Category: Regulations


Sri Lanka Appoints Committee to Draft Digital Currency Policy, Seeks Crypto Investments


Sri Lanka Appoints Committee to Draft Digital Currency Policy, Seeks Crypto InvestmentsIn preparation to regulate its fintech space, the government of Sri Lanka has established a special committee tasked to formulate the country’s policy on digital banking and crypto-related activities. The committee comprises professionals from the public and private sectors. New Committee to Propose Rules for Blockchain Industry in Sri Lanka Sri Lankan authorities have unveiled […]


Ukraine President Zelensky Returns Law ‘On Virtual Assets’ to Parliament


Ukraine President Zelensky Returns Law ‘On Virtual Assets’ to ParliamentThe Ukrainian president has sent the recently adopted law “On Virtual Assets” back to the Verkhovna Rada, the country’s legislature. The head of state has come up with his own suggestions and opposed the establishment of a new regulatory body that would require additional financing. Setting Up New Crypto Market Regulator Will Be Expensive, Zelensky […]


Crypto Exchange Bitbay Passes Audit Under Estonia’s Tougher New Regulations


Crypto Exchange Bitbay Passes Audit Under Estonia’s Tougher New RegulationsBitbay has become a fully licensed cryptocurrency exchange in Estonia which introduced stricter rules for the industry last year. The European trading platform has recently passed an independent audit that confirmed its “solvency, security and fiscal responsibility.” Audit Examines AML and KYC Procedures at Bitbay Bitbay, a leading crypto trading platform in Europe, is now […]


Indonesia Will Not Ban Cryptocurrencies Like China, Minister Says as Crypto Trade Soars


Indonesia Will Not Ban Cryptocurrencies Like China, Minister Says as Crypto Trade SoarsAuthorities in Indonesia do not intend to follow China’s example of imposing an outright ban on cryptocurrencies, a government official said, noting the country will limit itself to ensuring they are not used in illegal activities. The statement comes after local crypto exchanges registered a serious increase in turnover this year. Indonesia to Tighten Regulations […]


10 Crypto Exchanges File for Registration With Korean Regulators Ahead of Deadline


10 Crypto Exchanges File for Registration With Korean Regulators Ahead of DeadlineCryptocurrency exchanges in South Korea have until midnight on Friday to register with financial authorities in order to continue operating legally. Only 10 digital asset trading platforms have already submitted their documents to the Korean anti-money laundering body. Compliance Deadline for New Korean Crypto Regulations Expires Friday Registering with Korea’s Financial Intelligence Unit (FIU) is […]


Iranian Lawmakers Oppose Crypto Restrictions, Call for Supportive Regulations


Iranian Lawmakers Oppose Crypto Restrictions, Call For Supportive RegulationsMembers of the Iranian parliament, the Majlis, have voiced concerns over Tehran’s restrictive policies towards innovations such as cryptocurrencies. Following the release of a study recommending a new approach towards the crypto industry, the lawmakers have called for the adoption of friendlier regulations. Iranian MPs Urge for Change in Crypto Policies After Research Some parliamentarians […]


Bitcoin Will Not Become Legal Tender in Uzbekistan, Central Bank Official Insists


Bitcoin Will Not Become Legal Tender in Uzbekistan, Central Bank InsistsCryptocurrency cannot be adopted as a means of payment in Uzbekistan, a high-ranking official from the country’s central bank has recently stated. Speaking to local media, the regulator’s representative also noted that unlike cryptocurrencies, the national fiat is backed by the bank’s assets. The statement comes in spite of Tashkent’s crypto-friendly moves in the past. […]


Mining Is Not Banned in Ukraine and Does Not Require Licensing, Key Crypto Advisor Says


Mining Is Not Banned in Ukraine and Does Not Require Licensing, Key Crypto Advisor SaysThe regulatory status of cryptocurrency mining remains somewhat undetermined in Ukraine, even after the recent adoption of the law “On Virtual Assets.” However, albeit unregulated, the minting of digital coins isn’t prohibited either, according to a leading advisor on crypto matters at the Ukrainian parliament. Amendments to Ukraine’s Tax Law to Regulate Accounting for Crypto […]


Major Korean Exchanges Secure Real-Name Account Arrangements With Local Banks


Major Korean Exchanges Secure Real-Name Account Arrangements With Local BanksLeading cryptocurrency exchanges in South Korea have reached agreements with Korean banks to maintain the issuance of real-name accounts, media reports revealed. The deals, although not yet permanent, will allow the trading platforms to register with financial authorities before the Sept. 24 compliance deadline. Bithumb, Coinone and Korbit Maintain Partnerships With Korean Banks Banks have […]


Ukraine Adopts Law ‘On Virtual Assets’ to Regulate Crypto Market


Ukraine Adopts Law ‘On Virtual Assets’ to Regulate Crypto MarketThe parliament in Kyiv has passed legislation determining the rules for crypto-related operations in Ukraine. The law “On Virtual Assets” recognizes cryptocurrencies as intangible goods while denying them the status of legal tender. It also regulates the activities and obligations of crypto businesses. Ukraine Legalizes Crypto Activities, Defines Virtual Assets Ukraine’s Verkhovna Rada, the country’s […]


SEC vs Coinbase: Alex Mashinsky says Celsius will have to ‘wait and see’ on fallout


The Celsius CEO is also seeking clarity for similar products while Mark Cuban advises going on the offensive.

Support for Coinbase and its CEO, Brian Armstrong, has been pouring from the crypto community since the company disclosed in a regulatory filing on Wednesday that it had received a Wells notice from the U.S. Securities Exchange Commission.

The regulator has threatened to sue the exchange over its proposed Lend program, which would offer 4% interest on customer holdings of the USDC stablecoin. Company CEO Brian Armstrong took to Twitter on Sept. 8 to vent his dismay over the lack of clarity from the regulator as to why it believes the product is a security. Rival platforms Celsius and BlockFi offer similar products.

Speaking to Yahoo! Finance on Sept. 8, Celsius Network co-founder and CEO Alex Mashinsky said that everyone in the crypto industry was looking for clarity:

“I think we’re going through these murky waters right now and we need to get clarity and its going to take a little bit of time before we get the rules and we can start running faster.”

Mashinsky told Cointelegraph that Coinbase already provides yields on crypto assets such as Ether so the SEC seems to have a particular issue with offering interest on USDC stablecoin deposits.

“The SEC claims yield on USDC may be a security if paid to non-accredited investors. Coinbase did not ask permission for all assets only for USDC.”

Celsius, which has more than $20 billion in assets under management also pays yields on USDC and other stablecoins to non-accredited investors. However Mashinsky said Celsius had pioneered the area and its products “took a long time to perfect ... it helps being the first to figure things out."

When questioned about whether this mean Celsius would be able to successfully navigate similar regulatory scrutiny to Coinbase, he replied:

“Everyone has to wait and see what the SEC will issue as regulation. Looks like Coinbase wants to take the SEC to court like XRP and prove they went beyond their charter.”

Billionaire investor and Dallas Mavericks owner Mark Cuban took to Twitter on Sept. 9 advising Armstrong and Coinbase to “go on the offensive”, labeling the move as “regulation via litigation.”

In a later tweet, he stated that by suing, the SEC “gets to play on their home court to regulate it”, adding that it could change how DeFi works but also see it grow. Cuban urged Coinbase to be aggressive in its response to the threat of legal action for the greater good of the rest of the industry.

“It's better for the industry that they take on the SEC rather than the SEC go after a small decentralized entity and get a quick judgment that becomes the law of the land for DeFi.”

Related: Crypto is too big to exist outside of public policies, warns SEC chair

Economics author Frances Coppola explained she believes that under the law if interest is charged or levied on token lending then these “loan agreements” are considered securities.

Bloomberg took the view that SEC Chair Gary Gensler has just sent a warning shot to other crypto companies offering similar products in one of its most aggressive recent moves against the industry.


Caitlin Long takes aim at The New York Times over crypto ‘alarm’ article


Regulated crypto bank Avanti CEO Caitlin Long says tarring the entire crypto industry with the same brush is unfair.

Avanti Bank and Trust CEO Caitlin Long has posted a rebuttal to a recent New York Times article claiming that crypto and decentralized finance is “disrupting the banking industry” so fast regulators can’t keep up.

Disrupting traditional finance is exactly what crypto and DeFi aspires to do, but the piece titled “Crypto’s Rapid Move Into Banking Elicits Alarm in Washington” published on Sept. 5 had a number of inaccuracies and omissions according to Long.

The primary argument of the piece — using DeFi startup BlockFi as an example — was that crypto derivatives and highly leveraged products have become a nightmare for regulators which are scrambling to catch up. High-stakes speculation is leaving investors vulnerable to major losses according to the NYT.

But Long stated that the issue is not black and white and suggested that “anti-crypto forces” are constantly trying to paint the entire industry with the same brush. “Bad actors deserve to be called out, but the article ignores the fact that regulatory-compliant firms exist,” she added.

Long took particular issue with the fact that the article failed to mention that fully regulated crypto banks already exist, such as her own Wyoming-based Avanti, which launched in October 2020.

