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It’s Official: G20 Regulates Crypto – But Is This Good For The Market?



The G20 Summit which took place in Argentina was in many headlines on our DC Forecasts crypto news site, mainly for covering the topics around Bitcoin and blockchain. The forum’s main aim, however, was to regulate the crypto sector.

Luckily, the world’s 20 largest economies have decided to regulate the crypto sector. As a regulation released by the forum states:

“We will regulate crypto-assets for anti-money laundering and countering the financing of terrorism in line with FATF standards and we will consider other responses as needed.”

What many are afraid right now, however, is the fact that over-regulation restricts the growth of emerging asset classes and technologies by limiting the way companies can grow in the long run.

Still, it is safe to say that regulators can facilitate the growth of cryptocurrency companies, especially exchanges which require fiat on-ramps – by providing seamless access to legacy systems and banking services.

The G20 also said that it intends to help crypto create an open and resilient financial system and emphasized that it is crucial to “support sustainable growth.”

And while over-regulation can hurt businesses in their early phase of growth, the G20 believes that monitoring and tackling the risks is what will help eliminate the barrier between crypto and the traditional finance sector.

“We will continue to monitor and, if necessary, tackle emerging risks and vulnerabilities in the financial system; and, through continued regulatory and supervisory cooperation, address fragmentation. We look forward to continued progress on achieving resilient non-bank financial intermediation,” a statement from the forum concluded.

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Blockchain News

Russian State Duma To Review Crypto Regulation: Preparing For Oil-Backed Crypto

Our DC Forecasts crypto news site has always been active on the field of cryptocurrency regulation. Right now, the latest news show that the Russian State Duma (which is the lower house of the Federal Assembly of Russia) is planning to review and adopt new regulation efforts. It all started with the former Energy Minister Igor Yusifov who proposed an oil-backed crypto as the financial outlet Rambler reported on February 21st. The reports mention that the head of the Energia investment-focused corporation also has some tangible prospects for proposing an oil-backed cryptocurrency. The construction of the project's roadmap is almost at the final stage. In one interview, Yusifov said the introduction of a crypto settlement system on the energy market could allow for the avoidance of costs associated with the use of not-backed-up currencies and their fluctuations of the exchange rates. He also cites that the savings on currency exchange commissions and trade restrictions as other examples of advantages that the system could bring. Furthermore, Yusufov said that the blockchain would be used to track and verify every barrel of oil along the entire chain with no additional costs. The former head of the Federal Securities Commission of Russia, Igor Kostikov, suggested that not only oil and gas could be connected to it - but any exchangeable resource in general.
“Perhaps the oil-backed cryptocurrency will be the pioneering project that will create a reliable structure for the cryptographic market as a whole," he concluded.
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Thailand Legislative Assembly Permits Issuing Of Tokenized Securities

The national legislative assembly of Thailand has officially allowed the issuing of tokenized securities on a blockchain according to the blockchain news coming from the local newspaper The Bangkok Post. According to the article, the government will amend the Securities and Exchange Act and after the changes come into effect, all tokenized securities can be issued on a blockchain officially. The Thai Securities and Exchange Commission will also provide further rules so all of the crypto platforms can seek a securities depository license. The Thai SEC secretary Tipsuda Thavaramara explained that the regulator will permit all of the crypto-related businesses or the businesses that function as depositories of securities to apply for the same licenses. The previously mentioned explained the Thailand Securities Depository Co Ltd as the only subsidiary of the Stock Exchange Of Thailand to have the permission to operate as securities depository. The Securities and Exchange Commission of Thailand will also decide if a security token offering is regulated within the current act or the royal decree. The decision depends on the rights of the particular token. At the start of this year, the Thai Ministry of Finance issued four licenses to crypto-related companies under the SEC recommendation but two of them failed to comply with the rules and later got rejected. As previously reported, the National Electronics and Computer Technology Center of Thailand is exploring how blockchain can be used in e-voting and the solution can end up being deployed in the short term for a smaller environment such as for the Thai nationals that live abroad to go to the embassy to vote and verify their identity on the blockchain.
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Texas Regulator Reaches Agreement With Four Crypto Companies It Previously Accused

The state regulator in Texas is in our crypto news today after the announcement that it has reached an agreement with four crypto companies that were previously accused of selling unregistered securities according to a document that was released on February 21. The four companies, Mintage Mining, BC Holdings and Investments, Social Membership Network Holding and Nui social agreed to stop offering crypto tokens to investors. The respondents will also pay an administrative fine of $25,000. Last year in July, the Texas State Securities Board (SSB) accused the companies after it identified token offerings that didn’t go under the definition of securities according to the local legislation. The order from the regulator confirms this information and requires no further activity to take place until they become suitable to be licensed and not after all documents are collected. The order also constitutes the recent victory of the Texas State Securities Board on taking down unregistered securities sales that are ongoing in the crypto sectors. As previously reported, bad actors in the crypto space are always under scrutiny and always under bigger operations run by the United States Securities and Exchange Commission. At the start of February, the SSB revealed to have issued about 16 orders to industry players that were suspected of being scams. For example, BitConnect was included in the 16 orders as a Ponzi scheme which is not even under FBI operation. The regulator stated:
 “The orders cited a total of 60 individuals and entities. None of the individuals or firms were registered to sell securities in Texas.”
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Bitcoin News

US Regulators Decision On BTC ETF Will Set The Mood For The Crypto Market: KRX

An official at the Korea Exchange (KRX) from South Korea’s securities exchange operator believes that the industry should keep a close eye on the developments from the United States regulators regarding Bitcoin exchange-traded funds so this is why in today’s bitcoin news we find out more about what the official stated. ETFs are capable of tracking assets that are proportionately represented in the shares of the funds. They are believed to have high potential to increase the chances of widespread adoption of cryptocurrency. The US Securities and Exchange Commission has postponed or rejected its decision on crypto-related ETFs and the KRX official had to say something about that:
 “The US has been the front-runner on the cryptocurrency market and related derivatives, and there are strong voices supporting the launch of Bitcoin ETFs within the market — which is why we are observing the progress and response of the US SEC’s decision on Bitcoin ETFs.”
He added that the KRX is considering the provision of a solid Bitcoin index as well which will be required for the launch of such ETFs. South Korea’s blockchain market has seen the launch of blockchain ETFs by investment banks because of the incredibly lower level of scrutiny they get from the national watchdog. A professor at Korea University’s Graduate School of Information Security Lee Kyang-ho argued that the health of the blockchain sector in the country could eventually create a path for crypto ETF integration by saying:
 “With the government expanding its investment in research and development of blockchain technology, the projects are expected to minimize or eliminate the risk of integrating ETF transactions in the cryptocurrency market.”
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