Regulation

Liberian Central Bank Asks Local Crypto Startup to Drop its Plan to Launch a Digital Asset

<div class=”featured_image_container”> </div> <strong>The Central Bank of Liberia (CBL) has warned against a local crypto startup’s plan to proceed with the introduction of a digital financial product without adhering to the required regulation. According to the CBL, this act will not only be illegal but this will likely “undermine the country’s financial system.”</strong> The CBL’s …

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India’s Central Bank RBI Urges Banks to Cut Ties With Crypto Businesses and Traders: Report

<div class=”featured_image_container”> </div> <strong>India’s central bank, the Reserve Bank of India (RBI), has reportedly informally asked banks to cut ties with cryptocurrency exchanges and traders. Some banks in India have limited their exposure to the crypto market and some plan to stop all crypto-related transactions.</strong> RBI Asking Banks to Cut Ties With Customers Dealing With …

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Argentinean Tax Body Asks Domestic Cryptocurrency Exchanges to Report Monthly Transactions and Wallet Balances

<div class=”featured_image_container”> </div> <strong>The local tax authority could soon hunt tax evaders who trade cryptocurrencies in Argentina following a notice sent to domestic crypto exchanges. The Federal Administration of Public Revenue (AFIP) ordered them to report all virtual currency-related transactions every month.</strong> Payment Gateways Are Also Subject to the Ruling According to Bae Negocios, the …

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US SEC Has Brought 75 Enforcement Actions on Crypto Industry

<div class=”featured_image_container”> </div> <strong>The U.S. Securities and Exchange Commission (SEC) has brought 75 enforcement actions against companies and individuals in the crypto industry so far, according to a new report by Cornerstone Research. The agency also brought 19 trading suspension orders against digital asset market participants, and 43 were litigated in U.S. district courts.</strong> 75 …

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Bosnia and Herzegovina Is Preparing a Draft Bill to Regulate Cryptocurrencies

<div class=”featured_image_container”> </div> <strong>A European country in the Balkans region could start regulating the crypto environment within its territory. A bill is being drafted in Bosnia and Herzegovina that would establish a regulatory framework for cryptocurrencies for the first time in the country’s history.</strong> Bill Aims to ‘Attract Entrepreneurs’ to the Country According to Klix, …

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SEC to Scrutinize Funds Invested in Bitcoin Futures

<div class=”featured_image_container”> </div> <strong>The U.S. securities watchdog has announced it will scrutinize mutual funds that include investments in bitcoin futures markets to verify funds that comply with the Investment Company Act. The institution warned about the dangers of investing in bitcoin futures markets due to the implicit volatility of the underlying asset.</strong> SEC Warns Funds …

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Former Finance Secretary Urges Indian Government to Encourage Crypto Services, Regulate Cryptocurrencies

<div class=”featured_image_container”> </div> <strong>Former Finance Secretary Subhash Chandra Garg, who headed the committee that drafted India’s cryptocurrency bill, says that the government should not ban cryptocurrencies but regulate them instead. He further urges the government to encourage crypto services.</strong> Indian Government Should Regulate Cryptocurrencies and Encourage Crypto Asset Services Subhash Chandra Garg said Thursday at …

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South African Regulator Apologizes to Crypto Firm After Issuing Then Withdrawing a Warning in Less Than 24 Hours

<div class=”featured_image_container”> </div> <strong>South Africa’s Financial Sector Conduct Authority (FSCA) has apologized to a Cape Town-based crypto start, Ovex, less than 24 hours after warning that the firm was operating outside the law. </strong> Ovex Does Not Require Licence From FSCA In its May 7 retraction, the financial watchdog said the findings of an investigation …

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Iran Warns Crypto Investors Amid Ban on Bitcoin Mined Outside Its Borders

<div class=”featured_image_container”> </div> <strong>The Central Bank of Iran has issued a warning against unrestrained crypto trading and reminded investors that only cryptocurrencies minted by licensed miners in the Islamic Republic can be used under limited circumstances. Traders will bear full responsibility for the risks, the bank cautioned, although spending crypto on imports through approved banks …

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New SEC Chairman Unveils Policies for Cryptocurrencies, Calls Bitcoin ‘Scarce Store of Value’

<div class=”featured_image_container”> </div> <strong>The new chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has shared his view on how the SEC plans to regulate cryptocurrencies, particularly bitcoin. He calls bitcoin “a digital, scarce store of value” and stresses the need to put in place some investor protections for this asset class.</strong> New …

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