Libra Professes Independence from Facebook with Own 5-Member Committee

Libra Professes Independence from Facebook with Own 5-Member Committee

With what appears a great sense of fulfillment, Facebook’s Libra team has announced that an independent committee, tagged the Technical Steering Committee (TSC), has been formed within the organization to oversee technical activities in Libra. Speaking for the Libra Association, Micheal Engle, writes that the Libra Association is poised to reassure regulators and the genera public that the Libra cryptocurrency project is, in fact, independent of any organization. As opposed to the general belief that…

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US SEC Cautions Investors from Investing in Initial Exchange Offerings

US SEC Cautions Investors from Investing in Initial Exchange Offerings

On January 14th, Office of Investor Education and Advocacy of the U.S. Securities and Exchange Commission (SEC) posted a message on its official website of an alert to caution investors from investing in initial exchange offerings via online trading platforms. IEOs are initial offerings of digital assets to raise capital, somewhat similar to initial coin offering. IEOs are offered through online trading platforms directly on the behalf of companies, as to provide investors with instant…

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UK’s Regulator FCA to Monitor Money Laundering and Terrorism Finance via Crypto

UK’s Regulator FCA to Monitor Money Laundering and Terrorism Finance via Crypto

The UK’s Financial Conduct Authority (FCA) now supervises companies and business working with crypto for anti-money laundering (AML) and counter terrorism finance (CTF) compliance. In an announcement released on January 10th, the financial regulator said that it will supervise whether businesses dealing with cryptocurrencies and blockchain in the UK are complying with the relevant rules and regulations to curb money laundering and terrorism finance efforts. The FCA also put forth a list of requirements for…

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Japan’s Financial Regulator Eyes Strict Limits on Crypto Margin Leverage

Japan’s Financial Regulator Eyes Strict Limits on Crypto Margin Leverage

Japan’s Financial Services Agency is planning to impose strict restrictions on permitted leverage for margin trading in cryptocurrency exchanges. The planned changes were reported by the Japanese news outlet Japan Times which references sources at the agency. The financial regulator is pushing for these restrictions in order to reduce the risk for margin traders on cryptocurrency trading platforms. According to the report, only twice as much as the deposited amount will be allowed as leverage….

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French Regulator Grants its First Approval to an ICO

French Regulator Grants its First Approval to an ICO

AMF France, authoritie des marches financiers, the French regulator for the financial markets, posted on its official website details regarding the grant of the first initial coin offering (ICO) in the country. The regulatory approval is a new feature introduced recently by lawmakers and regulators. According to AMF France, the new rules will be ensuring digital asset safety while making sure that companies follow the standard procedures for anti-money laundering practices. Due to regulatory restrictions…

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First China-Based Blockchain ETF Awaits Regulatory Approval

First China-Based Blockchain ETF Awaits Regulatory Approval

Penghua Fund, an asset management firm based in the Guangdong province of China, has filed an application to list a blockchain-centered exchange traded fund (ETF) in China. Shanghai Securities News reported that if the application is approved, which is currently under review by China Securities Regulatory Commission, this would mark the exchange traded fund as the first one of its kind in the country that is solely focused on blockchain. The application by Pengua Fund,…

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Swiss President: Central Banks Won’t Accept Libra Cryptocurrency in Current Form

Swiss President: Central Banks Won’t Accept Libra Cryptocurrency in Current Form

After meeting a list of obstacles in an attempt to pass regulations for its ambitious Libra cryptocurrency project, Facebook has been set back in their goal to launch it in 2020. Switzerland’s president, Ueli’ Maurer, has expressed disappointment in the project as Facebook’s team continues its efforts to seek regulatory approval within the country. Ueli’ Maurer has called Facebook’s project a failure in the present state of the cryptocurrency and has stated that in order…

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US Congress Examines ‘Crypto-Currency Act of 2020′ to Define Agencies’ Role

US Congress Examines ‘Crypto-Currency Act of 2020′ to Define Agencies’ Role

U.S. Congress has been looking at regulatory measures for cryptocurrencies since the inception of Facebook’s Libra project, and has now created a draft of a proposed bill called ‘Crypto-Currency Act of 2020’. The bill will be used to categorize Federal agencies and what specific digital assets they regulate in order to make it easier for them to inform the public of Federal licenses, documents, certificates or any other registrations to develop or trade crypto assets….

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CFTC Chair Tarbert Lists Two Crypto Problems: Money Laundering & Terrorist Funding

CFTC Chair Tarbert Lists Two Crypto Problems: Money Laundering & Terrorist Funding

Chairman of the United States Commodity Futures Trading Commission (CFTC), Heath Tarbert, recently discussed crypto at Harvard Kennedy School as part of a series of lectures that revolved around financial regulations. Tarbert talked about the agency and its stance on cryptocurrency, and how the CFTC team is still processing the information about this emerging space and figuring out two major issues of the industry. He said that the two main setbacks with the majority of…

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Crypto Payments Startup Bottle Pay Shuts Down Amidst Regulatory Concerns

Crypto Payments Startup Bottle Pay Shuts Down Amidst Regulatory Concerns

Bottle Pay, a cryptocurrency payment service startup, announced on December 13th that it will be ceasing its operations from the 31st of December onwards, in a blog post. The company explains that the reason for deciding to end all activities of the company by stating that since it is a UK-based Bitcoin wallet provider, accordingly it will have to comply with the 5AMLD EU regulation (the Fifth Money Laundering Directive) that will be implemented from…

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