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The central bank of Singapore has finalized the country’s new regulatory framework for payment services, which now includes cryptocurrency. Crypto payment service providers, which fall outside of the current regulatory framework, will need to be licensed under the new regime.
Regulating Crypto Payment Services
The Monetary Authority of Singapore (MAS), the country’s central bank, announced on Monday that it has finalized the new regulatory framework for payment services. The Payment Services Bill “will provide a more conducive environment for innovation in payment services, whilst ensuring that risks across the payments value chain are mitigated,” the central bank explained. The bill was submitted to parliament by Education Minister and MAS board member Ong Ye Kung, the Straits Times reported.
The Hong Kong Securities and Futures Commission (SFC) today released a statement stipulating the regulatory standards that would define the trajectory of virtual assets portfolio managers and fund distributors, according to an announcement on its website. As per CCN’s report, the regulator had proposed the framework in a research paper published in October 2018. The
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Sheila Bair, the former chair of the Federal Deposit Insurance Corporation (FDIC), says the time has come for a formal federal regulatory framework to be established to regulate cryptocurrencies. Bair, who’s on the board of blockchain startup Paxos, said Congress needs to step in to regulate the marketing, trading, and selling of virtual currencies in light … Continued
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A Mexico-based “prolific bitcoin dealer” has been indicted and held without bond in the US on a number of international money laundering charges. He used Bitfinex for his exchange needs after Coinbase closed his account. His “activities ‘blew a giant hole’ through the legal framework of U.S. anti-money laundering laws,” the Department of Justice wrote.
Bitcoin Dealer Indicted
The U.S. Department of Justice (DOJ) announced Friday that a bitcoin dealer, Jacob Burrell Campos, was indicted for international money laundering and is being held without bond. Assistant U.S. Attorney Robert Ciaffa said during Burrell’s bond hearing on August 17 that:
The Financial Industry Regulatory Authority (FINRA), a Washington-based self-regulatory body, has cautioned investors to beware of ICOs touting their adoption of the SAFT (Simple Agreements for Future Tokens) framework as evidence of investment security or regulatory compliance. SAFT Background The warning, which appears in its August 16, 2018 Investor’s Alert publication addressing potential ICO investors
A framework has been developed for the G20 countries to “monitor the financial stability implications of crypto-assets markets.” The Financial Stability Board says cryptocurrencies “do not pose a material risk to global financial stability” but supports their “vigilant monitoring.”
G20’s Crypto Monitoring Framework
The Financial Stability Board (FSB) announced Monday that it “has developed a framework and identified metrics to monitor the financial stability implications of crypto-assets markets.” The framework was developed in collaboration with the Committee on Payments and Market Infrastructures (CPMI).
The global Financial Stability Board has published its expected framework for monitoring risk in the cryptocurrency markets.
The financial authority of Abu Dhabi Global Market has launched a regulatory framework for cryptocurrency activities following the completion of a public consultation. The market’s financial watchdog has also published a guideline explaining how crypto asset activities are now regulated.
Crypto Regulatory Framework Launched
Abu Dhabi Global Market (ADGM) announced this week that it has launched a “framework to regulate spot crypto asset activities, including those undertaken by exchanges, custodians and other intermediaries in ADGM.”
At least two US institutions have requested that the IRS propose a definitive structure for taxing cryptocurrencies in the country.
As authorities see the lucrative appeal of virtual currencies, they also see that they can benefit from this wealth in some way, specifically through taxing crypto holders.
However, even though cryptocurrencies may only have been thrust into the mainstream spotlight last year, taxation queries are not as recent. According to CNBC, Tyson Cross, a US-based tax attorney, began assisting clients with declaring their digital currencies from as early as 2013.
His clientele has continued to grow, along with interest in the industry. Cross said: