U.K. Seeks To Regulate Bitcoin, Crypto Similar To Current Financial Instrumen...
The bill looks to place bitcoin and digital assets under existing financial instrument law enabling existing regulatory infrastructure to build a framework.The Financial Services and Markets bill passes the House of Commons, heads to the House of Lords. Draft bill seeks to establish digital assets, such as bitcoin, as regulated financial instruments. Lawmakers are consulting with stakeholders and industry leaders throughout the process.Legislators in the U.K. voted to recognize bitcoin and digital assets as regulated financial instruments earlier today, per a report from CoinDesk. The....
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The Senate’s economic affairs committee unanimously approved a bill that seeks to regulate the day-to-day usage of bitcoin in financial transactions.
As cryptocurrencies have expanded as a medium of exchange, governments worldwide have struggled with how best to regulate them. While one of the draws of cryptocurrencies is that they are less regulated than traditional currencies, problems associated with these currencies (such as financial crimes and terrorist financing) have encouraged governments to develop regulations. A recent report by the SWIFT Institute summarizes regulatory initiatives to date and identifies some of the problems that governments encounter in attempting to regulate cryptocurrencies. The 77-page paper, titled "The....
The Financial Superintendence of Colombia presented a project that seeks to bring clarity to how links between banks and virtual asset service providers (VASPs) will be handled in the future. The document defines certain key concepts and determines a set of prerequisites that banks need to verify before accepting virtual asset service providers as customers.
Virtual Asset Service Providers to Be Regulated in Colombia
Regulation is becoming a key goal for countries in Latam, where cryptocurrency adoption is growing at significant rates. Now, the Financial Superintendence of....
The famous gap in cryptocurrency prices in South Korean crypto exchanges and overseas ones known as “kimchi premium” raises some concerns among the nation’s government. The latest reports suggest that the country is planning to regulate international remittances tied to kimchi premium-driven transactions. Remittances to Exploit Kimchi Premium Could Be Flagged as Money Laundering According to Maeil Kyungjae, South Korea’s government has found that some domestic investors actively send their fiat abroad to buy crypto from sellers in China. The maneuver allows these....
The cryptocurrency bill that was listed to be taken up in the current session of parliament is reportedly being reworked. The government seeks wider consultation on crypto before finalizing the rules to govern digital currencies in India.
Indian Government Seeks More Consultation on Proposed Crypto Legislation
India’s cryptocurrency bill is unlikely to be introduced in the current session of parliament. The bill is not on the list of business to be taken up in the last week of the winter session of parliament, Bloomberg reported Monday, noting that the government can....