Regulation

New Guidance for Crypto Exchanges Issued by Canadian Regulator

  • The two major exchange scandals last year could be the reason behind this push for consumer protection.
  • The new guidance draws a line between exchanges with "immediate" delivery of assets and the ones that hold assets.

Japan to Place Strict Crypto Margin Trading Limits

  • The permitted leverage for crypto margin trading in Japan will be lowered to only two times the deposit, starting this summer.
  • The move is an attempt from the Japanese Financial Services Agency to lower the risk of the volatile cryptocurrency market.

U.S. Lawmakers Urge FCC to Tackle SIM-Swapping Crime

  • U.S. lawmakers have requested in a letter that the FCC imposes more robust requirements on mobile carriers.
  • The letter points out that from 2016 to 2019 the number of complaints relating to SIM swaps have increased from 215 to 728.

Bitcoin Derivatives Could Soon Be Allowed in South Korea

  • Advising the government on new tech policies, the PCFIR recommended the development of crypto derivatives in the country.
  • The committee further suggested that Bitcoin should be directly listed on Korea's only securities operator, the Korean Exchange.

SEC: Wilshire Phoenix Bitcoin ETF Proposal Decision Delayed to 2020

  • After more than a dozen bitcoin ETF rejections in the last couple of years, this is hardly surprising.
  • Wilshire managing partner William Herrmann assures the ETF is shielded from bitcoin's price volatility.

New York Regulator to Update BitLicense Terms

  • The new updates, proposed by the NYDFS, will help the regulator modify its approval process for listing new virtual currencies.
  • This will be the first time that the N.Y. authority has updated its BitLicense since 2015.

South Korean Crypto Exchanges Now Heavily Regulated

  • Crypto exchanges in the country are now required to have real name virtual bank accounts.
  • Violations of the new rules can result in up to 5 years in prison and 50 million Won, roughly $42,000 USD.

Grayscale Attempting to Become the First Crypto Fund to Report to the SEC

  • If the filed Form 10 is deemed effective, the company will become the first crypto fund to report to the SEC.
  • Becoming a reporting company will not only expand Grayscale‚Äôs eligible investor audience, but will also improve transparency and liquidity for its shareholders.

IRS Looking Into Crypto Kiosks and ATM Use

  • The criminal investigation chief of the IRS, John Fort, is looking into the issue of blockchain technology enabling illegal activity.
  • Fort also said that crypto kiosks and ATMs should follow anti-money laundering laws and KYC procedures.

Russian Authorities Upbeat to Legalize Cryptocurrency Confiscation

  • The laws that will allow confiscation of digital assets should come into action in 2021.
  • The regulation is still vague as cryptocurrencies are not the easiest to confiscate due to their decentralized and anonymous nature.