Bank of England Governor To G20: No Need For Cryptocurrency Regulation

Posted on March 19, 2018

In his official report to the G20 summit of Finance Ministers and Central Bank Governors, Financial Stability Board (FSB) Chair Mark Carney told regulators that there was no need for global regulation of “crypto-assets.” Carney, who also serves as the Governor of the Bank of England, said that the rapid growth of crypto-assets prompted the […]

Read More...

California And Wyoming Consider New Blockchain And Crypto Token Laws

Posted on February 20, 2018

As blockchain technology becomes increasingly commonplace, lawmakers at the state level are increasingly examining how their governments should regulate distributed ledger and token-based business activity. Two recently proposed state laws — one in California, and the other in Wyoming — would provide much-needed legal clarity and protections for blockchain-based operations in the U.S., perhaps even […]

Read More...

Philippines Announces ICO Regulatory Framework

Posted on January 29, 2018

Representatives of the Philippines’ Securities and Exchange Commission confirmed yesterday that the agency was moving swiftly towards the completion of a new regulatory framework for cryptocurrency trading and ICOs. The new rules are expected to finalized later this year, and may well be enacted before the end of 2018. The move comes in response to […]

Read More...

Tax Notices Sent To Crypto Traders By Indian Government

Posted on January 22, 2018

Late last week, the Indian government began sending tax notification documents to tens of thousands of cryptocurrency traders and investors in the country. According to Reuters, these notices follow a recent government survey that found over $3.5 billion in cryptocurrency transactions within the country over the last 17 months. By some estimates, India’s population of […]

Read More...

Cryptocurrency Regulation To Take Center Stage At G20 Summit

Posted on December 18, 2017

Global regulatory discussions on bitcoin, cryptocurrencies, and ICOs may begin to take shape as early as April, 2018. On Sunday, France’s Finance Minister Bruno Le Maire told French news channel LCI that he aims to propose a “discussion all together on the question of bitcoin” during the upcoming G20 summit. Given Le Maire’s tone during […]

Read More...

Russia Reverses Stance on ICOs

Posted on September 11, 2017

Late last week, Russian Finance Minister Anton Siluanov told reporters that his ministry was drafting plans to regulate both cryptocurrencies and initial coin offerings (ICOs). The move comes as a surprise, as only last year the ministry proposed criminal charges — with a maximum sentence of seven years in jail — for those dealing in […]

Read More...

Canadian Regulators Give Green Light To ICO

Posted on September 8, 2017

This week, Quebec’s financial regulatory agency — Autorite des Marches Financiers (AMF) — announced that it would be including an ICO into its experimental “sandbox” program for non-traditional securities and financial instruments. The AMF has approved a proposal from Toronto-based “socially responsible” banking startup Impak Finance, giving official approval to its MPK coin ICO. The […]

Read More...

North Carolina to tie virtual currencies to “monetary value” under existing laws, rather than create new regulations

Posted on August 26, 2014

In a story published today on CoinFinance, an unnamed North Carolina Commission of Banks (NCCOB) spokesperson said that regulators in the state were opting to handle bitcoin-based investments and businesses under existing rules. The NCCOB will treat bitcoin and other cryptocurrencies as “monetary value,” as defined in the N.C. Money Transmitters Act. Under those rules, […]

Read More...

NYDFS extends comment period on proposed BitLicense regulations

Posted on August 21, 2014

The New York Department of Financial Services (NYDFS) has extended the public comment period around their proposed “BitLicense” regulation for digital currency-related businesses operating in the state’s jurisdiction. In an update published today to the NYDFS website, the regulatory agency said that the extension came in response to a “significant amount of public interest in […]

Read More...

New report suggests France is considering bitcoin regulation

Posted on August 4, 2014

Late last month, the French Senate’s finance committee held a meeting about the future of digital currencies in the country, addressing many of the challenges presented by cryptocurrencies for both regulators and the existing finance infrastructure. This week, the French Senate released a follow-up report, outlining a regulatory framework for bitcoin and similar networks. The […]

Read More...

Ecuador’s Congress proposes state-controlled digital currency monopoloy

Posted on July 23, 2014

On Thursday, Ecuador’s Congress will vote on a proposal to create a state-controlled digital currency, and to prohibit the use of any digital currency in the country not backed by the nation’s central bank. Regional news outlet PanAm Post reports that the move was presented by President Rafael Correa as “a matter of urgency,” although […]

Read More...

