Category: Regulation

Bank of England’s Negative Interest Rate Policy – Time for Crypto & Stablecoins

Bank of England’s Negative Interest Rate Policy – Time for Crypto & Stablecoins

The COVID-19 pandemic has dealt a severe blow to the UK economy and increasing COVID-19 numbers coupled with the financial strain the regional power is experiencing from Brexit has led the UK’s central bank to move towards a negative interest rate policy. Negative interest rates hardly bode well for bank customers with a savings account […]

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Majority of Money Laundering Cases Involve Use of Fiat Currency, Not Crypto

Majority of Money Laundering Cases Involve Use of Fiat Currency, Not Crypto

Cryptocurrency has in recent years become the new face of criminal transactions, from money laundering and fraudulent schemes to financing global terrorism. News of cryptocurrency being seized in raids by authorities are aplenty, while financial regulators and governments contribute to the perception of cryptocurrency and Bitcoin as the main medium of transactions in these illicit […]

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UK Financial Regulators Proposing Mandatory Monthly Financial Crime Reports from Crypto Exchanges & Wallet Providers

UK Financial Regulators Proposing Mandatory Monthly Financial Crime Reports from Crypto Exchanges & Wallet Providers

The UK Financial Conduct Authority (FCA) is seeking to introduce a new requirement for crypto exchanges and wallet providers operating within its jurisdiction to combat money laundering, which they believe runs rampant in the crypto industry. The REP-CRIM financial report was first rolled out in July 2016 and it was compulsory for selected firms to […]

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Major 2017 Bitcoin Scam Defendant MIA; CFTC Proposing More Than $500 Million in Penalties

Major 2017 Bitcoin Scam Defendant MIA; CFTC Proposing More Than $500 Million in Penalties

The man responsible for an alleged crypto Ponzi scheme back in 2017, Benjamin Reynolds, may be charged with $572 million in penalties for the fraudulent scheme, that is, if the US Commodity Futures Trading Commission (CFTC) can locate him. Reynolds, Director of UK-based firm Control Finance which has ceased operations since 2017, failed to turn […]

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US Department of Justice Confiscates Millions in Crypto Used to Fund Terrorism

US Department of Justice Confiscates Millions in Crypto Used to Fund Terrorism

The US Department of Justice (DOJ) has reportedly seized assets used to fund three terrorism campaigns, namely the al-Qassam Brigades, Hamas’s military wing, al-Qaeda, and the Islamic State of Iraq and the Levant (ISIS), of which includes millions worth in cryptocurrency stashed in over 300 digital wallets. The DOJ also confiscated four websites and four […]

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Germany Begins Closing Down All Unlicensed Bitcoin ATMs

Germany Begins Closing Down All Unlicensed Bitcoin ATMs

Why do I have to complete a CAPTCHA? Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. What can I do to prevent this in the future? If you are on a personal connection, like at home, you can run an anti-virus scan on your device to […]

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South African Bitcoin Investment Company Faces Fresh Scam Allegations

South African Bitcoin Investment Company Faces Fresh Scam Allegations

FX Choice, a forex and crypto trading company, is making new allegations that South African bitcoin investment company, Mirror Trading International (MTI) is a multi-level marketing scam.The company says it uncovered this after researching into MTI, a firm that claims to have “118,027 members in 192 countries” and ostensibly sees “12,879.70 Bitcoin in trade daily.”The […]

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Government Official Updates Progress of India’s Cryptocurrency Law

Government Official Updates Progress of India’s Cryptocurrency Law

A government official has reportedly confirmed that a “note” regarding the legal framework for cryptocurrency in India has been forwarded to related ministries for inter-ministerial discussions. It would then be presented to the cabinet for approval.Status of Indian Crypto BillIndia’s cryptocurrency bill is back in the limelight on Tuesday after Moneycontrol reported on a “note” […]

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China Never Banned Bitcoin as Commodity, Beijing Arbitration Commission Explains

China Never Banned Bitcoin as Commodity, Beijing Arbitration Commission Explains

The Beijing Arbitration Commission has published an article clarifying that bitcoin’s use as a commodity has never been banned in China. It explains that the Chinese authorities’ attitude toward controlling bitcoin revolves around three areas.China Recognizes Bitcoin as CommodityThe Beijing Arbitration Commission published an article on the legal nature of bitcoin in China on Thursday. […]

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