Regulation

The de facto state of Abkhazia threw the towel on its fight against crypto mining, with the president recently announcing measures to lift the nation’s current ban.  According to Finanz.ru, Aslan Bzhania stated on Thursday that his government plans to introduce “the most optimal mechanism” to regulate crypto mining, rather than maintaining the state’s current
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The European Union, or EU, plans to incorporate crypto and blockchain technology into its main processes by 2024.  Over the next four years, the economic union aims to firm up fresh regulations that will promote blockchain and digital asset usage for international money transfers, according to internal documents that Reuters reported on Friday.  The documents detailed: “By
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The drama over alleged fraud involving Bithumb’s senior executives continues as the company’s chairman has reportedly been summoned for interrogation. The Seoul Metropolitan Police Agency is purportedly seeking to question Lee Jung-hoon, chairman of board at Bithumb Korea and Bithumb Holdings, according to a Sept. 18 report by South Korea’s state-run news agency Yonhap. As
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San Francisco-based crypto exchange Kraken has become the first cryptocurrency business to receive a charter to operate as a bank in the United States. When seen as part of a larger-scale shift in regulatory attitudes that may help to bring crypto into the mainstream, the repercussions could be even more significant. Kraken Financial, the firm’s
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Indian government officials are reportedly planning to discuss a new bill whose legal framework would ban cryptocurrencies on the subcontinent.  According to a Sept. 15 report from Bloomberg, the Indian federal cabinet is considering a law banning crypto six months after courts lifted a blanket ban. Anonymous sources claimed that the Indian government would encourage
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Binance’s famously light Know Your Customer requirements are being targeted by the current owners of Zaif, a Japanese cryptocurrency exchange that got hacked in 2018. Plaintiffs are claiming that its weak KYC requirements and high daily withdrawal limit facilitated the laundering of $60 million stolen from the exchange. The lawsuit was filed in the Northern
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The Securities and Exchange Commission of Nigeria has officially defined digital assets under its regulatory umbrella.  In a Sept. 14 statement, the Nigerian Securities and Exchange Commission, or SEC, defined tokens and coins in the country’s financial markets. The commission stated that these digital assets, which provide “alternative investment opportunities”, would be classified into four
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This July, Luxembourg — the world’s second-largest domicile for investment funds behind the United States — submitted a draft law updating a law from March 1, 2019 that allowed for the registration and transfer of securities by custodians. With this draft law, issuance itself can be based on distributed ledger technology, thereby introducing truly dematerialized
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Brian Brooks, Coinbase’s former chief legal officer and the current U.S. Comptroller of the Currency, is pushing to consolidate licensing regulations for payment companies at the federal level in the United States. Federal licensing for payments firms that do not accept deposits could open the door to further mainstream adoption of virtual currencies by allowing
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Earlier today, the U.S. Department of the Treasury updated its Specially Designated Nationals List, adding several individuals and a number of cryptocurrency addresses. One of the individuals added was Artem Mikhaylovich Lifshits — a Russian national, accused of interfering in the U.S. elections.  In addition to disclosing his personal information, the site lists a number of
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