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.
New Jersey Is Regulating Cryptocurrencies At State Level
“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.
Cyprus SEC Embraces Blockchain Despite Unclear Crypto Regulation
Russia Decides To Outlaw Crypto As Means Of Payment
"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%.
More Crypto Regulation Suggested By Michael Bloomberg
‘’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.
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