be part of an ecosystem. They will not be dominant, as some of the early adopters believed them to be.” Back in September, Ei-Erian said: “Crypto is not dead, and certainly the underlying technology is not dead”. “We’re going to see more widespread adoption, by both the private and public sector, of the blockchain technology and related technologies.” Amidst the latest market crash, the crypto industry is taking some major shift. Many ICOs have withdrawn their projects due to the price of their tokens crashing, While the others are being crushed by regulatory agencies for non-compliance and other illicit practices. Many other crypto firms have shut down their operations while a few are laying off their staff amidst the market meltdown. Chief of Allianz Global Investors Asks Regulators to Introduce Crypto Ban

News: SEC fines $2.7 Million / Bitcoin Price Manipulation / Crypto Layoffs

Regulations are here - the SEC fines Arisebank founders for $2.7 million. Bitcoin Price manipulation has to be stopped - we look closely at the evidence of fake volume reported by exchanges. We also look at the recent wave of layoffs at crypto startups - ETCDEV, Consensys, steemit inc and Bitmain are all reporting layoffs 1:34 Cryptonews roundup 5:18 Exchanges under fire - Fraud is not acceptable 12:57 Crypto Layoffs - Employees lose jobs at crypto startups Links & Sources for topics discussed Exchange Manipulation: Crypto Layoffs: News topics: 👍🏻Subscribe to Boxmining for Daily CryptoNews and Altcoin explainers: 👑Recommended Exchange - Binance: 🔒Hardware Wallet: 📲Mobile Wallet: Brave Browser: #Bitcoin #Ethereum #Cryptocurrency #Crypto #Altcoins ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● Telegram groups: Telegram Discussion Group: Telegram Announcements: ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● ♨️Social: Steemit: Twitter: Facebook: ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video. ●▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬●

Europe’s Top Asset Manager Calls For Crypto Ban While U.S. Institutions Build

According to a Reuters report, Allianz Global Investors (GI) CEO Andreas Utermann encouraged regulators to outlaw crypto. At a conference held in London, directed toward Andrew Bailey, the head of Britain’s Financial Conduct Authority. Utterman said: “You should outlaw it [crypto]. I am personally surprised that regulators haven’t stepped in harder.” Regulators Aren’t Outlawing Crypto The post Europe’s Top Asset Manager Calls For Crypto Ban While U.S. Institutions Build appeared first on CCN

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