Regulators Archives | Digital Money Times

BitGo Gets Approval From State Regulators to Launch Custody Service

September 14, 2018 By Mark Lyford Leave a Comment

BitGo has received the green light from the South Dakota Division of Banking to act as a qualified custodian for digital assets, according to a Business Wire press release.

The approval means the BitGo Trust Company can now offer secure storage for digital assets “designed for institutional customers,” Chief Compliance Officer Shahla Ali told Bitcoin Magazine. “Built on BitGo’s multisignature security, BitGo Custody delivers modern security for modern assets,” Ali continued.

Ali went on to explain that “BitGo has been working on its application for its charter to be a qualified custodian for the past year.” Per South Dakota regulations, the company won’t begin storing assets under the Trust until a 30-day period has elapsed. Read more...

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UK Regulator’s Chief ‘Won’t Rule Out Roles’ for Cryptocurrencies, Warns of Risks Anyway

September 11, 2018 By Mark Lyford Leave a Comment

The chief executive of the United Kingdom’s primary financial regulator has called for a balanced approach in nurturing the benefits while narrowing out the risks of cryptocurrencies. In a speech during the regulator’s Annual Public Meeting on Tuesday, Financial Conduct Authority (FCA) chief Andrew Bailey outlined four specifically chosen operational risks that figure within the

The post UK Regulator’s Chief ‘Won’t Rule Out Roles’ for Cryptocurrencies, Warns of Risks Anyway appeared first on CCN

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Indian Officials Visit Regulators in Japan, UK, Switzerland to Study Crypto

September 3, 2018 By Mark Lyford Leave a Comment

The Securities and Exchange Board of India has sent officials to Japan, the UK, and Switzerland to study cryptocurrency and initial coin offerings from each of the three countries’ financial regulators. The securities watchdog aims to engage with international regulators and gain a deeper understanding of their crypto mechanisms and systems in order to improve its own process.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Officials Sent to Japan, UK, and Switzerland

The Securities and Exchange Board of India (SEBI) revealed in its annual report 2017-18 that it sent some officials to three countries to study how the regulators there deal with cryptocurrencies. Read more...

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Crypto Exchange Works With Regulators to Develop Legal Frameworks for Arab States

August 20, 2018 By Mark Lyford Leave a Comment

Following the statement by Saudi Arabia declaring cryptocurrency illegal, the largest crypto exchange in the Middle East and North Africa is working with regulators across the region to develop crypto regulations. Bitoasis confirmed its platform is unaffected by the Saudi Arabian crypto stance.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Bitoasis Working With Regulators

Dubai-based cryptocurrency exchange Bitoasis has revealed that it is working with the regulators from the Gulf Cooperation Council (GCC) “to develop regulatory frameworks in light of Saudi Arabia’s ban,” Arabian Business reported on Thursday. According to its website, the exchange is currently present in UAE, Kuwait, Bahrain, Oman and Saudi Arabia. Read more...

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The Daily: Coinbase Increases Trading Limits, ABCC Opens in Malta, Omniex Hires Former Regulators

August 8, 2018 By Mark Lyford Leave a Comment

On Wednesday, The Daily features a couple of announcements from Coinbase: the US crypto exchange enables instant purchasing with increased daily trading limits and is now accepting ETC deposits on its Coinbase Pro platform. We’ve also covered the opening of ABCC’s European headquarters in Malta and Omniex’s decision to appoint two former regulators as advisors.

Also read: Robinhood Reaches Iowa and Georgia, Coinbase Returns to Wyoming Read more...

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Swiss Regulators Engage Banks to Prevent Exodus of Cryptocurrency Ventures

July 21, 2018 By Mark Lyford Leave a Comment

Switzerland’s financial market supervisor, FINMA held discussions with the country’s bankers’ association and the Swiss National Bank (SNB), on how to improve cryptocurrency ventures’ access to banks. This is in response to the exit by some crypto-enterprises that are opting to move their business to other territories.

Switzerland the Crypto-Nation

According to Reuters, Swiss regulators have been taking steps to maintain the country’s reputation as a cryptocurrency friendly jurisdiction and to prevent the departure of virtual currency projects that have traditionally had limited access to the formal financial system. Read more...

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GECKO Governance introduces ICO market compliance solution after Isle of Man regulator’s approval

July 8, 2018 By Mark Lyford Leave a Comment

GECKO Governance, an award winning RegTech solution for financial compliance, announced in a press release CoinReport received from Wachsman, GECKO’s communications firm, the release of a new compliance solution called GECKO Crypto1, after the Isle of Man Financial Services Authority’s approval. Cry…

The post GECKO Governance introduces ICO market compliance solution after Isle of Man regulator’s approval appeared first on CoinReport.

