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Task Force Pushes Biden Administration to Tighten Cryptocurrency Regulation

A public-private task force has submitted a report to the Biden administration that includes recommendations to tighten the regulation of cryptocurrencies, including bitcoin, with the aim to combat ransomware. “The cryptocurrency sector that enables ransomware crime should be more closely regulated,” the task force wrote. White House Urged to Tighten Crypto Regulation A task force, organized by the Institute for Security and Technology, submitted a report entitled “Combating Ransomware” to the Biden administration Thursday with 48 recommendations, some of which aim at tightening crypto regulation. The recommendations were developed by the Ransomware Task Force (RTF), which the report describes as…

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Ireland Requires Crypto Companies To Comply With KYC/AML Rules

Ireland requires crypto companies to comply with the KYC and AML rules because with the introduction of the regulatory measures, it’s no longer possible to trade anonymously in Ireland so let’s read more in our latest crypto news. The European Union’s Fifth Anti-Money Laundering Directive was implemented into Irish Law and the virtual asset service providers that operate in the country now have three months to apply for registration with the central bank. The new AMLD directive was transposed into Irish law which means that Ireland required crypto companies that operate in the country now have to register with the…

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21% of Muscovites think crypto and digital currencies will replace fiat in ten years

According to a recent poll, 14% of Russians think crypto will replace fiat in 10 years, while 39% think it's impossible to give up cash. New research from one of the top 10 major banks in Russia, Otkritie Bank, has found that 14% of Russians think crypto will replace fiat in 10 years. According to Russian publication Nord News, the survey was conducted between April 12 and April 16, with a sample base of 1000 Russians aged between 18 to 65 who live in cities with a population of over 100,000. The results varied between regions, with respondents from the…

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Iran Authorizes Banks and Currency Exchangers to Use Cryptocurrencies to Pay for Imports

The Central Bank of Iran has authorized banks and currency exchangers to use cryptocurrencies mined by licensed crypto miners in the country to pay for imports. Meanwhile, a bill is being drafted to provide regulatory clarity regarding crypto-related activities. Using Cryptocurrencies to Pay for Imports The Central Bank of Iran (CBI) has announced that banks and licensed currency exchangers can use cryptocurrency mined by licensed crypto miners in Iran to pay for imports, the Financial Tribune reported on Saturday. The publication described: The central bank says that lenders and licensed currency exchange offices have been notified about the regulatory framework…

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Irish crypto firms must comply with money laundering laws for the first time

It is now a criminal offense to operate a crypto firm in Ireland without registering with the Central Bank of Ireland. Ireland’s crypto businesses have become subject to regulatory oversight for the first time, with local digital asset firms now observing anti-money laundering guidelines set out by the European Union, or EU. The EU’s Fifth Anti-Money Laundering Directive, or 5AMLD, was transposed into Irish Law on April 23, via the Criminal Justice Money Laundering and Terrorist Financing Amendment Act of 2021. The legislation requires firms that operate with crypto assets and custodial wallet providers — dubbed Virtual Asset Service Providers,…

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All 200 Cryptocurrency Exchanges Could Be Shut Down Under New Regulation in South Korea, Regulator Warns

The chairman of South Korea’s top financial regulator, the Financial Services Commission (FSC), Eun Sung-soo, has warned that all of the cryptocurrency exchanges in the country could be shut down. South Korea currently has about 200 cryptocurrency exchanges, he said. All Crypto Exchanges Could Be Shut Down in South Korea At the general meeting of the National Assembly’s Political Affairs Committee last week, The Korea Times quoted Chairman Eun as saying: All of the nation’s 200 cryptocurrency exchanges could be shut down after September once a special financial law takes effect. Chairman Eun explained that cryptocurrency exchanges are required to…

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Turkey’s Central Bank: Crypto Regulation Will Come In Two Weeks

