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Law Decoded: Government sandboxes, test beds and crypto compromises, Oct. 16-23

These week's news highlighted how governments test new regimes for cryptocurrency, which can be slow but are certainly some kind of progress. A line from immortal comic strip Calvin & Hobbes goes “a good compromise leaves everybody mad.” When it comes to laws governing crypto, authorities are usually asking for pretty major compromises because they are, at their very best-intentioned, trying to work things out. While it’s a fast-developing area of law — honestly a treat to cover — that means it’s fast-developing relative to law, not tech. There is an innate conservatism to anything having to do with how…

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Regulation will keep PayPal’s new crypto services from looking anything like crypto

For now, PayPal's crypto payments are more about satisfying regulators than providing users with crypto capabilities. Earlier today, PayPal confirmed that it would be adding crypto payments to its global platform over coming months. The rollout will begin in the United States, where PayPal also became the first recipient of the New York Department of Financial Services' (NYDFS) conditional Bitlicense, a program that the regulator announced this past summer.  The devil in the details While the news is huge for crypto, PayPal will be under intense scrutiny. The nature of the conditional Bitlicense is that conditional licensees have to pair off with firms that have full…

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NYDFS Seeks Answers from Crypto Firms in Wake Of Twitter Hack

The crypto industry is still reeling from the fallout of July’s high-profile Twitter attack in which several hackers manage to impersonate some top individuals on the app. Joining those searching for answers is the New York state government, as its financial regulator has released a report on the incident.  Compiling a Report Card on the Crypto Industry  The report, which the New York Department of Financial Services (NYDFS) published earlier this week, describes the hack’s impact and how it has exposed a deep need for better security protocols in the crypto industry. The financial regulator asserted that the incident merely showed…

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Twitter’s bitcoin scam compels New York regulator to call for action

The financial regulating body, New York State Department of Financial Services (NYDFS) said that the “double your money with bitcoin” scam as a result of the infamous Twitter hack on July 15 led to “weaponization” of major social media companies. The policymakers have called for strong cybersecurity to curb such events.  NYDFS claimed that in […] The post Twitter’s bitcoin scam compels New York regulator to call for action appeared first on AMBCrypto.

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Office of the Comptroller Set to Grant Bank Charters to FinTech Companies 

The integration between traditional finance and technology appears to be getting even stronger, as FinTech firms could receive banking charters moving forward. According to Politico Brian Brooks, the Acting Comptroller of the Currency, will spearhead an initiative that will allow digital payment firms to get banking charters. Easier Access for Expansion The report explained that the charter would apply to FinTech firms that facilitate payments but don’t take deposits. The charter will provide a set of rules that allow them to operate across state lines, while also enabling them to expand their offerings across states without applying for licenses in each…

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New York Regulator Fast-Tracks 10 Cryptocurrencies

The New York State Department of Financial Services has created a Greenlist of pre-approved cryptocurrencies for custody service and listing. Meanwhile, crypto-friendly SEC Commissioner Hester Peirce, also known as Crypto Mom, has been confirmed for another term at the commission. NY Regulator’s Cryptocurrency Greenlist The New York State Department of financial services (DFS), the Bitlicense regulator, has published a Greenlist comprising 10 cryptocurrencies for custody and eight cryptocurrencies for listing. “Any licensed entity may use coins on the Greenlist for their approved purpose(s),” the regulator explained. The 10 cryptocurrencies are binance USD (BUSD), bitcoin (BTC), bitcoin cash (BCH), ethereum classic…

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