The European Central Bank has proposed a new model to deal with cryptocurrencies, especially the AML risks associated with them. The ECB also clarified that it it not looking to creating its own coin. The new proposed payment system is called EUROchain and is a simplified CBDC payment type of service. Under this new model, all…
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The Australian Securities & Investments Commission (ASIC) has announced that the Federal Court in Sydney has issues asset restraint orders against Corporate Authorised Representatives of OTC derivatives provider USGFX, or Union Standard International Group Pty Ltd. ASIC has sought to issue the restraint orders in order to protect customers while an investigation against USGFX is underway. The Federal…
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FINRA has recently fined Robinhood with a $1.25 million for execution lapse processes. The California-based unicorn that offers commission-free trading servings to its clients has reportedly violated certain execution processes. What FINRA found out is that the execution price on the app was not updated in the proper way, an act that caused price disruptions…
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The US lawmakers are getting serious about regulating the cryptocurrency industry in 2020. Thus, the US is bringing a special regulatory framework for digital assets (including digital coins). For the purpose, a new bill called Crypto-Currency Act of 2020 is introduced to find out which federal agencies exactly are to regulate digital assets. The bill…
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The US SEC has approved time and time again that ICOs are no joke and companies wishing to go for such "schemes" must obey by certain rules. The latest example of a company that filed an illegal ICO and got penalized by the SEC with a $250,000 fine is BCOT (Blockchain of Things Inc.) The…
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The Hong Kong protests have pushed investors from around the globe to pull out nearly $5 billion in funds since April 2019, as reported by the Financial Times and the Bank of England. What is staggering is that this amount represents 1.3% of the GDP of Hong Kong. The data comes from Refinitiv, the Bank…
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Fidelity Digital Asset Services (FDAS) has announced that New York officials have given it the green light to offer crypto trading services to its clients in the state. FDAS, a subsidiary of Fidelity Investments, has received a “BitLicense”, a coveted legal requirement to do business in the Empire State, from the New York State Department…
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Steve Mnuchin is determined to become the proverbial “fly” in the crypto “ointment”. The head of the U.S. Treasury made it clear last July, when Facebook’s Libra project was taking a beating in Congress, that he is no fan or friend of cryptocurrencies. Whether it is his personal opinion or just agreeing with President Trump’s…
Read moreThe SEC has just filed an emergency action against a $6 million Ponzi scheme that targets seniors and small business owners. The SEC has obtained a temporary restraining order and freeze of asset filing against Neil Burkholz of Boca Raton, and Frank Bianco of Pembroke Pines, Florida. The two individuals targeted and defrauded at least 55…
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The cryptocurrency regulation in the UK is one step closer to becoming clearer. Today, the UK Jurisdiction Taskforce of Tech Nation's Lawtech Delivery Panel has announced its legal statement on the treatment of cryptocurrency assets and smart contracts under Welsh and English law. The statement is addressing the legal uncertainty that surrounds cryptocurrency assets. Judging…
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