Politics

UK Regulator Lifts Restrictions On Wirecard

  • The firm's U.K. subsidiary was ordered to cease all of its regulated activities last Friday.
  • Wirecard now has a written consent to resume operations and is expecting all of its cards to be operational by 1 July.
Photo by Bloomberg

  • The firm's U.K. subsidiary was ordered to cease all of its regulated activities last Friday.
  • Wirecard now has a written consent to resume operations and is expecting all of its cards to be operational by 1 July.
Illustration by Freepik

Nigeria’s SEC Deems “World’s First Philanthropic Blockchain” Illegal, Unregulated

  • The commission has publicly announced that IBSmartify products are not registered or regulated.
  • Any person dealing with IBSmartify will assume personal responsibility for their actions.
Markus Braun, former CEO of financial services company Wirecard, attends the earnings press conference in Munich, Germany, April 25, 2019. AP

U.K. Regulator Suspends Wirecard’s Card Issuer

  • The FCA started working with Wirecard's subsidiary immediately after it became known it was missing $2.1 billion.
  • As a result of the action, Crypto.com is now about to terminate its card operations in the EU and UK.
Bird's eye view of Central Park in New York City. Howard Kingsworth

New York Financial Watchdog Alerts Crypto Companies About BitLicense Applications

  • The DFS has introduced a checklist of requirements for licenses.
  • With the new rules, the regulator expects that incomplete applications will not be sent, which will result in better usage of its resources.

UK’s Financial Regulator Urges Crypto Firms To Register Before End Of Month

  • Although the deadline for registration is 10 January 2021, the FCA wants to have at least six months to review all applications.
  • If businesses fail to submit an application before the end of June, their registration may not be processed in time.

Singapore Ready To Explore CBDC Together With China

  • The managing director of the Monetary Authority of Singapore, Ravi Menon, made his comment during a financial forum in Shanghai.
  • He insisted that Singapore was looking to cut cross-border payments and settlement costs, reduce settlement time, and ensure transaction security.

Gemini Publishes Black Lives Matter-Related Announcement

  • According to founders, Cameron and Tyler Winklevoss, speaking out against racism should be a humanitarian issue.
  • Gemini will also support organizations which fight for reforms that are in aid of people of color.

South Korea To Reveal Crypto Taxation Rules In July

  • Speaking to the parliamentary finance committee, South Korea's Finance Minister confirmed that cryptocurrencies will be taxed.
  • While the country's tax revenue from foreign firms could increase, the new rules could make some local firms liable for foreign taxation.

“Crypto Mom” Hester Peirce Nominated For Second SEC Term

  • U.S. SEC commissioner Hester Peirce has been nominated for another five-year term.
  • Peirce became known as Crypto Mom in 2018, when she publicly dissented to the SEC's decision to reject Cameron and Tyler Winklevoss ETF application.

Iran To Draft National Crypto Mining Strategy

  • Iran’s president, Hassan Rouhani, ordered the government to draw up a renewed national approach for crypto mining.
  • The development comes barely two days after the Iranian parliament moved to include cryptocurrencies into its foreign currency exchange regulations.

Massachusetts Congressman Introduces Blockchain-Powered Bill

  • As the bill states, the Department of Health and Human Services and the National Biodefense Science Board have to establish the National Emergency Biodefense Network.
  • Using a private blockchain will allow states to know the status of their biodefense capacity in real-time.

India’s Central Bank to Appeal Supreme Court Crypto Decision

  • The Reserve Bank of India is concerned that lifting the ban could pave the way for cryptocurrency trading.
  • Imposed by the RBI back in April 2018, the ban was opposed by crypto exchanges and startups across the country.

Russia Proposes New Tokenization Framework, Says Crypto Transactions Are Suspicious

  • Russia's central bank has completed a pilot project for the issuance of tokenized assets.
  • The country is also planning to update its bank guidance, and could label the sale and purchase of cryptocurrencies as suspicious activities.

Coinbase Custody, Bison Trails to Push for Clearer Staking Regulation

  • Coinbase Custody and Bison Trails have both joined the Proof of Stake Alliance in its mission to promote legal and regulatory clarity around staking.
  • The alliance already has more than 18 members, representing a wide range of Proof of Stake communities.