Crypto News
The definition of a cryptocurrency is a digital asset containing cryptographic protocols that make transactions secure and immutable. Cryptocurrencies are built on top of distributed ledger technology, blockchain — which allows it to be decentralized and immune to government control and interference. Transactions involving cryptocurrencies involve public and private keys, enabling minimal processing fees, allowing users to be able to make transfers without traditional third-party institutions.
The South African Reserve Bank (SARB) is planning on introducing new regulations on cryptocurrency, which according to Kuben Naidoo, SARB deputy governor, will be fully implemented and enforced in the first quarter of 2020 and it brings to an end a deliberation that started since 2014.
An accused scammer has arrived in the US from Serbia to face charges that he and other six conspirators involved in a crypto fraud scheme that defrauded investors out of over $70 million.
The IRS shook up the US crypto sector last year, when it issued Letter 6137 to American taxpayer’s which demanded that all citizens declare any unreported crypto gains within 30 days. One year on and an IRS watchdog has slammed the letter as a violation of the Taxpayer Bill of Rights.
Stellar CEO Denelle Dixon is slated to take part in the IMF's annual meeting today, to discuss the private-sector’s role in addressing the limitations of cross-border payments.
“With the evolution of virtual currencies and new marketplaces, nefarious actors are continuously adapting to find new ways to engage in illegal financial activity.” said U.S. Representatives Emanuel Cleaver, during the briefing with Financial Crimes Enforcement Network (FinCEN) on 27 June.
Mairead McGuinness, a Commissioner for financial services, financial stability, and capital markets union at the European Commission has called on the United States and the European Union to coordinate efforts with respect to regulating digital currencies.
Cryptocurrency companies that were attracted to Singapore for their crypto-friendly stance have begun to realise the difficulty of legally operating in the city-state, Nikkei Asia reported.
In an antitrust hearing with the Judiciary Committee of US Congress, the CEOs of Amazon, Apple, Facebook and Google testified, as a continuation of an unfinished legal conversation with lawmakers.
Crypto Mom, Hester Peirce has been nominated for a second term with the U.S. Securities and Exchange Commission (SEC) as one of its five commissioners, until 2025.
Hong Kong retail traders may be prohibited from trading cryptocurrencies if the city’s Financial Services and the Treasury Bureau’s proposed rule is approved.
After a fierce debate exploded over how to tax cryptocurrency, a bid to pass an infrastructure bill worth approximately $1 trillion has stalled in the US senate.
The Board of Control for Cricket in India (BCCI) has issued a directive to all franchises in the Indian Premier League (IPL) to desist from partnering with crypto exchanges in any form.
The US Department of Justice has led international efforts that have seen half a million dollars in cryptocurrency seized from the NetWalker ransomware group.
Basel Committee on Banking Supervision publishes paper going over the design for prudential treatment for crypto assets. The paper goes over areas such as risks of crypto-asset exposures, capital, and liquidity requirements, and general considerations for the prudential treatment.
As cryptocurrency trading ramps up in the region, the Securities and Exchange Commission of Thailand (SEC) warns investors against unregulated crypto players.
A group in the UK's House of Commons are now planning to launch an inquiry into the operation, risks, and benefits of NFTs and the blockchain at large, as well as to see how the industry could impart the UK economy.
The bill to ban cryptocurrency trade in India has been left of its parliamentary winter session agenda, fueling speculation that there has been a change in strategy.
China’s WeChat, the Tencent-backed social messaging platform, has indirectly announced its plans to crack down on accounts on the platform that are linked to digital currencies and NFTs.
After being nominated by President Joe Biden, the United States Senate has now confirmed former Federal Reserve Chair Janet Yellen to serve as Treasury Security.
The IRS may soon start clamping down on crypto users particularly those affiliated with Coinbase exchange who do not properly report their crypto holdings.
South Korea’s parliament has put forward a bill that could see crypto profits taxed by up to 20% as members argue that cryptocurrencies are commodities.
A local Chinese software company suspected of involvement in cryptocurrency trading activities was forced to shut down by two Two financial regulators in China, including the People’s Bank of China (PBoC).
New Zealand's Internal Revenue Department has asked all companies to pass on customers' personal details as well as the type and value of their crypto assets.
The Japanese government is pushing for new legislation that will request cryptocurrency trading platforms operating in the country become governed by the same rules that apply to banks.
The State Duma is discussing its legislative plans regarding Bitcoin and cryptocurrency usage and has been reported to seemingly have a change of heart regarding digital assets adoption in Russia.
The Monetary Authority of Singapore (MAS) is weighing the option of propelling ways of protecting consumers trading cryptocurrencies through new measures like suitability tests.
With the growing concern of virtual assets/cryptocurrencies being used as a medium for the financing of illegal activities, the Financial Action Task Force (FATF) issues revised guidance from time to time to combat money laundering and terrorist financing involving virtual assets (VAs) and virtual asset service providers (VASPs).
Bitcoin is increasingly becoming a larger part of many institutional portfolios, including pension funds. A number of public pension funds, which have been investing in private equities to increase their investment yields, are now investing in cryptocurrencies.
