Politics, Legal & Regulation

Estonian European Central Bank Governor Calls Cryptocurrencies “Nonsense”

Ardo Hansson, and Estonian who is also the Governor of the European Central Bank, told conference attendees in Riga, Latvia, recently that cryptocurrencies are “[a] complete load of nonsense,” and will probably fail, Bloomberg reports. He also called the sector, which has been hailed by many,… Read More

Venezuela Challenges US Sanctions at WTO, Including Sanctions on Its Cryptocurrency, El Petro

Venezuela has formally asked the United States to consult on the sanctions it has imposed on the South American country, including sanctions on its state-issued cryptocurrency, el Petro. The request was also, “circulated to the (WTO) Dispute Settlement Body.” Venezuela claims the “unilateral coercive” sanctions against… Read More

Scammers Selling “E-Krona,” Warns Swedish National Bank. There Isn’t One

The Riksbank of Sweden has issued a warning to the public that, “On certain websites and in social media, false information is circulating claiming that the Riksbank is selling e-kronas.” The Riksbank also says it has been contacted by individuals saying they have been solicited… Read More

European Securities and Markets Authority Tells European Commission that ICOs and Crypto Assets Need an EU Wide Regulatory Approach

The European Securities and Markets Authority (ESMA) has just published its “Advice” on “Initial Coin Offerings and Crypto-Assets.” In the past, ESMA has issued several warnings regarding crypto-assets and virtual currencies. The Advice outlines ESMA’s position on the issues that exist in the rules within ESMA’s… Read More

Aussie Bitconnect Promoter Forbidden to Travel, Assets Frozen

John Bigatton, a licensed Australian finance professional who promote, Bitconnect, an apparent $2.6 billion USD cryptocurrency Ponzi scheme that collapsed last January, has had his assets frozen by an Australian federal judge and has been banned from traveling, The Sydney Morning Herald reports. Bigatton is… Read More

What to Expect in Fintech for 2019

Fintech Predictions for 2019. Financial innovation continues to evolve at a rapid pace. Startups launch and shutdown with regularity. Traditional financial firms experiment and partner with more agile firms. It’s all about the digitization of finance where services are ubiquitous and instantaneous – all available… Read More

Indian Police Arrest Second in $72 Million Crypto Fraud Scheme, Leader Still Sought

Police in India say they have arrested the second-in-command of an elaborate crypto fraud that bilked investors out of 5 billion rupees (~$71.6 million USD), The Indian Express reports. The man, Rohit Kumar, has now been charged with cheating, criminal conspiracy and violation of the… Read More

Why Have Offshore Financial Centres Become the Home of ICOs?

Initial Coin Offerings (ICOs) are booming in offshore financial centres. In 2017, only a small minority of cryptocurrency transactions were taking place offshore but just a year later, according to a study by PriceWaterhouseCoopers and CryptoValley, the Cayman Islands, British Virgin Islands (BVI) and Singapore… Read More

Diminishing IPOs in US Depriving Average Investors

The President of the Chartered Financial Analyst Institute, Paul Smith, has taken to the media to call out shrinking IPO markets in the US and call for the restoration of fair and secure investment opportunities for retirement savers. Smith points at “alarming changes” in US… Read More

Update: Ohio Passes an Intrastate Crowdfunding Law But Dies in the Senate Before a Final Vote Can be Held

The state of Ohio approved crowdfunding legislation last month but then it died in the Senate, according to several sources. During an end of the year legislative blitz, the state of Ohio passed a law entitled “OhioInvests offerings” (SB 268) but at the last minute… Read More

NANO and BitGrail Hit by Another Class Action Lawsuit Related to Crypto Theft that Allegedly Saw $153 Million Disappear

Happy New Year. Filed on January 3rd, the busy law firm of Levi & Korsinsky filed a class action lawsuit against Nano cryptocurrency and failed crypto exchange Bitgrail along with its founder Francisco “the Bomber” Firano. The lawsuit was filed on behalf of plaintiff James… Read More

A Win for Fintech? Linda Lacewell Nominated as Superintendent of the New York State Department of Financial Services

Late last week, New York Governor Andrew Cuomo nominated Linda Lacewell to become Superintendent of the New York State Department of Financial Services. Lacewell will replace Maria T. Vullo who announced on December 19th her intent to depart the agency after three years. Vullo will… Read More

Lithuania: London’s Status as the Financial Capital of the Old World is Less Relevant After Brexit

Lithuania wants to be the leading Fintech hub in Europe. Beginning in 2013, the small Baltic nation decided to take action and become one of the EU’s “hottest destinations for Fintech.” Mantas Katinas, MD of Invest Lithuania – the public entity leading the Fintech charge in… Read More

Ireland Pondering New Anti-Money Laundering Bill Encompassing Cryptocurrencies

In order to align itself with the fifth EU money laundering directive and reinforce existing rules, the Irish Cabinet has passed a new bill targeting money laundering, “including the use of cryptocurrencies in funding terrorism,” according to a release from the Irish Department of Justice. The… Read More

France: Decree Moves Securities on Blockchain Forward with Legal Structure

On December 24th, the French Government issued a decree (Décret n°2018-1226 du 24 décembre 2018) outlining the utilization of blockchain for securities. Specifically, for the “use of a shared electronic recording device for the representation and transmission of financial securities and for the issue and sale… Read More

State of New York Digital Currency Task Force Expects Report by December 2020

Announced in a press release this past week, the State of New York has launched a cryptocurrency task force. The state is claiming this group will be the first of its kind to “study how to properly regulate, define and use cryptocurrency.” The task force is… Read More

USA: States’ Different Approaches to Cryptocurrency Industry

From taxing and curtailing miners to receiving business tax payments or administering government benefits; from raising municipal funds to courting “the blockchain sector,” regions in the US are adopting different responses to manage the cryptocurrency phenomenon, Raconteur reports. When the price of Bitcoin exploded 4X… Read More

Georgia Politician Charged for False Report of Stolen Crypto Miners

Georgia State Senator Michael Williams has been charged with insurance fraud and making a false report of a crime after police and an insurance company debunked claims made by Williams last May relating to the reported theft from his Gainesville campaign office of $300 000 worth… Read More

“Riot Blockchain” Associate Settles Microcap Fraud Case with SEC

Dr. Philip Frost, a biotech billionaire accused of “fleecing investors…(in) lucrative market manipulation schemes” has agreed to pay $5.5 million in penalties to the American Securities and Exchange Commission (SEC), CNBC reports. Frost is a business associate of Barry Honig, the accused ringleader int he alleged… Read More

UK Financial Conduct Authority Issued Warnings About Four-Fifths of the Crypto Companies It Investigated

A freedom-of-information request filed by The Sunday Telegraph shows that four-fifths of 49 companies investigated by the UK’s Financial Conduct Authority (FCA) resulted in warnings about those companies being issued to the public. A total of 67 investigations into crypto operations have been launched by the FCA. 18 investigations are… Read More

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