Report: Chamber of Digital Commerce to advocate for bitcoin regulation

Posted on July 21, 2014

Speaking at the North American Bitcoin Conference (NABC) on Satuday, Forbes columnist and former congressional staffer Perianne Boring announced plans to create a “Chamber of Digital Commerce” to advocate for sensible bitcoin regulations at the federal level. The move follows the initiation of pro-cryptocurrency lobbying efforts by Falcon Global Capital in May, and a more […]

Read More...

New York Department of Financial Services releases “BitLicense” rules draft

Posted on July 17, 2014

The New York Department of Financial Services (NYDFN) published the draft version of their regulatory framework for bitcoin and other digital currencies this morning. The “BitLicense” rules are aimed largely at digital currency service providers, such as exchanges and hosted wallet companies, and would effectively exempt any company using a third-party bitcoin payment service from […]

Read More...

NYDFS chief Ben Lawsky says virtual currency regulations will be released this month

Posted on July 10, 2014

New York Department of Financial Services (NYDFS) superintendent Ben Lawsky announced via Twitter yesterday that his agency was facing some delays in the finalization of rules for digital currency-using companies in the state. Originally planned for debut around the first of the month, the much-anticipated regulations will provide guidelines for how the range of financial […]

Read More...

California Governor signs law making bitcoin “legal money”

Posted on June 28, 2014

Earlier this week, the California State Assembly sent Assembly Bill 129, which formally recognizes bitcoin and other digital currencies as legal forms of exchange, to the desk of Governor Jerry Brown. Brown signed the bill into law today, making California the first state to give such recognition and legal protection to bitcoin. Although the law […]

Read More...

Report: Consumer Financial Protection Bureau may become bitcoin watchdog

Posted on June 27, 2014

In May, the Government Accountability Office (GAO) drafted a confidential report about the increasing need for meaningful digital currency policies. The GAO report suggested that the Consumer Financial Protection Bureau (CFPB) be tasked with the job. The agency was created in the wake of the 2007 financial crisis, and is already tasked with handling thorny […]

Read More...

Swiss authorities claim bitcoin is too “insignificant” to regulate

Posted on June 25, 2014

In a new report published by Switzerland’s Federal Council, regulators claim that the “economic importance of virtual currencies as a means of payment is fairly insignificant at the moment.” The report claims that bitcoin and other digital currencies will have a marginal effect on the Swiss economy for the “foreseeable future,” and no influence on […]

Read More...

Report: Japan opts to leave bitcoin unregulated

Posted on June 19, 2014

Japanese lawmakers announced yesterday that they would not be implementing regulations on bitcoin or other virtual currencies for the time being. The announcement from Japan’s Liberal Democratic Party (LDP), the ruling government party in the country’s Parliamentary system, won’t be official policy until additional hearings are completed. Speaking with Reuters, LDP lawmaker Takuya Hirai said: […]

Read More...

Report: Isle of Man to regulate digital currencies

Posted on June 10, 2014

Located mere miles of the coast of Scotland, the self-governing British Crown Dependency Isle of Man has long served as a haven for those wanting to escape regulatory forces of the U.K. With virtually no taxes, the country has also attracted several companies who make their profit in various forms of arbitrage, including a healthy […]

Read More...

Bitcoin companies discuss regulatory concerns with Conference of State Bank Supervisors

Posted on May 19, 2014

Last week, the Conference of State Bank Supervisors (CSBS) hosted its Emerging Payments Task Force at a meeting in Chicago. The task force met with representatives from SecondMarket, CoinX, Xapo and BitPay to discuss the the current state of bitcoin regulation and its impact on the quickly growing virtual currency industry. Speaking with the CSBS […]

Read More...

Federal Reserve committee calls bitcoin a “boon” for commerce

Posted on May 19, 2014

Thus far, the Federal Reserve has had a hands-off approach to bitcoin, regularly citing its lack of jurisdiction over currency-like commodities and non-state backed currencies. But that doesn’t mean the Fed isn’t paying attention to bitcoin’s rapidly growing impact on domestic and global finance. At a meeting of the Fed’s Federal Advisory Council (FAC), the […]

Read More...

China’s “Big Five” bitcoin exchanges issue joint statement of self-regulation

Posted on May 6, 2014

Earlier today, China’s five largest bitcoin exchanges released a joint statement on the Twitter-like social-networking site Weibo. The statement acts as both a mea culpa for the ongoing problems in with bitcoin in China, as well as the first public announcement of a move towards self-regulation for the exchanges. The five participating exchanges are OKCoin, […]

Read More...

Report: Is the People’s Bank of China too big to correctly handle bitcoin?

Posted on April 28, 2014

Is the People’s Bank of China too big to create appropriate bitcoin regulation? According to a guest post on BitcoinBlog.de, that may be the case. Chinese IT entrepreneur Zhang Weiwu has a decade-long history of working with authorities in the country, and believes that bitcoin’s recent woes with the Chinese central bank is less a […]

Read More...

U.S. Treasury Under Secretary Cohen claims bitcoin is bad for money launderers and terrorists

Posted on March 18, 2014

Speaking at the Bloomberg Breakfast event today, US Department of the Treasury Under Secretary for Terrorism and Financial Intelligence David S Cohen answered many questions about the evolution of policies and law enforcement tactics related to virtual currencies. Cohen focused largely on efforts to combat illicit uses of cryptocurrency, but also hinted that long term […]

Read More...

Report: U.S. regulators may treat bitcoin as a commodity

Posted on March 14, 2014

In a report earlier this week by Reuters, Mark Wetjen, the acting chairman of the US Commodity Futures Trading Commission (CTFC), was quoted as saying that his department is “looking into” regulation of bitcoin and other virtual currencies. “It’s been initiated, there’s been an internal discussion at the staff level,” Wetjen said. The CFTC regulates […]

Read More...

Bank of England declares virtual currencies to be commodities

Posted on March 13, 2014

As governments across the globe race to develop laws and policies for handling virtual currencies like bitcoin, one of the biggest problems they face is simply knowing what general category cryptocurrency falls under. They’re clearly not legal tender, or even currency, even though in practice virtual currencies act like money. In a new report from […]

Read More...

Applications open for New York digital currency exchanges

Posted on March 12, 2014

In a new statement from New York Superintendent of Financial Services, Benjamin M. Lawsky, the state is now officially accepting applications for digital currency exchanges. The new exchanges will be regulated under still-forming rules that Lawsky plans to have in place by this summer. Today’s public order is the next phase in NYDFS’s public inquiry […]

Read More...

FINRA calls Bitcoin “More than a bit risky”

Posted on March 11, 2014

The Financial Industry Regulatory Authority (FINRA) issued a “Fraud and Scam” alert about Bitcoin today, noting the “very real abuses and criminal activity associated with it.” Such a claim is interesting coming from FINRA, the privately owned, non-governmental organization charged with the self-regulation of member brokerage firms and exchange markets. FINRA has no authority over […]

Read More...

Vault of Satoshi ceases US operations

Posted on March 7, 2014

Canadian cryptocurrency exchange Vault of Satoshi announced today that it would be halting all U.S. operations, effectively immediately. Citing concerns about the “increasingly hostile” regulatory environment in the U.S., the exchange announced their decision via their Facebook page. The post also mentioned the warnings of Bitcoin Foundation and BitInstant founder Charlie Shrem in a recent […]

Read More...

Russia’s frigid stance on Bitcoin may be thawing

Posted on March 6, 2014

In February, Russia’s General Prosecutor’s Office released a statement that seemed to plainly state that using Bitcoin was illegal in the country. The statement seemingly left no gray area around Bitcoin’s status in Russian law. The anonymous payment systems and crypto-currencies, including bitcoin – which is the most popular of them – are monetary surrogates. […]

Read More...

Vietnam’s central bank issues new Bitcoin warning

Posted on February 28, 2014

Following in the footsteps of Thailand, China and other countries in the region, Vietnam’s central bank issued a new warning on the dangers of Bitcoin today. The statement explained that Bitcoin and other virtual currencies are not legal tender in Vietnam, and are not permitted as a form of payment within the country. The statement […]

Read More...

