Regulators in Florida Issue Consumer Advisory Related to Bitcoin
Another State in the United States is issuing a consumer advisory related to the use of digital currencies like bitcoin. Regulators at the Florida Office of Financial Regulation have come forth with warnings on the perils of getting involved with bitcoin, making note of the fact that digital currencies are neither regulated nor backed. The Office of Financial Regulation also warned that some exchanges that deal in digital currencies and offer to store them for customers have failed to protect them properly, as pointed out by the Tampa Bay Business Journal. Florida joins the state of....
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For the past several months, we've seen no lack of governments around the world issue warnings related to bitcoin and other digital currency. The movement is seemingly spreading to individual U. S. states. The State of Hawaii independently released their own bitcoin-related warning, noting that any organization transmitting bitcoin without proper money-transmitting licensing was doing so unlawfully. Here in Massachusetts, the State's Office of Consumer Affairs and Business Regulation said they will be releasing a consumer advisory on bitcoin, too. The information comes from Undersecretary....
In the world of technology, there has always been a huge debate going on regarding consumer privacy policies. Ever since the Internet came around, regulators have been struggling to keep up with privacy policy adoption, and that gap is going only growing larger now that technology is evolving at an accelerated pace. During the CES 2016 interview, heads of two cybersecurity regulation agencies stated how tech companies need to be more vigilant regarding personal information protection. There is no denying something has to change if companies and governments want to properly protect consumer....
BitFury, a leading Bitcoin transaction processing and Bitcoin infrastructure provider, has announced that Young Sohn, Samsung Electronics president and chief strategy officer, has been added to their strategic advisory board. Young has been the president and chief strategy officer for Samsung Electronics since 2012. In addition to his laudable work at Samsung Electronics, Sohn has 30 years of semiconductor and manufacturing experience and has been the CEO and president of four other companies; in addition to this, he helped take three other companies public. Sohn began his career at Intel.....
The Ontario Securities Commission (OSC) is on the hunt for representatives from the digital currency and blockchain industry for a new advisory panel on fintech. Announced yesterday, the panel will coordinate with and provide advice to the OSC’s LaunchPad, a fintech-focused initiative that serves as a communication point between startups and regulators. Applications for the panel are due by 30th November, the OSC said. The OSC elaborated in a statement: “OSC LaunchPad strives to keep regulation in step with digital innovation. The [Fintech Advisory Committee] will meet quarterly, with....
Now that financial regulators have started to step up their game in conducting oversight on the bitcoin industry, cryptocurrency companies have been adding former heads of financial regulation institutions to their advisory board. BitFury recently announced that the former chair of the Commodity Futures and Trading Commission (CFTC), which is responsible for financial oversight in the US, will be joining their advisory board. Ex-CFTC head Dr. James Newsome will be joined by Hernando de Soto, president of the Institute of Liberty and Democracy (ILD), in the advisory board. Newsome....