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India Progressing on Crypto Regulation Amid Ban Rumor

The Indian government has been progressing on cryptocurrency regulation. A recent report from the Ministry of Finance confirms some recommendations. Meanwhile, local media reported Friday that a draft bill on the regulatory framework for cryptocurrencies is being circulated among relevant government departments. Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request Ministry of Finance’s Confirmation The Ministry of Finance recently published a summary report of the government’s activities in 2018. “An inter-ministerial committee under the chairmanship of Secretary, Department of Economic Affairs with representatives from concerned departments has been constituted for considering all aspects related to virtual currencies and crypto assets,” the document begins to explain. The Indian government was supposed to submit a report containing the legal framework for cryptocurrency to the supreme court in March but the court adjourned without addressing the matter. The next hearing date is July 23 and the community expects this matter to be addressed at that time. The Ministry of Finance’s report reads: Various options for treating virtual currencies and crypto assets including banning/regulating are being examined by the committee. India Working With FATF The report also reveals that India’s Department of Revenue has been working with the Financial Action Task Force (FATF) on various aspects including cryptocurrency. India is a member of the FATF, an international body which sets standards and promotes the implementation of legal, regulatory and operational measures for combating money laundering and terrorist financing globally. The Department of Economic Affairs used to work with the FATF but the work was transferred to the Department of Revenue per Gazette Notification dated Nov. 9, 2017, the Finance Ministry detailed, noting: Department of Revenue has been actively involved in the working papers being developed by the FATF on various issues (such as virtual currency, proliferation financing among) which will act as guidance for the member countries. FATF’s Recommendations The G20 countries, including India, have reaffirmed their support for the FATF as “the global anti-money laundering, counter terrorist financing, and proliferation financing standard-setting body,” according to the FAFT report submitted to the G20 this month. The G20 also asked the FATF to clarify how its standards apply to virtual asset activities. Among other recommendations, the FATF replied: Jurisdictions should apply a risk-based approach to virtual assets, virtual asset financial activities, and virtual asset service providers. The FATF further stated that it will update the “Risk-based Approach Guidance on Virtual Currencies” by June for the G20 summit. This approach will assist “jurisdictions and the private sector, in implementing a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring,” the FATF wrote. Rumor of a Ban Recommendation Local media reported Friday that the Indian government is in the process of discussing a draft bill on cryptocurrency. The Economic Times claims to have reviewed the minutes of a meeting of the government committee which includes representatives of the Department of Economic Affairs, the Central Board of Direct Taxes, the Central Board of Indirect Taxes and Customs, and the Investor Education and Protection Fund Authority. According to the publication, the minutes showed that the ministries were “of the view that already there is a lot of delay in taking action against cryptocurrency. There is an urgent need to ban [the] sale, purchase and issuance of cryptocurrency.” An unnamed government official claiming to know the details told the news outlet that the draft bill entitled “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019” has been circulated to relevant government departments for discussion. The publication, however, did not explain the “Regulation of Official Digital Currencies” part. In addition to this being a draft bill and information was based on anonymous sources, the news outlet emphasized that based on the feedback: A final law will be proposed to the next government that takes charge after elections at the end of May. This is also not the first time the media have reported that the Indian government is considering banning cryptocurrency based on anonymous sources. In December last year, Cnbc TV18 reported on a ban recommendation. However, another media outlet reported soon afterward that there was also a recommendation to legalize cryptocurrency with strong riders, leaving the public confused about what the recommendations actually were. What crypto regulation do you think the Indian government will finally implement? Let us know in the comments section below. Images courtesy of Shutterstock and India’s Ministry of Finance. Are you feeling lucky? Visit our official Bitcoin casino where you can play BCH slots, BCH poker, and many more BCH games. Every game has a progressive Bitcoin Cash jackpot to be won! The post India Progressing on Crypto Regulation Amid Ban Rumor appeared first on Bitcoin News.
Bitcoin News

India Government Drafts Bill To Ban Cryptocurrencies Completely

The Economic Times reports that the Indian government is looking to ban cryptocurrencies entirely, with a draft of such… The post India Government Drafts Bill To Ban Cryptocurrencies Completely appeared first on Invest In Blockchain.
Invest In Blockchain

