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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Countries are finding different ways to fight illegal cryptocurrency mining activities. One of the more interesting approaches comes from Iran, which has started offering bounties to people who expose illegal crypto mining operations. The announcement came after new regulations were set in motion for the cryptocurrency industry. The news comes from local agency IRIB News.…
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Canadian regulator BCSC has recently issued a warning against the company Edu-Pension and its website http://www.edu-pension.com. According to the watch dog, the company claims to be based in Toronto, Ontario, and offers forex and cryptocurrency trading. BCSC, however, recently became aware that Edu-Pension accepted funds from a British Columbia (BC) resident. The company is not…
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The need to plan the affairs of state for China has always been a challenge. Feeding nearly 1.4 billion people and coordinating the world’s largest manufacturing industrial complex, when scant resources are available domestically, requires a long-range plan. One agency, the National Development and Reform Commission (NDRC), is one of 26 cabinet departments that is…
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The FCA in the UK is to decide whether to ban crypto derivatives for retail investors or not. The UK government has come to the conclusion that it is time for the regulator to decide the fate of the crypto product. According to press, on the 21st of October, the Economic Secretary to the Treasury,…
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Libra, having faced extreme scrutiny from regulators, has reportedly decided to turn its sight to a more regulatory-friendly zone: national currencies. Reuters reported on Sunday that Facebook is currently considering pegging the Libra cryptocurrencies to national ones. One option is the dollar. The main goal of Facebook is to develop a more efficient payments system.…
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When the G20 approved the recommendations of the Financial Action Task Force (FATF) back in late June, the group imposed a one-year deadline for local regulators to adopt new rules and regulations regarding implementation and compliance. The rules themselves have no explicit penalty provisions, but crypto exchanges are already four months into the process and…
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The Internal Revenue Service (IRS), the tax collection agency in the United States, is three months into its crackdown on taxpayers that may have forgotten to report their crypto related transactions back in April. Up to now, they have furnished an assortment of educational materials and telephone “hot-line” support, but, in their infinite wisdom, the…
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