Noelle Acheson is a veteran of company analysis and a member of CoinDesk’s product team.
The following article originally appeared in Institutional Crypto by CoinDesk, a free newsletter for the institutional market with news and views on crypto infrastructure delivered every Tuesday. Sign up at the link below.
The Financial Crimes Enforcement Network (FinCEN) has for the first time penalized what it dubs a “peer-to-peer cryptocurrency exchanger” for breaking anti-money laundering (AML) rules.
The U.S. regulator announced Thursday that California resident and cryptocurrency trader Eric Powers failed to comply with the Bank Secrecy Act’s (BSA) registration and reporting requirements during 2012–2014.
The owner of the New York Stock Exchange, Intercontinental Exchange (ICE), is reportedly eyeing a New York license for its long-delayed crypto exchange Bakkt.
With Bakkt’s launch having been held up for five months, apparently over persuading the Commodity Futures Trading Commission (CFTC) to approve it to custody bitcoin for its planned physically-delivered futures contracts, ICE apparently sees a license from the New York Department of Financial Services (NYDFS) as a possible solution, a Bloomberg report citing several sources said Thursday.
They’re doing it in British Columbia, Quebec, Manitoba, Alberta and Labrador — bitcoin miners in Canadian provinces are taking advantage of the country’s cool climate and abundant supplies of hydroelectric power.
A number of provincial governments are offering lower rates to attract bitcoin miners and Labrador’s government is considering energy incentives to attract what it says are “outstanding requests for service” from bitcoin and other “data centre” processors, according to a report from the National Post.
It’s unrealistic and bad for the crypto industry to expect exchanges to send know-your-customer (KYC) information to recipient platforms with every transaction.
That’s the gist of a public comment letter filed this week by blockchain analysis firm Chainalysis, in response to a draft recommendation by the Financial Action Task Force (FATF), an intergovernmental organization dedicated to combating money laundering and other financial crimes.
Bittrex, a United States–based cryptocurrency exchange platform, has issued a response to the recent setback in its plans to expand to New York.
Yesterday, the New York State Department of Financial Services (NYDFS) rejected the exchange's BitLicense application, a requirement for offering crypto-based services to New Yorkers.
NYDFS also published a letter addressed to Bittrex CEO Bill Shihara, where it cited inadequate Anti-Money Laundering (AML), Know-Your-Customer (KYC) and Office of Foreign Assets Control (OFAC) standards as reasons for its denial.
The Mauritius Financial Services Commission (FSC) has clarified the rules applying to projects launching security token offerings (STOs).
In guidance published Monday, the FSC said that security tokens are classed as securities as defined in the country’s Securities Act 2005, but in digital form.
China’s state planning agency, the National Development and Reform Commission (NDRC), has indicated an interest in banning cryptocurrency mining in the country through a notice published online in Mandarin.
The report stated that the NDRC will include cryptocurrency mining activities to a list of sectors that could be shut down based on their violation of local regulations, wastefulness, safety concerns or harmful contributions to the environment.
In an official blog post published on April 4, 2019, the Viennese cryptocurrency brokerage platform Bitpanda confirmed that it has received a license to operate as a payment service provider in Austria.
Specifically, Bitpanda received the Payment Services Directive 2 (PSD2) license, an order that provides oversight into the operation of service providers in both the European Economic Area (EEA) and the European Union.
The U.S. Securities and Exchange Commission (SEC) has issued a “no-action” letter to TurnKey Jet, Inc., agreeing that tokens used by the business-travel startup are not securities. The regulatory stamp of approval is contingent upon the company using its tokens under certain conditions.
Those conditions include:
Token-generated funds cannot be used to develop the company’s platform technology (such as its app).
The tokens will be immediately useful.
The TKJ tokens will remain at a fixed price of one U.
The U.S. Securities and Exchange Commission (SEC) cleared TurnKey Jet, Inc to raise money via the sale of a custom cryptocurrency on Wednesday in the form of a “no-action” letter, it’s first to address blockchain-based fundraising.
The letter means the Florida-based startup can sell TKJ tokens to customers with the sole purpose of helping them book travel on private jets.
The U.S. Securities and Exchange Commission (SEC) has published an investment contract framework for digital assets, which is intended to give crypto companies guidance as to whether a cryptocurrency is a security. It’s the first major culminating work of the SEC’s FinHub initiative, a strategic group the commission launched in October 2018 to liaise with fintech and cryptocurrency companies and work toward more substantial regulatory guidance.
The Pakistani government will now regulate local cryptocurrency firms under new legislation. Local news outlet The Express Tribune reported that the government of Pakistan will introduce Electronic Money Institutions (EMI) regulations based on the recommendations of the Financial Action Task Force (FATF).
The FATF is an intergovernmental organization based in France that creates policies for combating money laundering and other threats to the integrity of the global financial system.
The Finland-based, peer-to-peer cryptocurrency trading platform LocalBitcoins released a statement on March 25, 2019, responding to a new act approved by the Finnish Parliament that will require users to verify their identities. This marks a major change for the service, which had been a primary way for users wishing to protect their anonymity to meet others willing to buy or sell bitcoin in person without sharing details about their identities.
India’s telecoms watchdog is planning to leverage blockchain technology to combat nuisance calls and SMS messages.
The Telecom Regulatory Authority of India (TRAI) issued draft regulation on Tuesday, marking its intent to utilize the nascent tech in offering a more “agile” process to deal with unsolicited commercial communications from “unscrupulous elements” who evade current systems set up to deal with the issue.
The draft – called “Telecom Commercial Communications Customer Preference Regulations, 2018” – is intended to allow millions of Indian subscribers to take control of voice calls and text messages that they receive, giving them the choice to opt in or out of marketing communications at any time and more power to complain to their telecoms providers about problematic third-parties.
The Alabama Securities Commission (ASC), the U.S. state’s securities regulator, has joined its counterparts in Texas and New Jersey in taking action on initial coin offerings (ICOs) that are soliciting local residents.
According to a cease-and-desist order entered on May 2 and revealed yesterday, the agency has ordered purported cryptocurrency mining firm Extrabit to cease its token sale offering in the state.
The U.S Department of Justice has reportedly launched a criminal investigation into cryptocurrency traders who may have manipulated the market using old-school illicit tactics.
According to a report by Bloomberg on Thursday, citing anonymous sources familiar with the probe, the investigation is being conducted together with the Commodity and Futures Trading Commission (CFTC).
Investors in the blockchain space have a message for U.S. regulators: clarity is needed.
During CoinDesk’s Consensus 2018 conference on Monday, this idea was put forward by Future/Perfect Ventures founder and managing partner Jalak Jobanputra, ARK Invest CEO and chief investment officer Catherine Wood, and ConsenSys founding managing partner Kavita Gupta. Indeed, they all agreed that action in this area is needed – otherwise, innovative startups may look to friendlier shores.
“The faster the SEC moves, the faster it will be for businesses to stay in the United States,” Gupta said.
The Texas State Securities Board (TSSB) has issued cease-and-desist orders to two bitcoin investment schemes that it alleges are selling unregistered securities and making fraudulent claims to the state’s residents
According to one order lodged on Tuesday, the securities regulator takes aim at a company called Forex EA & Bitcoin Investment LLC and two individuals associated with the scheme, James Butcher and Richard Dunn.
The new head of a South Korean financial watchdog has taken a softer tone on cryptocurrencies and hinted that his agency may consider easing rules for exchanges, The Korea Times reports.
Yoon Suk-heun, the incoming governor of the Financial Supervisory Service (FSS), who is considered a reformist in the country, told reporters at his inauguration, “Regarding cryptocurrencies, there are some positive aspects.
China National Radio (CNR), a high-level government mouthpiece, has aired doubts about the legality of services offered by OKEx, the Hong Kong-based cryptocurrency exchange launched by OKCoin, previously one of the “Big Three” trading platforms in China.
Through its podcast channel “Voice of China” on Thursday and later an article titled “Exchanges that still prevail after the ban,” CNR alleged that OKEx violated rules by offering bitcoin contracts to mainland Chinese investors after it claimed to have moved its business overseas.
A group of licensed cryptocurrency exchanges in Japan is looking to restore market confidence by adopting self-imposed rules.
According to the Japanese news outlet Asahi Shimbun Tuesday, 16 exchanges that are currently registered with Japan’s Financial Services Agency (FSA) have formally launched a new self-regulatory organization dubbed the Japanese Cryptocurrency Exchange Association.
A bitcoin miner in Taiwan is blaming the crackdown on bitcoin trading in mainland China for an incident in which he was shot by local gangsters.
According to a report from Taiwanese news source Liberty Times, the incident occurred on Saturday night, local time, when the two suspects allegedly scheduled to meet a bitcoin miner with whom they had made a significant investment.
Hong Kong’s securities regulator is taking a skeptical tone on initial coin offerings (ICOs).
In a speech at an investment industry function on Friday, Julia Leung, deputy head of the Hong Kong Securities and Futures Commission (SFC), once more cautioned the public over fundraising activities associated with the technology.
“While we acknowledge that innovative technologies such as blockchain have the potential to improve efficiency and financial inclusion, that does not entitle anyone to conduct fundraising from the public in violation of securities law,” Leung said.
While the focus may be on the U.S. of late, cryptocurrency tax issues are becoming a global problem.
India, for example, has responded by sending tax notices to crypto traders and investors after a survey found $3.5 billion in transactions may have been performed by citizens over the past 17 months.
Кто знает подойдет ли этот кошелек для постоянного приема в сатоши? Я просто майнить не решился, но написал несколько ботов для того, чтобы они собирали с кранов монеты. Я так понял, что это веб-кошел...