Bitcoin 

UAE-Based Crypto Exchange Seals Preliminary Approval From Regulators

United Arab Emirates (UAE)-based crypto asset exchange and custodian Arabian Bourse (ABX) — a joint venture from GMEX Group and Arshad Khan — has received initial regulatory approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM). The news was reported by financial news website Markets Media on June 6. GMEX Group is a set of firms offering multi-asset exchange trading, post trade infrastructure and business and technology solutions. The Arabian Bourse project — established together with  regional exchanges founder Arshad Khan — aims to serve as…

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Bitcoin 

G20 Finance Leaders Ask Global Regulators to Consider Multilateral Response to Crypto

G20 finance ministers and central bank governors have asked the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks around crypto assets. The request was made in a joint communiqué published on the website of Japan’s Ministry of Finance on June 9, following the G20 meeting held in Fukuoka, Japan. The leaders that cosigned the document state that they urge relevant institutions to give greater consideration to crypto assets and consider appropriate action: “We ask the FSB and standard setting bodies to monitor risks and consider work on…

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Blockchain 

G20 International Watchdog Says Regulators Need Better Crypto Risk Assessments

G20’s international watchdog, the Switzerland-based Financial Stability Board (FSB), said in its latest report that regulators need to improve their risk assessment strategies regarding financial activity in the crypto space, according to a report by Reuters on May 31. The report noted that one potential risk assessment metric regulators could look at is banks’ and other financial entities’ degree of exposure to cryptocurrency. The report also added that the FSB does not currently believe that crypto poses “a material stability risk” to the financial sector. As per the report, existing…

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Blockchain 

Blockchain Entrepreneur, Ontario Regulators Seek Settlement in Namedrop Scandal

The Ontario Securities Commission (OSC) along with blockchain corporation NextBlock Global Limited and its CEO Alex Tapscott, have filed for a public settlement hearing on May 9. Tapscott and NextBlock were previously accused by the OSC Staff of the Commission of misleading prospective investors during a funding round that reportedly “raised approximately $20 million from 113 accredited investors.” Investors were allegedly shown investor slide decks that falsely portrayed various well-known figures in the blockchain industry as NextBlock advisors. NextBlock allegedly did not inform the individuals that they were being purported…

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Bitcoin 

Japanese Regulators to Introduce New Rules Regarding Exchanges’ Cold Wallets

Japan’s Financial Services Agency (FSA) will reportedly introduce new rules regarding cold wallets for storing cryptocurrencies at crypto exchanges, Reuters reported on April 17. Citing a source familiar with the matter, Reuters reports that the country’s financial regulator will reportedly require cryptocurrency exchanges to strengthen internal supervision of cold wallets — devices for storing digital currency which are not connected to the Internet. By implementing the new regulation, the FSA purportedly addresses the difficulties of ensuring the security of digital currencies and other risks for the country since it intends…

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Bitcoin 

14% of Major Crypto Exchanges Are Licensed by Regulators

Only 14 percent of 216 global crypto exchanges were confirmed as being licensed by regulators, regulatory technology (regtech) startup Coinfirm found in its crypto exchange risk report released on March 27. Coinfirm, а London–based regulatory tech firm for digital currencies and blockchain, studied 216 global cryptocurrency exchanges to outline the key risks that can be associated with each platform, as well as to assist monitors in developing necessary regulatory frameworks. The analyzed exchanges reportedly represent more than 90 percent of global crypto market activity. In the study, Coinfirm evaluated the…

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Bitcoin 

No Bitcoin Deficit a Problem for Regulators

Terry Duffy, CEO of leading United States derivative market CME Group, told Business Insider Monday, March 25, that Bitcoin’s finite amount is a challenge for regulators. According to Duffy, the inability to run Bitcoin (BTC) on a deficit is challenging for regulation. He further explained: “The governments can’t run unless they can run on a deficit. I am trying to figure out why they would say, ‘Sounds good to me, because I want to be responsible and run everything on even-for-even basis. I can’t borrow against anything.’” Therefore, a major…

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Blockchain 

German Gov’t Hearing Takes Regulators to Task for Lack of Legal Framework on Blockchain

German regulators and lawmakers have thus far failed to create a workable legal framework that would provide legal certainty for applications of blockchain technology, representatives from the country’s Free Democratic Party (FDP) have argued. An FDP proposal, entitled “Creating a Sustainable Framework for Distributed Ledger Technology in the Financial Market,” was put forward during a public hearing held by the Bundestag’s Finance Committee on March 11. The hearing gathered regulators, entrepreneurs, legal experts and others to respond to the FDP’s proposal, which argued for the importance of creating a legal…

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Blockchain 

Blockchain Could Have Transformed Regulators Real-Time Response to 2008 Crash

Christopher Giancarlo, chairman of the United States Commodity Futures Trading Commission (СFTC), has said that blockchain would have transformed regulators’ real-time responses to the the 2008 global financial crash, if it had been in use at the time. Giancarlo made his remarks during the 4th Annual DC Blockchain Summit in Washington D.C. on March 6. In his speech, Giancarlo drew on his personal experience as executive vice president at brokerage giant GFI Group — which, in 2008, as he noted, operated one of the world’s largest trading platforms for credit…

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Blockchain 

Crypto Advocacy Group Encourages Financial Regulators to Foster Innovation

United States blockchain advocacy group the Chamber of Digital Commerce has encouraged two major financial regulators to foster blockchain innovation, according to an official tweet on Feb. 19. The group has reportedly provided comments to the Commodity Futures Trading Commission (CFTC) and the Consumer Financial Protection Bureau (CFPB) in different proceedings this week. Generally, the Chamber has asked both agencies to permit the introduction of new financial products based on blockchain technologies and to collaborate on efficient approaches that would promote investment and industry growth. In its comments to the…

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