Regulation of Virtual Currencies Act: Unified Bitcoin Regulation?
Since the realm of virtual currencies is a decentralized industry, there is no single monetary authority or government agency implementing bitcoin regulation these days. In the United States, state governments are in charge of coming up with the necessary legislation to oversee the activity of bitcoin companies and enforcing the rules. For the Uniform Law Commission (ULC), there is a need for a unified bitcoin regulation law, as this could help strike the balance between consumer protection and encouraging innovation. The group recently released a discussion-only draft of their proposed....
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In the Commonwealth's Virtual Currencies Working Group conference held in London, participants agreed that there is a need for governments to start bitcoin regulation. Among most countries included in the group, there is still very little bitcoin regulation to speak of yet the industry sees strong growth in several Commonwealth nations. The group garnered insights from the banking sector, academia, virtual currency operators, users and law enforcement agencies then urged governments to reconsider their lack of legislative oversight on the cryptocurrency industry. Bitcoin Regulation....
New York State Department of Financial Services will hold a two-day public hearing pertaining to the regulation of virtual currencies on January 28th and 29th. Considering the popularity of the technology and merits over any other transfer of wealth method, the Empire State is looking to lead the world into proper regulation. This is big information for the group that founded the Bitcoin Center in NYC: When the term "regulation" is thrown around, it falsely is considered a bad thing for the participants of virtual currencies. Proper regulation is the overarching solution to bring Bitcoin....
The head of Russia's largest bank is said to have praised virtual currencies, suggesting that the bank may even enter the market if demand continues. Online reports suggest that Sberbank CEO Herman Gref was bullish on virtual currencies during a discussion with journalists in Moscow this week. If there is demand for a virtual currency, the bank could move in that direction, he said. Gref is also said to have singled out Yandex Money as a first step in the direction of a virtual currency. While not itself classified as money, Yandex is an Internet payment system popular in Russia, and is....
The Isle of Man’s Gambling Supervision Commission (GSC) and Treasury have approved changes to the island’s gambling regulation that allow virtual currencies like Bitcoin to be accepted as cash, according to a report from the GSC’s Mark Rutherford, deputy chief executive. The regulation, called the Gambling Regulation Package 2016, includes other changes, such as expanding voluntary gambling controls that an operator can offer players. The suggested changes remain subject to approval by government drafters, the report noted, although any deviations will be in wording rather than intent. The....
The dust has settled from the virtual currency hearings in New York City this week. We saw a mixture of speakers, including law enforcement agents warning of digital currencies' many potential dangers, VCs getting hot under the collar over the regulation debate, regulators musing about whether they should license miners or not, and one vehemently anti-bitcoin academic. New York state has almost 20 million people - around 6% of the US population - and houses the heart of its financial services industry. It was a good place for the first state-level inquiry into the regulation of....