John McAfee, one of the most opinionated figures in the cryptocurrency community, has clashed with US Securities and Exchange Commission’s (SEC) chairman over the labeling of initial coin offering (ICO) tokens as securities. Speaking via his Twitter account, the tech activist and internet security expert vowed to fight the SEC’s pronouncement. McAfee on the Warpath John McAfee is usually not shy when expressing his views. Ever since Securities and Exchange Commission (SEC) chairman Jay Clayton
The Financial Action Task Force (FATF) – a multi-national agency tasked with combating global financial criminal activity, will discuss developing and introducing legally binding rules for governing cryptocurrency exchanges later this month. Reuters reports that the Paris-based agency – comprised of 37 countries – will meet with both the Gulf Cooperation Council and the European Commission in an attempt to establish legally binding regulations governing cryptocurrency exchanges. Developing Binding Guidelines The push for the development
Thailand’s Security and Exchange Commission has released a comprehensive framework for the regulation of the country’s cryptocurrency market. The laws cover ICOs, approved cryptocurrency trading pairs, and licensing fees for market operators. The regulations which were announced on June 8, 2018, come into effect later in the month. ICO Regulations In May 2018, Thailand banned ICOs while waiving the previously planned 7 percent VAT on cryptocurrency transactions. The new ICO regulations reverse the ban while
Financial regulators in Poland want to clear the air on the alleged cryptocurrency crackdown in the country. According to the Komisja Nadzoru Finansowego (KNF), the country’s financial regulator, virtual currency traders have no reason to panic. No Cryptocurrency Trading Ban in Poland The KNF wants to assure investors in Poland that there isn’t any ban on virtual currency trading. The financial regulator’s website even states that digital currency trading is legal in the country. However,
News has emerged of yet another cryptocurrency-related ban — this time in Vietnam. The country’s Finance Ministry is proposing a ban on the importation of cryptocurrency mining rigs. According to the ministry, these mining rigs are used to launch unregulated digital payment methods. Vietnam Struggles to Get a Handle on Cryptocurrency The entire spectrum of Vietnam’s digital currency regulations is thus; “cryptocurrencies are illegal in the country.” However, this stipulation hasn’t stopped the occurrence of fraudulent activities
The Supreme Court of South Korea overturned a pre-existing law in order to seize some 191 bitcoins, thus legally recognizing them as assets. The cryptocurrency had been allegedly earned through the provision of illicit pornographic content. A Case Stretched in Time A legal case took place last year involving 33-year old Ahn, who had been operating an illegal pornography site in South Korea since December 2013. He was arrested in May 2017. The prosecution found
South Korea’s National Assembly has put forth an official proposal to permit domestic initial coin offerings (ICOs), signaling a possible reversal of the outright ban on the lucrative crowdfunding method issued in September of last year. Time for Some Action South Korea, the third most prominent Bitcoin marketplace in the world, has long remained a source of uncertainty in the cryptocurrency space. The country’s government flat-out banned initial coin offerings (ICOs) in September 2017 and has since failed to
In the West, crypto markets continue to battle with the regulatory uncertainty as the SEC and other regulatory bodies take their time to decide which camp they sit on. At the same time, things are not much rosier in the East either where China is yet to warm up to cryptocurrencies. Blockchain has been around “long” enough to show the proof of concept in that by utilizing blockchain it is possible to streamline a number
Parity, the wallet and blockchain provider, is shutting down its PICOPS platform effective May 24, 2018, due to complications stemming from the new EU GDPR guidelines. The company announced the decision in a blog post on its website on May 18. PICOPS: The Latest Casualty of the New EU GDPR The General Data Protection Law (GDPR) of the EU is causing problems for blockchain and cryptocurrency. Part of the fundamental principle of the blockchain is
Following new cryptocurrencies regulations that came into force Monday, Thailand is grappling with how to regulate and tax the burgeoning market as the public weighs in. Regulations on the Horizon The Thai government will waive the previously planned 7 percent value-added tax (VAT) for individual cryptocurrency investors and temporarily prohibit any new initial coin offerings (ICOs), national media reported Wednesday. “After the digital asset decree became effective on Monday, new ICOs cannot be launched until related regulations
The Swiss government appears to be taking concrete steps in going forward with its plans to create a state-issued cryptocurrency. The government of the Alpine nation has requested a preliminary report on the risks and opportunities of the e-franc. Switzerland is one of the crypto-friendliest countries in the world. Risk and Opportunities of the e-franc Cedric Wermuth is the principal proponent of the study. Wermuth is the vice president of the country’s Social Democratic Party.
