regulation

  • Senator Warren calls for an increase in FDIC insurance limit and a lifetime ban on executives from failing banks

    According to reports, US Democratic Senator Elizabeth Warren said on the 19th that she supports raising the US Federal Deposit Insurance Corporation’s (FDIC) insurance limit of US $250000. In addition, Warren also said that regulators need to be responsible for this, and the Federal Reserve has clearly failed in its work. She also called for a lifetime ban on executives from failing banks in the financial industry. US Senator Warren Supports Raising the FDIC Insurance Cap Analysis based on this information:In a recent statement, US Democratic Senator Elizabeth Warren has expressed her support for raising the US Federal Deposit Insurance Corporation’s (FDIC) insurance limit from its current $250,000. The FDIC insurance limit is the amount of money the FDIC will reimburse a depositor if a member bank fails. The senator believes that increasing the FDIC insurance limit will protect the savings of millions of Americans during times of financial crisis. However, in addition to advocating for an increase in the…

    5days ago
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  • Russia Takes First Step in Establishing CBDC and Regulating Digital Currencies

    According to reports from local media, the Russian State Duma approved the first reading of the draft law establishing the issuance and regulatory system of the Central Bank of Russia’s digital currency (CBDC) this week. In addition, Russia also approved the first reading of the bill amending the Russian Civil Code and defining the digital ruble as a “non cash currency”, as well as formulating rules on wallet agreements and inheritance of digital currencies, These two bills mainly fill the regulatory gap brought about by currency digitization. Currently, both bills will be reviewed and a second reading will be finalized based on feedback from lawmakers. The second reading will take place in the coming months. The draft law on the establishment of CBDC regulation and issuance in Russia has been approved by legislators on first reading Analysis based on this information:The Russian State Duma approved the first reading of two bills relating to the establishment of a Central Bank of…

    5days ago
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  • Consistent Regulation Will Drive Innovation within the Cryptocurrency Industry

    According to reports, Zhao Changpeng, CEO of Coin Security, tweeted that the cryptocurrency industry benefits from consistent and clear regulation, and we need to cooperate to achieve this goal. Competition drives innovation. Sound, risk based policies will help create a competitive environment. Innovation must be conducted in a responsible manner to protect users. Policymakers should effectively promote consistent and clear regulations. And crypto exchanges must continue to do the right thing, always putting users first. The encryption industry requires continuous progress on both sides, which cannot be replaced by each other. Zhao Changpeng: Policymakers should promote consistent and clear regulations Analysis based on this information:The message from Zhao Changpeng, the CEO of Coin Security, highlights the importance of consistent and clear regulations within the cryptocurrency industry. According to him, such regulations will not only promote competition but will also spawn innovation within the industry. As the CEO of a firm that is an active participant in the industry, Changpeng is…

    6days ago
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  • Hong Kong to Introduce Virtual Asset Service Provider Licensing System to Enhance Industry Image

    According to reports, on March 17th, when delivering a video speech at the 2WEB3 FEST Hong Kong 2023 event, the Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, stated that in the past few years, the virtual asset industry in Hong Kong is starting to develop steadily. Under the principle of “same activities, same risks, and same supervision”, Hong Kong will introduce a virtual asset service provider licensing system in June this year. “We believe that by establishing an appropriate regulatory licensing system to eliminate the black sheep in the industry, it is beneficial to enhance the overall image of the industry and promote the healthy, orderly and responsible development of the virtual asset industry.” Chen Maobo said. (Interface News) Chen Maobo: Hong Kong will introduce a virtual asset service provider licensing system in June Analysis based on this information:The Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, announced at the 2WEB3…

    03/17/2023
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  • CEO of Dunamu Urges South Korean Government to Allow IE0 Trading Platforms for Cryptocurrencies

    On March 16th, Lee Sir-goo, CEO of Dunamu, an operator of Upbit, a South Korean cryptocurrency trading platform, called on the government to allow the initial trading platform (IE0) of cryptocurrency trading platforms at the DCON 2023: Creating a Healthy Market Digital Assets Conference in Seoul, saying that the digital asset market needs to be differentiated from the existing market, and (IE0 legislation) has not been discussed in depth so far, Although the government has expressed its intention to do so. He said that even in the fledgling Token securities market, it is necessary to create digital financial innovation by encouraging the active participation of innovative blockchain companies. CEO Dunamu: Calls on the government to allow IE0, and the digital asset market needs to be differentiated from the existing market Analysis based on this information:Lee Sir-goo, CEO of Dunamu, the parent company of Upbit, a well-known cryptocurrency exchange in South Korea, has called on the government to allow the initial…

