Cryptos not a legal tender in Zambia, South Korea to continue ban of ICOs, SEC calls for a finale of BTC ETFs, Singapore to help crypto startups with bank account opening, new crypto laws in Hong Kong, World Bank sees great potential in blockchain, FinCEN accuses Iran of bypassing economic sanctions
- Amidst the scaling hyperinflation in the nation, Central bank of Zambia defies the acceptance of Bitcoin and other cryptos as a legal tender. However, this is not intended to impact the crypto users as they have clearly denied the regulation of cryptos by the countries regulatory authority. In addition, they mentioned that ‘trading or usage of cryptocurrencies are performed at owner’s risk’.
- South Korea has no intentions to leave the ground when it comes to legalizing ICOs. Chairman of the Financial Services Commission of South Korea stated that ‘there are still uncertainties related to such a move as well as the possibility of serious fallouts’.
- US Securities Exchange Commission seems to be nearing a final decision on BTC ETFs. SEC has invited parties to put forward their statements for or against the approval of the Bitcoin ETF before 26th of October.
- Monetary Authority of Singapore to help crypto firms facing problems in setting up bank accounts in the city. Managing director at MAS, Ravi Menon, said that they understand the concerns of the banks and are trying to bring them together with the crypto startups to see if they can reach a level of understanding.
- Securities and Future Commission of Hong Kong is all set to launch new crypto laws in an attempt to shield users against illicit activities and unfair platforms. Chairman Carlson Tong Ka-Shing expressed that considering the boundless reach of trading over the internet, it wouldn’t be the right thing to completely close the doors for cryptos. He added that proper regulations need to be figured out to keep investors away from unwanted situations.
- After the success of World Bank’s first Blockchain bond, the president of World Bank said that he sees great potential in the blockchain. According to Jim Yong Kim, blockchain can help the world get rid of generations of bad practices which would be impossible otherwise.
- FinCEN, the US financial crimes agency, while criticizing Iran’s use of cryptocurrency to bypass economic sanctions has put forward a word for institutions and US-based exchanges to not deal with the nation. It’s clear that the sanction is going to have an adverse effect on the economy and the individuals as well.