The biggest difference between cryptocurrencies which function via decentralised systems and digital currencies run via central banks would be the fact that those from central banks would have the ability to pay out money to individuals on a direct basis, as the coins would be issued, backed and operated by domestic national banks. This would…
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The FCA stated: Enthusiasm for cryptoassets is growing with over half of crypto users saying they have had a positive experience so far and are likely to buy more (rising from 41% to 53%). Fewer people also regret having bought cryptocurrencies, down from 15% to 11%. The research reveals that 1 in 10 of the…
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Anti-money laundering and counter terrorist financing legislation are designed to protect against the transfer and disguise of funds from criminal activity, or funding of terrorist groups. The FCA stated in the official announcement: While this is not the only element that the FCA will assess in relation to an applicant, the FCA will only register…
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Alongside Arthur Hayes, charges were also made against co-founders Ben Delo, Samuel Reed and Greg Dwyer. Each of them was accused of violating the Bank Secrecy Act, as well as the conspiracy to violate the act as a group. Each of these offences will carry a maximum sentence of five years of prison time. Founders…
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The UK-based crypto firms now included under the new policy’s umbrella will be obliged to submit financial crime reports by the date specified by the FCA. The regulator first announced that these plans were taking shape in August last year, and stated that the upcoming policy was being refined in an attempt to take on…
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Reporting firms, including Crypto Facilities Ltd and CoinMarketCap OpCo, LLC, gained access to Coinbase’s transactional information through its Application Programming Interface. At the same time, the NYSE Bitcoin Index received it directly in transmissions from Coinbase. The order found that this may have resulted in a misleading, inaccurate, or false perceived volume and liquidity level…
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Pierce commented: It’s not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look. Electric car-maker Tesla announced its $1.5 billion investment…
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The new amendments also allow MAS to impose measures on DPT service providers to ensure better consumer protection and to maintain financial stability and safeguard the efficacy of monetary policy. MAS stated: We have seen recent development of new forms of DPTs which values are pegged to stable assets to gain users’ confidence. It is…
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The Temporary Registration Regime is intended for existing cryptoasset businesses which have applied for registration before 16 December 2020, and whose applications are still being assessed. The regime is meant to enable those existing businesses to continue to trade after 9 January 2021 until 9 July 2021, pending the FCA’s determination of their application. The…
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ASIC alleges that Bigatton served as a Australian National Representative of an online cryptocurrency platform BitConnect and cryptocurrency investment scheme BitConnect Lending Platform between 14 August 2017 and 18 January 2018. ASIC claims Bigatton operated an unregistered managed investment scheme known as the BitConnect Lending Platform in Australia and that he provided unlicensed financial advice…
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