She stated that Wyoming’s special bank charter does not allow “cryptocurrency deposits.” Regulated banks can provide custody services for crypto, she continued to explain, but cannot take deposits in anything except fiat currency.

“Article misses that critical point — it’s a firewall protecting Fed's payment system from exposure to anything other than $ [USD].”

The article also pointed out that many crypto intermediaries have introduced some of the “bad behavior” from traditional finance such as extreme leverage without requiring a capital buffer. These are fair criticisms, according to Long, who has previously cautioned about leverage, adding that very fe crypto intermediaries, such as brokers or third parties acting between the bank and the blockchain, disclose information about their reserves.

Related: ‘Bitcoin is not an asset that is designed to be leveraged,’ says Caitlin Long

Long stated that DeFi platforms in particular do a far better job with transparency than crypto intermediaries or traditional banks which remains one of its best attributes. Banks settle their books once a day while crypto is settled in minutes, and for that reason, the Avanti Bank CEO concluded:

“Regulated banks that handle crypto need to be in a straightjacket. That’s the only safe & sound way to integrate the crypto & traditional systems.”

Vehemently anti-crypto U.S. Senator Elizabeth Warren was still on the warpath this week when she labeled the entire cryptocurrency industry the “new shadow bank” as reported on Sept 7. She expressed particular concerns over stablecoins and their apparent lack of transparency regarding reserves.


Bithumb to Ban Foreign Traders Failing Mobile Phone Identification


Bithumb to Ban Foreign Traders Failing Mobile Phone IdentificationSouth Korean crypto exchange Bithumb said it will deny access to foreigners unable to verify their identities via mobile phone. The decision comes as the trading platform moves to comply with the country’s updated regulations coming into force later this month. Korean Exchange Bithumb Prepares to Register Under New Rules Foreign nationals who do not […]


Poll: 3 Out of 4 Russian Investors Would Rather Buy Cryptocurrency Than Gold or Fiat


Poll: 3 Out of 4 Russian Investors Would Rather Buy Cryptocurrency Than Gold or FiatAn overwhelming majority of Russian investors view cryptocurrencies as a more attractive investment proposition than traditional fiat currencies or gold, a new survey has established. Even among those who have never traded digital assets, most already think of buying crypto in the near future. Crypto Is the Promising Opportunity for Russian Investors National currencies are […]




Binance Discontinues Support for Norwegian Krone Pairs, Payments and Language


Binance Discontinues Support for Norwegian Krone Pairs, Payments and LanguageCryptocurrency exchange Binance is discontinuing certain offerings in Norway. The news comes amid regulatory pressure around the world which the global trading platform is working to address. The company is also dropping Norwegian from its website’s language options. Crypto Exchange Binance Suspends Product and Service Offerings in Norway Binance, the world’s leading digital asset exchange […]


Korea’s FSC Chairman Nominee Skeptical Over Cryptocurrency as Financial Asset


Korea’s FSC Chairman Nominee Skeptical Over Cryptocurrency as Financial AssetA former central bank official, nominated to head South Korea’s financial watchdog, has expressed skepticism about recognizing cryptocurrency as a financial asset. In comments to a parliamentary committee, Koh Seung-beom has confirmed his views on the matter align with those of international institutions. Candidate to Head Korea’s Financial Regulator Says Crypto Is Not Currency […]





Crypto Exchange Bitfront Said to End Korean Services Ahead of Tough New Regulations


Crypto Exchange Bitfront Said to End Korean Services Ahead of Tough New RegulationsU.S.-based crypto trading platform Bitfront is going to discontinue services in South Korea before stricter rules for the industry are enforced in September, Korean media reported. The exchange, a subsidiary of Japanese tech giant Line, is currently available to Korean traders. Line’s Bitfront Exchange to Discontinue Services for Korean Cryptocurrency Traders With tighter regulations on […]


Central Bank of Iran Should Regulate Cryptocurrencies, Securities Watchdog Says


Central Bank of Iran Should Regulate Cryptocurrencies, Securities Watchdog SaysWith bitcoin mining being a regulated activity in Iran, the head of the country’s securities and exchange regulator believes the central bank has to turn its attention to cryptocurrencies. The regulator is ready to consider accommodating crypto trade when digital assets are regulated. Capital Market Regulator to Look Into Crypto Trading if Central Bank Regulates […]


Binance Discontinues Crypto Products and Services in South Korea


Binance Discontinues Crypto Products and Services in South KoreaOn August 13, the cryptocurrency exchange Binance revealed it is ending a great number of services in South Korea. The company noted in the announcement that it evaluated local regulations and “will discontinue the following offerings in Korea, effective immediately.” Binance Ends Korean Crypto Services Last week, former CEO of Binance US and former acting […]