Regulation

Bangko Sentral ng Pilipinas (BSP), the Philippines' apex bank, has revised regulations guiding crypto-assets.  The revised laws have been updated to include regulations that guard against the use of crypto-assets to perpetrate money laundering. Major Changes To Crypto Regulations In The Philippines This development was revealed on Monday by the BSP, which stated that its Monetary Board had approved new guidelines on crypto assets. The regulations would guide crypto assets providers, including businesses that provide financial services via blockchain or…

Crypto data aggregator and research platform, Messari said that BTC & XRP are South Korea's most famous holdings.  The research derives its data from Bithumb, Coinone, and Corbit from the financial year 2019.  Ripple, the San Francisco-based blockchain service provider, has had a record-breaking 2020 with significant RippleNet transactions growth. The technology firm also reported the signing of 15 new RippleNet customers to close out 2020 despite the SEC's lawsuit. Ripple's CEO, Brad Garlinghouse, recently said  RippleX has now reached…

According to reports, Russian officials have been informed that they must get rid of their crypto-assets before April 1. This is part of the sweeping regulations introduced by the European country in its quest to reduce corruption. Government Officials Must Relinquish Crypto-Assets The directive was issued by the Russian Ministry of Labor in a letter dated December 16th and recently published on the Ministry’s website. According to the contents, government officials at federal and local levels are prohibited from owning…

The crypto industry could face renewed regulatory scrutiny over the next four years if Janet Yellen, selected by Joe Biden to head the Treasury Department, takes over management. During Tuesday's confirmation hearing before the Senate Finance Committee, Senator Maggie Hassan (D-N.H.) asked Yellen about crypto use in criminal activity. Yellen stated that cryptocurrencies are of particular concern, and she thinks they are often used for illegal financing, at least in terms of transactions. He said he wanted to investigate how…

According to reports, Russia’s largest retail bank, Sber, could be set to launch its stablecoin. The bank has applied for a license with the Russian central bank to issue a stablecoin for corporate clients. Tokenized Ruble Sber revealed that the stablecoin would only be made available for companies that have accounts with the bank. It further highlighted that it would be issued in the form of tokenized rubles based on the amount held in the client’s accounts. Sber also revealed…

Later on this year, Thailand's Stock Exchange, SET, plans to set up a digital asset trading platform that won't involve cryptocurrency trading. The forum will allow both individual and institutional trading of every type of digital token, except crypto. According to SET, the reason behind the removal of cryptocurrency is the uncertainty of how to curb money laundering. SET previously announced that the exchange will use blockchain technology for payment services. The technology will be provided by Kasikorn Business-Technology Group,…

Asian financial hub Dubai is set to have robust regulations governing the use of cryptocurrencies within its region. This was revealed by the Dubai Financial Services Authority (DFSA), the financial regulator for the emirate’s financial free zone. A legal framework for crypto-assets This latest development was revealed in the DFSA business plan released on Monday. According to the report, the DFSA will also regulate different digital assets, including security tokens and payment tokens. These regulations will cover crypto-assets and firms…

A recently released report by Finbold showed a tally of banks and countries served with fines due to breaching money laundering regulations and leaking private data. The compilation is arranged from the highest-fined to the lowest. The USA has 12 banks fined, standing as the largest number in the tally by far as China followed it with 7.  More Details on the Report Finbold's report further stated that the banks' faults varied, including not following Anti-Money Laundering protocols (AML), sharing…

Bitcoin's bullish wave has been remarkable since late last year and has continued into the New Year. The massive surge in price has attracted international attention, and now Chinese media warn citizens about the bullish run. Bitcoin A High-Risk Investment China’s state media has been broadcasting messages asking citizens to be skeptical about the rise in Bitcoin price. National tabloids the Economic Daily and People’s Daily have published articles classifying the crypto asset as a high-risk investment.  Coincidentally both tabloids…