Regulation

Eric Adams – Mayor of New York City – is undoubtedly bullish on crypto. Yet when it comes to crypto mining, he appears to be towing the party line. In a joint session on Wednesday, the newly elected Democrat said he doesn’t support cryptocurrency mining. Though environmentalists appear pleased with his remarks, they may damage the mayor’s campaign to attract the crypto industry to NYC. ‘Crypto’, Not ‘Mining’ According to the New York Post, the mayor has chosen to side…

While many of the most bullish crypto investors have adopted the term “digital assets,” Russia isn’t shying away from the industry’s origins. Authorities have recently agreed to recognize cryptocurrencies as “currencies straightforwardly”. That said, it will regulate these cryptos in a rigorous manner intended to weed out criminal activity in the space. Why Russia? The regulatory decision may come as a surprise to outsiders. El Salvador is the only country to recognize Bitcoin as a national “currency” to date. Even…

Atomyze is the first blockchain platform to receive a license to trade digital assets in Russia. The news of Atomyze’s license approval comes exactly a year after the platform applied alongside several other institutions. The license transforms Atomyze into the first officially registered fintech firm with the Bank of Russia. This also implies that the blockchain platform will legally issue tokens while offering digital wallet services to Russian customers. Atomyze employs decentralized technology to tokenize tangible assets. In this case,…

Key Russian financial authorities have radically different views on crypto regulation. On Wednesday, Finance Minister Anton Siluanov voiced his opposition to the Bank of Russia's harsh stance on crypto. In a letter to Prime Minister Mikhail Mishustin, said that the country should regulate, rather than ban cryptos. He also said that crypto regulation would bring in an additional $2.3 billion in taxes to Russia. To make regulation more effective, he suggested allowing banks to provide exchange services. This would allow licensed…

The Federal Reserve recently released its discussion paper examining the costs and benefits of CBDC implementation in the United States. While inviting questions from the public, it marks the first official discussion from the central bank on how such a technology could improve domestic payments. A United States CBDC As released on the Fed’s website yesterday, the paper does not favour any particular policy outcome. Instead, it simply weighs existing payment infrastructure against the emerging cryptocurrency sphere and analyzes how…

A top European regulator called on European authorities to ban all crypto mining to reduce CO2 emissions. Vice-chair of the European Securities and Markets Authority Erik Thedéen said that crypto mining is a huge issue for Europe. In his native Sweden, Bitcoin mining has become a "national problem," he said in an interview. Mining could pose a risk for the country's climate change goals written out in the Paris Agreement. The solution? Steer the crypto industry away from the proof…

Spain will crackdown on crypto influencers to protect investors and combat crypto scams. New regulations will require big influencers to notify authorities before promoting crypto. They will also have to warn of the risks associated with crypto investing. Moreover, influencers will have to disclose to their fans that they are getting money to promote crypto. Influencers that don't follow these rules will have to pay steep fines. New rules mean that influencers will have to disclose their affiliation with crypto…

Pakistan's authorities consider a complete ban on crypto after a scandal that cost thousands of investors $100 million. A committee headed by the bank's deputy governor recommended a complete ban on crypto. On Thursday, Sima Kamil, deputy governor of the State Bank of Pakistan (SBP), submitted the findings to the provincial court. After a careful risk-benefit analysis, it emerged that risks of cryptocurrency far outweigh its benefits for Pakistan. The committee cited concerns over the balance of payments, losses to…

With discussions for a US-based CBDC underway, forces are already acting to ensure it doesn’t mimic China’s digital yuan. For example, Tom Emmer – a Republican House member – recently introduced a bill preventing the Fed from issuing a CBDC directly to individuals. Stepping Away From Authoritarianism Emmer announced the bill in a tweet on Wednesday, attached to a thread explaining its purpose. He insisted that a United States CBDC must ensure financial privacy, cultivate innovation, and maintain the dollar’s…