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Regulation

Italian Regulator Suspends Two Crypto Projects For Alleged Fraudulent Investment Schemes

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The Italian Companies and Exchange Commission or Commissione Nazionale per le Societa e la Borsa hits our crypto news today for suspending two crypto projects for allegedly offering fraudulent crypto investment schemes.

The suspensions were reported on the regulator’s website.

The CONSOB is actually the same as the United States Securities and Exchange Commission and represents the regulating government authority that regulates the Italian securities market.

The suspended companies are Bitsurge Token and Green Energy Certificates are scam projects from a company named Avalon Life that is not based in the EU. They have been both banned from offering any kind of investment services for 90 days.

Bitsurge was promoting fraudulent schemes on its website and its Facebook page. The company was offering investors ‘’token contracts’’ that guarantees monthly returns up to 13 percent for capital amounts starting from $1,000 up to $25,000. According to the CONSOB, the customers didn’t participate in the management of their tokens.

The Green Earth Certificates was claiming that the goal is to protect rainforests from deforestation by purchasing forest areas via blockchain. They ‘’provided’’ a 6 percent reward for the investment.

A week ago, the CONSOB issued another warning together with Malta’s Financial Services Authority about a cryptocurrency exchange named OriginalCrypto that was unlicensed.

The unlicensed platform has created a clever marketing approach according to the monitoring website ScamBitcoin, where they promote their services to consumers around the world easily. The exchange has already made some dubious claims about its setup and claims that the exchange is operated by a Bulgarian-based Bali Limited Ltd. parent company though evidence of these claims was nowhere to be found.

The securities regulator also issued a cease-and-desist order to three crypto firms for offering unapproved investment services.

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Regulation

South Korean Exchanges Increase Liability Following Demands From Regulators

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Five South Korean exchanges have taken on new responsibilities for user losses, going in line with the regulators' demands. According to the local English-language news outlet The Korea Herald and its reports on June 17 (citing Yonhap News Agency), the reported situation in the altcoin news is very important in the country. Also, it comes a year after the Fair Trade Commission requested Bithumb as well as four other platforms to adapt their policies. All of the South Korean exchanges will now hold themselves accountable if user funds are being stolen. Moreover, the latest cryptocurrency news show that the onus for paying out will be in line with the exchanges - even if no willful or gross negligence occurs on their part, as Korea Herald stated. Before this, South Korean exchanges only reimbursed users if it was proven that their own systems were at fault and were responsible for the mistakes. However, the changes come after a lot of new regulations in the domestic exchange sector. This is especially applicable to Bithumb, which suffered a hack of user funds over the past year.
“The overstatement of trading volumes by cryptocurrency exchanges, and by implication the understatement of the importance of listed futures, suggests that market structure has likely changed considerably since the previous spike in Bitcoin prices in end-2017 with a greater influence from institutional investors,” JPMorgan wrote in a piece that speaks about Bitcoin futures and regulations.
As we reported earlier this year, increasing security for South Korean platforms is also important due to the increased risk of cyberattacks from the neighboring North Korea. Last month, for example, there was a phishing scam that targeted users of the South Korean exchange Upbit - and was later confirmed to be work of North Korean state actors. At the same time, the coming altcoin news reported that a lot of South Korean exchanges were reporting gross losses for 2018 mostly because of the bear market. Data showed that only the Upbit crypto exchange made profits. Coinnest, for example, has shut down altogether in May this year. All in all, South Korean crypto exchanges have always been a hot topic reported by many best cryptocurrency news sites - especially because of the tight regulation and variety of users.
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Regulation

Indian Central Bank Denies Knowledge Of Proposed Crypto Ban Bill

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Indian Central bank denied the allegations of the proposed crypto ban bill that would make the use and ownership of crypto in the country entirely illegal. The reports that we have in our coming altcoin news, give us a broader picture of the issue. According to the reports that surfaced last week, the Indian lawmakers are working on legislation that could impose a 10-year prison sentence for anyone that is caught holding, using or owning cryptocurrency. During the research, the Indian Central Bank responded to a Right to Information request that was initially filed on June 4 by a blockchain-specialized lawyer. The bank noted that it was not communicating with the governmental agencies during the entire process and it didn’t even receive a copy of the bill. The regulating of Bitcoin and blockchain in India has been going on and off over the past period with multiple threats of bans being introduced by government initiatives as well as the regulatory sandbox from the RBI itself. Although the Indian Central Bank denied the knowledge of the crypto bill ban, it did not necessitate that the reports are false. However, it is worth mentioning that the high level of participation from the bank itself in previous crypto matters. The bill outlines this harsh punishment for anyone involved in any way with cryptocurrencies. The Banning of Cryptocurrency and Regulation of Official Digital Currency Bill noted that the offenders will be sentenced with a non-bailable sentence as mentioned previously in the latest cryptocurrency news. The bill also noted that the degree of punishment will be appropriate to the portfolio of the user. The harsh nature of the bill continues to state that the fines are decided by the courts which also state that they will be three times as much harsh as the profit that the person made from crypto in the first place:
 “The penalty imposed on the accused, according to the bill, shall be either thrice the loss caused to the system, or three-fold the gains made by him/her, whichever is higher. If the loss or gain can’t be reasonably determined, the maximum fine that can be imposed may be notified by the government.’’
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Regulation

