Japanese officials have reportedly prepared a handbook offering guidance on cryptocurrency regulation, and plan to share that advice with central bankers and finance ministers attending the next G20 summit, according to a report from Finance Magnates and local media outlet Sankeibiz. That summit will be held in Osaka, Japan at the end of June.
The Japanese Financial Services Agency (FSA) reportedly raided two of the nation’s cryptocurrency exchanges last week, according to two sources cited in a Reuters report published on Tuesday. The regulatory body apparently executed the surprise inspections to investigate issues related to anti-money laundering and customer safeguards.
Chilean Minister of Finance Felipe Larraín announced this week that the government has sent Chile’s Congress a legislative bill that will provide regulation for fintech and cryptocurrencies. Larraín made the announcement during a visit in the United States, and emphasized the government’s cautious and flexible approach to regulating the space:
The Financial Crimes Enforcement Network (FinCEN) announced this week that it has penalized an individual cryptocurrency trader for alleged violations of the Bank Secrecy Act (BSA). That trader, California resident Eric Powers, reportedly failed to properly register as a money services business, take the necessary steps needed to comply with the Act’s provisions, or properly report suspicious transactions.
Coinbase announced this week that it is expanding its customer base by providing crypto-to-crypto services to an additional 11 countries from Latin America and Southeast Asia. In its blog announcement, the company noted that it will now serve customers in a total of 53 countries on four continents.
Amid ongoing concerns about North Korean attempts to evade international sanctions, security experts are warning that the growing cryptocurrency industry in Southeast Asia could be particularly vulnerable to the regime’s cybercrime activities.
A bipartisan group of U.S. lawmakers have drafted a letter to IRS Commissioner Charles P. Rettig, urging his agency to issue more detailed tax and reporting guidance for taxpayers who use digital currencies. The letter’s 21 co-signers included the co-chairs of the Congressional Blockchain Caucus.
Cryptocurrency exchange Coinbase has launched Coinbase Card for its customers in the United Kingdom, according to a blog post on the company’s site on Wednesday. The new Visa card will enable those customers to use their Coinbase cryptocurrency balances to make payments in-store and online, just as they would with any other traditional debit card.
Chinese officials have formally proposed sweeping new rules that would end cryptocurrency mining in the country, the South China Morning Post reported on Tuesday. The proposal is part of a series of amendments to the National Development and Reform Commission’s guidance for adjusting the country’s industrial structure.
Despite the South Korean government’s stated commitment to deregulation, a bipartisan group of lawmakers are calling for that deregulatory agenda to be expanded to the cryptocurrency and blockchain space as well, the Korea Herald reported on April 7.
Belgium’s Financial Services and Markets Authority (FSMA) recently added another 7 websites to its list of suspicious cryptocurrency sites. The list now includes a total of 120 websites identified by the FSMA as potential scams designed to defraud investors.
A recent RAND Corporation report suggests that it is unlikely that terrorists are using cryptocurrencies to fund their activities. RAND’s analysis of the issue identified six cryptocurrency properties that necessarily limit their use by these organizations, including anonymity, usability, security, acceptance, reliability, and volume.
The Malta Financial Services Authority announced in a statement today that it has approved 14 Virtual Financial Asset (VFA) Agents. The approvals are part of a broader effort by Malta to provide regulation for the crypto asset space. According to the statement from the MFSA:
The government of Pakistan will announce on Monday that it is introducing new cryptocurrency regulations, the Express Tribune reports. The new Electronic Money Institutions regulations are being introduced as part of a broader action plan developed in response to recommendations from the country’s Financial Action Task Force (FATF)
The Town of Innisfil, Ontario announced in a press release this week that residents will be able to pay their municipal property taxes using Bitcoin. The city council approved the decision in a vote Wednesday night, and the new crypto payment option is expected to be available in April.
The U.S. Securities and Exchange Commission this week announced a delay in its decision on a proposed rule change that would allow Bitcoin exchange-traded funds to be listed. The decision means that the SEC now has until May 16 to approve or deny the change:
In the wake of the recent Bitwise report alleging massive fake trade volume reporting at many cryptocurrency exchanges, crypto market data aggregator CoinMarketCap is reportedly taking steps to address the problem. The company has acknowledged the concerns and vowed to add additional information to its listed metrics to provide investors with even greater transparency, Bloomberg reports.
In a blog post published today, peer-to-peer digital currency trading firm LocalBitcoins announced that it will soon be subject to regulation by Finland’s Financial Supervisory Authority. The company confirmed that it is working to ensure that its services will be in full compliance with Finnish regulations.
A new study from Bitwise claims that as much as 95 percent of all Bitcoin trading volume on unregulated cryptocurrency exchanges is fake, CNBC reports. Researchers concluded that nearly all of the volume reported on 71 of the top 81 crypto exchanges involved wash trading designed to create a false impression of market activity.
California-based Silvergate Bank this week updated its filing with the U.S. Securities and Exchange Commission, revealing continued growth in its cryptocurrency-related services. According to the updated data, the bank now provides services to more than 500 crypto-related firms, even as major banks around the world continue to deny banking services to companies in the industry.