A successful tokenization trial could lead to big changes in Russia’s proposed cryptocurrency legislation. The Central Bank of Russia (CBR) announced on Feb. 17 the completion of a blockchain tokenization pilot using a platform developed by Nornickel within its regulatory sandbox. The bank subsequently proposed to amend Russia’s digital assets law to accommodate tokenization platforms.
Since the 2017 mania, every year in the crypto and blockchain space has been increasingly eventful. 2019 was no exception: Along with Facebook’s Libra project and China’s digital yuan endeavors, Intercontinental Exchange’s digital assets platform Bakkt was finally launched. Its CEO, Kelly Loeffler, ensured a smooth start for the exchange, then swiftly left her business
The Commodity Futures Trading Commission (CFTC) has filed charges against a Colorado native and associated investment company on fraud charges. Denver local Breonna Clark, along with Colorado-based Venture Capital Investments Ltd., face civil action from the CFTC for defrauding investors, the agency said in a statement on Feb. 14. The pair also faces charges for
This past week in Japan, native exchange Bitpoint released data showing a massive deficit from 2019, Japan’s Financial Services Agency mentioned upcoming tightened regulations, Japanese and European central banks researched distributed ledger technology, Japan’s Liberal Democratic Party chairman expressed fears of Libra and the Chinese digital yuan, and the GMO Coin exchange hit 300,000 users.
China continues to pull ahead in the central bank digital currency race as more details on its secretive digital yuan project intermittently surface. As a result, more countries are beginning to worry about the potential implications. Over the past few weeks, a number of Japanese lawmakers have publicly expressed their preference for a CBDC controlled
Despite ongoing uncertainty regarding cryptocurrency regulation in India, major global crypto exchange OKEx has just made another push in the country’s market. On Feb. 14, OKEx partnered with India’s largest cryptocurrency trading platform, CoinDCX, to launch a new crypto futures product in India. As part of the partnership, OKEx will make a major step into
After naming Kristina Littman as Chief of the Division of Enforcement’s Cyber Unit in December, the United States Securities and Exchange Commission has introduced more fresh blood to its ranks. On Feb. 13, Nancy Sumption was announced as the successor to Kevin Zerrusen, the former Senior Advisor for Cybersecurity Policy to Chairman Jay Clayton. Nancy
Authorities recently took an Ohio local into custody recently for accusations of running an unlawful money laundering outfit on the Dark Web. The alleged operator of an illegal business called Helix, Larry Harmon faces accusations of money laundering and running a money transference venture without proper licensing, the Department of Justice, or DoJ, detailed on
Though the Democratic presidential race in the United States may have lost its most forward-thinking candidate when it comes to cryptocurrency, that doesn’t mean it’s not still a hot button issue across party lines. The number of patents and companies associated with cryptocurrencies and blockchains continues to rise in the US market, making it both
The United States Commodity Futures Trading Commission’s fintech lab will host office hours during New York Fintech Week. In April, the CFTC’s fintech research unit, LabCFTC, will host office hours during New York Fintech Week to engage with innovators in the field, according to a recently published announcement. LabCFTC’s objective is to promote market-enhancing fintech
An Ohio man has been charged by the United States Securities and Exchange Commission for allegedly defrauding 150 investors in a cryptocurrency trading scheme. The SEC’s complaint, filed in federal court in New York on Feb. 11, accuses Michael W. Ackerman of raising at least $33 million in violation of anti-fraud provisions for federal securities
Major Canadian investment fund manager 3iQ and blockchain firm Mavennet co-launched a new regulated stablecoin pegged to the Canadian dollar (CAD). Developed by Canada Stablecorp, a joint venture between 3iQ and Mavennet, QCAD is the latest CAD-based stablecoin and was officially launched on Feb. 11. QCAD total supply accounts for about 150,000 CAD at the
President Donald Trump’s $4.8 trillion 2021 budget proposal hopes to reconsolidate the Secret Service with the Treasury Department in order to enhance cyber and financial crime investigations. Established in 1865, the Secret Service was created as a department within Treasury charged with protecting U.S. currency against counterfeiting risks. In 2002, the Secret Service was transferred
Huobi is the latest firm to join the Klaytn Governance Council, a part of Kakao’s public blockchain project which runs its distributed network under the shared governance. The council grows According to an early morning press release, the move will bolster a roster of some of the world’s largest digital enterprises, including Binance, LG Electronics
The deputy director of the United States Financial Crimes Enforcement Network (FinCEN) says the cryptocurrency sector must not abet a “slide backward” in money laundering prevention. FinCen deputy director Jamal El-Hindi made his remarks during a speech at the Securities Industry and Financial Markets Association 20th Anti-Money Laundering (AML) and Financial Crimes Conference in New
A member of the United States Federal Reserve’s board of governors has signalled that the institution is more open to the idea of central bank digital currency than previously. Lael Brainard — who chairs several Fed committees — made her remarks during a speech at a symposium on the future of payments at the Stanford
Ugandan legislators are exploring the role of cryptocurrencies in connection with pyramid scheme frauds that are often found in the country, local newspaper PML Daily reported on Feb. 4. While legislators are moving forward with a proposal to criminalize Ponzi schemes, cryptocurrencies may come under fire as well. Speaking at the parliament, the State Minister
Japan is feeling the pressure of China’s strident moves forward with a digital yuan. According to a Feb. 7 Reuters report, top lawmakers in the country are calling on their government to push for digital currencies to be placed on the G7’s agenda this year. Akira Amari — former economy minister and a prominent member
A new working group, spearheaded by senior employees of Ripple and Coinbase, is going to advise United States regulators on crypto-friendly policies. But congresspeople are too busy preparing for the upcoming elections, which means that U.S. crypto firms will have to continue hula-hooping through state-by-state regulations in the near future. Earlier this month, a D.C.-based
The United Kingdom’s major financial regulator, the Financial Conduct Authority (FCA), is looking to hire a specialist with a cryptocurrency background. Specifically, the FCA is seeking an intelligence associate with crypto expertise to address digital assets under the European Union’s 5th Anti-Money Laundering Directive, the regulator said in a LinkedIn job posting on Feb. 6.