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FATF Warns No Swiss Style Free Ride For Crypto Account Holders

FATF Warns No Swiss Style Free Ride For Crypto Account Holders

U.S. Treasury Secretary Steve Mnuchin has compared the use of cryptocurrency to Swiss numbered bank accounts in a scathing attack on the industry. He was referring to the G7’s Financial Action Task Force (FATF) and its current second look at crypto in the face of the expectation that billions of people could hook up to cryptocurrency via Facebook when the …


France Announces G7 Crypto Task Force

G7

France’s central bank has announced plans to create a G7 task to specifically look into cryptocurrency regulations. Governor Francois Villeroy de Galhau has selected a European Central Bank board member to lead its investigative team, stamping its authority as the current President of the Group of Seven Nations (G7) The Group of Seven is a group consisting of Canada, France, …


Washington Lawmakers Call to Spoil Party on Facebook’s Crypto Aspirations

Washington Lawmakers Call to Spoil Party on Facebook's Crypto Aspirations

New plans from Facebook to enter crypto space appear to be infuriating a group of Washington lawmakers who fear the media giant is cutting loose without regards to regulation. The comments floating around Capitol Hill seem to be led by House Financial Services Committee Chairwoman Maxine Waters who just wants to put the skids on the development of Facebook’s Libra …


Dysfunctional States And State Crypto

Dysfunctional States And State Crypto (1)

French Finance Minister Bruno Le Maire has said that cryptocurrency will never replace a government’s sovereign currency. Le Maire’s comments were made in the light of growing concerns by regulators over Facebook’s intended launch of its own cryptocurrency in 2020. Mark Carney, Governor, Bank of England also said that the new digital currency will be under scrutiny to ensure it …


FINRA Has 40 Crypto Startups Parked but SEC May Be Culprit

FINRA Has 40 Crypto Startups Parked but SEC May Be Culprit

The Financial Industry Regulatory Authority (FINRA) is backlogged. Or if not, it appears to be holding back on giving approval to around 40 crypto broker-dealers waiting for a green light to operate. FINRA is a non-governmental organization that regulates member brokerage firms and exchange markets in the US. Its government agency counterpart, which acts as the ultimate regulator of the …


Financial Action Task Force’s Next Step Towards Crypto Regulation Due 21st June

Financial Action Task Force Next Step Towards Crypto Regulation Due 21st June

Some further clarity for regulation in the cryptocurrency could be the result of the Financial Action Task Force’s (FATF) next publication scheduled for 21 June. The regulations, targeting cryptocurrency exchanges, custodians, wallets and cryptocurrency-related businesses, are continually being monitored by the FATF, but this next publication has some virtual asset service providers wondering what to expect. The objectives of the …


Pavel Durov Meditates and Fasts for a Better Telegram

telegram, pavel

Pavel Durov, best known for being the founder of the social networking site VK and Telegram Messenger, is looking inwards to search for answers to help him improve Telegram. To those who know the CEO of the encrypted messenger service, this perhaps won’t come as a surprise as his clean living has been well documented elsewhere. According to Durov, he’s …


Indian Lawmakers Propose an Extreme 10-Year Prison Sentence for Crypto Acquisition

Indian Lawmakers Propose an Extreme 10-Year Prison Sentence for Crypto Acquisition

According to a report by BloombergQuint, Indian lawmakers have drafted a bill supporting a 10-year prison sentence and hefty fines for any kind of crypto dealings in India. This comes hand-in-hand with the proposal for introduction of India’s official digital currency, ‘Digital Rupee’. As per the ‘Banning of Cryptocurrency and Regulation of Official Digital Currency Bill’, if passed, a severe …


SEC More Informed Than Expected at DC Blockchain Forum

SEC More Informed Than Expected at DC Blockchain Forum

The week started with the much-awaited Securities and Exchange Commission’s (SEC) first Fintech Forum, held on 31 June in Washington DC. Issues on the agenda were expected to be related to cryptocurrency assets and DLT with key SEC officials being joined by various legal, financial and technical experts, but what surprised experts was the degree of knowledge SEC representatives already …


Financial Stability Board Assesses Crypto Regulations Pre-Osaka G20

Financial Stability Board Assesses Crypto Regulations Pre-Osaka G20 (3)

The Financial Stability Board (FSB) and other international financial standard setters are currently working on a variety of crypto-assets issues and risks with the next G20 just around the corner. The Swiss-based FSB released their own take on what direction to take prior to the G20 named “Crypto-assets Work underway, regulatory approaches and potential gaps.” This report highlighted some of …


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