Indian Law Makers Call for Immediate Ban of Bitcoin and Cryptocurrency

A committee under the Indian Government has drafted a bill the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019” which seeks to ban cryptocurrency transactions within the country entirely. Reportedly, discussions and consultations on the draft bill are being held between the various portfolios of the Government. Indian Lawmakers have taken an aggressive, hostile approach towards cryptocurrencies suggesting “an urgent need of a ban.” In February, the Apex court in India had passed a deadline of four weeks for the Government to come with complete cryptocurrency regulations. Moreover, a committee under the Government with representatives from various ministries under Finance Secretary, Shubash Chandra Garg was drafting the bill since 2018. The Department of Economic Affairs (DEA), Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes and Customs (CBIC), and the Investor Education and Protection Fund Authority (IEPFA) under the Indian Government have suggested an outright ban on the purchase, selling and issuance of cryptocurrencies. The Indian Central Bank, RBI, had last year prohibited the banks from providing service to the firms dealing in cryptocurrencies. Moreover, while a case against the ban was resting with the Apex Court, it suggested first the Government must come up a law on cryptocurrencies. The Indian lawmakers have suggested in the bill that there is an urgent need to completely ban cryptocurrencies in the country as it leads to ponzi scams and supports money laundering activities. Also read: Crypto Vs RBI: Indian Crypto Matter Adjourns Till July; Why Delayed at Government’s Counsel? A ministry spokesperson told the media that cryptocurrencies were being issued and sold as tremendous investment opportunities which more often than not involved frauds and Ponzi schemes to “defraud gullible investors.” Furthermore, the draft bill also suggested that until a law is passed the transactions must be banned temporarily under the Anti-Money Laundering Act (PMLA). The new Government which will take charge of the largest democracy in the world post-May 2019 Indian Elections will finally vote on the proposed bill. Will an outright ban in India affect the price of cryptocurrencies as a whole and put regulatory pressure on other countries as well? Please share your views with us.  The post Indian Law Makers Call for Immediate Ban of Bitcoin and Cryptocurrency appeared first on Coingape.
CoinGape

Report: India Considers Complete Ban on Digital Currencies

Report: India Considers Complete Ban on Digital Currencies A draft bill that would outright ban cryptocurrency is reportedly circulating among various departments of the Indian government, local media outlet The Economic Times reported on April 25. An official familiar with the matter reportedly told the Economic Times that the government has begun inter-ministerial consultations on […] Cet article Report: India Considers Complete Ban on Digital Currencies est apparu en premier sur Bitcoin Central.
Bitcoin Central

FinCEN back on the bitcoin beat with civil penalty for peer-to-peer trader

After first issuing cryptocurrency guidance back in 2013, enforcement by the Financial Crimes Enforcement Network (FinCEN) has been out of the headlines in recent years. Now the bureau of the US Department of the Treasury is back on the bitcoin beat and taking action — dishing out a hefty fine to a prolific bitcoin trader accused of wilfully violating the Bank Secrecy Act by failing to register as an exchange.
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Biggest weekly losers: XRP, Litecoin [LTC], Stellar Lumens [XLM] fall by 10%; market tanks after Bitfinex-Tether fiasco

The market saw prices of most major cryptocurrencies soar earlier this week. However, the weekend has led to a new turn of events as coins are now being dragged into bearish territory. Among the top-10 coins, the five cryptocurrencies that saw the biggest fall were Stellar Lumens [XLM], EOS, Cardano [ADA], XRP, and Litecoin [LTC]. The fall in prices was a result of the Bitfinex-Tether fiasco. New York State’s Attorney General’s [NYAG] office revealed that iFinex, the company behind the crypto-exchange Bifinex, may be violating New York Law. This announcement was in relation to activities that “may have defrauded” local investors who trade in cryptocurrencies. Stellar Lumens [XLM] Source: Trading View Stellar Lumens [XLM] was valued at $0.1158 on April 20 and fell by 14.68% over the week. At press time, the coin was valued at $0.0990 with a market cap of $1.88 billion. The 24-hour trading volume was noted to be $276 million, as the coin fell by 4.50% over the past day and continued to dip by 0.43% within the past hour. EOS Source: Trading View EOS, at the beginning of the week was valued at $5.47, after which it fell by 13.97% over the past seven days. At press time, the coin was valued at $4.70, with a market cap of $4.43 billion. The 24-hour trading volume of the coin was $2.62 billion as it fell by 1.91% over the past day. The coin, at press time, was falling by 0.14% and failed to recover. Cardano [ADA] Source: Trading View Cardano [ADA] fell by 13.41% over the week, which resulted in its price falling from $0.0769 to $0.0690. The market cap of the coin was reported to be $1.78 billion and the 24-hour trading volume was $108 million. Over the past 24-hours, the coin fell by 4.47% and continued to fall by 1.35% within the past hour. XRP Source: Trading View At the beginning of the week, XRP was valued at $0.3325, after which it slipped by 11.88% and, at press time, was valued at $0.2929. The market cap of the coin was noted to be $12.30 billion and the trading volume of the coin was $1.36 billion. XRP fell by 2.49% over the past day and by 0.50% over the past hour. Litecoin [LTC]  Source: Trading View Litecoin [LTC] noted a fall of 10.79% over the past week, which reduced the price of LTC from $81.33 to $72.64. The market cap of the coin was $4.46 billion with a 24-hour trading volume of $3.15 billion. The price of the coin fell by 0.77% over the past 24-hours and by 0.94% within an hour. The post Biggest weekly losers: XRP, Litecoin [LTC], Stellar Lumens [XLM] fall by 10%; market tanks after Bitfinex-Tether fiasco appeared first on AMBCrypto.
AMBCrypto