Despite the RBI ban, there are reports of more cryptocurrency exchange platforms springing up in India. The country’s apex bank issued a directive in April prohibiting banks from facilitating crypto transactions. New Local Exchange Platforms Beginning in July, India’s banks must comply with the RBI crypto ban. However, just two days after the proclamation, CoinDCX announced that it was beginning operations in the country. The platform will even provide trade tracking services for Indians in rupees.
As the G20 works to create a set of “unified regulations” in regards to cryptocurrencies, the government of South Korea — the third largest cryptocurrency market in the world — reportedly plans on playing ball with whichever policies the international forum of governments and central bank governors put into place. ‘We Will Step up Efforts to Improve Things’ According to China Money Network, local media has also reported that Korean regulators have agreed to apply the Financial
Yoon Suk-heun, the newly appointed governor of the Financial Supervisory Service (FSS) of South Korea, has declared that there will be a review of the current crypto regulations in the country. The FSS chief announced this while speaking to reporters after his confirmation. Striking a Balance Between Regulations and Growth According to Yoon, the crypto market requires an adequate regulatory framework to grow. During his post-confirmation address, he reiterated the need for clear laws that
The Central Bank of the Argentine Republic (BCRA) has this month eased regulations regarding automatic teller machines in the country. The (perhaps unexpected) upshot of this has been a plan to install 4000 new crypto-enabled ATMs. Rules, Rules, Rules The new regulations do not contain any direct reference to bitcoin or cryptocurrency. Rather, they allow the installation of ATMs in non-banking establishments, such as supermarkets, shopping centers, and cinemas. In addition, the regulations allow independent players
The Financial Services and Treasury (FSTB) of Hong Kong has released its Money Laundering and Terrorist Financing Risk Assessment report which indicates that cryptocurrencies are left out of organized crime or ML/TF concerns. Amid the growing crypto-related regulatory chaos and tense debate on the matter of combating financial crime, the FSTB released a report which sheds light on a few key matters. Crypto is Not a Threat. Period. The cryptocurrency market has long been the
Even though some political candidates have already accepted crypto contributions in the past, the Wisconsin Ethics Commission is still not sure whether their state should follow suit. As digital currencies continue to gain traction in the real world, seemingly everyone wants to be a part of this virtual movement. Politicians are no different, realizing that crypto could provide them with that cash injection their campaign needs. One of crypto’s major advantages, which is anonymity, also seems
As financial institutions’ interest in trading cryptocurrencies explodes, Andreessen Horowitz is leading a group of influential venture capitalists to protect cryptocurrencies from being classified as securities. Moreover, Horowitz is accelerating the launch of a dedicated crypto asset fund. The Venture Capital Working Group Is Fighting For Cryptocurrencies An increasing number of finance firms are considering joining the crypto bandwagon to start trading Bitcoin and other cryptocurrencies within the next few months. Specifically, a Thompson Reuters
Six months ago, South Korea — one of the largest cryptocurrency markets in the world — banned the issuance of new cryptocurrencies. However, that hasn’t stopped South Korean blockchain entrepreneurs from circumventing the country’s restrictions by launching Initial Coin Offerings (ICOs) overseas. Chased Out In September, the cryptocurrency hotspot of South Korea officially banned Initial Coin Offerings (ICOs) within its borders. Some blockchain companies, however, are skirting such restrictions by issuing their coins and tokens abroad.
The SAFT may be a cousin of the SAFE – but the relationship comes with strings attached and anyone considering doing down the rabbit hole should consider potential implications very carefully. The rise of ICOs has been difficult to ignore. What was once seen as a gimmick is now threatening to reshape the fundraising industry. This is particularly the case for VCs and investors who are concerned with very early stage investments. The fear of
Due to complaints received, the Ontario Securities Commission in Canada is in the process of investigating crypto exchanges in a bid to ensure that they are adhering to the country’s securities laws. The amount of different digital currencies available to trade has increased exponentially since Bitcoin was developed in 2009. In fact, the latter went from being the dominant crypto to being responsible for less than 50% of the total market cap. This variety of
Chelan County in Washington is taking a stand against unauthorized crypto mining. Its Public Utility District (PUD) has started by cutting miners’ power, and are moving towards possibly imposing heavy fines. Earlier this year saw the little town of Wenatchee in Chelan County shine in the crypto spotlight as being a preferred destination for Bitcoin mining. Now, the county is once again the focus, but for a slightly different reason – illegal cryptocurrency mining Action Taken
Tennessee has become the latest U.S state to pass a bill recognizing the legal authority of blockchain technology and smart contracts in conducting electronic transactions. The bill was passed by Tennessee Governor, Bill Haslam on March 26th, 2018, confirming the legal authority of blockchain and smart contract powered electronic transactions and also protecting the ownership rights of “certain information secured by blockchain technology.” Immutable and Auditable An amendment clarifies the application of the bill to: