Regulation

Governments Need to Stop Dismissing Crypto as Illicit Payments and Reckless Speculation, Says El-Erian

<div class=”featured_image_container”> </div> <strong>Mohamed El-Erian, an adviser to Allianz and Gramercy Funds Management, says that “The time has come for more western governments to stop dismissing the crypto revolution as some mix of illicit payments schemes and reckless financial speculation.”</strong> Western Governments Urged to Stop Ignoring Crypto Revolution Mohamed El-Erian, president of Queens College, Cambridge …

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Promoter of Crypto Scheme Touted by Steven Seagal Pleads Guilty, Faces 5 Years in Prison

<div class=”featured_image_container”> </div> <strong>A promoter of the cryptocurrency scheme previously touted by famous martial artist and actor Steven Seagal has pleaded guilty for his participation. The scheme falsely claimed that it “could generate an 8,000% return for investors within one year.”</strong> Crypto Scheme Promoter Pleads Guilty The U.S. Department of Justice (DOJ) announced Friday that …

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Ukrainian President Signs Law Opening Door for Digital Hryvnia, Regulatory Sandbox

<div class=”featured_image_container”> </div> <strong>President Volodymyr Zelensky has signed a law that will allow the National Bank of Ukraine to issue its own digital currency. The new legislation, which aligns Ukrainian regulations with EU rules, will also stiffen authentication requirements for clients of payment service providers. </strong> New Legislation Allows Ukrainian Central Bank to Issue Digital …

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India Reportedly Investigating Binance in Chinese Money Laundering Case

<div class=”featured_image_container”> </div> <strong>Indian authorities are reportedly investigating cryptocurrency exchange Binance in connection with an ongoing Chinese money laundering case that raked in more than 10 billion rupees ($134 million).</strong> Binance’s Regulatory Troubles Continue India is reportedly investigating whether the global cryptocurrency exchange Binance had any role in a Chinese money laundering scheme involving betting …

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Malaysia Takes Enforcement Actions Against Binance, Advises Investors to ‘Withdraw All Investments Immediately’

<div class=”featured_image_container”> </div> <strong>The securities regulator of Malaysia has taken enforcement actions against the global cryptocurrency exchange Binance. Noting that the exchange is operating illegally in the country, the regulator has advised those who currently have accounts with Binance “to immediately cease trading through its platforms and to withdraw all their investments immediately.”</strong> Malaysia Issues …

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Biden to Step Up Crypto Tax Enforcement to Help Fund $1 Trillion US Infrastructure Plan

<div class=”featured_image_container”> </div> <strong>U.S. President Joe Biden and lawmakers have agreed on the details of a roughly $1 trillion bipartisan infrastructure package with measures to step up tax enforcement around crypto assets.</strong> Taxing Crypto Transactions to Fund US Infrastructure Plan The White House announced Wednesday that President Joe Biden and a bipartisan group of lawmakers …

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New Jersey’s Order Against Blockfi Extended, Vermont Issues Notice to Crypto Lender

<div class=”featured_image_container”> </div> <strong>On July 28, Zac Prince, the CEO of crypto finance firm Blockfi, explained that the company has been “engaged in a productive discourse” with U.S. regulators. Prince further said the New Jersey Bureau of Securities had extended the state’s previous order to September 2. Meanwhile, the company also has issues with Vermont’s …

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US Senator Says Cryptocurrencies Put Americans’ Hard-Earned Money at Risk

<div class=”featured_image_container”> </div> <strong>U.S. Senator Sherrod Brown says cryptocurrencies are not real dollars and they “put Americans’ hard-earned money at risk.” Referring to decentralized finance (defi) as “a shady, diffuse network of online funny money,” he said, “if we want a solution to Americans’ legitimate fears about our banking system, shady start-ups are not the …

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IMF Warns Against Adopting Crypto Assets Like Bitcoin as Legal Tender

<div class=”featured_image_container”> </div> <strong>The International Monetary Fund (IMF) has warned against adopting cryptocurrencies, like bitcoin, as legal tender. Noting numerous risks and costs involved, the IMF does not see crypto assets catching on as a national currency.</strong> IMF Warns of Risks in Adopting Cryptocurrencies as National Currency The International Monetary Fund (IMF) published a blog …

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Senator Warren Urges Treasury Secretary Yellen to Urgently Adopt Policy to Mitigate Cryptocurrencies’ Risks

<div class=”featured_image_container”> </div> <strong>U.S. Senator Elizabeth Warren has asked Treasury Secretary Janet Yellen to “act with urgency” and adopt an appropriate policy to address the risks posed by cryptocurrencies. “The longer that the United States waits to adapt the proper regulatory regime for these assets, the more likely they will become so intertwined in our …

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