Regulation

Regulations in the cryptocurrency space have been a major point of focus. In February this year, Treasury Secretary Steven Mnuchin noted that cryptocurrency regulations will soon arrive in the United States. Some people consider cryptocurrency regulations as a hindrance to innovation and adoption. However, the cryptocurrency space is at higher risk due to the absence of clear regulation. Due to unclear regulations, numerous cryptocurrency exchanges have moved their base to other countries. Recently, Jason Williams of Morgan Creek Digital featured…

The TON community has marched on to build the "Free TON Blockchain" despite the legal battle between Telegram and the (SEC) The community claims that Telegram can no longer be involved in the project given the regulatory hurdles it faces from the SEC A vast majority of TONs will be distributed among users for them to participate in staking for the new blockchain On May 7th, 2020, the Free TON community launched the Free TON Blockchain and its native token…

Last week, Decentralized finance (DeFi) protocol known as Compound was able to implement its initial two community-driven governance proposals. The launching of the protocol’s governance token (COMP) aimed at the facilitation of community-driven protocol upgrades and development is on the way. First Governance Proposal For Compound The community was given the opportunity to choose the assets they want to be added to Compound in September last year and most people chose Maker (MKR) and Tether (USDT). Hence, based on the…

Currently, things are not so good in Asia’s cryptocurrency space. This is such that BitMEX Japan stopped operating in recent times due to the newly amended cryptocurrency regulations in the Japan Payment Services Act. Likewise, the termination of Bitberry (in South Korea) was because of blockchain industry uncertainties. Singapore's authority brought cryptocurrency under AML rules in February, thereby leading the cryptocurrency payment provider CoinPip to close down. Recently, Min Kim of ICON Foundation (based in South Korea) featured in a podcast. He discussed cryptocurrency…

Cayman Islands’ legislative assembly introduced new legislation capable of regulating local companies carrying out activities related to cryptocurrencies. The main purpose of the proposed rules is towards monitoring the operations of digital asset exchanges. On April 28, the Virtual Asset Service Provider (VASP) Bill was submitted for review and its aim is offer a regulatory framework. The framework deals with registration guidelines and requirements for companies that offer services related to cryptocurrency. The proposed regulations are based on FATF guidelines such that…

In recent times, accounting company Ernst & Young held Blockchain Summit 2020 online. During the summit, the company’s blockchain leader, Paul Brody, noted that Ethereum is the best for blockchain-based industry solutions. The leader said the major thing is to focus on taking advantage of the public blockchain and all of its available tools and developers. Brody highlighted the necessity of the company’s blockchain initiatives to avoid private blockchain solutions. Blockchain will only be able to meet expectations if enterprises…

ETH/USD Pair Price Analysis Yesterday, we mentioned the possibility of the ETH/USD to incur a huge rally above $180. It was able to follow a bullish path over $180 and the 100 hourly SMA. It incurred an upsurge over $188 barrier zone and attained a fresh weekly high close to $193. In recent times, the pair retraced to the downside beneath $188 and $185. Nevertheless, on the way to the downside, it secured support close to $182. A look at…

The Dutch central bank claims readiness for the development and trial of a digital Euro. According to the apex bank, it is willing to lead the development of a Europe-wide digital currency. On April 21, the central bank released a 45-page report which stated its readiness to lead the research and development of a digital currency for the Netherlands and Europe. The report also stated that the central bank is interested in becoming a proving ground for central bank digital currencies in…

The Federal Bureau of Investigations (FBI) released a press release on April 13 regarding cryptocurrency scams. According to the FBI, more cryptocurrency scams associated with the COVID-19 pandemic could surface. The FBI said that as more people enter the cryptocurrency space, there would be more fraud schemes related to cryptocurrency. The elderly are specifically at risk but the FBI said everyone is vulnerable to such scams. The agency noted the availability of many virtual asset service providers online as well…