EU decides on ground-breaking regulation for crypto assets July 1, 2022 The European Union agreed on landmark regulation for cryptocurrencies in what could be the world’s first regulatory framework for crypto. EU lawmakers, member states, and the European Commission reached a historic deal on crypto rules Thursday that will apply to crypto-assets, crypto-assets issuers and crypto-asset service providers. The pioneering law, known as Markets in Crypto-Assets, [...]
FATF tells countries to quickly implement its Travel Rule to detect suspicious crypto activity June 30, 2022 The Financial Action Task Force told countries to speed up with implementing its Travel Rule for crypto, a key requirement to comply with sanctions obligations and to detect suspicious transactions. The global watchdog found that most jurisdictions have not applied its anti-money laundering and counter-terrorist financing standards to virtual assets and virtual asset service providers. [...]
Bitcoin falls below $20,000 as it moves towards biggest quarterly drop since 2011 June 30, 2022 Bitcoin plunged below $20,000 today as it hurtles towards its biggest quarterly drop in more than a decade. The world’s biggest cryptocurrency plummeted 4.35% to about $19,160 and is down 58% in the second quarter of 2022. It tumbled around 68% in the third quarter of 2011 during its very early stages when its price [...]
Coinbase ramps up European expansion after laying off employees June 30, 2022 Coinbase is seeking licenses in European countries and stepping up its presence in the continent after cutting almost a fifth of its staff. The US-based crypto exchange is looking to set up operations in countries like France, Italy, and Switzerland. It already has active operations in the UK, Ireland, and Germany. The move comes just [...]
Bitcoin price to start recovery after final ‘washout’ of crypto winter, says Fundstrat June 30, 2022 Bitcoin could face one more crash before its price recovers. A final ‘washout’ could send the price of the biggest cryptocurrency plummeting to $13,000 before it starts to go up, analysis by financial research firm Fundstrat found. Bitcoin is currently trading around $20,000. “Most short-term technicals point to an above-average chance of a final ‘washout’-style [...]
DeFi-ing the rules: five opportunities and five risks of decentralised finance June 29, 2022 | City Talk In the Star Wars universe, the Force is a mystic energy field generated by living beings that binds the galaxy together. The ability to wield the Force gives Jedi Knights their superhuman abilities, making them peacekeepers of the galaxy. But how powerful would the Jedi be if every ‘transaction’ that used the Force had to [...]
Binance CEO calls for greater regulation as crypto firms face liquidity issues June 28, 2022 The CEO of Binance urged for greater industry regulation as crypto firms face liquidity issues amidst the crypto rout. “There should be clearer regulatory guidelines on reserves for different types of businesses in the crypto space,” Changpeng Zhao said in an interview with Yahoo Finance on Monday. He also called for disclosure and transparency requirements, [...]
‘Worrying rise’ in crypto scams claiming to be celebrity endorsed, Santander says June 28, 2022 Cryptocurrency scams falsely claiming to be endorsed by celebrities are surging, Santander warned. “We’re seeing a worrying rise in ‘celebrity-endorsed’ cryptocurrency scams, where familiar faces are being misused on social media in order to con people out of often life-changing sums of money,” said Chris Ainsley, the bank’s head of fraud risk management in the UK. He warned [...]
SEC Chair calls Bitcoin a commodity and likens other crypto assets to securities June 28, 2022 Securities and Exchange Commission Chair Gary Gensler called Bitcoin a commodity while likening other crypto assets to securities. “Many of these financial assets, crypto financial assets, have the key attributes of a security,” he said to CNBC’s Jim Cramer on Monday. “Some, like Bitcoin… my predecessors and others have said, they’re a commodity.” He said [...]
FCA laments the high number of financial crime ‘red flags’ missed by crypto firms June 27, 2022 The Financial Conduct Authority said many crypto firms that have applied to register under money laundering regulations miss financial crime “red flags” and have inadequate controls. A spokesperson for the FCA said to CityAM: “We have seen too many financial crime red flags missed by the cryptoasset businesses seeking registration.” Some firms do not [...]