    03/16/2023
    2
  • US Congress Reviewing Encryption Regulatory Legislation

    According to reports, Senator Tom Tillis, a Republican from North Carolina, said that the United States Congress is in the early stages of encryption regulatory legislation and is reviewing different proposals to gain the support of lawmakers from both parties. “We are now going through a mechanical process,” Tillis said at an event at the bipartisan policy center. All ideas from different departments are under review, with the aim of finding parts that can eliminate the bipartisan differences in Congress. We hope to share our results with you in the next two weeks. Last year, some bills made progress in Congress, including the Stable Currency Regulation Act, and a bill from the Senate Agriculture Committee that would establish the Commodity Futures Trading Commission as a direct regulator of non securities crypto trading. US Senator: Congress is reviewing various ideas on encryption regulation to eliminate bipartisan differences Analysis based on this information:The United States Congress is reportedly in the early stages…

    03/16/2023
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  • Anchorage Digital Lays Off Employees Due to Regulatory Uncertainty

    It is reported that the encryption platform Anchorage Digital will lay off about 20%, or 75 people. The institutional encryption platform and parent company of Anchorage Digital Bank, the first federal chartered encryption bank in the United States, told Bloomberg that the uncertainty of US regulation played a role in its layoff decision. Encryption platform Anchorage Digital layoffs 20% Analysis based on this information:Anchorage Digital, an institutional encryption platform and parent company of Anchorage Digital Bank, has announced that it will lay off about 20%, or 75 employees as a result of regulatory uncertainty in the United States. The move comes as a surprise to many in the industry, as the company has been growing rapidly and positioning itself as a leader in the cryptocurrency space. As the first federal chartered encryption bank in the United States, Anchorage Digital has been working to provide secure and reliable digital asset custody services to institutional investors. However, the regulatory environment in the…

    03/15/2023
    1
  • Central Bank of Australia Holds Private Meetings with International Cryptocurrency Industry Executives

    It is reported that the Central Bank of Australia and the Ministry of Finance have held private meetings with executives from the international cryptocurrency industry to discuss the future of digital assets and regulation in the country. Tom Duff Gordon, Vice President of International Policy at Coinbase, submitted an exchange of views on the token mapping consultation document released by the Ministry of Finance last month. Token mapping is the process of identifying key activities and functions of products in an encryption ecosystem and mapping them to existing regulatory frameworks. The Australian Ministry of Finance held consultations with institutions such as Coinbase on digital assets and regulation Analysis based on this information:The Central Bank of Australia and Ministry of Finance have held private meetings with international cryptocurrency industry executives to discuss the future of digital assets and regulation. This comes as regulators worldwide attempt to gain better insight into the use and regulation of cryptocurrency, which has become increasingly popular…

    03/15/2023
    1
  • UK Government Recognizes Digital Assets as Future of Financial Technology

    According to reports, Dominic Johnson, Secretary of State for Commerce and Trade, CBE, met with Jeremy Allaire, Chief Executive Officer of Circle, and Teana Baker Taylor, Vice President of Policy and Regulatory Strategy of Circle, to discuss the UK’s approach in the field of digital assets, and stated that digital assets are likely to shape the future of financial technology. With correct regulatory clarity, the UK will still be a strategic growth market. The Secretary of State of the Department of Commerce and Trade of the United Kingdom met with the CEO of Circle to discuss the regulation of digital assets in the United Kingdom Analysis based on this information:The UK government publicly recognized digital assets as the future of financial technology during a meeting between Secretary of State for Commerce and Trade, Dominic Johnson, and Circle CEO, Jeremy Allaire, and Vice President of Policy and Regulatory Strategy, Teana Baker Taylor. Johnson noted that with proper regulatory clarity, digital assets…

    03/15/2023
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  • Anchorage Digital Lays off 75 Employees, but Anchorage Digital Bank Remains Unaffected

    On March 15th, Anchorage Digital announced today that it would lay off 75 employees. However, a spokesperson for the company said that its digital asset banking subsidiary, Anchorage Digital Bank, which is regulated by the United States Office of the Comptroller of the Currency, would not be affected by the layoffs, and that customer assets would not be at risk due to the recent failures of the crypto friendly banks Silvergate Bank and Silicon Valley Bank. Anchorage Digital: Banking subsidiaries will not be affected by layoffs Analysis based on this information:Anchorage Digital, a leading cryptocurrency custody and trading platform for institutional investors, has announced that it will let go of 75 employees. However, the company has ensured that its digital asset banking subsidiary, Anchorage Digital Bank, which is regulated by the United States Office of the Comptroller of the Currency (OCC), will not be impacted by the layoffs. Moreover, the spokesperson stated that Anchorage Digital Bank will continue to provide…

