Tagged: regulation

UK: New Peer to Peer Lending Rules Kick in on December 9th: “A Watershed Moment for P2P”

New peer to peer lending rules come into effect on Monday, December 9th. The new rules were the result of a review by the UK Financial Conduct Authority (FCA). The UK largely created the entire sector of peer to peer lending. One of the most… Read More

Report: Chinese Foreign Exchange Official Says Digital Currencies Must Be Regulated to Prevent Illegal Capital Flows

Reuters is reporting that Sun Tianqi, chief accountant at China’s State Administration of Foreign Exchange (SAFE), told financiers assembled at the Bund Summit in Shanghai this week that governments in emerging markets must regulate cryptocurrencies because they can be used to transmit capital illegally and could… Read More

CCAF: Regulation of Alternative Finance is Key to Make Sector Safe to Scale for the Masses

The Cambridge Centre for Alternative Finance (CCAF), part of the Judge School of Business at Cambridge University, has partnered with the World Bank to publish a report on the global regulation of alternative finance and innovative Fintech firms. According to the new report, the regulation… Read More

New Regulation of Crowdfunding in Russia

The new law regulating crowdfunding in Russia will enter into force on January 1, 2020. Existing platforms must comply by July 1, 2020. Federal Law No. 259-FZ “On Investments Through Investment Platforms and Certain Amendments to Other Laws of the Russian Federation” dated August 2,… Read More

Tom Maxon: CoolBitX Head of US Operations Discusses the Impact of Crypto Regulations on the Global Economy

We recently caught up with Tom Maxon, head of US operations for CoolBitX, a Taipei-based company focused on developing solutions that support the Bitcoin protocol.  Maxon, a postgraduate from University of California, Berkely, regularly engages in global and domestic regulatory consultations with the Financial Action… Read More

Dutch Central Bank Tells Crypto Firms to “Prepare for Supervision”

The Netherlands’ central bank has advised the country’s cryptocurrency sector to prepare to come under the regulator’s “integrity supervision” scheme by the 10th of January 2020. De Nederlandsche Bank says it is, “required to start supervising these businesses under the fifth European anti-money laundering directive (AMLD5)… Read More

On the Second Anniversary of the DAO: The Token Universe’s Cat Food Moment

Recently we marked the second anniversary of the SEC’s issuance of an Investigative Report finding that the DAO Tokens were securities.   While this killed the hopes of those who had interpreted SEC silence to mean consent to the unregulated issuance of tokens, it still… Read More

A Global Phenomenon: The Benefits of Coordinated International Regulation for the Blockchain Industry

“Regulation” is not often a word associated with “benefits” in blockchain and cryptocurrency circles. Indeed, many governments have been sharply criticised following the roll-out of regulatory guidelines addressing the flourishing blockchain industry. Some even suggest that it is a lack of regulation which has allowed… Read More

Professors: Swift and Proper Regulation of Facebook’s Libra Payments System Critical

Law professors from the University of Luxembourg, the University of New South Wales and the University of Hong Kong have produced a 29-page paper designed to assist lawmakers in what should continue to be their swift and serious response to Libra, the global payment system now… Read More

G20 Finance Ministers Affirm Amended FATF Guidelines for “Crypto Assets” in Fukuoka, Say They’ll Be Adopted in Osaka

Finance Ministers from the world’s 20 most powerful economies have “…reaffirm(ed) (their) commitment to applying the recently amended FATF Standards to virtual assets and related providers for AML (anti-money laundering) and CFT (anti-terrorist finance),” in a communique issued from a meeting they held this weekend… Read More

Circle Fires 30 Employees Due to “Restrictive Regulatory Climate in the US”

Digital asset firm Circle has let go 10% of its workforce or 30 individual employees. Circle founder and CEO Jeremy Allaire explained the move in a series of tweets. Allaire said: “We made these changes in response to new market conditions, most importantly, an increasingly… Read More

Asia Crypto-Law Round Up

Asia Business Law Journal (ABLJ) has published a comprehensive article on the current state of crypto law in Asia. Here, we provide a summary of the most salient point presented by ABLJ from each region. Philippines According to the International Monetary Fund (IMF), Global growth… Read More

Pleasure and Pain: the Challenges of Running a Blockchain Company

There’s no doubt blockchain is a revolutionary technology changing what is possible in many areas of modern life. However, there are both pleasures and pains in being early adopters and forming a company based on blockchain technology. Security and flexibility are offset by regulation and… Read More

OECD Secretary General Report Looks at Cryptocurrency Tax Implications: “The Era of Bank Secrecy Is Over”

In its new study, the OECD Secretary General examines cryptocurrency and its tax consequences in the two part Report to G20 Finance Ministers & Central Bank Governors. Part I reports on the activities and achievements of the OECD’s tax agenda, and reviews significant achievements while looking ahead at… Read More

South Korea Said to Ban Anonymous Cryptocurrency Transactions Later this Month

A report by Yonhap News says the South Korean government will ban all anonymous transactions in cryptocurrencies as soon as January 20th.  According to the article, only real name bank accounts will be allowed for deposits and transactions on exchanges. Simultaneously, new virtual cryptocurrency accounts… Read More

Gibraltar Announces New Regulatory Framework for ICOs to Publish in Early 2018

The Gibraltar Financial Services Commission (GFSC) has taken notice of the rising use of cryptocurrencies and tokenized offerings and instead of blocking them, the Commission will publish a new regulatory framework commencing in January 2018. The new rules will regulate the activities of firms, operating… Read More

Report: Peoples Bank of China Expected to Regulate P2P Lenders, Payment Firms

The People’s Bank of China (PBOC) is expected to strengthen the regulation of internet finance firms including peer to peer lenders and payment platforms. The report by China News references a statement by the PBOC that labels some financial products offered by Fintech firms as… Read More

FCA Survey: 25% of Regulated Firms Believe FCA is Facilitating Innovation in the UK

In the financial services sector clear and transparent regulation is vital to a healthy marketplace. There is no financial services firm that will take issue with this statement. Yet regulation that balances on the tightrope of an efficient market and investor protection is quite hard…. Read More

Singapore Concurs with US SEC: ICOs May Be Regulated as Securities by MAS

The Monetary Authority of Singapore (MAS) is out with a statement today regarding the burgeoning Initial Coin Offering or ICO market. The cryptocurrency driven funding sector has been red hot in recent months with some issuers raising tens of millions of dollars in a totally… Read More

When is an ICO a Security? Law Firm Morrison Foerster Responds

In the aftermath of the SEC statement on Initial Coin Offerings and their intent to crack down on issuers in breach of securities law we reached out to Morrison Foerster for commentary on the question as to when an ICO is in fact a security…. Read More

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