Italy’s financial regulator is yet again in our crypto news for issuing another cease and desist order to a crypto-related project for allegedly providing unauthorized investment services.
The Italian National Commission for Companies was founded in 1974 and it’s a government agency that is responsible for regulation of the securities market in Italy.
The company that was prohibited from operating by the CONSOB, Avacrypto, has allegedly been offering services to the people in Italy without the required authorization and without authorizing the website as well. The website is not accessible at the moment.
Earlier this month, the CONSOB already suspended two other projects for about 90 days for offering fraudulent crypto investment schemes. Both companies that got suspended BitSurge Token and Green Energy Certificates are scam projects that were created by Avalon Life which is a company based outside of the European Union.
Despite regulation not being established in Italy, the country’s Treasury Department of the Ministry of Economy and Finance is currently working on a decree that aims to classify the use of cryptocurrency in the country. The decree will likely define how the service providers related to cryptocurrency can report their activities to the Ministry.
Bringing this legislation will avoid unlawful activities associated with digital currencies especially with money laundering. The definition ‘’virtual currency’’ in the decree is explained as: ‘’digital representation of value, not issued by a central bank or public authority, not necessarily related to a fiat currency, used as a tool of exchange for purchasing goods or services and electronically transferred, stored and traded.’’
South Korean Exchanges Increase Liability Following Demands From Regulators
“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.
Indian Central Bank Denies Knowledge Of Proposed Crypto Ban Bill
“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.’’
Financial Action Task Force Wants To Turn BTC Exchanges Into Banks
“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.
G20 Ministers Address The Benefits Of Cryptocurrencies
“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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