Crypto Regulation

Russia has been uncertain about crypto regulation in the country for so many years. The country has not yet finalized its major crypto legislation, known as ‘On Digital Financial Assets’. Senior Russian official warns that a pending bill on digital assets will include a ban on crypto.  The ban comes as a huge blow for cryptocurrency enthusiasts looking to capitalize on resurging BTC prices.  Meanwhile, the Bank of Russia is prioritizing a pilot tokenization project to rival traditional digital assets. …

On the 16th of March 2020, the Reserve Bank of Zimbabwe (RBZ) announced its plan to implement new crypto regulations. The news comes after the central bank banned banks from processing crypto payments back in 2018. The local news report stated that the RBZ is already drafting a policy framework to guide crypto-related firms’ operations in Zimbabwe. Zimbabwe Central Bank’s Deputy Director on Crypto Regulation The deputy director of financial markets and national payment system at Zimbabwe’s central bank, Josephat…

Cryptocurrency Legislation Over the past 4-5 years, the legislation of cryptocurrencies, blockchain, and similar instruments has become one of the most critical regulatory authorities' tasks. Even though regulation is of utmost importance, the sudden spark has its reasons. Scrupulous practices such as ICO scams, exchange hacks, unregulated creation of monetary schemes, etc., have made it necessary. As a result, governments worldwide acknowledge the importance of regulatory oversight for keeping a check on the space. This has received a lot of…

On the 3rd of March 2020, the US treasury met with industry leaders and finance watchdog experts to debate about supervisory and regulatory challenges facing digital assets, including cryptocurrencies. Steven T. Mnuchin said that the US welcomes responsible innovation that may improve the financial system's efficiency. He added an urgent need to protect the US national security and maintain the integrity of the financial system. Additionally, the treasury focuses on preventing the misuse of digital currencies by money launderers, terrorist…

Recently the US Congress scheduled a new sitting on hearing about digital currencies. This hearing will majorly focus on the local and global ways to approach digital currencies. This meeting will be taking place on March 24.  The host of the hearing will be the House committees that focus on Financial Services, with the specific subcommittee tasked for that being the subcommittee on National security, international development, and monetary policy.   This is not the first hearing of the kind; several…

Even since their launch, Cryptocurrencies are the conversation in most U.S. minds. Well, notwithstanding the crypto community's very own Andrew Yang’s failure to clinch the Democratic Party's presidential ticket. The number of firms and patents in the US related to cryptos and blockchain technology keeps on going through the roof. These two factors make Cryptos a hot economic as well as a political topic. Query At The Senate The US President, Donald J. Trump proposed a $4.8 trillion for 2020,…

A recent report reveals that the Financial Services and Markets Authority (FSMA) in Belgium wants to ensure that digital currencies undergo government regulations.  The FSMA Chairman, Jean-Paul Servais, insinuated that Belgium's lawmakers should develop a legal guide to control the purchase, sale, and use of digital currencies. These guidelines are not just to guide digital currencies but any other financial products.   Servais' remarks came on February 10 in a senate hearing. He explained that it's time for the Belgian government…

Several German Banks have sought permission to set up digital asset custody businesses. This is according to a report by news outlet Handelsblatt. The Report indicates that Germany’s financial regulator BaFin acknowledged the receipt of over forty applications from parties intending to provide custodial services for cryptocurrencies. BaFin Empowering Financial Institutions The country recently overhauled its Money Laundering Act. The changes grant banks and other domestic financial providers the right to administer traditional securities including stocks and bonds, besides digital…

Reuters reports that Japanese lawmakers have lobbied their government to push for the inclusion of discussions on digital currencies at the G7. They have asked the government to convince the United States (the leader of the summit) to amend the meeting's agenda to include the topic. Akira Amari, Japan's Minister for Economic Revitalisation, averred that it was crucial to draw the United States' backing for the topic. Mr Amari maintains that the two nations need to join efforts in making…