Austrian regulators call for stricter crypto regulations amid rising fraud
Crypto scams appear to be dominating investment fraud cases in Austria. Austrian regulators are calling for stricter crypto laws amid a spate of elaborate investment scams involving cryptocurrency and digital assets.According to a Bloomberg report of Friday, Austria’s Financial Market Authority has revealed that more than 60% of all reported financial fraud in the country involve crypto trading products.The FMA says these crypto scammers are using social media platforms like Telegram and TikTok to advertise their fraudulent offerings to would-be victims.Commenting on the need for stricter....
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Crypto-friendly SEC Commissioner Hester Peirce called for nuanced cryptocurrency regulations as several agencies pursue stricter policy mandates. Hester Peirce of the United States Securities and Exchange Commission has once again urged regulators to take a step back from attempting to overregulate the crypto space.Speaking to Financial Times, Peirce, affectionately dubbed “Crypto Mom” due to her positive stance on cryptocurrencies, argued against the need for strict regulatory policies.According to Peirce, regulators by nature often have a knee-jerk reaction to emerging market spaces....
The government of Estonia has approved legislation tailored to improve oversight of its crypto sector which expanded rapidly due to favorable regulations and business climate. The new law, which is yet to be adopted, will introduce stricter requirements for service providers without preventing their clients from owning or exchanging cryptocurrencies.
Authorities in Tallinn Draft Stricter Rules for Crypto Service Providers
The executive power in Estonia has prepared and approved draft legislation designed “to more effectively regulate virtual asset service providers....
Regulators & Bitcoin. New York’s BitLicense was a particular hot topic for the weekend. Bruce Fenton told the audience at TNABC that current regulators aren’t our friends. Some of the specific regulations regarding New York’s BitLicense seem a bit excessive. Lawsky has said that the regulations are to weed out bad actors, but such measures can weed out even good actors. Fenton called Lawsky’s hearing and TV appearances a masquerade. Regulations haven’t really the community’s expectations. Although that may be the case the governors that elect the regulators are so citizens can call them....
After revoking licenses for many crypto firms, Estonia’s parliament is considering even stricter cryptocurrency laws. Estonia’s finance ministry is reportedly looking to enact stricter crypto licensing regulations. This comes after the authorities revoked the licenses of about two-thirds of the cryptocurrency businesses operating in the country back in 2020.According to ERR News, the Estonian Ministry of Finance issued draft legislation back in January to tighten the noose on the country’s crypto industry. As part of the proposed rule changes, the Finantsinspektsioon — Estonia’s Financial....
The billionaire crypto proponent said politicians and regulators have a flawed understanding of crypto and its technological underpinnings. Amid the chorus of stringent crypto regulations among several United States leaders, proponents such as Galaxy Digital CEO Mike Novogratz look to counter anti-cryptocurrency sentiments circulating in Washington.Tweeting on Tuesday, Novogratz described crypto as the “future of our financial systems” while adding politicians and regulators ought to do their homework before devising policies to regulate the industry.Novogratz’s tweet was in response to....