Crypto adoption via regulation: Setting rules for centralized exchanges
While some security issues do exist, major internet outages like the one witnessed across the EU recently cannot really threaten cryptocurrencies or their associated networks. Centralized cryptocurrency exchanges have become the backbone of the nascent crypto ecosystem, making way for retail and institutional traders to trade cryptocurrencies despite a constant fear of government crackdowns and lack of support from policymakers. These crypto exchanges over the years have managed to put self-regulatory checks and implemented policies in line with the local financial regulations to grow....
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Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges. Under revised regulatory framework, two-thirds of crypto exchange directors must be Indonesian citizens residing in the country.
Indonesia Plans to Tighten Crypto Regulation
Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges, officials from the country’s Minister of Trade and the Commodity Futures Trading Regulatory Agency (Bappebti) said Tuesday at a parliamentary hearing in Jakarta.
One of the new rules requires two-thirds of directors....
The Financial Crimes Enforcement Network (FinCEN) has announced that it will soon propose new regulation affecting cryptocurrency holdings at foreign exchanges. This proposal is separate from the one FinCEN recently proposed on cryptocurrency wallets. FinCEN’s New Crypto Rules FinCEN, a bureau of the U.S. Department of the Treasury, issued a notice on Thursday regarding a new filing requirement for cryptocurrencies. FinCEN detailed: Currently, the Report of Foreign Bank and Financial Accounts (FBAR) regulations do not define a foreign account holding virtual currency as a type of....
The U.S. Securities and Exchange Commission (SEC) has amended some exemption rules, making it easier for crypto companies to raise funds. The rule changes raise fundraising limits for Regulation Crowdfunding, Regulation A, and Regulation D’s Rule 504 offerings. SEC’s New Rules Allow Crypto Companies to Raise More Money The SEC announced Monday that it has amended some rules pertaining to several exemptions. Among other changes, the regulator has increased “the offering limits for Regulation A, Regulation Crowdfunding, and Rule 504 offerings” and has revised....
Thailand has reportedly revised its net capital rules which help securities firms launch cryptocurrency exchanges. The country now has 15 licensed crypto service providers. New Thai Rules and Crypto Exchanges The Thai Securities and Exchange Commission (SEC) has revised its net capital (NC) rules which help securities companies provide crypto services, the Bangkok Post reported Wednesday. “The revised NC rules are expected to help free up liquidity for securities firms that plan to enter new business such as open digital or cryptocurrency exchanges,” the publication conveyed,....
Businesses may loathe burdensome regulation, but they almost always welcome regulatory certainty, even if they are certain they don’t like the particular regulation. Regulatory certainty is predictable and allows businesses to comply with rules, to plan, and to avoid risks, like the risk of the government deciding to shut down their business. Many of my clients tell me they would rather know what the rules are, even if they are bad rules, than operate in an uncertain regulatory environment with the threat of a costly enforcement action looming. Trading in digital currencies or “tokens” –....