Crypto Platform Bancor Closes Doors to US Traders Over Regulatory Uncertainty

Crypto Platform Bancor Closes Doors to US Traders Over Regulatory Uncertainty

Crypto trading platform Bancor has announced that US citizens, domiciliaries and users from IPs in the United States can no longer make use of Bancor’s web application for token conversion, starting July 8th. Bancor cites a lack of clarity from regulators as the main reason behind this decision, in a blog post dated June 18th. “This decision has been made in light of increased regulatory uncertainty; at this time, we believe this is the most…

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Facebook’s Cryptocurrency Libra Already Faces Regulatory Battle in Europe

Facebook’s Cryptocurrency Libra Already Faces Regulatory Battle in Europe

Facebook’s new crypto project, Libra, is already facing severe pushback in Europe, just one day after cryptocurrency’s whitepaper was released. Political and financial leaders are calling for tighter regulation of the social media giant given the implications of Libra becoming an independent sovereign currency. In an interview on Europe 1 radio, French Finance Minister Bruno Le Maire warned against branding Libra as an independent and sovereign currency. He insisted that Facebook’s cryptocurrency should not be…

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Crypto Exchanges Join Forces to Fight the Proposed G20’s FATF Regulation

Crypto Exchanges Join Forces to Fight the Proposed G20’s FATF Regulation

The world’s biggest cryptocurrency exchanges are aiming to join forces for the upcoming meeting with the financial leaders and regulators. The crypto community is looking to fight the new data gathering rules put forth by financial regulators in the currently ongoing G20 summit. The event is called the V20 summit and has been orchestrated to coincide with the G20 summit in Osaka on June 28 and 29. Some big crypto players like Coinbase, bitFlyer, Circle,…

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The G20’s Financial Task Force Recommends Harsher Guidelines for Crypto Exchanges

The G20’s Financial Task Force Recommends Harsher Guidelines for Crypto Exchanges

The ability to avoid government oversight was a major reason for the popularity of cryptocurrencies like Bitcoin, when compared to conventional financial systems. This could be all set to change soon. New rules by the G20’s Financial Task Force on Money Laundering (FATF), an intergovernmental body, aimed at the development and promotion of cryptocurrencies at the national and international levels, will affect the pseudonymity of users in an effort to combat money laundering and terrorist…

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Russia Examines Anti-Crypto Legislation to Fine Cryptocurrency Mining

Russia Examines Anti-Crypto Legislation to Fine Cryptocurrency Mining

Anatoly Aksakov, Chairman of Russia’s State Duma Committee (parliament), announced that Russian lawmakers have been considering imposing fines on the mining of cryptocurrencies which are based on an open blockchain, like Bitcoin. This was revealed in an interview with Russian news outlet TASS. Anatoly Aksakov said: “I note that any operations with cryptocurrency that are contrary to the Russian legislation will be considered illegitimate. This means that mining, organizing issuance, circulation, creating exchange points for…

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G20 Suggests Multilateral Response to Crypto; Reaffirms Application of Tough New FATF Rules

G20 Suggests Multilateral Response to Crypto; Reaffirms Application of Tough New FATF Rules

In a joint communique posted on the website of Japan’s Ministry of Finance, the G20 finance leaders have requested the Financial Stability Board (FSB) and other global regulators to monitor risks around crypto assets. Furthermore, the board also suggested a multilateral approach to regulate crypto and reaffirmed that tougher Financial Action Task Force (FATF) rules are coming. The details were revealed shortly after a G20 meeting that was held in Fukuoka, Japan. The G20 group…

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CFTC Chairman Says Blockchain Could Have Stopped the 2018 Housing Crisis

CFTC Chairman Says Blockchain Could Have Stopped the 2018 Housing Crisis

Italy’s Commissione Nazionale per le Società (CONSOB) this year has brought to light some digital challenges facing regulatory bodies in the 21st century. The just concluded CONSOB had a number of regulatory agencies in attendance, including the US CFTC. Comparing the digital world today to the Futurist movement in art and literature in 1909, the chairman of the US Commodity Futures Trading Commodity (CFTC), Christopher Giancarlo, educated his audience on how desperate times call for…

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Israeli Supreme Court Rules a Major Bank Must Serve Crypto Exchanges

Israeli Supreme Court Rules a Major Bank Must Serve Crypto Exchanges

After a fierce legal battle, the Israeli Supreme Court has ruled in favor of the crypto exchange Bits of Gold against one of the largest banks in the state. This comes as a notable legal victory for the cryptocurrency exchange, following attempts by the Israel-based Bank Leumi to block the Israel-based digital currency exchange, citing policy and regulatory reasons, after the bank classified cryptocurrency firms as gambling companies. The bank, however, maintains its stand against…

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Facebook Met with the CFTC to Discuss its Cryptocurrency Globalcoin Project

Facebook Met with the CFTC to Discuss its Cryptocurrency Globalcoin Project

The social media giant Facebook has reportedly met with several regulatory agencies to discuss the future of its cryptocurrency project ‘Globalcoin.’ And two days ago, the US Commodity and Futures Trading Commission (CFTC) boss, Christopher Giancarlo, stated in an interview that they are currently in the early stage of discussion with Facebook. Giancarlo explained that the essence of the meeting is to ascertain whether or not Facebook’s cryptocurrency falls within the jurisdiction of the CFTC….

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Global Financial Watchdog FSB Seeks Better Crypto Risk Assessments from Regulators

Global Financial Watchdog FSB Seeks Better Crypto Risk Assessments from Regulators

Regulators need to improve their risk assessment of the cryptocurrency sector, the G20-sponsored Financial Stability Board (FSB) said on Friday. The global financial watchdog expressed concern over the current state of regulations over the crypto market, saying that the regulations are patchy at best. In a report for G20 finance ministers and central bank governors, the FSB warned that quick technological change could lead to serious gaps in policies on digital money. Regulators across the…

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