Financial Industry Regulatory Authority on Bitcoin: "More Than a Bit Risky"
The Financial Industry Regulatory Authority (also known as FINRA), the largest independent regulator for fall securities firms that do business in the USA), has issued an investor alert on bitcoin entitled Bitcoin: More than a Bit Risky, which aims to caution investors who may be looking to invest in the emerging digital currency. The report makes note of the fact that bitcoin is volatile due to speculative trading, and also that "there is also the risk of fraud related to companies claiming to offer Bitcoin payment platforms and other Bitcoin-related products and services." The....
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In early 2022, South Africa will have a new regulatory framework that covers cryptocurrencies, a commissioner with a regulatory body has said.
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South Africa’s financial sector regulator, the Financial Sector Conduct Authority (FSCA) is set to unveil a new regulatory framework that covers cryptocurrency in early 2022.
According to Unathi Kamlana, a commissioner with FSCA, the new framework will determine how the trading of crypto coins like bitcoin (BTC) should be conducted. In his remarks during an interview, Kamlana suggested his....
According to one French official, crypto and blockchain projects should be supervised at the European level. France’s top financial regulator has proposed to change the way the cryptocurrency industry is supervised in Europe.Robert Ophèle, chairman of Autorité des Marchés Financiers, addressed crypto-realted regulatory issues at the 5th Annual Conference on FinTech and Regulation. The official argued that financial supervisors must take a new approach in regulating blockchain-based financial instruments due to massive growth in the market.Ophèle proposed that the European Securities and....
Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), is the financial regulatory authority for Germany. They too, like every other regulatory authority the world over, have begun to seriously consider the usages and ramifications of blockchain. Recently, BaFin published an article titled “Distributed Ledger: The technology behind virtual currencies: the example of blockchain.” Yes, the title is a little blocky and literal (quite Germanic). And yes the Germans are a little late to the party. After reading this article, however, one is left scratching their head. Some level of....
Uganda’s Financial Intelligence Authority (FIA) says it wants the country’s Finance Ministry to help formulate a regulatory framework for crypto service providers. According to the FIA, this call for the government’s intervention has prompted by the Ugandan crypto industry’s failure to comply with an earlier plea for industry players to register. Terrorism Concerns Furthermore, in a recent report—which quotes Sydney Asubo the FIA executive director—the financial intelligence body explains why it wants the Ugandan government’s involvement in....
In the realm of digital assets, the Monetary Authority of Singapore (MAS) is forging an unprecedented alliance with esteemed financial regulatory bodies from around the world, including the Financial Services Agency of Japan (FSA), the Swiss Financial Market Supervisory Authority (FINMA), and the UK Financial Conduct Authority (FCA). Their collective mission is to spearhead a […]