Bitfinex: $850M Lost Tether ‘False Assertion’

Following the New York Attorney General’s accusations of a $850M cover-up by Bitfinex, the company has issued its response. Binfinex refutes the claims as ‘riddled with false assertions’ and that the funds are not lost.  The Cover-Up Claims According to the NY Attorney General’s claim, Bitfinex lost $850 million of customer money. This had been sent to, and seized by payment processing firm, Crypto Capital Corp. The allegation goes on to say that Bitfinex used cash reserves from affiliated stablecoin, Tether, to cover the shortfall. The AG, Letitia James, claims this ‘loss of funds’ and movement of reserves was not disclosed by operator of both Bitfinex and Tether, iFinex. Therefore, it had “engaged in a cover-up to hide the apparent loss of $850 million of co-mingled client and corporate funds.” At press time, the price of USD Tether 00 has fallen bellow its $1 peg. Meanwhile, its stablecoin competitors such as USD-Coin 00  and TrueUSD 00 are now trading at a slight premium. This suggests that investors are likely swapping their tethers  to avoid any further surprises. Worth noting, Bitcoinist reported yesterday that the supply of tethers has reachd an all-time high. ‘Bitfinex and Tether are Financially Strong’ Bitfinex responded today by claiming that the AG’s filings: …were written in bad faith and are riddled with false assertions, including as to a purported $850 million “loss” at Crypto Capital. It claimed that these funds were not lost, but had “been, in fact, seized and safeguarded,” and it was actively working to get those funds released. It went on to chastise the AG for not doing more to aid and support its recovery efforts. Both Bitfinex and Tether are financially strong – full stop. And both Bitfinex and Tether are committed to fighting this gross overreach by the New York Attorney General’s office against companies that are good corporate citizens and strong supporters of law enforcement. Bitfinex and Tether will vigorously challenge this, and any and all other actions, by the New York Attorney General’s office. The Double Standards Caitlin Long pointed out on Twitter, that even if the allegations were true, the NY AG was guilty of double standards. From 2009-12, Merrill Lynch, according to the SEC: commingled customer funds, used them to cover its own obligations, & had it failed its customers would have been exposed to a “massive shortfall in the reserve account.” Which is essentially what the AG is accusing iFinex of. But whilst the SEC dealt with the Merrill Lynch case without causing panic and customer withdrawals, the move by the AG has sparked just that for iFinex. 7/ So…#NewYork did good investigative work here but needs to be called to task on why the double standard, and why the "gotcha" approach? Why not do the same to #WallSt firms when they play similar shell games??? — Caitlin Long (@CaitlinLong_) April 26, 2019 She also urged exchanges to clean up their acts regarding transparency and proof of solvency, to avoid such situations. The Problem? The Attorney General’s filing, asserts that the Tether funds were extended as a line of credit, over three years, with a 6.5% interest rate. An iFinex share charge, of 60,000,000 shares, secured the loan. Entrepreneur and commentator, Alistair Milne, Tweeted the situation rather succinctly, concluding that, as long as “Bitfinex trades profitably, no problem.” TL:DR the Tether/Bitfinex news:Bitfinex have borrowed ~700mil from TetherBitfinex pay a 'fair' interest rate on this loan60million shares in Bitfinex were pledged as collateralIf CryptoCapital release the USD, no problemIf Bitfinex trades profitably, no problem — Alistair Milne (@alistairmilne) April 25, 2019 Which brings us back to transparency and disclosure. If iFinex told customers and investors about this alleged ‘seizure’ and ‘loan’, then would they now have a problem? And is the AG’s ‘gotcha’ approach really warranted in any case? Is the NY Generaly Attorney acting in ‘bad faith’? Share your thoughts below! Images via Shutterstock The post Bitfinex: $850M Lost Tether ‘False Assertion’ appeared first on Bitcoinist.com.
Bitcoinist

New York Attorney General’s Office Accuses Bitfinex Of Covering $850 Million Losses Using Tether Funds

If you are our BitcoinExchangeGuide’s regular reader. You should already know about the shady connection between Bitfinex and Tether. This Thursday, a document by the New York Attorney General’s (NYAG) office revealed that iFinex, the company behind both Tether (USDT) and Bitcoin exchange Bitfinex, is being sued. In the press release, the attorney general Letitia […]
Bitcoin Exchange Guide
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