Tag: regulation

February 01, 2023 BY Steffy Bogdanova

UK plans to regulate crypto and protect consumers

The official announcement further pointed out that crypto assets are relatively new and constantly evolving and as a new sector it continues to experience high volatility levels. Furthermore, the recent failures of high-profile companies following the collapse of FTX have “exposed the structural vulnerability of some business models in the sector.” The announcement stated: Our…

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Nexo
January 12, 2023 BY Steffy Bogdanova

Bulgaria takes action against Nexo cryptobank for financial violations

Furthermore, the prosecutor’s office stated that more than 3.6 million transactions have gone through Nexo, some of which involving “risky players”. Nexo has not responded to local media for comment but has posted on Twitter, speaking against the investigation. The company also said that they have taken preventive measures against money laundering. The company tweeted:…

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UK FCA grants regulatory approval to Crypto.com
August 17, 2022 BY Steffy Bogdanova

Crypto.com secures regulatory approval from UK FCA

Earlier in March, Crypto.com made several senior hires in the UK. The company appointed a UK General Manager and a Global Head of Sustainability and ESG. In recent years, the UK has been a promising market for cryptocurrency with a 650% increase in adoption from 2018 to 2021, according to research by BanklessTimes. Crypto.com continues…

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Binance secures in-principle approval in Kazakhstan
August 15, 2022 BY Steffy Bogdanova

AFSA grants Binance in-principle approval to operate in Kazakhstan

Gleb Kostarev, Regional Head of Asia at Binance, said: This is a landmark achievement for Binance in Kazakhstan. We are grateful to the Astana International Financial Centre for their support and vision in granting Binance Kazakhstan this in-principle license approval. The independent regulator AFSA regulates activities relating to digital assets in Kazakhstan and the wider…

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Crypto.com
August 12, 2022 BY Steffy Bogdanova

Crypto.com obtains regulatory approval in the Cayman Islands

With the latest authorisation, Crypto.com continues its global expansion. This announcement follows the crypto platform obtaining regulatory approval from the Cyprus Securities and Exchange Commission (CySEC), the in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore, provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority,…

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Coinbase
July 18, 2022 BY Steffy Bogdanova

Coinbase secures crypto licence in Italy

Nana Murugesan, Vice President, International and Business Development, said: Building a constructive relationship with regulators in every jurisdiction in which we operate is incredibly important as we march toward our mission of increasing economic freedom in every corner of the world. Gaining this regulatory approval is a testament to our close collaboration and positive working…

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CFTC
June 01, 2022 BY Steffy Bogdanova

CFTC Commissioner Pham wants crypto regulation and customer protection

One pressing issue is shadow banking which is a type of banking system where financial activities are facilitated by unregulated intermediaries. Shadow banking using cryptocurrencies became a significant issue following the collapse of the stablecoin project Terra. It promised a return of up to 20% for USD-pegged stablecoin deposits. She added: I think what I’m…

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bitmex investigation
February 25, 2022 BY Steffy Bogdanova

BitMEX founders Arthur Hayes, Ben Delo plead guilty to defying AML rules

US Attorney Damian Williams said: As cryptocurrencies and technologies designed to facilitate their trade proliferate, companies engaged in the virtual currency economy have become critical gatekeepers in efforts to ensure that U.S. markets are fair, efficient, and secure. The opportunities and advantages of operating in the United States are legion, but they carry with them…

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CySEC regulation
February 02, 2022 BY Steffy Bogdanova

CySEC enhances regulatory capability through new technologies

Additionally, CySEC will expand its supervisory team to increase the level and frequency of supervision. Since October 2021, 32 new staff members have joined the regulator, 15 of whom have supervisory duties. CySEC has also adopted Big Data management systems so that the regulator is able to quickly screen big volume of trading activity data…

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