The UK’s FCA has just announced a “temporary registration regime” which allows crypto firms who have previously applied to continue operating until July 2021.
It has recently been announced that the third co-founder of Centra Tech has agreed to plead guilty for his role in the $25 Million Initial Coin Offering (ICO) Scam his cryptocurrency firm was involved in.
The Central Bank of Oman has warned citizens that cryptocurrencies come with a high risk and specifically highlighted the risks as they pertain to Dagcoin.
The European Commission has announced that firms transferring Bitcoin and other cryptocurrencies must collect details of payers and payees to help regulators prevent the flow of dirty money.
The US Securities and Exchange Commission (SEC) has revealed that it has received a final judgment in a US district court action against Eran Eyal, the CEO and founder of Shopin token offering for carrying out an allegedly fraudulent ICO.
As the clamor for crypto regulations has continued to intensify, the European Union (EU) is close to agreeing on a comprehensive regulation that will govern the nascent digital currency ecosystem
India’s central bank, the Reserve Bank of India (RBI) has planned to report a review petition on the recent Supreme Court’s cryptocurrency ruling, according to the Economic Times.
The New Jersey state legislature received a new bill, the Digital Asset and Blockchain Technology Act by Assemblywoman Yvonne Lopez. This new bill would require cryptocurrency and virtual currency to obtain a license to operate, allowing for more consumer-friendly protections.
Alexei Savatyugin, the Auditor of the Accounts Chamber in the Russian Parliament has shared concerns about unregulated digital currencies, and the risks they pose to investors.
In a bid to strengthen its regulatory landscape, Japanese lawmakers are reportedly looking forward to amending the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999)
Bison Bank, a Portuguese financial institution, has been given license by the nation's Central Bank, Banco de Portugal to provide virtual asset services.
The US Department of Justice charged a Florida native with wire fraud, for soliciting investors in a diamond-backed cryptocurrency Ponzi and investment scam.
The United States Securities and Exchange Commission has voted to adopt rule amendments to expedite the review procedure for companies applying for public listing, which could potentially create an expedited and cheaper application process for crypto and blockchain ETFs.
The Central Bank of Nigeria (CBN) has once again doubled down on its efforts to ban cryptocurrency transactions stating they are a breeding ground for illegal activities.
The OCC Boss, Brian Brooks has testified before the US Senate Banking Committee about the growing use of cryptocurrencies and stablecoins in the country
The U.S Treasury Department has released a notice concerning a new rule that would require money services businesses and banks to verify identities, keep records, and submit reports of users holding crypto assets in unhosted wallets.
Fabio Panetta, a board member of the European Central Bank (ECB), does not want global regulators to permit the proliferation of digital currencies and their associated risks without curbing them.
The US Securities and Exchange Commission filed a complaint against three men posing as pastors who defrauded churchgoers in a cryptocurrency Ponzi scheme.
The United State presidential candidate for the upcoming 2020 election Mike Bloomberg is set to tender a proposal seeking to accommodate regulations for cryptocurrencies in a new financial plan that will be duly regulated.
Datuk Zahidi Zainul Abidin, the deputy minister of the Malaysian Ministry of Communications and Multimedia, is rallying the government to legalize cryptocurrencies to benefit the tech and crypto-savvy population.
Joseph Hall, a partner at Davis Polk law firm, thinks that Ripple has a good chance of winning the legal case the SEC has built against XRP cryptocurrency.
California Governor Gavin Newsom has vetoed Bill 2269 proposed by State Congressman Tim Grayson on grounds that a more flexible approach is needed to address crypto regulations.
The director of FinCEN (Financial Crimes Enforcement Network) Kenneth. A Blanco believes that the cryptocurrency industry is starting to fall in place with the agency’s regulations on money transmission services.
India's Finance Minister Nirmala Sitharaman came out guns blazing to clarify that cryptocurrency taxation is a "sovereign right" and a "corrective action".
Based on the unanimous vote from the Virginia Senate, the proposed bill amendment introduced on January 22 this year by Delegate Christopher T. Head sought to allow eligible banks to offer cryptocurrency custody services.
Russia's finance ministry has said that it is willing to take suggestions on cryptocurrencies from the country's central bank but they should not clash with their approach.
A "small number" of cryptocurrency companies in Britain have received an extension of temporary licences ahead of the April 1 deadline from the country's financial watchdog.
The US Supreme court has limited the amount in punitive fines that the US Securities and Exchange Commission (SEC) can impose on cryptocurrency and blockchain firms, in a historic ruling yesterday.
The legal battle between The NAC Foundation and the SEC is still far from over, and the Foundation argues that the SEC misled the court in its ongoing case against AML Bitcoin.
The US SEC has issued a list of fake crypto firms that majorly target non-US investors. The regulator has warned investors to beware of “red flag” signs of potential crypto fraud.
Clients of Cryptopia exchange will finally get their funds back after a New Zealand high court classifies the rules that they are entitled to their funds.
South Africa has changed their mind in terms of crypto regulation. The regulator intends to introduce a legal framework to govern the use of cryptocurrencies in the country.