    03/15/2023
    1
  • The Night Watchdogs: CFTC, Federal Reserve, and U.S. Department of Justice work in tandem for Bank of Silicon Valley

    21:00-7:00 Key words: CFTC, Federal Reserve, U.S. Department of Justice, Bank of Silicon Valley Overview of important developments overnight on March 14 Analysis based on this information:The message states that from 9:00 pm to 7:00 am, three key regulatory organizations in the United States, namely the Commodity Futures Trading Commission (CFTC), the Federal Reserve, and the U.S. Department of Justice, are at work. They are working on a joint project to oversee the compliance of the Bank of Silicon Valley with the regulations implemented to maintain the stability and security of the country’s financial system. The three organizations have collaborated for a reason. The CFTC is the regulator responsible for overseeing the derivatives markets, while the Federal Reserve is the central bank that monitors financial stability and economic growth. On the other hand, the U.S. Department of Justice’s mission is to enforce the law and defend the interests of justice. Cooperation among these institutions is crucial for the proper functioning…

    03/14/2023
    1
  • Coinbase’s Struggle with Securities Regulation

    On March 14, Paul Grewal, chief legal officer of Coinbase, tweeted: “Coinbase has no online securities, but we want to go online. Last year, we even requested the United States Securities and Exchange Commission (SEC) We began to formulate rules on this issue and put forward 50 questions, but we did not receive any reply. Instead of focusing on practical and durable solutions such as rulemaking or registration options, regulators have given priority to such actions that distort the legal definition of investment contracts beyond recognition. The rule of law is very important. The Ministry of Justice admitted this when accusing our former employees and their associates of wire transfer fraud rather than securities fraud. This is reasonable. The reason is simple. The assets involved are not securities. “ Financial officer of Coinbase: The regulatory authority did not focus on practical and durable solutions such as rulemaking or registration options Analysis based on this information:In March 2021, Coinbase’s Chief Legal…

    03/14/2023
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  • New Amendments in the Cryptocurrency Mining Law in Russia

    It is reported that the legislator of an encryption mining bill aimed at regulating the continuous development of Russia now plans to resubmit it and consider amendments that will cause serious consequences to miners who do not comply with the rules. According to the amendment to the criminal law formulated by the department, if the miners fail to report their income twice within three years and the value exceeds 15 million rubles (nearly 200000 dollars), they will face up to two years’ imprisonment, a maximum fine of 300000 rubles, and even up to two years’ forced labor. The revised Russian Encrypted Mining Act recommends that miners who evade taxes be imprisoned with a maximum term of 4 years Analysis based on this information:In recent news, it was reported that the Russian lawmaker of an encryption mining bill has decided to resubmit it and will be considering amendments that will have serious consequences for miners who do not follow the rules….

    03/13/2023
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  • The Need for Regulation in the Financial Industry

    According to reports, Michael Hsu, acting chief auditor of the United States Office of the Comptroller of the Currency (OCC), said that at present, we cannot k…

    03/07/2023
    3
  • Financial authorities in South Korea making moves to regulate cryptocurrency

    On March 7, the Financial Intelligence Unit (FIU) of the Korea Financial Services Commission planned to conduct a comprehensive inspection of virtual asset ope…

    03/07/2023
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  • Bill Proposed to Disclose Cryptocurrency Mining Emissions

    It is reported that U.S. Senator Edward Markey (Democrat of Massachusetts) and Representative Jared Huffman (Democrat of California) have proposed a new bill t…

    03/04/2023
    3
  • Sorare’s CEO on the Regulation of the NFT Market

    According to reports, Nicolas Julia, CEO of Sorare, a NFT game company, said that the NFT market might be regulated, but Sorare NFT should be regulated under t…

    03/04/2023
    2
  • Brazilian Securities and Exchange Commission (CVM) to Regulate the Cryptocurrency Industry

    It is reported that Jo ã o Pedro Nascimento, chairman of the Brazilian Securities and Exchange Commission (CVM), has briefly introduced the regulatory agency\’s…

    03/04/2023
    2
  • SEC Lawyer: Voyager Digital’s Cryptocurrency is a Security that should be Regulated

    It is reported that a lawyer from the Securities and Exchange Commission of the United States said in court on Friday that the new cryptocurrency that Voyager …

    03/04/2023
    2
  • NFTs: Non-Fungible Tokens Falling Under AML Regulation

    On March 3, the policy makers of the European Parliament are negotiating to amend the text of the EU Anti-money Laundering Act to emphasize that the NFT platfo…

    03/03/2023
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