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Politics

Crypto.com Receives Two Regulatory Approvals In Malta

  • The regulatory approvals were granted in-principle only, meaning that the company still needs to meet certain conditions.
  • If successful, the firm will be able to provide payment services, issue electronic money, and offer investment management services, custody and trading to investors.
The bay near Valletta in Malta. Shutterstock

  • The regulatory approvals were granted in-principle only, meaning that the company still needs to meet certain conditions.
  • If successful, the firm will be able to provide payment services, issue electronic money, and offer investment management services, custody and trading to investors.
Image from Freepik

Report: South Korea Will Ban High-Risk Privacy Coins

  • The Financial State Commission of South Korea will tighten the security around cryptocurrency transacting.
  • Crypto companies will now have to introduce the required compliance policies and provide KYC information in order to continue operating in the country.
Map of Cayman Islands in Cayman Islands flag colors. Shutterstock

Cayman Islands To Attract Crypto Businesses With New Regulatory Framework

  • Phase one of the new regulatory framework will focus on compliance with and enforcement of AML/CFT rules.
  • Phase two, expected to come into force in June 2021, will look into licensing requirements and "prudential supervision" for VASPs.
Chinese president Xi Jinping welcomes guests at the G20 summit in Hangzhou, China on September 4, 2016. Shutterstock

Xi Jinping: China Should Support Digitalization, Participate In Global Regulatory Framework

  • President Xi Jinping announced his intentions to guide the country towards implementing innovative technology and expand its previous digitalization models.
  • He further stated that China should participate in the creation of a Global Regulatory Framework for digital assets.

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New York Addresses The Impact Of Mining On Climate Change

  • Entities like banks and mortgage servicers will now have to appoint a specific board member to oversee and manage climate change-related risks.
  • The NY Department of Financial Services will continue to supervise regulation in the sector by integrating new environmental risk strategies in the future.
Swiss flag and tourists in the background, admiring the peaks of Monch and Jungfrau mountains on a Mannlichen viewpoint in Bernese Oberland, Switzerland. Shutterstock

Switzerland Opens Consultation Process For DLT Laws

  • Scheduled to end in February 2021, the consultation process will be conducted among cantons, parties and other groups interested in blockchain and DLT.
  • The Swiss government amended several existing finance and corporate laws last month to include provisions for blockchain and DLT.
President Donald J. Trump alongside representatives of other leading world economies at a working session at the G7 Summit on June 8, 2018 Shealah Craighead/White House

G7 To Oppose Facebook’s Libra Until Properly Regulated

  • Central bankers and finance ministers from the G7 said, in a draft statement, that Facebook's Libra should not launch until it's properly regulated.
  • The team agreed "global stablecoins" could improve access to financial services, but that they could also undermine financial stability and consumer protection.
The northern facade of the Department of Justice building in Washinton, DC, USA, photographed on April 22, 2019. Christopher Zimmer/Shutterstock

U.S. Department Оf Justice Releases Cryptocurrency Enforcement Framework

  • The framework will serve as grounds to bring more regulation into the growing crypto sector.
  • Officials urge members of the industry to work together with regulators in order to set fair rules that will allow for the safe development of blockchain technology.
De Nederlandsche Bank (DNB) is the central bank of the Netherlands and is located in Amsterdam. Photographed on October 10, 2015. JPstock/Shutterstock

AMDAX Becomes First Crypto Company To Register With The Dutch Central Bank

  • The exchange has become the first to register with the central bank after the Netherlands imposed the new AMLD5 regulations.
  • AMDAX can now offer crypto custodial services and is ready to support investors with portfolios starting at 2.5 BTC.
Ripple's executive chairman, Chris Larsen, speaking at Fortune Brainstorm TECH on July 16th, 2014 in Aspen, Colorado. Fortune Brainstorm TECH/Flickr

Ripple Threatens To Move If SEC’s “Hostile” Attitude Doesn’t Change

  • Ripple's executive chairman, Chris Larsen, voiced his opinion that the "hostile attitude" towards crypto can only hurt the U.S..
  • While moving Ripple's headquarters would do little to lessen U.S. regulatory oversight, a softer host government would nonetheless help.
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U.K. Retail Consumers Banned From Crypto Derivatives Trading

  • The sale of crypto derivatives and Exchange Traded Notes to retail investors has now been prohibited by the Financial Conduct Authority.
  • The ban will come into effect in January 2021, and is supposed to save retail investors around £53 million a year.
Photo from Freepik

Binance Blacklisted By Russian Telecom Censor

  • Though Binance made the announcement on Friday, it appears that the Russian web censor blacklisted the website back in June.
  • The exchange has now engaged its legal counsel for further advice on the situation, while still providing services in the country.
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New US Bill Wants To Classify Digital Tokens As Commodities, Not Securities

  • The bill suggests that a token that is an object of an investment contract isn’t necessarily a security.
  • Compliance companies with securities registration requirements will allegedly be allowed to distribute their assets to the public without additional regulatory uncertainty.
The United States Capitol Building in Washington, DC, USA. Photo by Shutterstock

The US Introduces New Crypto Exchanges Bill

  • The bill will supposedly allow crypto exchanges to operate in the entire US under a single license, rather than applying in 49 states separately.
  • While the SEC is currently responsible for the oversight of ICOs and token pre-sales, the introduction of the act might cause a shift in the status quo.