Connect with us
CLOSE

Regulation

FSB Appoints Top Crypto Regulator As Head Of Regulatory Cooperation

Published

on

fsb appoints

FSB appoints the well-known crypto regulator Ryozo Himino as the new head of the Standing Committee on Supervisory and Regulatory Cooperation as we are reading in the latest cryptocurrency news below.

In a press release that was issued on Monday, the Financial Stability Board announced Himino’s appointment. The statement shows that the new executive will serve a two-year term starting from the end of September this year. Himino is taking over from Norman Chan who was the head of the Hong Kong Monetary Authority. For the FSB, the new executive was appointed because of his huge experience in international policy regulatory matters and a huge knowledge of cryptocurrency. As a part of the FSA, Himino played a very important role in shaping Japan’s approach to regulating cryptocurrency and crypto exchanges. Many of the regulatory policies have centered around the safe custody of the customer funds by the crypto exchanges. Despite the efforts, the Japanese exchanges are still a target of hackers where they lose millions of tokens and money from their platforms.

Himino was also at the front of Japan’s efforts to convince the G20 in adopting streamlined cryptocurrency policies since the anti-money laundering laws are a key focus on the considerations around the crypto governance. The intergovernmental Financial Action Task Force also issued some guidelines on how the countries should oversee their local crypto industries from an AML compliance point of view. As 2018 ended, the crypto-related money laundering cases accounted for less than 2 percent of the total money laundering cases in Japan.

This was one of the reasons why the FSB appoints this new head of the sector because according to the Japanese media outlet Excite News, Himino’s new position will focus on Facebook’s proposed Libra cryptocurrency and its regulation. The reports indicated that the FSB wants Himino to leverage his experience in creating new laws that will govern Libra’s operations. The Libra crypto project still attracts heavy criticism from the finance sphere as we read in the altcoin news. The Executive board member from the European Central Bank described Libra as being the ‘’siren call of treacherous promises’’ and according to him, Facebook’s cartel-like Libra will severely damage the ECB’s ability to establish monetary policy in the region.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Continue Reading
Comments

Regulation

New Jersey Is Regulating Cryptocurrencies At State Level

Published

on

By

new jersey
The regulation crypto exchange news that we have been covering are nothing compared to a recent decision by an actual state in the United States. We are referring to the state of New Jersey which is now considering a new bill that would require cryptocurrency businesses to obtain a proper license to operate. As the cryptonews first hinted, the assemblywoman Yvonne Lopez proposed the Digital Asset and Blockchain Technology Act on Feb. 20. as part of a legislation which would establish new requirements for virtual currency businesses and create consumer-friendly protections by requiring crypto firms to disclose their legally registered names, Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) policies, as well as their licensing and legal history to the State of New Jersey and the Department of Banking and Insurance. Even though the largest surge was the Bitcoin news showing how BTC got to $20,000 in December 2017, there were no state regulations surrounding cryptocurrency in New Jersey at the time. Unlicensed crypto operators had to be tried on a federal level then through the Department of Justice. This is why Lopez highlighted the need to address the issues today and said:
“People see and hear about [Bitcoin] in their day-to-day lives, but most are not quite sure what it is. We must take steps to protect consumers looking to invest in cryptocurrency, while also allowing the sector to continue to develop and expand in New Jersey.”
The bill apparently requires crypto companies to disclose their terms and conditions for consumer accounts. As such, they will be protected by the Federal Deposit Insurance Cooperation (FDIC) as are traditional bank account holders. The US crypto regulation news also show that anyone applying would need to provide a schedule of fees and any information regarding the risks of investing in digital assets.
“With this legislation, consumers will be better-informed of the risks involved when investing in virtual currency.”
This is what is new in the US crypto regulation news. What is important now is that with the introduction of a state-level licensing scheme, New Jersey would join its neighbor New York in requiring crypto firms to obtain special permission to operate - something that has been known as the BitLicense which the regulators in New York introduced in 2014.
`
Continue Reading

Regulation

Cyprus SEC Embraces Blockchain Despite Unclear Crypto Regulation

Published

on

By

cyprus sec
The Securities and Exchange Commission (CySEC) of Cyprus has published a report in which it discussed about the ongoing activities of its Innovation Hub - a new cooperative entity which launched in October 2018 with the main goal to engage the communication between CySEC and entities operating in the fintech and regtech sectors. The Cyprus SEC now embraces the blockchain technology and is intended to facilitate knowledge-sharing between regulators and innovators. The commission will also be in charge of promoting the development of regulations which foster innovation and ensure compliance within dynamic and emerging tech industries. It will also engage with third parties seeking to participate with emerging financial innovations, including law firms, credit institutions and education institutions. A press release shows that the chairwoman at Cyprus SEC Demetra Kalogerou described the Hub as working to strengthen investor protections “by embracing new innovations in financial and regulatory technology,” adding that the regulator’s mission is to “create a robust ecosystem in which fintech firms can flourish responsibly in Cyprus.” Despite the efforts to foster innovation within the DLT sector, activities involving cryptocurrencies remain an unregulated activity within the country. A recent interview showed Kalogerous saying that the agency is still “evaluating the risk and benefits of crypto innovation to determine whether further actions and legislative requirements are needed to ensure full investor protection.” The chairwoman also added that the Cyprus SEC team does not wish to act prematurely as its main mission is to prevent “any dislocation in an otherwise smooth functioning [...] capital market.” Before this, CySEC published warnings regarding three unauthorized forex and cryptocurrency brokers including Naga Markets, CALIBUR CAPITAL and IcFxMarkets of operating illegally within the country. The commission noted that the companies fraudulently claimed to have affiliation with entities regulated within the jurisdiction. As the blockchain news showed, the Cyprus securities regulator partnered with the University College London's Blockchain Technology for Algorithmic Regulation and Compliance (BARAC), which researches applications for blockchain technology in automating the compliance and regulatory procedures. In 2019, the cabinet in the country published its National Strategy on Distributed Ledger Technologies, aiming to provide a platform for both public and public-private initiatives employing blockchain applications.  
`
Continue Reading

