Crypto regulation
Bank of England’s PRA raises budget $31M for ‘emerging risks’ like crypto
The Bank of England’s regulatory arm has raised its budget by $31.6 million (£24.3 million) for the coming financial year saying that costs have increased due to its growing responsibilities and preparations for “emerging risks in the financial system”. According to the latest business plan released on Wednesday April 20 by the Prudential Regulation Authority (PRA) its budget for the 2022/23 financial year is £320.9 million ($418 million), an 8.2% increase from last year. The PRA Chief Executive Sam Woods outlined its plan for the year ahead saying it was: “Committed to keeping pace with innovation and emerging risks, including the ongoing digitalization of financial services and the growth of crypto assets.” The PRA states that the United Kingdom’s withdrawal from the European Union, alon...
Bank of England’s PRA raises budget $31M for ‘emerging risks’ like crypto
The Bank of England’s regulatory arm has raised its budget by $31.6 million (£24.3 million) for the coming financial year saying that costs have increased due to its growing responsibilities and preparations for “emerging risks in the financial system”. According to the latest business plan released on Wednesday April 20 by the Prudential Regulation Authority (PRA) its budget for the 2022/23 financial year is £320.9 million ($418 million), an 8.2% increase from last year. The PRA Chief Executive Sam Woods outlined its plan for the year ahead saying it was: “Committed to keeping pace with innovation and emerging risks, including the ongoing digitalization of financial services and the growth of crypto assets.” The PRA states that the United Kingdom’s withdrawal from the European Union, alon...
German banking giant Commerzbank applies for crypto license
One of the largest banking institutions in Germany has confirmed it applied for a local crypto license earlier this year, marking the first time a major bank has made a move toward cryptocurrencies in the country. A spokesperson from Commerzbank confirmed to local media outlet Börsen-Zeitung on April 14 that it “applied for the crypto custody license in the first quarter of 2022.” If approved it would be authorized to offer exchange services along with custody and protection of crypto-assets. Commerzbank serves over 18 million customers and over 70,000 institutional clients, and the cryptocurrency offering will reportedly target its institutional client base. Since Jan. 1 2020 any business wishing to offer cryptocurrency services in Germany must first seek approval from the Federal Financi...
Interview: RAILGUN – bringing privacy to the Ethereum blockchain
One of the aspects of crypto I have always found the most fascinating is the public nature of the blockchain. The ability to track funds shifting around the world is completely unique. Jump onto Etherscan, and within seconds you will know the balance of any wallet. Of course, there are downsides to this as well, and many a fervent debate occurs within crypto circles (and indeed wider mainstream media) about the proponents and downsides to both the anonymity that crypto offers, but also this publicly trackable ledger that we call the blockchain. Should you really be able to see exactly how much my wallet contains when I send you some ETH? RAILGUN is a decentralised smart contract project which works amongst this sector – dealing with anonymity and privacy on the blockchain. Today, they have...
BitLicensed Crypto Firms Ordered to Pay Annual Assessment Fees in New York
The cost of running a crypto business in New York is about to rise with the state government gearing up to require companies holding a BitLicense to pay assessment fees to ensure they’re complying with regulations. The rule was included in New York State’s FY2023 budget signed into law on April 9th by Governor Kathy Hochul giving the state’s Department Of Financial Services (DFS) a “new authority to collect supervisory costs from licensed virtual currency businesses,” according to a statement by the DFS. DFS Superintendent Adrienne Harris said the fees would bring virtual currency businesses in line with those already paid by institutions such as banking and insurance companies and added: “New York was the first to start licensing and supervising virtual currency companies, and we co...
Ireland to enforce rule outlawing crypto donations to political parties
The government is working on a draft that will bar political parties from taking donations in cryptocurrency The ban represents efforts by the country to counter cyber-interference from Russia Fear of cyber-interference in Irish elections from Moscow has pushed the government of Ireland to ban political parties from accepting crypto donations. It is also understood that the government is looking to impose other measures such as regulations to curb the spreading of false information via social platforms as part of the new political integrity rules. This will be enforced by a new commission that would have the authority to regulate online electoral information upon its establishment. The parties shall further be required to comply with...
