Crypto Regulation

The UK’s Financial Conduct Authority, FCA, wants to employ a cryptocurrency enlightened person. The institution announced the job opening on the 6th of February on LinkedIn. The FCA needs an intelligent associate skilled in cryptocurrency to deal with digital assets within the context of the EU’s fifth Anti-Money Laundering Directive, 5AMLD. The 5AMLD became effective on the 10th of January and deals with money laundering and terrorism financing in Europe. On the 31st of January, the UK exited the EU;…

Cryptocurrency adoption is increasing exponentially worldwide,  and several nations are working to introduce and launch their Central Bank Digital Currency (CBDC).  In an interview, the Wazir X CEO, Nischal Shetty, expressed that India should look into launching its CBDC. Shetty also talked about his bullish view concerning cryptocurrency and blockchain adoption in India, based on how the non-tech individuals are striving to comprehend DLT in a country like India. He says that there will be access to capital, and it…

The CEO of Mastercard, Ajay Banga, recently talked about why the firm left the Libra association in an interview with the Financial Times.  Facebook also added Mastercard, Visa, Paypal, and Stripe, as members of the Libra association. However, they abandoned the association in October last year without any appropriate explanation. There were, nevertheless, rumors that they feared running afoul of regulators. Reasons Why Mastercard Left Libra Association According to Banga, Libra lacks transparency, and compliance is also a significant reason.…

For a while, criminals have used Bitcoin and other cryptocurrencies, and this can get traced back to the Silk Road days and when the ICO bubble was ongoing. On the other hand, Lawmakers tried to prohibit cryptocurrency technology, but eventually, some now embrace it. However, there are many global watchdogs trying to regulate the domain. At the last edition of  ‘off the chain’ podcast, Doney spoke about cryptocurrency transactions. Doney is the CEO of Securency; he supports the privacy aspect…

On the 28th of January, the Payment Services Act of Singapore allowed crypto-related firms to apply for operating licenses. Additionally, the Act provides a regulatory framework for dealing with crypto-trading and digital payments operations. The Monetary Authority of Singapore, MAS, is in charge of regulation for crypto payments services, domestic transactions, and merchant regulation, which outlines the Act. Similarly, the MAS is also in charge of mitigating cyber-security risks and establishing controls to deal with the funding of terrorism and…

Singapore passed the Payment Services Act 2019 (PSA) in January 2019, and an announcement on January 28th revealed an update to the Acts. This update is called the Digital Payment Token (DPT) and includes services that cover cryptocurrency and exchange based in Singapore. This update is under the already implemented anti-money laundering (AML) and the counter-terrorist financing (CTF) rules. In this case, crypto-related businesses have to register first and then apply for a license to operate. The Fifth European Anti-Money…

Recent reports pointed out several court cases on cryptocurrency in India’s supreme court. These court cases support the prohibition of crypto-related services by banks and financial institutions. However, India’s Reserve Bank supports crypto-related services.  Several cryptocurrency supporters, such as Prathiba Jain, want the easing of regulations in India’s Fintech. During the World Economic Forum in Davos, Jain, the founder and head of New Delhi, Nishith Desai Associates, talked about Anti-Money Laundering and Counter-Terrorist Financing (AMLCTF) system in the nascent Fintech…

The British tax agency recently released a notice inviting contractors to provide technological tools aimed at combating crypto cybercriminals. This technology valued at 100k GBP was released on the 17th of January with the main agenda of gathering intelligence using cluster analysis. The first team much awaiting this technology's release is the Her Majesty's Revenue and Customs (HMRC) teams. It will create a correlation of crypto assets transactions with service providers.  There are 10s, maybe hundreds of other free online tools…

Seba is a new digital asset bank holding regulatory licensing based in Switzerland. The bank is attempting to develop a secondary capital of more than $95 million in additional funds. According to Financial News London on the 17th of January, the firm wants to secure 100 million CHF(96.5 million USD) from new investors, financial institutions, family offices, and individuals. Seba Bank AG is a crypto-friendly startup, and the announcement of its launch emerged in November 2019. The announcement came following…