REGULATION
Cryptocurrencies are not issued by a monetary authority, are not controlled or regulated and their price is determined by the supply and demand of their market.
US Senator Sherrod Brown: Facebook is delusional
“Mark Zuckerberg has said that Facebook is more like a government than a company. That’s delusional.” US Senator Sherrod Brown said in a video tweet.
US Treasury Secretary: Cryptocurrencies are Dominated by Illicit Activities
“I think to a large extent, these cryptocurrencies have been dominated by illicit activities and speculation.” The United States Treasury Secretary Steven Mnuchin said at a press conference on 15 July.
Keep Big Tech out of Finance? Draft Bill Surfaced Ahead of Libra Hearings
The draft bill entitled “Keep Big Tech out of Finance” has appeared online ahead of Facebook’s hearing on 16 and 17 July. The bill is allegedly circulating among The United States House of Representatives Financial Services Committee, as revealed by media outlet The BLOCK on 13 July.
The IRS Plans to Require Tech Giants to Provide Users Crypto Activity
The United States’ Internal Revenue Service (IRS) is allegedly planning to require corporate giants such as Apple, Google and Microsoft to provide the taxpayer’s download history of cryptocurrency applications, as revealed in the tweet and reportedly the presentation from IRS on 9 July.
US SEC and FINRA Issued Latest Custody Guidance on Digital Assets Securities
The United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) issued a statement addressing regulatory issues regarding the custody of digital asset securities on 8 July.
ECB Coeure: Facebook’ Libra is Too Dangerous in the Regulatory Void!
The European Central Bank Executive Board member Benoit Coeure urged the financial regulators to take prompt actions regarding the advent of Facebook’s Libra coin, as reported by Bloomberg on 7 July.
US Congress and Over 30 Organizations Requested Moratorium on Facebook’s Libra
The United States House of Representatives Committee on Financial Services issued a letter to request Facebook to stop developing Libra stablecoin and Calibra wallet.
What are the 4 Key Takeaways from Next Block Asia?
Held in W Hotel, Bangkok 25-26 June, the Next Block Asia Conference gathers over hundreds of blockchain and financial professionals in connecting the world of crypto and traditional finance. Day 1 of the Next Block Asia Conference focused on crypto and blockchain whereas day 2 focused in traditional finance.
Crypto Market Update: 17 June 2019
Since last Monday the crypto markets have gained a solid 16%, driven largely by Bitcoin, where the total crypto market capitalization is at $284 billion. Over the same period daily volume has jumped from $60 to $75 billion.
The World Economic Forum Forms Six Tech Policy Councils Including Blockchain
The World Economic Forum (WEF) launched six different “fourth industrial revolution councils” to help regulators working on the new technology policy guidance. The new technology included artificial intelligence, autonomous mobility, blockchain, drones, internet of things and precision medicine, as revealed on 29 May.
Japan FSA Seeks Regulation on Cold Wallet!
According to Reuter’s report on 17 April, Japan’s Financial Services Agency (FSA) planned to introduce a new rule for cold wallets storing cryptocurrencies in crypto exchanges.
AMF: Beware of Crypto Training Providers!
The Autorité des marchés financiers (AMF) issued an announcement on April 9 to warn the operations of KUVERA LLC/KUVERA France. The company provides training courses and software solutions to promote “highly speculative” trading products among young adolescents, which includes trading cryptocurrencies and forex products. Besides, KUVERA offers subscribers compensation that automatically increases with number of subscribers recruited, which is strictly prohibited in France.
Yonghui, Hema among supermarkets singled out by China's food safety watchdog for breaches
Market regulator highlights 11 cases where supermarkets and online platforms sold food products that did not meet national food safety standards
100 Million: You Can Apply Swiss New FinTech licence Permitting to Accept Public Deposits of Up to 100 Million Next Year
From 2019, interested parties can apply for the new FinTech licence. The Swiss Financial Market Supervisory Authority FINMA is responsible for granting this licence. It has published guidelines aimed at simplifying the application process.