Financial Industry News
A new bill could bring cryptocurrency exchanges under a single federal framework. The Digital Commodity Exchange Act of 2020, introduced Thursday by Rep. Michael Conaway (R-Texas), seeks to create a federal definition of “digital commodity exchanges,” putting them in their own legal category and charging the Commodity Futures Trading Commission (CFTC) with oversight. The bill […]
Continue ReadingA leaked version of rules to be issued later this month by the European Commission proposes an all-encompassing set of regulations covering the trading or issuance of digital assets across the 27-nation bloc. Obtained by CoinDesk, Europe’s Markets in Crypto-Assets (MiCA) draft legislation provides legal certainty around crypto assets – cryptocurrencies, security tokens and stablecoins […]
Continue ReadingWhen Hong Kong regulators gave crypto firm OSL a nod of approval last week, it was the icing on the cake for the HKEX-listed digital asset trading platform. Hong Kong’s Securities and Futures Commission (SFC) granted BC Group crypto subsidiary OSL an “approval-in-principle” for its license application for Type 1 (dealing in securities) and Type […]
Continue ReadingWhen Anshul Dhir got a 400% return on bitcoin in 2016, the Noida-based entrepreneur jumped in joy and decided to enter the world of digital currency. He left his government job and incorporated a startup named Qadcore to provide commercial mining facilities. His parents were baffled: ”Is crypto mining legal? How are you earning money?” […]
Continue ReadingAs Benjamin Lawsky, then the head of the New York State Department of Financial Services (NYDFS) was readying his cryptocurrency business licensing regime in October 2014, he told a group of law students that it was highly likely other states would look to his proposal as a model for designing their own regulations. Lawsky’s reasoning […]
Continue ReadingFive years after throwing up a wall around its market few crypto startups could scale – a wall known as the BitLicense – New York is handing down a ladder. The New York Department of Financial Services (NYDFS) said Wednesday that it will consider issuing conditional licenses, under which startups would be allowed to partner […]
Continue ReadingLawmakers in Spain are working on amending the nation’s anti-money laundering and terrorist financing laws to be in compliance with European Union law, six months after the EU’s deadline. A proposed amendment published over a week ago will require virtual currency service providers to register with the Bank of Spain. If enacted, the law will […]
Continue ReadingSouth Africa’s financial regulators recommended that cryptocurrency “remain without legal tender status” in a Tuesday roadmap outlining what could become the nation’s first comprehensive crypto laws. According to the policy paper by South Africa’s “Intergovernmental Fintech Working Group” (IFWG), the burgeoning crypto asset sector – one survey suggests that 10.7 percent of South African internet […]
Continue ReadingA New Jersey lawmaker wants to license crypto exchanges and custodians looking to conduct business in the Garden State. Assemblywoman Yvonne Lopez (D.-19) introduced the Digital Asset and Blockchain Technology Act Friday, putting forth a proposal to license any entity looking to provide digital asset trading, storage, purchase, sales, exchange, borrowing/lending or issuance services. The […]
Continue ReadingThe Takeaway: SEC Commissioner Hester Peirce wants to give token projects three years to adequately decentralize their networks before worrying about securities laws. Industry participants believe some kind of so-called “safe harbor” is necessary, and praise Peirce’s proposal for providing a reasonable plan for creating one. Questions remain, including how to define network maturity and […]
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