Crypto Regulation

The Canadian government recently issued new guidance towards the cryptocurrency trading platforms’ determination to come under derivatives law. On January 16 2020, the Canadian Securities Administration (CSA) released a document explaining the new provisions. The document has the title “Guidance on the Application of Securities Legislation to Entities Facilitating the Trading of Crypto Assets”. In general, the agency differentiates between trading platforms that deliver cryptocurrency assets to users immediately, and the ones that hold the transaction of cryptocurrency assets until…

The Philippines' region accepts assistance from the International Monetary Fund (IMF) based on the digital currencies' cryptocurrency technicalities. It followed the IMF's beliefs in the possibility that the region will exhibit a large market for cryptocurrencies. The organization has assisted the BSP, the central bank of the region, in recommendations that reflect on the regulation of cryptocurrencies; this is explained from data collected based on cryptocurrency exchanges approved quarterly.  IMF Report The thirty-four pages report presented by the International Monetary Fund on…

An ICO approval by the AMF (‘Autorité des marchés financiers) illustrated some conditions a few days ago that was primarily in line with regular best practices all around the globe. It also elaborated on the basic facts that show the urgency and necessity of having simple rules and regulations that govern space activities in cryptocurrency.  The rules set in place function concerning the provision of secure issuing of digital assets, ensuring the issuers are in complete compliance with the primary standards and procedures…

Following laws and amendments made by the United States regarding bill preparation on stablecoins, concerns related to various technologies and firms interested in cryptocurrency creation are raised.  The House committee drafted legislation proposed on 15th of July 2019, focuses on Libra by Facebook, and primarily restricts these large technology firms from operating practices similar to financial institutions. The large technology firms implied in the draft legislation are majorly the online platform service providers who are minimum annual revenue earnings approximate…

Bitfinex is a top crypto exchange registered on British Virgin Island and has its headquarters in Hong Kong.  This cryptocurrency recently announced its KYC policy update to tighten its security and well compliance with the set crypto regulations. As per a specific Reddit post, verified users of Bitfinex exchange are getting E-mails to give proof of residential address. Additionally, Bitfinex will also inquire about the source and use of funds from their verified clients. Paolo Ardoino, the exchange’s chief technology…

According to the Chinese government, there may be changes in the way it treats cryptos like Bitcoin as it is looking forward to reforming its forex markets. On December 24, a report by Reuters cited a senior government official and explained that a fresh research initiative will involve expanding the blockchain cross-border financing pilot platform of China. The platform was introduced in March 2019 and it is at the moment functioning as a pilot scheme in nineteen provinces. Lu Lei spoke about the…

On 16 December, CipherTrace noted that major banks could be processing a maximum of 2 billion dollars in crypto-related transfers in its press release. However, these yearly earnings are never detected. CipherTrace is a blockchain intelligence company, and according to it, about ten major commercial banks in the US have unregistered crypto businesses; that use their payment networks in processing funds. The press release also pointed out that these unregistered crypto money service businesses (MSBs) are entities like cryptocurrency exchanges.…

SEBA Crypto AG, a crypto-focused banking firm based in Switzerland, has expanded its services to nine new nations. The startup aims to offer the crypto industry with banking services that it has lacked for a very long time. SEBA made this move after it received a Swiss banking license. It was obtained in August and started full operations just a month ago. It named the new countries like Austria, Portugal, Singapore, France, Germany, Hong Kong, Netherlands, United Kingdom, and Italy…