Bitcoin 

US Regulator Joins Canada in Fining Blockchain Firm CEO for Securities Act Violation

Blockchain entrepreneur Alex Tapscott has been fined $25,000 by the United States Securities and Exchange Commission (SEC,) according to a filing on May 14. Tapscott is the CEO of NextBlock Global, and in the filing, the SEC said neither the Canadian company nor its securities had ever been registered with the commission. The 33-year-old and his company have also been ordered to cease and desist from committing further violations of the Securities Act. According to the SEC, NextBlock was founded by Tapscott and three others in June 2017 for the purpose of investing…

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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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Blockchain 

US Regulator FCC Eyes Blockchain in Wireless Spectrum Management Shake-Up

United States regulator the Federal Communications Commission (FCC) is considering blockchain for wireless network licensing, IT and fintech magazine ComputerWorld reported on May 6. In a speech at last week’s MIT Business of Blockchain conference, commissioner Jessica Rosenworcel said the technology could help simplify and reduce the cost involved in dealing with so-called wireless spectrum organization. Wireless devices all require radio waves to communicate, with the growing number of such devices and Internet of Things (IoT) expansion contributing to a shortage of available frequencies. The FCC is in charge of…

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Blockchain 

Singapore Regulator Recognizes Potential of Blockchain for Cross-Border Payments

Sopnendu Mohanty, Chief Fintech Officer of the Monetary Authority of Singapore (MAS), said that blockchain has potential for cross-border payments but the agency “does not see much” in retail bank digital currencies. Mohanty delivered his comments at the Blockchain in Business event at the Massachusetts Institute of Technology on May 2. Mohanty revealed that back in 2016, policy makers did not have a clear understanding of what blockchain is, so the MSA — Singapore’s central bank — decided to experiment with the technology to better understand it. The  MSA has…

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Blockchain 

Financial Regulator Authorizes 9 Fintech, Blockchain Firms for Trial Operations

The South Korean Financial Services Commission (FSC) has authorized nine fintech companies to operate in the country as part of a regulatory sandbox, English-language local media The Korea Times reported on May 2. Per the report, the regulator has named the aforementioned nine startups and companies to provide innovative services using blockchain, fifth-generation telecommunications and other new technologies. The development is reportedly part of a broader financial regulatory sandbox initiative launched last January. The sandbox will reportedly include new financial services being offered for a trial period of up to…

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Bitcoin 

Former CFTC Regulator, Crypto Holder and ICO Endorser

Last weekend, Bart Chilton, a former commissioner of the United States Commodity Futures Trading Commission (CFTC) and early advocate for cryptocurrency regulation, died at the age of 58. Apart from his work for the regulator, he was best known as the host of RT (formerly Russia Today) America’s financial show “Boom Bust” — in which he often covered cryptocurrency news — and as the author of the book “Ponzimonium: How Scam Artists Are Ripping Off America.” The news about Chilton’s death was broken by RT, his latest employer, on April…

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Bitcoin 

Canadian Regulator Introduces New Rules for Crypto Mining

Régie de l’énergie, the energy regulator of the Canadian province of Quebec, has released new rules for cryptocurrency miners. The development was announced by major Canadian electricity provider Hydro-Quebec on April 29. Under the new regulations, the Régie de l’énergie has ordered power producer Hydro-Quebec to allocate 300 megawatts (MW) to the blockchain industry. “This 300 MW will be in addition to the 158 MW already granted to existing customers approved by Hydro-Quebec, and to the 210 MW granted to existing customers approved by municipal distributors,” the announcement further explains.…

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Bitcoin 

Malta’s Financial Regulator Issues Guides on Crypto Assets, Scams

Malta’s financial regulator has issued a note to the public regarding the risks of crypto assets and the possibility for scams, news outlet Times of Malta reported on April 25. The Malta Financial Services Authority’s (MFSA) new guidance note intends to warn the public about cryptocurrency investments and related risks, and educate people on how to identify and avoid scams and fraudulent schemes. The guidance reportedly outlines the most common types of digital currency-associated scams, which include fake iInitial coin offerings (ICOs), crowdfunding ventures promising higher gains which are availed…

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Blockchain 

China’s Forex Regulator Develops Blockchain Trade Finance Solution Pilot

China’s foreign exchange reserve regulator, the State Administration of Foreign Exchange (SAFE), is set to pilot a cross-border trade finance blockchain platform. The news was reported by local financial news agency CNStock on April 24. According to the report, the development of the platform was initiated by SAFE and completed in collaboration with the Hangzhou Blockchain Technology Research Institute. The latter, also known as China Banknote Blockchain Technology Research Institute, has reportedly completed the technical undertaking of the project under the China Banknote Printing and Minting Corporation, which is directly…

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Bitcoin 

Bitfury Institutional Bitcoin Mining Fund Gains EU Regulator Approval

Blockchain tech giant Bitfury has partnered with a Swiss investment firm to release a dedicated bitcoin mining fund for institutional investors, executives confirmed on Twitter on April 24. Bitfury, which develops various blockchain-related software along with mining services, confirmed that Final Frontier, in which it holds a minority stake, had gained regulatory approval for the fund from neighboring Liechtenstein. Focusing on institutions, the fund will give major investors access to the world of bitcoin mining, with Bitfury describing its creation as beneficial for the emerging sector. Bitfury will provide the…

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