Kevin O’Leary says Bitcoin can’t crash as it is now a store of value
Shark Tank host Kevin O’Leary is confident Bitcoin price will never collapse to zero The TV personality and entrepreneur has invested in Gold, Bitcoin and several other altcoins In a Monday interview with Kitco’s Michelle Makori, TV personality Kevin O’Leary asserted that the price of Bitcoin will never reach zero. The Canadian businessman defended his take, arguing that the crypto asset, now 13 years old, has secured its place in the financial space as a store of value. O’Leary compared Bitcoin to gold in this regard, adding that he has invested an equal fraction of his portfolio in both assets. “Bitcoin is never going to zero. This is a personal opinion. There are enough people around the world that see it as a store of value, me included. It is a 5% weighting in my portfolio, just like ...
Monthly Report: Dubai attracts top cryptocurrency exchanges
Dubai recently made strides to regulate its crypto sector, and now everyone is moving there The EU parliament votes for a proposal that could affect privacy around digital asset transfers Ronin is working with authorities to track an attacker who got away with $625 million in crypto assets from the blockchain in March Ethereum is a step closer to the Merge Dubai woos crypto giants as it targets becoming a hub Dubai’s crypto scene pulled in several crypto exchanges last month thanks to the environment it has created for cryptocurrencies. The Arabian city is leading the push for the United Arab Emirates to become a global leader in digital assets. Sheikh Mohammed Bin Rashid, ruler of the UAE, said on March 9 that the emirate of Dubai had established the country’s first-ever regul...
EU Parliament to vote on a new crypto wallet and transfer proposal
The upcoming vote follows a rejected proposal to limit proof-of-work cryptocurrencies The latest revision, among other changes, seeks to strictly manage crypto transfers involving self-hosted wallets Following last week’s rejection of a proposal (in the Markets In Crypto Assets bill) seeking to restrict Proof of Work (PoW) mining, a new EU report focusing on crypto transfers has been tabled. In a Saturday Twitter thread, Unstoppable Finance’s Patrick Hansen shared that the EU Parliament’s Committee on Economic and Monetary Affairs is set to hold a vote targeting ‘unhosted’ wallets. Hansen, who previously reported on the rejected MiCA proposal, stated that the proposal would crack down on these wallets. He added that the draft piece contains ‘absolute red...
Senators Lummis and Gillibrand are collaborating on a new digital assets bill
The two US senators are working on a bill addressing, among others issues, consumer protection and taxes The news of the bill being drafted follows a crypto directive recently signed by President Biden US Senators Cynthis Lummis and Kirsten Gillibrand are looking to table a bill that will touch on several issues within the digital assets industry, “Thrilled to be working with [Gillibrand] on a bipartisan framework to create clarity, establish responsible sideboards, & ensure reasonable consumer protections. With feedback, this legislation will allow the digital assets industry to innovate and flourish in America,” Lummis posted earlier today. Some of the aspects that will feature in the regulatory framework are privacy, banking, and crypto taxation, Bloomberg reports.. The forthco...
Crypto ads ‘red alert’ escalates as the ASA sends an enforcement notice
The list of firms that received the ASA’s enforcement notice includes past offenders The served firms have until May 2 to review their ads and ensure they comply with the outlined rules The Advertising Standards Authority (ASA) has issued a notice to 50 companies offering crypto services in the UK, demanding that they review their crypto advertisements by May 2, else they risk facing more decisive action. Following a crypto ad red alert notice it issued last November, the ASA is on a path of enforcing an industry-wide crackdown. The watchdog considers it necessary to fight against the “misleading and irresponsible” advertisements around crypto products. “Crypto has exploded in popularity in recent years. We’re concerned that people might be enticed...
Australian Liberal Senator proposes digital assets regulation
Senator Andrew Bragg has submitted a proposal pushing for policies to protect the consumer The legislative proposal, if approved, would define regulation for DAOs, crypto markets, custodial services, and taxation Australia is set to join the list of countries worldwide that have adopted initiatives towards regulating the use and adoption of digital assets. According to recent reports, the Australian government plans to redefine the state of payments systems, a move that would also affect digital currencies. The goal is to create investor protection measures, laws for crypto taxation and regulate digital asset custodial firms and exchanges. “The government can’t guarantee your crypto any more than it can guarantee a painting or a share in a company, and nor should it,” Aus...
