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Crypto Payments Startup Bottle Pay Shuts Down Amidst Regulatory Concerns

Posted on December 16, 2019December 16, 2019 by Rehan Yousaf

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…

South Korea Plans Imposing Capital Gain Tax of Cryptocurrencies

Posted on December 9, 2019December 9, 2019 by Rehan Yousaf

South Korea’s Ministry of Economy and Finance has declared that from next year, it will be introducing new measures to impose taxes on cryptocurrency holdings. This move comes after South Korea has already established a legal framework for crypto. According to new regulations by the South Korean government, the country will now be imposing taxes on capital gains from virtual transactions of digital currencies. The information was shared by government sources last week. One South…

US Financial Stability Oversight Council: Stablecoins Are a Risk to the Economy

Posted on December 8, 2019December 8, 2019 by Rehan Yousaf

On December 4th, the financial regulator the Financial Stability Oversight Council (FSOC) published an annual report for the year 2019. The report mainly focuses on the popularity of stablecoins and problems rising as these crypto assets expand over a wider range of potential consumers. In the report, a panel of top financial regulators in the United States, which was set up and also included Treasury Secretary Steven Mnuchin and Federal Reserve Chair Jerome Powell, cautions…

EU Council and Commission Say No to Stablecoins Until Regulation Is Clear

Posted on December 8, 2019December 8, 2019 by Julie Williams

A truckload of risks and concerns still lurk around stablecoins, this supposed stable form of cryptocurrencies, leading to concerns in the EU and other countries. The EU council and Commission took their press section to release a joint statement, clearly proclaiming their take on stablecoins and what must be done before any of such digital coins are traded in any EU country. In the joint statement, the Council and Commission acknowledge the benefits virtual assets…

New Law in Germany Allows German Banks to Offer Crypto-Related Services

Posted on December 1, 2019December 1, 2019 by Rehan Yousaf

German banks have so far not been allowed to conduct their various businesses in cryptocurrency. However, a new law called the fourth EU Money Laundering Directive is going to revolutionize the way banks and customers interact. At its basic, the new law will empower banks to become the primary custodians of digital currency for their customers. Local news agency Handelsblatt reports: “Starting in 2020, financial institutions will be able to offer their customers online banking,…

Social Trading Platform eToro: Facebook Needs to Leave Stablecoins to Third Parties

Posted on November 28, 2019November 28, 2019 by Rehan Yousaf

eToro, the crypto-oriented social trading and brokerage provider, recently published a position paper that stated that in order to get a cryptocurrency project launched, Facebook should focus on stablecoins that are distributed by regulated third parties instead of the company’s own digital currency. Facebook’s cryptocurrency project, Libra, has faced many obstacles since the announcement of its launch in June this year. Politicians and regulators across the United States, the United Kingdom and Europe have expressed…

Thailand’s SEC Examines If Regulation Impedes Crypto Businesses

Posted on November 26, 2019November 26, 2019 by Rehan Yousaf

The regulators at Thailand’s Securities and Exchange Commission (SEC) are exploring possible obstacles for digital asset businesses in a prior crypto royal decree. According to Secretary General of the Thai SEC, Ruenvadee Suwanmongkol, the regulators must be flexible for rules and regulations to be applicable in line with the digital market environment. The amendments are expected to take place by next year as the SEC aims to cater the growth of virtual assets and protect…

Wyoming Accelerates Pro-Crypto Legislation to Woo Blockchain Businesses

Posted on November 24, 2019November 24, 2019 by Rehan Yousaf

Wyoming is leading the race to enact crypto friendly legislation to stir crypto activity in the US state. Before 2019, the western state has been conservative with its approach towards money-transmission. However, a new generation of lawmakers are turning the tide and transforming the financial thread of the state to allow for more space for digital currency to breathe in a state which has been knocking down crypto consistently until this year. A few years…

US Congress Introduces Bill Classifying Facebook’s Libra a Security

Posted on November 24, 2019November 24, 2019 by Rehan Yousaf

On Thursday, US congress has introduced a bill that would classify Facebook’s cryptocurrency Libra as a security. The new proposed law is likely to bring up larger issues of regulation and inspection to Facebook’s crypto project that the company introduced as an electronic payment system. Representatives Sylvia Garcia and Lance Gooden (Democrat and Republican from Texas) proposed the bipartisan bill titled ‘Managed Stablecoins and Securities Act of 2019’ during the same day of a committee…

South Africa’s FirstRand Bank Terminates Accounts Related to Crypto

Posted on November 21, 2019December 3, 2019 by Rehan Yousaf

FirstRand Bank has notified some of the most major cryptocurrency exchanges in South Africa about the closure of their accounts. These crypto exchanges include VALR, Luno and ICE3X. The decision came out after the bank reconsidered its risk factor when it comes to digital currencies and decided to discontinue working with companies that it considered to increase the risk factor. The decision, however, can be revised. According to the bank’s statement, it might change its…

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