The South African Reserve Bank (SARB) has completed a review of the country’s National Payment System Act, and published its findings and recommendations this week, according to a report from Business Insider. The bank is proposing several changes that could eventually allow a digital rand or existing cryptocurrencies to be accepted as recognized payment options and reduce the banking industry’s stranglehold on payment services.
Officials from Japan’s National Policy Agency say that they received about 6,000 cryptocurrency-related money-laundering reports from January to October 2018, according to a December 7 report from Japan Today. The number represents a significant increase over last year’s reported cases:
A commissioner from the U.S Securities and Exchange Commission (SEC) has said that institutionalization of cryptocurrency will happen but ceded that crypto advocates shouldn’t hold their breath when it comes to waiting for the approval of cryptocurrency Exchange Traded Funds (ETF).
A bipartisan group of U.S. House Representatives is reportedly introducing two new bills dealing with cryptocurrency, CNBC reported Thursday. The bills instruct the Commodity Futures Trading Commission to offer recommendations that would improve customer protections, prevent fraud, and maintain U.S. competitiveness in the industry.
Congressman Warren Davidson (R-OH) has reportedly announced his intention to introduce legislation to enable more effective federal regulation of cryptocurrency and ICOs, according to Cleveland.com. Davidson made the announcement on Monday, during the Blockland Solutions conference.
The director of Beijing Municipal Bureau of Local Financial Supervision, Huo Xuewen, has said that the agency sees Security Token Offerings as an illegal activity, according to a Dec. 1 report in local media outlet, Caijing.
South Korean finance minister nominee Hong Nam-ki reportedly suggested that the government will draw up plans to tax digital currencies, according to reports from the Korea Times. The Times quoted recent written remarks Hong submitted as part of his confirmation process:
The heads of state who met at the recent G20 Leaders’ Summit in Buenos Aires concluded their gathering by issuing a joint declaration focused on “building consensus for fair and sustainable development.” The document addressed a variety of global concerns, including regulation of crypto-assets to prevent money laundering and terror financing.
Japan’s Financial Services Agency (FSA) has said it will soon move to regulate Initial Coin Offerings to protect investors, according to a December 1st report from local news site Jiji.
Texas regulators this week issued an emergency cease and desist order to My Crypto Mine operator Mark Steven Royer. In the order, Texas Securities Commissioner Travis J. Iles alleges that Royer’s company is “fraudulently offering investments in a cryptocurrency trading and mining program” that uses social media and “standalone websites” to target investors in Texas and other states.
The United States Treasury Department broke new ground this week as it included cryptocurrency addresses for two targets of U.S. sanctions related to an Iranian ransomware scheme. The sanctions were placed on two men who allegedly laundered millions in Bitcoin payments made as a result of the SamSam ransomware attack that reportedly affected more than 200 victims who were forced to pay more than $6 million in ransom.
Securities and Exchange Commission Chairman Jay Clayton wants to see some major changes in the cryptocurrency markets before he can be “comfortable” with the idea of approving a Bitcoin ETF, according to a report from CNBC. Speaking at the CoinDesk Consensus invest conference this week, Clayton said that improvements need to be made in areas like market surveillance and cryptocurrency custody.
Illegal capital outflow collectively costs nations around the world upwards of trillions in capital that is seldom recovered. Not to be confused with capital flight – which is an outflow of money that travels through the proper legal channels, illegal capital flight entails moving illicitly obtained wealth into another country in an attempt to obfuscate its origin and evade authorities. Illegal capital outflow affects both wealthy and poor nations on every continent aside from Antarctica. Cryptocurrency could either exacerbate this problem, or be the solution, depending on how it is adopted by the world.
Starting tomorrow, businesses operating in the U.S. state of Ohio will have the option to pay their taxes using Bitcoin. The new option is part of the Ohio Treasurer’s efforts to provide cutting-edge innovations and services to taxpayers in the state.
Earlier this year, there were reports that the U.S. Department of Justice had launched a criminal probe into the cryptocurrency industry, focusing on spoofing, wash trading, and other illegal practices. This week, Bloomberg reported that the DOJ is now examining whether Tether trading played a role in illegally manipulating prices for the world’s most well-known digital currency:
DNotesEDU has announced the release of its Global Digital Currency Industry Insight Report, a 45-page examination of the cryptocurrency industry that covers a broad range of blockchain and crypto-related technologies, trends, and potential risks.
When the UK government’s cryptocurrency taskforce reported to the government in late October, one of its recommendations advised officials to consider a complete ban on crypto derivatives like CFDs, futures, and options. UK Financial Conduct Authority (FCA) Executive Director of Strategy and Competition Christopher Woolard has confirmed that regulators will consider such a ban, according to Finance Magnates.
SIX Swiss Exchange has received approval from Swiss regulators to list the world’s first multiple-cryptocurrency exchange-traded product, Amun Crypto ETP, according to a report from the Financial Times. The ETP will reportedly include five major cryptocurrency assets: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.
Japan’s Financial Services Agency (FSA) has reportedly revealed plans to provide regulation of cryptocurrency wallet service providers, according to a report from Bitcoin News. The news comes just weeks after the agency granted self-regulatory status to the nation’s cryptocurrency industry.
Many prominent ICOs have renewed reason to feel anxious, after the Wall Street Journal reported November 15 that the U.S. Securities and Exchange Commission (SEC) has opened an investigation and issued subpoenas to Salt Lending Holdings Inc., who in August 2017 sold $50m in SALT tokens in an Initial Coin Offering (ICO) to be used as startup capital for their lending platform.