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If You Can’t Beat Them, Join Them – Bitcoin Is Hiring Regulators

June 26, 2018 By Mark Lyford Leave a Comment

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.

Also Read: Bitcoin in Brief: New Patents, Research Centers and a $ 300M Fund Read more...

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Australian Regulators to Update Crypto Guidelines While Praising Blockchain

April 28, 2018 By Mark Lyford Leave a Comment

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. Read more...

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Kraken CEO: We Won’t Give Info To ‘Audacious’ New York Regulators

April 19, 2018 By Mark Lyford Leave a Comment

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.

Jesse Powell, chief executive officer of Kraken

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.” Read more...

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US Regulators Suggest Cryptocurrency Exchanges Should Have Principles Similar to Stock Markets

March 26, 2018 By Mark Lyford Leave a Comment

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: Read more...

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Korean Regulators to Probe Banks’ AML Measures for Crypto Exchanges

March 22, 2018 By Mark Lyford Leave a Comment

Two South Korean regulators are reportedly launching an investigation of banks’ implementation of anti-money laundering procedures for exchanges.
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Coinbase To Congress: We Don’t Need More US Cryptocurrency Regulators

March 15, 2018 By Mark Lyford Leave a Comment

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. Read more...

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National Regulators to Shut Down Some Japanese Exchanges, Order Improvements

March 9, 2018 By Mark Lyford Leave a Comment

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.

Thai Regulators in Race With Growing Popularity of Token Sales

March 1, 2018 By Mark Lyford Leave a Comment

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.

Also read: Indians Look to Buy Bitcoin Overseas as Regulations Tighten

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.” Read more...

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U.S. Regulators Actually Boost The Crypto Market For Once 📈

February 27, 2018 By Mark Lyford Leave a Comment

Subscribe to my DTube channel and earn cryptocurrency rewards for your best comments at: https://d.tube/#!/c/marketingmonk and https://steemit.com/@marketingmonk
Click on a video and then click ‘subscribe’.

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:
https://www.banking.senate.gov/public/index.cfm/2018/2/virtual-currencies-the-oversight-role-of-the-u-s-securities-and-exchange-commission-and-the-u-s-commodity-futures-trading-commission Read more...

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French Regulators Are Cracking Down on Cryptocurrency Binary Trading

February 23, 2018 By Mark Lyford Leave a Comment

According to a new report, a French market regulator has started cracking down on online trading platforms that offer cryptocurrency derivatives.

Cryptocurrency Derivatives

With the recent rise for cryptocurrencies worldwide, many trading platforms have started offering binary options, contracts, and derivative products tied to major cryptocurrencies like Bitcoin, Litecoin, and Ethereum. These new trading products have drawn the attention of several regulatory agencies in Europe. One of them is the French Autorite des Marches Financiers, which stated:

The AMF concludes that a cash-settled cryptocurrency contract may qualify as a derivative, irrespective of the legal qualification of a cryptocurrency. Read more...

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Impossible to Close Exchanges Say South Korean Regulators

January 19, 2018 By Mark Lyford Leave a Comment

The effect this one Southeast Asian nation has upon crypto markets is quite astounding. South Korean exchanges dominate trade in the region, and constant government threats of clampdowns has caused waves of nausea among investors elsewhere on the planet.

Contrary to multiple fearmongering reports on mainstream news sites, including Reuters, Bloomberg, and CNBC, South Korea will not close crypto exchanges. In fact, according to the chairman of the South Korean Fair Trade Commission, Kim Sang-jo, closing exchanges is “impossible in reality.” It was reported earlier today that he said this in a CBS radio interview.

The Noose Tightens? US Senate Meeting with Market Regulators Over Cryptocurrency

January 11, 2018 By Mark Lyford Leave a Comment

Bitcoin regulations may be on the way as the US Senate Banking Committee is scheduled to meet with top market regulators in February over cryptocurrency.

The noose may be tightening around Bitcoin and its digital brethren in the United States in the coming months. According to Reuters, the Senate Banking Committee will be meeting with some top financial regulators in early February. Their topic of concern – cryptocurrency.

Are Regulations Coming?

Right now, there are no federal regulators that oversee cryptocurrency within the US. The government (and most importantly, the IRS) view crypto as property that’s subject to capital gains taxes. Read more...

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Bitcoin-Linked Stock Shut Down By US Regulators

December 20, 2017 By Mark Lyford Leave a Comment

With no fixed acceptance of Bitcoin on traditional financial markets, investors have had to turn to other vehicles to make their investments in Bitcoin. However, in a field so little regulated as Bitcoin and cryptocurrency, accusations of and actual market manipulation are still proving a real concern for regulators.

The United States Securities Exchange Commission suspended trading on Tuesday of a penny stock related to Bitcoin that has soared in recent weeks (2000% this month), citing market manipulation concerns for the trading halt.