Bitcoin Regulation Roundup: Bankruptcy, Derivatives and Consumer Protection
Regulatory attitudes towards cryptocurrencies around the world are shifting. Hardly a day goes by without a central bank issuing a warning on the digital currency. However, it's not all bad news - as some authorities are taking a much more positive approach. In CoinDesk's regulation roundup, Certified Public Accountant and ACFE Certified Fraud Examiner Jason Tyra examines the most significant digital currency news from the world's regulators and law courts over the past two weeks. MT. Gox: Frozen assets. Mt. Gox has now filed for bankruptcy protection both in the United States and in....
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Missed out on your digital currency news this week? Here are all the headlines you need to know: Mt. Gox files for bankruptcy protection in the US: the Japan-based bitcoin exchange has filed for Chapter 15 Bankruptcy protection in the United States. Chapter 15 bankruptcy is based on a UN model law that provides specific protections in cases of cross-border insolvency. Developments on bitcoin regulations around the world: New York is now accepting applications for digital currency exchanges while Singapore is planning to regulate bitcoin exchanges and ATMs. Huobi to start trading litecoin:....
Karpeles bowing in apology. Mt. Gox CEO Mark Karpeles just came on Japanese TV channel Asahi News Network today and publicly apologised for the Gox disaster. According to various translations, Karpeles is "really sorry for causing trouble to all the people concerned... The 750,000 Bitcoins we kept for users, (37,000 million yen), are almost all gone." That's more than $400 million of Bitcoins lost due to what Karpeles describes as "weakness in the system." [youtube http://www.youtube.com/watch?v=NeuCuM9CkBc]. Furthermore, Mt. Gox is officially filing for bankruptcy protection, with an....
Former Mt. Gox partner CoinLab is reportedly backing disgraced bitcoin exchange Mt. Gox's attempts to get bankruptcy protection here in the United States, the Wall Street Journal reports. Court documents from last Friday indicate that they won't object to Gox's request for bankruptcy protection, and interesting development given the company hinted earlier at being against the scenario. Judge Stacey Jernigan of the bankruptcy court in Dallas, Texas has not yet given the former exchange's bankruptcy case the go-ahead, something Mt. Gox trustee Nobuaki Kobayashi says would give him more....
Mt Gox, the failed Bitcoin exchange, based in Tokyo, that has been granted bankruptcy protection in the US. Tom Hals, writing for Reuters, "the World's leading source of intelligent information," reported yesterday that Mt. Gox had successfully applied for, and been granted, bankruptcy protection. The failed exchange will now attempt to initiate full Chapter 15 bankruptcy proceedings in the United States as it awaits approval of a settlement with U. S. customers and a sale of its business. Mt Gox was once the world's leading exchange for trading the digital currency, but shut its website....
The CFPB, the government agency overseeing consumer protection in the financial sector has not included bitcoin and other virtual currencies and related products from its new prepaid regulatory requirements. Virtual currencies like bitcoin and related products are outside the scope of a newly amended prepaid regulation [PDF] by the Bureau of Consumer Financial Protection (CFPB), a new final ruling on Wednesday revealed. Revealing the process prior to the ruling, the governmental agency revealed that a number of commentators weighed in on to facilitate the Bureau’s decision. Those who....