The post GECKO Governance introduces ICO market compliance solution after Isle of Man regulator’s approval appeared first on CoinReport.
While everyone is looking for an indication that institutional money is about to flood into bitcoin and revive the market, we just got another conformation that crypto has indeed entered the big leagues. Companies in the industry are now putting former regulators on their payroll, as is common for Wall Street mega banks, government-supported telecom monopolies, competition-stifling tech giants and the like.
The Australian Securities and Investments Commission (ASIC) will update their guidelines to better reflect the evolving cryptocurrency industry, John Price, one of their commissioners, revealed in his speech at a fintech conference in Sydney on April 26. Price further cautioned any company planning to conduct an ICO against thinking of it as a way to avoid government regulation, while also expressing the commission’s commitment to fostering innovation in the fintech sector without sacrificing consumer protections.
Prohibition Of Deceptive Conduct
Having released Information Sheet 225 last year, the commission felt the need to update it to better reflect the current market and to include more details on cryptocurrencies. The commission is very keen to clamp down on deceptive marketing tactics that have become worryingly popular.
The CEO and co-founder of cryptocurrency exchange Kraken defended the company’s refusal to comply with a regulatory “questionnaire” sent by New York lawmakers.
Kraken Rails Against Attorney General’s ‘Disrespect’
In comments, which contrasted with the other 12 exchanges targeted by New York Attorney General Eric T. Schneiderman’s “Virtual Markets Integrity Initiative,” Jesse Powell said Kraken would not hand over any information about its business.
When it launched the Initiative April 17, Schneiderman’s office explained it was “requesting disclosures on their operations, use of bots, conflicts of interest, outages, and other key issues” with the aim of “protecting consumers.”
The SEC believes that cryptocurrency exchanges could improve by implementing similar principles of stock markets.
Cryptocurrency Markets Resemble “Wild West”
Many regulators, experts, analysts believe that cryptocurrency markets still lack proper oversight and regulations. According to a recent report by VentureBeat, senior U.S. Securities and Exchange Commision (SEC), Brett Redfearn, stated that the current state of cryptocurrency markets resemble the “Wild West”. The Securities and Exchange Commission (SEC) is mainly concerned with cryptocurrency market manipulation, cybersecurity, fraud, money laundering and terrorist financing. Redfearn stated in the article:
Two South Korean regulators are reportedly launching an investigation of banks’ implementation of anti-money laundering procedures for exchanges.
Coinbase has told the US that regulators “already have sufficient authority” over cryptocurrency as the exchange and wallet provider passes 20 million users.
Coinbase Aims For ‘Effectiveness’ At Congress
Speaking at the increasingly notorious Congress hearing on cryptocurrency March 14, during which one senator appeared to suggest Bitcoin stops the government “controlling” the US dollar, Coinbase’s chief legal and risk officer said regulators should instead focus on simplifying the landscape.
“We believe there is no need for Congress to create a new regulator or a new regulatory scheme because federal regulators already have sufficient authority to regulate this space effectively,” Mike Lempres said as part of written testimony.
Financial regulators in Japan are set to dole out punishments to multiple cryptocurrency exchanges this week, in addition to shutting some down entirely.
Cracking the Whip
In 2017, Japan became the first country in the world to nationally regulate cryptocurrency exchanges, resulting in a total of 16 legally registered exchanges and 16 more legally allowed to operate while their applications are considered. Now, some of those exchanges are supposedly being ordered to close their doors, while others must make significant improvements.
The Thai government is concerned with the growing number of companies in Thailand racing to launch their initial coin offerings ahead of regulations. This has prompted the country’s regulators to hurry with the regulatory framework for token sales, ahead of cryptocurrency regulations.
ICOs Growing in Popularity in Thailand
Publicly-listed and private companies in Thailand are hurrying to launch their initial coin offerings (ICOs) ahead of regulations, Thai Rath reported, adding that they “fear the regulators will make it more cumbersome for issuers and investors.”
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On today’s show:
Don’t look now but the storm may be clearing after Bitcoin bounced off ,000 and the US Senate hearing on virtual currencies went rather well.
# Story – US Senate Hearing 0:41
Yesterday the US Senate Committee on Banking conducting a hearing on Virtual currencies.
It last about 2 hours and the livestream is archived on the senate website link that I gave out yesterday and will include in the show notes for today: