Category: Virtual Currency
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FATF Holds Global Forum to Discuss Crypto Supervision
The Financial Action Task Force (FATF) and over 50 delegations involved in crypto supervision recently gathered to discuss how to regulate crypto assets and related service providers. While examining three key areas, they stressed the importance of international cooperation, citing that cryptocurrencies are global products. Also read: Regulation Roundup: EU-Wide Crypto Regulations, New Rules in…
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Crypto vs RBI: 3 Days of Intense Supreme Court Hearings
India’s supreme court heard the crypto case in detail over three consecutive days this week. In addition to intense arguments against the central bank having the power to ban crypto, the judges learned how other countries regulate this new sector, the amended EU directive, the FATF guidance, and less invasive crypto measures. Also read: Regulatory…
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Crypto Exchange Bithumb Takes Korean Tax Authority to Court Over $69 Million ‘Groundless’ Tax
Bithumb, a major crypto exchange in South Korea, has taken the country’s tax authority to court over a “groundless” tax imposed on the exchange. Experts explain that currently there are no grounds to tax crypto transactions in South Korea and existing tax laws do not apply to crypto transactions. Also read: Regulatory Roundup: EU-Wide Crypto…
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Silvergate Bank and Bitstamp Launch Bitcoin Collateralized Loans
U.S.-based Silvergate Bank has launched a bitcoin collateralized loan product with Bitstamp as its launch partner. The crypto exchange will act as the bank’s agent to manage and provide custody for bitcoin collateral. The product utilizes Silvergate Bank’s Exchange Network to fund loans and process repayments in real time. Also read: Regulatory Roundup: EU-Wide Crypto…
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Indian Supreme Court Hears In-Depth Arguments Against RBI Ban
India’s supreme court spent all day hearing arguments against the crypto banking ban by the Reserve Bank of India (RBI) on Wednesday. The counsel for the Internet and Mobile Association of India presented extensive arguments to convince the court that the central bank acted outside its jurisdiction and power in placing a banking restriction on…
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Regulatory Roundup: EU-Wide Crypto Regulations, New Rules in Europe, US, Asia
In this roundup, we cover EU-wide crypto regulations and individual countries’ new digital asset rules including Austria and the U.K. We also cover numerous crypto regulatory developments in the U.S., China, Japan, South Korea, India, and the Philippines. Also read: Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, New Chinese Laws EU-Wide Crypto Regulations Begin…
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Japan and Philippines Discuss Pro-Crypto Laws, Cooperation Among Asian Countries
Japanese Minister Naokazu Takemoto and Philippine Cabinet member Raul Lambino of Crypto Valley of Asia recently met to discuss Asian countries’ crypto regulations. They urge the Philippine Congress to introduce legislation on cryptocurrencies and security tokens, calling for cooperation among Asian countries. Also read: Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, New Chinese Laws…
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US and European Regulators Say Crypto a Priority This Year
Several regulators in the U.S. and Europe have made cryptocurrency among their top priorities this year. The Securities and Exchange Commission’s compliance office and the European Securities and Markets Authority, in collaboration with other regulators, have outlined their plans to focus on crypto oversight. Further, China’s central bank has made digital currency a priority. Also…
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EU Countries Commence Crypto Regulations as Mandated by New Directive
The European Union’s 5th Anti-Money Laundering Directive mandates that member states start regulating crypto assets by Jan. 10. Crypto exchanges and custodial wallet providers are now covered by the same regulatory requirements as banks and other financial institutions. Also read: Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, New Chinese Laws EU’s Regulatory Deadline: Jan.…
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Philippine ‘Crypto Valley of Asia’ to Get Own Airport
The Philippines has a “Crypto Valley of Asia,” an initiative of the Cagayan Economic Zone Authority, the government agency responsible for managing the Cagayan Special Economic Zone and Freeport. An airport is now being planned for inside this economic zone to address the needs of its investors and crypto service providers. Many cryptocurrency exchanges have…