Financial Action Task Force Wants To Turn BTC Exchanges Into Banks

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Financial Action Task Force or the FATF aims to make about 200 countries around the world to treat bitcoin exchanges like banks. The latest cryptocurrency news comes today after the reports published on June 11. The intergovernmental body reported that it wants to change how national regulators should treat all of the business which are dealing with cryptocurrencies and that the update will go public on the 21st of the month. It’s not really clear all the way but experts believe that anyone who deals with cryptocurrencies and who exchanges more than 1000 EUR worth of bitcoin will have to provide personal information. For the business who act as exchanges and asset managers, the requirements are that the recipient of the funds must be identified which is a thing that many have insisted on doing but it is impossible with decentralized cryptocurrencies. The financial action task force can only make ‘’recommendations’’ and their applications will vary depending on the jurisdiction of the authorities. For the countries that are not compliant, they can expect to be blacklisted or removed from the entire financial system. Eric Turner, the director of research at crypto research firm Messari noted:
 “Their recommendation could have a much larger impact than the SEC or any other regulator has had to date.”
He also added that the problem was ‘’one of the biggest threats to crypto today.’’ Also, the FATF announced previously an incremental approach to crypto management in 2018:
 “As part of a staged approach, the FATF will prepare updated guidance on a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring; and guidance for operational and law enforcement authorities on identifying and investigating illicit activity involving virtual assets.“
As reported previously in the coming altcoin news, the G20 members pledged to implement the suggestions by the FATF in full and as the deadline approaches, crypto entities are now sounding the alarm noting that an apparent ineptitude on the FATF side will get them.  However, crypto users are not sure what this means. Many stay strong on the stance that Bitcoin is not a bank and is not SWIFT. Bitcoin is also not considered as money and it is just a database. Many want to make sure they keep Bitcoin that way.
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Regulation

G20 Ministers Address The Benefits Of Cryptocurrencies

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The latest cryptocurrency news show that the global finance ministers and central bankers recently reconfirmed their support towards cryptocurrencies and crypto-industry regulations. The G20 ministers attended the G20 Finance Summit held this weekend in Japan - ahead of the Leaders' Summit scheduled for late June. The cryptocurrency markets were a hot topic at the summit. In fact, there was a 14-page document revealed by Japan's Minister of Finance on Sunday, which is designed to reflect the outcomes of the weekend discussions between the G20 Ministers (of finance) and the central bankers. Positive and encouraging, the finance leaders clearly put their support behind the crypto assets while remaining vigilant when it comes to monitoring the risks they pose. They also said that crypto assets, as well as other technological innovations, could deliver many benefits to the financial system as well as the broader economy. The G20 Ministers were featured in the altcoin news for the following statement:
“While crypto-assets do not pose a threat to global financial stability at this point, we remain vigilant to risks, including those related to consumer and investor protection, anti-money laundering (AML) and countering the financing of terrorism (CFT).”
However, the G20 leaders also reconfirmed their commitment to a globally consistent regulatory environment and agreed that overregulation is an issue that should be avoided. Still, they will have to strike a difficult balance since overregulation is found to stunt the growth and innovation necessary if the industry is to serve its communities. The G20 Ministers and central governors also reiterated their commitment to the various initiatives which happen underway. As they revealed, they fully support the regulatory efforts that protect both consumers and investors - as well as support the market integrity. Another important topic at the G20 Summit was cyber regulation. In times when crime is more and more present online, the G20 leaders agreed on the following:
“…a tsunami of tough new global anti-money laundering (AML) and counter-terror financing (CTF) regulations will roll over the crypto landscape in the coming year.”
The G20 has shown big consistency and a multilateral regulatory approach which was praised by many best cryptocurrency news sites.
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