Senator Joe Manchin calls for federal ban on Bitcoin

Posted on February 26, 2014

Is Bitcoin “disruptive” enough to the U.S. economy to merit a federal-level ban? According to U.S. Senator Joe Manchin (D-W.Va.), it is. In a strongly worded letter to the Treasury, Federal Reserve and other related financial agencies, Manchin called for the outright prohibition of “this dangerous currency” before it can harm American consumers. Manchin’s letter […]

Read More...

Australian government watching all Bitcoin-to-AUD conversions

Posted on February 24, 2014

In a report published earlier today on ZDNet, a representative from the Australian Transaction Reports and Analysis Centre (Austrac) confirmed that the Australian government are tracking every visible conversion of Bitcoin into and out of Australian dollars (AUD). The anti-money laundering agency’s CEO, John Schmidt, made the statement while giving a statement before Australia’s Senate […]

Read More...

Senate Chairman gives nod to Bitcoin regulation task force

Posted on February 22, 2014

In what is likely to be seen as a step towards increased U.S. regulation of virtual currencies, the Chairman of the US Senate’s Homeland Security & Governmental Affairs Committee (HSGAC), Senator Tom Carper (D-Del), endorsed the creation of task force on the topic by the Conference of State Bank Supervisors. The “Emerging Payments Task Force” […]

Read More...

NY financial regulator Ben Lawsky talks Bitcoin on Reddit

Posted on February 20, 2014

Earlier today, New York Department of Financial Services (NYDFS) superintendent Ben Lawsky participated in a Bitcoin-themed Ask Me Anything (AMA) on Reddit, offering a window into the state’s plans for future regulation of the cryptocurrency. Lawsky made headlines last week after sketching out a regulatory framework that would include a “BitLicense” for those doing business […]

Read More...

Central Bank of Brazil releases warning on virtual currencies

Posted on February 20, 2014

The Banco Central do Brasil issued a warning today about virtual currencies. The Brazilian central bank joins a chorus of skeptical voices in the banking industry, including Canada, Israel, India and China. The Brazilian bank’s statement outlines concerns familiar to anyone following cryptocurrencies, namely the lack of regulation, high price volatility and concerns about the […]

Read More...

New warning on cryptocurrencies from Israeli regulators

Posted on February 19, 2014

Israel’s two major state financial regulators issued a joint statement today warning urging caution on “decentralized ‘virtual currencies’ (such as Bitcoin).” The statement from the Israeli Ministry of Finance and Bank of Israel (BoI) doesn’t introduce new regulation in the country, but it does serve as an indicator of current government thinking about Bitcoin and […]

Read More...

Thailand’s central bank approves Bitcoin exchange

Posted on February 17, 2014

In August of 2013, the Bank of Thailand released a strongly worded letter explaining that Bitcoin was an “illegal” form of currency in the country. Even though Thailand’s central bank lacked the authority to actually make trading in Bitcoin a crime, the disapproval was strong enough that public trading in Bitcoin was effectively halted in […]

Read More...

What the new Obama rules on marijuana money means for Bitcoin

Posted on February 15, 2014

Yesterday, the Obama administration announced new guidelines allowing the banking industry to do business with legal marijuana sellers. While this is clearly a game changing moment for the mainstream financial sector, the implications for the growing Bitcoin market will also be significant. To understand why, it’s worth remembering that Bitcoin first entered the mainstream consciousness […]

Read More...

New York regulator Ben Lawsky weighs in on recent Bitcoin woes

Posted on February 13, 2014

Ben Lawsky from New York’s Department of Financial Services made headlines yesterday after outlining his state’s plan for regulating Bitcoin, but his other comments about the cryptocurrency that may be more interesting. Speaking at Future Tense in Washington, DC, Lawksy weighed in on the recent price drops caused by the “transaction malleability” glitch. “I think […]

Read More...

Reserve Bank of India softens stance on Bitcoin

Posted on February 12, 2014

Speaking at a technology conference in Mumbai yesterday, new Reserve Bank of India governor Raghuram Rajan spoke at length about Bitcoin’s future in India. While not altogether supportive of the cryptocurrency movement, Rajan’s presentation was far from the gloom and doom of RBI’s warning-laden Bitcoin statement in December. Rajan’s comments (reported by Techcrunch) were given […]

Read More...
loading...