Two members of the United States House of Representatives Financial Services Committee recently asked the Federal Reserve if it has any plans to create a U.S. dollar digital currency.
US Immigration and Customs Enforcement (ICE) has added Venezuela’s head of Petro cryptocurrency agency, Joselit Ramirez, to its most wanted person’s list. The US government seeks to offer a $5 million reward for information leading to Ramirez’s arrest.
The tightening regulations on cryptocurrency raise many concerns in the community, the DoJ’s new guidance around cryptocurrency enforcement has Ripple’s CEO concerned.
New reports emerging out of Russia now suggest that the Central Bank of Russia (CBR) is looking to amend its proposed plans to enact a blanket bank on digital currencies
Reserve Bank of Zimbabwe, the country’s central bank, revealed that it would develop a regulatory framework to check operations of companies dealing with cryptocurrencies. The Chronicle, the local newspaper, reported that the Reserve Bank of Zimbabwe (RBZ) has already begun drafting a policy framework to guide business activities of cryptocurrency firms.
National Intelligence Director John Ratcliffe has warned the US Securities and Exchange Commission that China’s cryptocurrency dominance could put the US at a disadvantage.
According to Russia's TASS news agency, Bank of Russia Deputy Governor Vladimir Chistyukhin signalled that private cryptocurrencies may soon go out of existence in the financial markets.
In the civil case filed against Jack Abramoff for his role in the 2018 Initial Coin Offering (ICO) scandal, the AML BitCoin lobbyist is expected to pay $55, 000 in disgorgement and interest for his conspiracy in fraud.
DEA Special Agent Patrick O’Kain spoke at the LA Blockchain Summit on Bitcoin on the role of government agencies in policing the digital asset and blockchain space.
The Appellate Division of the New York Supreme Court has ruled that Bitfinex is legally allowed to withhold documents pertaining to the alleged cover-up of an $850 million loss on its trading platform.
Uganda’s Central Bank has stated that it did not approve any licensed institution to sell cryptocurrencies or facilitate the trade-in of cryptocurrencies. Offenders would be backlisted.
The UK Government has proposed that crypto asset promotions should fall under the scope of the Financial Conduct Authority’s existing oversight and does not require a whole new framework just for digital assets.
Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert has stated his preference for the financial governance to be principle based rather than a strictly enforced set of rules. This extends to cryptocurrency and digital assets.
The Vietnamese government is pushing to develop a legal and regulatory framework as the country seeks to establish its stance with respect to its press for a crypto economy.
In a property ownership tussle, UK high court found itself in the second attempt to recognize cryptocurrency as property. This time round, the court imposed a freezing order to crypto firm directors who failed to prove that they were not owners of the disputed cryptocurrencies.
The United Kingdom regulator intends to bring crypto promotions into line with other financial advertisements, to make sure these advertisements are transparent and fair.
Rostin Behnam, the Chairman of the Commodity Futures Trading Commission (CFTC) noted that he has directed members to start preparing to be the major regulator in the crypto industry.
A judge has ruled that the U.S. Department of Justice has enough evidence to move to trial against Ethereum developer Virgil Griffith after he allegedly aided in the circumvention of U.S. Sanctions that have been placed on the Democratic People’s Republic of North Korea.
The recent heated debate between the US SEC officials and the CFTC over who should police crypto tokens highlights the difficulty in applying existing regulations to the nascent sector.
The Office of the Leading Group for Special Remediation of Internet Finance Risks in Shenzhen has warned about the seeming resurfacing of illegal activities as a result of interest in cryptocurrency.
The New York Department of Financial Services (NYDFS) has approved the SoFi BitLicense, a subsidiary of Social Finance, thereby agreeing and allowing its residents to get involved in digital currency trading.
Innovation friendly members of United States Congress have written to the IRS request a level-headed approach to tax on cryptocurrency staking rewards.
Cambodia has placed strict limitations on the way cryptocurrencies are used. The country has banned its citizens from making cryptocurrency transactions.
Australian Securities and Investments Commission (ASIC) has officially banned a former National Representative of BitConnect from providing financial services for seven years.
Binance exchange is implementing a new account restriction policy for its Russian users in response to the European Union’s fifth financial restriction on Russia for its invasion of Ukraine.
All 350 Deputies of the Spanish Congress have received Bitcoin as part of an educational campaign aiming to teach legislators about the uses and functions of crypto.
A religious Islamic organization in Indonesia, Nahdlatul Ulama in East Java, has issued a fatwa on the status of digital currencies under the Sharia Law saying the new digital assets are "haram" which means forbidden in Islam.
The CFTC has scheduled a virtual meeting for Thursday, July 16th where its Technical Advisory Committee will discuss matters around on cryptocurrencies and DLT.
The Indian supreme court has set a new date to hear the crypto case, which was originally scheduled for July 23. The purpose of the hearing was to address the writ petitions against the central bank’s crypto restriction.
The State Duma of Russia passed a law regarding digital financial assets (DFA) in the financial bill’s third reading, which determined the fate of Bitcoin and other cryptocurrencies.
The US Office of the Comptroller of the Currency (OCC) has announced that states and national banks and federal savings associations can provide crypto custody services to customers.