Bitcoin 

Iceland’s Financial Regulator Approves Blockchain-Powered E-Money Firm

The Financial Supervisory Authority (FME), Iceland’s sole financial regulator, has approved the first blockchain-powered e-money firm in the country, crypto media outlet CoinDesk reported June 14. Reykjavik-based Monerium, backed by blockchain software company ConsenSys, has reportedly been approved by the Icelandic financial watchdog to provide fiat payment services using ethereum (ETH) blockchain. According to the report, Monerium has become the first company to operate under an electronic money framework, a major European regulatory framework that enabled the firm to offer blockchain-powered e-money services across the European Economic Area (EEA). Monerium…

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Bitcoin 

UK Financial Watchdog Blacklists Clones of Two Major Financial Firms

The British Financial Conduct Authority (FCA) has warned investors of a fraudulent company posing as the Swiss Investment Corporation, an FCA-authorized firm offering crypto investments, and another company that is a clone of Goldman Sachs, the regulator announced on June 14. The financial regulator has blacklisted a firm operating under the domain swissinvest.biz. According to the announcement, the fraudulent clone firm offers services on its website swiss-investissement.com and is involved in scam activity. On the website, the alleged clone firm divides its proposed investments into the safest —  assets such…

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Blockchain 

Circle to Close Its Payment App, Focus on New Financial Products

Peer-to-peer payments technology firm Circle is closing its payment app Circle Pay in order to develop new crypto financial services, according to an announcement published on June 13. Per the blog post, Circle will start terminating the operation of Circle Pay, a fiat money sending service with a social messaging component, from July 8, 2019, and will fully close support for the app on Sep. 30. Specifically, on July 8 the app’s users will no longer be able to add or send money to anyone through their Circle Pay account.…

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Blockchain 

Former Financial Regulator Deputy Governor to Serve as Blockchain Association Chief

The former deputy governor of South Korea’s financial regulator, the Financial Supervisory Service (FSS), has been nominated to lead the Korea Blockchain Association. The news, revealed by the association on Monday, was reported by local English-language daily The Korea Times on June 13. The Korea Blockchain Association seeks to create regulations for blockchain technology and the cryptocurrency sector, and counts crypto exchanges, crypto-related enterprises and public institutions as members. It is reportedly set to appoint Oh Gap-soo, 70, to the role at a forthcoming general meeting scheduled for June 24.…

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Blockchain 

Blockchain Would Have Improved Regulator Response to 2008 Financial Crash

United States Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo says that blockchain technology would have allowed for a “far faster, better-informed, and more calibrated regulatory intervention” in response to the 2008 financial crisis. Giancarlo made his remarks during a speech —  entitled “The New Futurism: 21st Century Financial Markets, Technology and Regulation” —  which was delivered at the Commissione Nazionale per le Societa e la Borsa (CONSOB) in Rome, Italy on June 3. Giancarlo devoted the first part of his speech to reflections on blockchain and the 2008…

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Bitcoin 

Japanese Financial Services Agency Approaches Crypto ETFs With Caution, Cites Volatility

The Japanese Financial Services Agency (FSA) showed a cautious approach towards cryptocurrency-based exchange-traded funds (ETFs) in comments at the finance committee of the upper house of the National Diet on May 30. Cointelegraph Japan reported on the comments earlier today. Per the report, local politician Takeshi Fujimaki noted during the meeting that he expects a crypto-based ETF to be approved in the United States, citing both positive and negative statements released by United States Securities and Exchange Commission commissioner Hester Peirce. He then noted that such a product would be…

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Blockchain 

UK Financial Watchdog Warns Public of Crypto Clone Firm

The primary financial regulator of the United Kingdom, the Financial Conduct Authority (FCA), warned that ICAP Crypto is a clone firm in a public announcement on May 24. According to the report, ICAP Crypto is a clone firm of ICAP Europe Limited. Clone firms are a type of scam in which the scammers use information from legitimate firms in an attempt to convince targets that they are genuine. In this case, ICAP Europe Limited is a legitimate firm that is authorized by the FCA, and its details are being propagated…

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Blockchain 

Bitfury Partners With Kazakhstan-Based Financial Hub to Cooperate on Blockchain Projects

Blockchain tech giant Bitfury partnered with major Kazakhstan-based financial hub to apply the technology across multiple industries, local government-backed newspaper The Astana Times reports on May 21. Headquartered in Nur-Sultan, the newly renamed capital of Kazakhstan, the Astana International Financial Centre (AIFC) will apply Bitfury’s blockchain expertise in creating projects and promoting new startups on a global scale. In turn, Bitfury plans to launch data centers in Kazakhstan to gain exposure and cooperate with the Nur-Sultan city administration, as well as support the development and promotion of distributed ledger technology…

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Blockchain 

Financial Service Giant BNY Mellon Appoints New Head of Blockchain

New York-based global investments company, Bank of New York Mellon (BNY Mellon), has named Subhankar Sinha as the company’s Head of Blockchain, according to a May 13 press release. Sinha’s role in the corporation will be to work on creating and furthering partnerships with startups, accelerators and other businesses in the blockchain field. Sinha previously worked as a director for the London-based international accounting firm PwC, co-founding and co-leading the firm’s American blockchain consulting practice. After leaving PwC, he created a firm to advise startups on business models. BNY Mellon…

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Bitcoin 

BitOasis Secures Preliminary Approval With UAE Financial Regulator

United Arab Emirates-based cryptocurrency exchange BitOasis has reportedly secured preliminary approval with financial regulators, Bloomberg reported on May 13. Founded in 2015, BitOasis claims to be the Middle East’s first digital currency wallet that uses multi-signature technology. The company previously announced that it was seeking to be fully licensed in the financial center Abu Dhabi Global Market (ADGM) before the end of this year. Ola Doudin, the founder and CEO of BitOasis said then that “we are hoping to be one of the first regulated exchanges to get that licence.”…

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