Australia Cracks The Whip: Crypto Exchanges Face Tough New Rules
Australia moved on Thursday to bring cryptocurrency platforms under mainstream financial rules, proposing fines that could reach A$16.5 million or as much as 10% of a firm’s annual turnover for serious breaches. Related Reading: WLFI Expands Into Payments: Debit Card + Apple Pay On The Way According to the Treasury’s exposure draft, the plan would […]
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Crypto trading platforms in South Korea are delisting certain digital currencies as they move to comply with stricter rules for the industry. The trading of some high-risk coins has been either halted or completely suspended on several Korean exchanges this week. South Korean Exchanges Wipe Trading Lists of Risky Digital Assets Trying to meet Seoul’s tougher new rules for the cryptocurrency sector, Korean exchanges are now purging their trading lists of high-risk assets. According to a report by Arirang, a number of crypto trading platforms have temporarily halted or ended the....
Regulators’ constant negativity continues to dominate the crypto news media. Governments have begun to consider countermeasures to crypto trading, with crypto mining becoming a hot topic as well. György Matolcsy, the governor of Hungary’s Central Bank, has come out in support of the cryptocurrency trading and mining ban. Matolcsy stated his support for the Bank […]
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,....
Recent reports revealed that Democratic Party leaders have opted not to whip the coming vote on two pro-crypto bills. This seemingly positive development comes alongside the recent 180-degree turn the Biden administration appears to be taking on cryptocurrencies. Related Reading: Ethereum Spot ETFs On The Horizon? US SEC Set To Announce Decision This Week House […]
In the long run, this news will be positive for the bitcoin ecosystem as a whole. The bitcoin world was rather shocked to find out the PBOC had another meeting with exchange operators. Although that had been announced weeks in advance, the market responded in a rather negative manner. As it turns out, this meeting took place to inform domestic exchanges about the AML and forex rules affecting all Chinese companies. Not adhering to these rules can result in the exchanges being shut down, albeit no one is violating the rules right now. It is not surprising to learn AML and foreign exchange....