Turkey’s central bank noted that crypto regulations could come faster than anticipated or in two weeks’ time since it was quite a rough week for the crypto traders in the country as we reported in our previous cryptocurrency news. Turkey’s central bank governor noted that the government has no intention of banning crypto and said that regulations will come in about two weeks’ time. The full-fledged regulations mean that the government is not working on a ban. Sahap Kavaioglu, the governor, said: “You can’t resolve anything simply by banning crypto, and we have no intention of doing so.” While the…

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Congress passes digital asset innovation act to clarify crypto regulations

U.S. financial regulators will now work together to create modalities for clear-cut crypto regulations in America. The U.S. House of Representatives on Tuesday passed H.R. 1602 — the Eliminate Barriers to Innovation Act — introduced by Congressman Patrick McHenry (R-NC). H.R. 1602 was among six bipartisan financial services-related bills passed by Congress on Tuesday with the McHenry-sponsored legislation focusing on regulatory clarity for cryptocurrencies. Introduced back in March, the bill seeks to clarify the roles of agencies like the Securities and Exchange Commission and the Commodity Futures Trading Commission in the policing of cryptocurrencies in the U.S. The bill also…

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US SEC Expected to Impose ‘Fair Amount’ of Regulation on Cryptocurrencies, Says Former Chairman

Former SEC Chairman Harvey Pitt says that he expects a “fair amount” of crypto regulation coming from the U.S. Securities and Exchange Commission (SEC) following the confirmation of the new chairman. Former SEC Chair Expects ‘Fair Amount’ of New Crypto Regulation Harvey Pitt talked about the future of cryptocurrency regulation under the new chairman, Gary Gensler, in an interview with Bloomberg Friday. Pitt is the American lawyer who served as the 26th chairman of the U.S. Securities and Exchange Commission (SEC), from 2001 to 2003. With the market debut of Coinbase via a direct listing on Nasdaq, Pitt was asked…

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CZ Says He Could Bring Traditional Financial Regulations To Crypto

Binance’s founder and CEO Changpeng Zhao or CZ Says he could bring traditional financial regulations to crypto during a Clubhouse conversation as we read more in our latest Binance news. In the Clubhouse conversation, CZ says he could bring traditional financial regulations to crypto if he was a regulator. He said that regulation is not really a bad thing for the crypto industry and noted that this industry is different from traditional finance:  “If I was a regulator, the most logical thing I would do is to look at the existing regulations in the traditional financial space and bring them…

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Turkey Bans Cryptocurrency Use for Payments as Local Currency Plunges

The Central bank of the Republic of Turkey has issued a cryptocurrency regulation prohibiting the use of cryptocurrencies for payments of goods and services. From the end of this month, crypto assets cannot be used directly or indirectly as a means of payment in the country and no service can be provided for this purpose. Turkish Central Bank Prohibits Crypto Use for Payments of Goods and Services The Turkish central bank (also known as CBRT or TCMB) has issued “Regulation on the Disuse of Crypto Assets in Payments.” It was published Friday in the official newspaper of the Turkish government.…

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MIT Crypto Professor Gary Gensler Confirmed as New SEC Chairman

The U.S. Securities and Exchange Commission (SEC) now has a new chairman, Gary Gensler. President Joe Biden’s pick, the MIT professor, whose classes included blockchain technology, digital currencies, and financial technology, has been confirmed by the Senate to lead the SEC. SEC Has a New Chairman President Joe Biden’s pick to lead the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has been confirmed by the Senate as the new chairman of the top financial regulator. The Senate voted 53-45 on Wednesday to confirm his nomination. The four commissioners at the SEC released a statement welcoming the agency’s new chairman,…

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Goldman Sachs Predicts ‘Big Evolution’ Coming to Cryptocurrency Regulation

Goldman Sachs CEO David Solomon foresees “big evolution” coming to cryptocurrency regulation as demand for bitcoin from clients continues to rise. He says that Goldman will “continue to find ways to serve our clients as we move forward.” Crypto Regulation Will Experience ‘Big Evolution,’ Says Goldman Sachs’ Chief David Solomon, the CEO of global investment bank Goldman Sachs, shared his view on cryptocurrency regulation in an interview with CNBC this week. Regarding the regulation for bitcoin and other cryptocurrencies, the Goldman Sachs executive said he thinks that cryptocurrency “is a space that’s evolving,” predicting: I think there’ll be a big…

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Blockchain Analysis Company Chainalysis Raises $100M at $2B Valuation

On 2 April 2021, blockchain analysis startup Chainalysis raised approximately $100M in a fundraiser spearheaded by Paradigm, which uplifted its valuation above $2B.  The Future of Cryptocurrency Several investment companies participated in the fundraising, including TIME ventures, Ribbit and Addition. The fundraiser, which was dubbed Series D, came after a Series C financing back in Read More

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US Treasury’s Proposed Crypto Wallet Rule Is Unconstitutional, Warns Civil Rights Group

The New Civil Liberties Alliance has objected to FinCEN’s proposed crypto wallet rule, calling it “unlawful.” In addition, the group says that the U.S. Treasury’s “planned ‘crackdown’ on cryptocurrency holders’ private wallets is an unconstitutional power grab.” FinCEN’s Proposed Crypto Wallet Rule Is Unlawful, Says NCLA The New Civil Liberties Alliance (NCLA), a nonpartisan, nonprofit civil rights group, filed its comments on Monday objecting to FinCEN’s proposed rule, entitled “Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets.” The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Treasury Department. The NCLA warned: The U.S. Treasury…

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Coinbase Opens Office in India Despite Crypto Ban Reports

Cryptocurrency exchange operator Coinbase has announced that it is establishing a business presence in India. The company has also posted several job openings for its Indian operations despite reports that the government may ban cryptocurrencies. Coinbase Sets up Shop in India Coinbase has officially announced its expansion into India. The company said last week: We’re happy to announce that Coinbase is establishing a business presence in India. By housing some IT services, including engineering, software development and customer support operations in India, we will benefit from its huge pool of world-class engineering talent. “India has long been known as a…

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Indian Government Now Requires Companies to Disclose Cryptocurrency Holdings

The Indian government has introduced new cryptocurrency disclosure rules. Companies dealing in cryptocurrencies will have to disclose their crypto holdings, among other disclosures, as part of their financial statements beginning April 1. New Crypto Disclosure Requirements The Indian Ministry of Corporate Affairs (MCA) issued a notification last week mandating companies to disclose crypto trading and investments during the financial year. These disclosures will be required starting on April 1, which is when India’s financial year 2021-22 begins. Every company which “has traded or invested in cryptocurrency or virtual currency during the financial year” must disclose “profit or loss on transactions…

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RBI Governor Says Government and Central Bank Agree on Cryptocurrency Approach

RBI Governor Shaktikanta Das says that there is no difference of opinion between the Reserve Bank of India (RBI) and the finance ministry on cryptocurrencies. While the finance minister said that the government will not shut off all options and will take a calibrated position regarding crypto legislation, the central bank has voiced some “major concerns.” No Difference of Opinion on Crypto Between RBI and Finance Ministry RBI Governor Shaktikanta Das answered some questions regarding cryptocurrency, the digital rupee, and upcoming digital currency legislation Thursday at the India Economic Conclave organized by The Times Network. There have been questions about…

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Microsoft President Believes Crypto Should Be Left To The Governments

Microsoft president Brad Smith criticized the financial technology companies that are trying to issue currencies and said that they should be left to the government as they are the best suited to plate the role so let’s find out more in our crypto news below. Speaking at the Bank of International Settlements conference, the Microsoft president said that he is not a big fan of encouraging the company to participate in issuing a digital currency:  “The money supply almost uniquely needs to be managed by an entity that is responsible to the public and thinks really only about the public…

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