Why Regulation Can And Should Still Apply To Bitcoin
As Bitcoin becomes increasingly prominent around the world, nations will seek to apply regulations in order to clarify the legal usage of bitcoin.Two weeks ago, Ukraine adopted a new law on virtual assets. It is a fundamental law, and it establishes the principles of how the crypto market will be regulated. The law does not contain any specific requirements and direct obligations. Nevertheless, the existing opinions that cryptocurrencies do not need any regulation, even that it harms them, have stirred up the Ukraine crypto community.It should be understood that the crypto-anarchist....
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The French Senate has released a new report focusing on the type of regulation the government should apply on bitcoin transactions. Titled 'Regulation in the face of innovation: public authorities and the development of virtual currencies', the report follows a meeting of the committee of finance on 23rd July and is based on communication between committee president Philippe Marini and Senate member Francois Marc. It was inspired by a joint meeting held by the Senate, Treasury, customs, the Banque de France, TracFin (which deals with money laundering issues) and bitcoin specialists in....
The Consumer Financial Protection Bureau (CFPB) has published a set of proposals that could impact cryptocurrency users. Its 870-page report, published 13th November, is largely focused on prepaid debit cards, but some provisions in the document may apply to cryptocurrency wallets too. Regulations may apply to all digital wallets. The bureau is still seeking comment on its proposed definition of 'prepaid accounts' and admits that the document remains a work-in-progress. While most of its proposal deals with cards, however, the CFPB notes that it could apply to digital currencies as well:....
Following the interview with Ma Changchun, the head of the People’s Bank of China-run Digital Currency Research Institute, a recent report indicates that residents from Beijing and Shanghai can now apply for a digital yuan wallet. According to the report, six different Chinese banks will participate in the process. Beijing and Shanghai Residents Can Apply to Test the Digital Yuan Wallet A recent report published by China’s Securities Times, explains that residents from China are now able to apply for the digital yuan wallet. The wallet is compatible with the People’s Bank....
PayPal has some interesting feelings towards bitcoin. Apparently, while the currency itself shouldn't be up for regulation, businesses that deal in it should. The company made a submission to the Australian Senate committee investigating the regulation of digital currencies that calls for the recognition of differences between digital currencies, and the companies that facilitate digital currency transactions. PayPal's submission states: "While the currency itself should not be regulated, and transactions by individual users without the assistance of the intermediaries should not be....
Every action has a reaction, and the world of government regulation is no different. Recently, the regulatory chatter has picked up around Bitcoin and it appears to be focused on two major mandates as perceived by the financial regulators. Number one is the attempt to apply invasive technology-specific money transmitter regulation to a technology that doesn't seem to fit into any of their other regulatory boxes. Licenses are being crafted to ensure the same level of AML (Anti-Money Laundering) and KYC (Know Your Customer) guidelines for bitcoin companies as for other types of existing....