The call for regulatory overview on cryptocurrencies is long due. And not only cryptocurrencies, but the so called "digital assets". Countries around the world classify digital coins in many different ways. Now, the UK FCA has clarified its position on how to regulate digital assets. The FCA has also given its stance on which tokens…
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The Internal Revenue Service (IRS) has began sending out letters to crypto holders to "advise" them to pay taxes, otherwise the IRS will follow up with stiff punishments to the tax dodgers. According to The Guardian, the IRS has sent more than 10,000 letters to cryptocurrency investors warning them that they will be "punished" if…
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The story of Venezuela and its affinity towards cryptocurrencies to save the economy is a very dynamic and interesting one. The President of Venezuela, Mr. Nicolas Maduro has embraced digital currencies as a way to fight back the plunging bolivar and the restrictive US sanctions imposed on the country. What has killed the economy, however,…
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Two Israeli brothers, Eli and Assaf Gigi, 31 and 21 years of age, respectively, were arrested for alleged crypto thievery by authorities after an investigation that began in 2017. The strange thing about this case is that after a $1.7 million theft was confirmed, the two brothers, whether true or not, were soon implicated in…
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It is always nice to be first at something, and Prime Factor Capital Ltd., a London-based investment management firm, achieved this relatively unique status by becoming the first firm to receive the “green light” from the Financial Conduct Authority (FCA) for its crypto-focused hedge fund. The fund will also fall within the auspices of the…
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The UK’s regulatory watchdog was in the press again yesterday. Per its press release: The Financial Conduct Authority (FCA) is proposing rules to address harm to retail consumers from the sale of derivatives and exchange traded notes (ETNs) referencing certain types of cryptoassets. The FCA considers these products are ill-suited to retail consumers who cannot…
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The Financial Markets Authority (FMA) has just issued a public warning against a scam company called Bitcoin Trader. Bitcoin Trader Website: bitcointraderspro.com Phone: +1.4806242599 Email: [email protected] Reason for warning: The regulator shared that Bitcoin Trader could be operating a scam. The FMA has received a complaint from a New Zealand resident about a misleading advertisement…
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The regulatory wheels of justice may move slowly, but it appears that the long arm of the law of the self-regulatory body, the Financial Industry Regulatory Authority (FINRA), got their man. Rules are rules, and Kyung Soo Kim, an ex-employee of Bank of America-owned broker-dealer Merrill Lynch, Pierce, Fenner & Smith Inc., recently met his…
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It is one thing for a crypto-related company to sell tokens in an Initial Coin Offering that are most definitely securities under the law, but when a company professes a shift to blockchain, then lists on the Nasdaq, its management team better be up to speed on required SEC filing protocols and share registrations. Apparently,…
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ICO tokens – are they securities or are they something else that does not require strict compliance with SEC regulations, designed to protect investors and force full disclosure before any capital changes hands? In its last annual report, the SEC vowed to step up its activity in this arena, driving fear through the hearts and…
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