REGULATION
Zimbabwe’s Central Bank Finally Takes a Big U-Turn to Regulate Cryptocurrencies
Reserve Bank of Zimbabwe, the country’s central bank, revealed that it would develop a regulatory framework to check operations of companies dealing with cryptocurrencies. The Chronicle, the local newspaper, reported that the Reserve Bank of Zimbabwe (RBZ) has already begun drafting a policy framework to guide business activities of cryptocurrency firms.
Exclusive: Blockpass COO, on the Significance of the FATF Travel Rule to VASPs
Personal identity is a fundamental human right according to Article 8 of the United Nation’s Convention on the Rights of the Child. Identity is crucial to a functioning society and economy, however, there are 1.1 billion people in the world that do not have proof of identity and 45% of them are among the poorest 20% around the world. For enterprises, customer data protection can be proven costly as 2.8 billion consumer data records were exposed at an estimated cost of more than $654 million in 2018.
South Korea Passes Comprehensive Law Officially Legalizing Cryptocurrency Trading And Holding
A day after India’s Supreme Court lifted the ban on cryptocurrencies, South Korea has followed in their footsteps as the nation’s National Assembly has amended the Act on Reporting and Use of Specific Financial Information. This move fully legalizes cryptocurrencies in South Korea.
UK’s Financial Watchdog Raises the Alarm on BitMEX Being Unauthorized
The Financial Conduct Authority (FCA) in the UK mandated with regulating financial markets and service firms in the nation has blown the whistle on Seychelles-based crypto exchange BitMEX for not being authorized.
India’s Supreme Court Turned the Tables on Crypto Ban in Landmark Ruling
In a momentous ruling, India’s Supreme Court has lifted the ban made by the Reserve Bank of India (RBI), the nation’s central bank, on banks and other regulated entities dealing with cryptocurrencies. The court noted that preventing regulated entities from offering banking services to crypto trading stakeholders did not hold any water.
German Financial Regulator Officially Classifies Cryptocurrencies as Financial Instruments
The German Federal Financial Supervisory Authority (BaFin) released a new guideline on classifying cryptocurrencies as financial instruments. The BaFin has taken crypto classification one step further as the previous guidelines only covered security tokens.
First Crypto-Native Bank to be Launched in the United States by Former Wall Street Executive
Former Wall Street executive and blockchain laws advocate Caitlin Long has seized the opportunity to establish the first crypto-native bank in the United States. This opportunity came as an advantage as the Wyoming legislature has been progressive, and Long previously helped Wyoming to enact thirteen blockchain-enabling laws.
JP Morgan Research: Blockchain Mainstream Years Away, Libra's Hurdles and Bitcoin Hedging
JP Morgan has been one the earliest advocates and adopters of blockchain technology among the major financial institutions and continues to lead many other enterprises in the space. However, a new report by the American institution indicates that while the infrastructure for a digital economy is being developed globally, mainstream adoption is unlikely for at least a few years.
Mike Bloomberg: US Presidential Candidate Highlights Crypto Adoption In Agenda for Financial Reform
The United State presidential candidate for the upcoming 2020 election Mike Bloomberg is set to tender a proposal seeking to accommodate regulations for cryptocurrencies in a new financial plan that will be duly regulated.
IRS Refuses Watchdog Request to Clarify 2019 Crypto Tax Guidelines
The Internal Revenue Service will not clarify how taxes work with cryptocurrencies and digital asset transactions in the US according to a US congress watchdog’s report released on Wednesday.