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Russian State Duma has approved its first reading of the long-awaited legislation package regulating crypto-related matters and activities. The legal texts, voted almost unanimously, will open the way for legalization of cryptocurrencies in the Russian Federation, including their exchange and circulation under certain conditions. Deputies now have about two weeks to propose amendments before they … Read more
A directive affecting the crypto sector in Europe has been adopted by the EU Council. The document updates the anti-money laundering legislation of the European Union to address, among other issues, “the risks linked to virtual currencies.” The new rules aim to reduce anonymity for both users and transactions with requirements for know-your-customer procedures that … Read more
RBI’s ban on crypto-related banking services has been challenged again. Maharashtra-based Flintstone Technologies has turned to the High Court in Delhi to seek withdrawal of the April 6 circular issued by the Reserve Bank of India, calling it “arbitrary, unfair and unconstitutional.” The company points out that the central bank has not provided any reasons … Read more
For some obvious reasons, but also irrational fears, big players like China, Russia, and the European Union are wary of cryptos like bitcoin. Centralized control doesn’t square with decentralization. However, often that’s not how their own regions and smaller neighbors feel about cryptocurrencies. In today’s Bitcoin in Brief we cover some recent developments mirroring this … Read more
The central bank of Lithuania has started discussions on regulations with crypto businesses and commercial banks. The reluctance to understand the world of cryptocurrencies leads nowhere, its fintech coordinator said during a meeting in Vilnius. Lithuanian projects have attracted 10% of ICO investments last year, the local community claims. Cryptocurrencies like bitcoin enjoy a growing … Read more
Urdubit, a leading Pakistani bitcoin exchange, has closed down permanently. The news came after the central bank of Pakistan announced a ban on dealings with cryptocurrencies. The trading platform urged customers to withdraw their funds “as fast as possible”. Its team confirmed on social media its operations had been suspended due to the prohibition of … Read more
The State Bank of Pakistan (SBP) has issued a circular on the “prohibition of dealing in virtual currencies”. The measure comes right after a similar move by the central bank of neighboring India. Commercial banks and payment providers have been told to stay away from crypto operations. They should not facilitate transactions of virtual currencies … Read more
The Financial Services Authority of Japan has imposed penalties on three cryptocurrency exchanges following inspections of trading platforms in the country. Two of them have been ordered to suspend operations. Officials are not satisfied with the measures implemented to prevent money laundering and systemic risks. Also read: CEO of Korean Exchange Coinnest among Four … Read more
Cryptocurrency trading exchanges are charging as much as ten times the amount traditional exchanges request for securities, according to a paper released by Autonomous Research, a fintech analysis firm. Also read: Taiwan Looks to Regulate Bitcoin Under Anti-Money Laundering Laws ICO Listing Exchanges Charging Huge Fees Infrastructure providers of crypto listings have realised that there’s … Read more
Two cryptocurrency exchanges from Chile have called on the country’s baking association (Asociación de Bancos e Instituciones Financieras or ABIF) to issue a clear position regarding the new industry. The companies took this step after a number of Chilean banks reportedly shut down their accounts just for dealing with cryptocurrencies. Also Read: Misleading Cryptocurrency ”Partnership” … Read more
