Japan’s Authorities to Require Crypto Exchanges to Strengthen Custody of “Cold Wallets”

Japan’s Authorities to Require Crypto Exchanges to Strengthen Custody of “Cold Wallets”

In a series of steps to ensure safety and validity of transactions being processed and money being moved by cryptocurrency exchanges, Japan’s Financial Services Agency (FSA) will require all cryptocurrency exchanges to strengthen their internal oversight over their “cold wallets,” which are used to store big chunks of their digital money. The news was reported on by Rueters in an article posted on April 16. The article claims that the move by the Japanese authorities…

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Featured: The Legal Minefield of Stablecoins

Featured: The Legal Minefield of Stablecoins

Stablecoins are a relatively new form of cryptocurrency and are often regarded as a solution to the instability of other cryptocurrencies such as Bitcoin. Stablecoins such as Tether, TrueUSD, Basis, and Saga are backed by fiat currency like the dollar, euro, and others. Stabelcoins have their critics, but they were essentially born to solve some of the problems faced by cryptocurrencies – stability and usability are the major issues that stablecoins attempt to solve. Even…

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French Finance Minister Recommends EU Adopt France’s Model of Crypto Regulation

French Finance Minister Recommends EU Adopt France’s Model of Crypto Regulation

On Monday, April 15, French Minister Bruno Le Maire said that France will push for the European Union to regulate cryptocurrencies in line with the regulatory framework on crypto recently brought in, in France. The regulations, which were brought in last week, allow cryptocurrency organizations to run their own operations and have official recognition by the French government but also allow the profit from digital assets to be taxed. On Monday, France’s Financial Markets Authority…

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France Passes Bill to Enable Insurance Providers to Invest in Crypto

France Passes Bill to Enable Insurance Providers to Invest in Crypto

French insurance companies can now invest in crypto and tokens as per a new law passed by the French government. The news was initially reported by the foreign exchange news agency, FXStreet. The new law put into place by the French government is being seen as a major breakthrough in realizing the potential of cryptocurrencies in the insurance industry. The bill was passed in the French parliament on April 11 with a vote count of…

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Blockchain Analysis Company Chainalysis Advises Against Some FATF Recommendations

Blockchain Analysis Company Chainalysis Advises Against Some FATF Recommendations

In a bid to block off crypto-related loopholes and address other regulatory issues, the Financial Action Task Force (FATF) proposed some recommendations for virtual assets services providers (VASPs) as well as crypto consumers. The FATF is an international organization that has been acknowledged by members of the G20 as the authority to determine proper cryptocurrency regulations. In its draft recommendations on national anti-money laundering and know your customer (KYC) procedures, the FATF recommended that crypto…

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Libertarian Think Tank Publishes a Harsh Critique of the SEC’s Treatment of Crypto

Libertarian Think Tank Publishes a Harsh Critique of the SEC’s Treatment of Crypto

The United States Securities and Exchange Commission (SEC) has come under criticism for its constant efforts to control the crypto market by a Libertarian think tank called Competitive Enterprise Institute. In a report recently published by the CEI, John Berlau, a senior fellow at the think tank expressed his harsh views against the SEC on its approach to regulating cryptocurrencies. The SEC has long been contemplating whether or not cryptocurrencies fall under the securities law….

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New York Regulator Denies Bittrex Crypto Exchange’s ‘BitLicense’ Application

New York Regulator Denies Bittrex Crypto Exchange’s ‘BitLicense’ Application

The New York Department of Financial Services has rejected the Bittrex Cryptocurrency Exchange’s application for BitLicense, citing inadequate Anti Money Laundering Policies and Know Your Customer requirements. Over-regulation and control have always been the arch-enemies of the new emerging decentralized technology. Cryptocurrencies by design allow anyone to move digital assets and value to anywhere in the world without going through any of the standardized institutional processes put in place to keep track of such activity….

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South Korean Lawmakers Ask the Government to Go Easy on Blockchain-Based Firms

South Korean Lawmakers Ask the Government to Go Easy on Blockchain-Based Firms

When it comes to regulation of blockchain and crypto-related ventures, governments tend to be bearish due to the heavy-weight duty of protecting investors and maintaining a crime-free environment in which they could conduct business safely. However, every country or state wants to grow and secure a seat in the table of the world-leading countries; in this age and time, technology is part of the secret recipe in achieving this goal. Therefore, more and more countries…

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G20 Will Gather to Determine Money Laundering and Terrorist Funding Regulations

G20 Will Gather to Determine Money Laundering and Terrorist Funding Regulations

According to a report published in the local Japanese news outlet of Kyodo, the members of the G20 will be gathering in Fukuoka, Japan on June 8 and 9 this year with the aim of discussing and imposing new regulations for cryptocurrencies relating to anti-money laundering (AML) and terrorist financing. Ever since the birth of Bitcoin, crypto transactions are known for their association with a variety of illicit activities that include money laundering, financing terrorist…

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SEC Commissioners Publish a New Framework to Ascertain If Digital Assets Are Securities

SEC Commissioners Publish a New Framework to Ascertain If Digital Assets Are Securities

Following the Howey Test that determines whether certain transactions qualify as ‘investment contracts,’ there’s new framework recently suggested by two SEC Commissioners and published on the SEC’s official website. The new “Framework for ‘Investment Contract’ Analysis of Digital Assets” will enable individuals and organization to understand whether the digital assets and related services they are offering could be considered as investment contracts or not. The public statement about the issue clarifies that the new framework…

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