Regulation

Russia Decides To Outlaw Crypto As Means Of Payment

Published

on

By

russia decides
The regulation crypto exchange and crypto news show that Russia's Federal Security Service (FSB) which is the successor of KGB, agreed with the central bank of the country that cryptocurrencies should not be allowed as means of payments on the territory of Russia, according to a local portal. Reports show that Russia decides to outlaw crypto and sees if it is even possible to ban cryptocurrencies like Bitcoin as payment options. Before the consensus, the FSB was confused about whether it was even possible to do this. The two departments have argued about how to regulate digital currencies. While the Bank of Russia has been firm on its position that everything related to cryptos should be banned, the FSB was open to legalization and endorsed a new regulatory framework that would favor the miners. According to a letter from the Deputy Prime Minister Dmitry Chernyshenko seen by the Russian portal Baza (sent to Vladimir Putin) the two agencies have finally come to a compromise.
"A decision was made following a meeting in the government to establish a ban on the issuance and use of cryptocurrencies as a means of payment," the letter read.
In the same letter, Chernyshenko said that the FSB insisted that some of the crypto-related proposals should be included in Russia's bill on digital financial assets, which is very likely to pass through the parliament this spring. If this occurs, we can see how Russia decides to ban cryptocurrencies. But before that, the FSB wants to identify all crypto owners in the country. For failure to comply with the upcoming law, the FSB is going to impose administrative and even criminal liability. While the FSB and the Bank of Russia reached an agreement on how to regulate crypto, the two departments would not concede on their intentions to independently influence the regulatory process. So far, the bank has not responded to the FSB proposals. What's also interesting in the altcoin news is that a BBC investigation from earlier this month showed that the FSB could be behind the disappearance of $450 million worth of crypto from an exchange platform. Meanwhile, the action on the market is the same and the market cap is at $280 billion while BTC's dominance is at 62.9%.
`
Continue Reading

Regulation

More Crypto Regulation Suggested By Michael Bloomberg

Published

on

By

more crypoto regulation
U.S Presidential candidate Michael Bloomberg suggests more crypto regulation which is expected to clarify the status of crypto assets within the financial system and he aims to offer more government oversight as well as improved consumer protection so let’s find out more in the regulation crypto news. Bloomberg made these statements in his now published Financial Reform Policy and the candidate is not the first one to support more crypto regulation but he is the most credible candidate given his history in the financial sector. The other candidate, Andrew Yang, recently dropped out of the race. Bloomberg plans to:
‘’Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. For all the promise of the blockchain, Bitcoin and initial coin offerings, there’s also plenty of hype, fraud and criminal activity. Mike will work with regulators to provide clearer rules of the game ‘’
The document wants to establish consumer protection and to clarify the taxation rules by creating a framework for initial coin offerings by determining which of the tokens are legal securities. He also calls for more regulations for banks and other financial institutions. The proposal is short but notable as the other leading candidates have remained silent on this matter. The other presidential candidate Bernie Sanders made no statements about crypto nor Joe Biden or Elizabeth Warren has commented. Trump is still not a fan of cryptocurrency and has made no calls for regulation. More discussion about the blockchain development could be sparse among the presidential candidates but the topic will not go away. Some of the other branches of government have been addressing the impending wave of crypto adoption and the Federal Reserve Chairman Jerome Powell discussed Bitcoin before the entire House Financial Services Committee. The fact that Bloomberg wants to address blockchain assets is not surprising. He founded one of the most successful financial companies that specialize in software and technology. There’s sure no doubt that he is familiar with crypto and its potential. If the crypto market continues to recover, more candidates will make new positions on how the federal government should approach the blockchain development. There is no doubt that the next president will have to recognize the crypto potential and the change of the entire economic landscape.
`
Continue Reading

Newsletter

For Updates & Exclusive Offers
enter your email below





NEWS CATEGORIES

ADVERTISEMENT

cryptocurrency review
FO5F93F47156 - FSB Appoints Top Crypto Regulator As Head Of Regulatory Cooperation

ADVERTISEMENT

Medium Rectangle 300 200 2 Animated - FSB Appoints Top Crypto Regulator As Head Of Regulatory Cooperation

ADVERTISEMENT

oasistrade banner

ADVERTISEMENT

300 250 - FSB Appoints Top Crypto Regulator As Head Of Regulatory Cooperation
FO710FC3F2305 1 - FSB Appoints Top Crypto Regulator As Head Of Regulatory Cooperation

ADVERTISEMENT

300 600 3 - FSB Appoints Top Crypto Regulator As Head Of Regulatory Cooperation

Trending Worldwide