Bitcoin Regulation

EU Won’t Let Stablecoins Enter Market Until Risks Are Addressed

No global stablecoin project will begin operation in the European Union (EU) until the associated risks to monetary sovereignty are addressed, according to EU authorities. In a joint statement adopted by the Council of the European Union and the European Commission (EC), the Council and the Commission admitted that stablecoins may be effective at providing …

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US Lawmakers Want to Brand Libra a Security, Association Disagrees

A couple of United States lawmakers are looking to classify stablecoins as securities. With Libra considering adopting fiat-pegged stablecoins rather than a single token supported by a basket of national currencies, the proposed crypto project might be facing yet another regulatory hurdle. Meanwhile, lawmakers sponsoring the bill say stablecoins should be classified as securities to …

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Trump Isn’t Sold on Bakkt CEO Kelly Loeffler Becoming US Senator

Georgia Governor Brian Kemp is expected to appoint Kelly Loeffler, CEO of institutional Bitcoin (BTC) futures platform Bakkt, for a United States Senate seat next week. Atlanta’s local news outlet AJC reported on Nov. 29 that Kemp plans to choose Loeffler in a bid to expand the appeal of the Republican party to women. If …

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European AML Regulations Follow the US Path With a Six-Years’ Delay

In January 2020, the regulatory landscape for crypto businesses will completely change in the European Union in comparison with the last decade — and these changes will touch all those who store clients’ crypto funds or provide fiat-to-crypto exchange services, at minimum. Not long ago, the Anti-Money Laundering regulations were extended to cover cryptocurrency custodian …

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Robinhood Withdraws Bank Charter Application Due to Regulatory Challenges

Stock and cryptocurrency trading platform Robinhood has withdrawn its bank charter application with the Office of the Comptroller of the Currency. As CNBC reported on Nov. 27, Robinhood voluntarily decided to withdraw its application with the regulator due to the challenges the company could face in receiving a charter. A spokesperson said that “Robinhood will …

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Coinbase Secures Patent for System to Identify Non-Compliant Accounts

Major American cryptocurrency exchange Coinbase has been awarded a patent for a system that identifies and flags non-compliant accounts. A filing with the United States Patent and Trademark Office on Nov. 19 details a system containing a scoring model that “determines a compliance score for each one of the accounts based on the respective factors …

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Former PBoC Head: China’s Digital Yuan Will Favor Payments and Retail

China’s digital currency approach will be favoring international payments and domestic retail system, a former senior official said. Zhou Xiaochuan, the president of the Chinese Finance Association and former governor of the People’s Bank of China (PBoC), outlined two types of implementations of central bank digital currencies (CBDCs) speaking at the 2019 Caixin Hengqin Forum, …

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ECB Board Member: Global Stablecoins Pose Risks to a ‘Fragmented’ Europe

European Central Bank (ECB) board member Benoit Coeure has warned that global stablecoins remain untested and raise potential risks across multiple policy domains.   Coeure, a member of the ECB’s Executive Board, made his remarks at the Joint Conference of the ECB and National Bank of Belgium on Nov. 26, in a speech entitled “Crossing …

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Israeli Firm Behind DX.Exchange Goes Bankrupt Following Staff Petition

The firm behind a purportedly Estonia-based cryptocurrency exchange DX.Exchange is ceasing operations following a petition filed by employees. CX Technologies, the Israeli company operating DX.Exchange, entered bankruptcy after 78 of its employees filed a petition against the company with an Israeli court, the Times of Israel reported on Nov. 24.  The petition specifically alleged that …

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China’s Dive Into Blockchain, Digital ID Spurs Rest of World to Action

News on crypto and blockchain technology is coming in abundance from China. This became especially true in late October 2019, when the Chinese President Xi Jinping called for accelerating the use of blockchain technology in the country. President Xi identified dozens of use cases that should be promoted: loans, health care, anti-counterfeiting, charity and food …

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