regulations NEWS

blockchained_India

RBI urged to rethink on banning cryptos from regulatory sandbox

As per local news, the Reserve Bank of India [RBI] is reportedly being urged by lobbying groups to allow crypto-related products for testing in its regulatory sandbox. As per RBI’s proposed framework, testing of blockchain technology would reportedly be allowed on a small number of consumers, however, the central bank has clarified on excluding cryptocurrencies, exchanges and initial coin offerings. Furthermore, the Payments Council of India [PCI] has flagged this saying, innovation will be difficult to achieve if the sandbox’s framework has such large exclusions, as reported by Cointelegraph.

Colombia_regulating_crypto-min

Colombian Congress pass a bill for regulating crypto traders and businesses

As per local news, the Congress of the Republic of Colombia has reportedly proposed a bill for regulating cryptocurrency transactions as means to safeguard crypto users amidst growing frauds. As per reports, the Colombian regulatory watchdog Superintendecia de Sociedades purportedly branded all digital currencies in January 2017, leaving the Peso as the only legal tender of exchange. However, two years later, Congress Representative Maurico Toro proposed a bill to purportedly regulate companies functioning in the crypto space, reportedly a huge paradigm shift in the country’s opinion about cryptocurrencies, reported BTCManager.

TTA_exempt-min

Token Taxonomy Act [TTA] will include de minimis tax exemption for crypto transactions

As per the news, the reintroduced TTA is said to reportedly create a de minimis tax exemption for cryptocurrency transactions under $600. The de minimis tax exemption purportedly implies that a crypto owner experiencing a capital gain of up to $600 via cryptos, is not required to report gains to the Internal Revenue Service [IRS], the tax authority of the U.S. The Executive Director of Coin Center Jerry Brito adds, the situation parallels the introduction of a de minimis proviso in 1990s by Congress for small gains on foreign currencies, reported Cointelegraph.

Coinome_halts-min

Indian crypto scenario: Coinome halts crypto exchange services citing regulatory pressure

Coinome, an Indian crypto exchange has reportedly announced to halt its operations as of 15th May due to regulatory difficulties. As per reports, crypto exchanges in India have faced difficulties at various levels since the Reserve Bank of India [RBI], the country’s central bank purportedly implemented a ban on dealing with crypto-related businesses. Furthermore, the exchange has not disclosed details regarding its Twitter post, whether the suspension in effect is a total shuttering of its services, reported Cointelegraph.

crypto_ETFs_filing-min

New cryptocurrency-based ETF prospectus has been filed with the U.S. SEC

As per the news, a prospectus for a new crypto-based exchange-traded funds [ETF] has reportedly been filed with the U.S. Securities and Exchange Commission [ETF]. As per reports, the EFT was proposed by Crescent Crypto Index Services LLC for tracking the performance of a market capitalization-weighted portfolio of Bitcoin [BTC] and Ethereum [ETH]. The ETF is reportedly dubbed as the USCF Crescent Crypto Index Fund under the ticker symbol of “XBET”, as reported by CoinDesk.

SEC_CFTC_learning-min

United States regulators SEC and CFTC emphasize on blockchain and digital assets literacy

On 8th May, the Chairmen of U.S. regulatory bodies, Securities and Exchange Commission [SEC] and the Commodities Futures Trading Commission [CFTC] reportedly testified before the U.S. Congress. As per reports, the hearing before the Senate Committee on Appropriations served to inform the Senate on the agencies’ budget needs while outlining various objectives and initiatives. Further to the reports, chairpersons Jay Clayton and J. Christopher Giancarlo of both SEC and CFTC respectively, underlined the importance of the agencies becoming literate in digital assets and blockchain technology, as per Cointelegraph.

India_cryptoban_unlikely-min

Zebpay CEO: Cryptocurrency bank in India unlikely to happen

As per the news, Ajeet Khurana, CEO of Zebpay which left India due to regulatory restrictions commented on the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019”. As per reports, Khurana while talking to the Australian news site Micky stated, he has met with all the major stakeholders in the Ministry of Finance, The Central Bank and securities regulators who despite their apprehension around cryptos, never talked about banning it. The subject was reportedly discussed during Zebpay’s announcement of opening a new headquarters in Melbourne, reported Bitcoinist.

FCC_blockchain_tracking-min

The FCC eyeing blockchain for optimized tracking and recording of the wireless spectrum

The U.S. regulatory body, Federal Communications Commission [FCC] is reportedly considering blockchain adoption for monitoring the use of radio wave spectrums owing to the rapid increase in wireless devices. As per reports, FCC Commissioner Jessica Rosenworcel stated, the use of blockchain could potentially shave off managing costs concerning the organizing of the wireless spectrum. Furthermore, in 2022 the number of IoT devices are expected to account to 50 billion from where it is today i.e 21 billion, reported BTCManager.

ETH_futures_ready_for_approval-min

Commodity Futures Trading Commission [CFTC] is ready to approve Ethereum futures contract

The CFTC with its previously approved Bitcoin [BTC] futures is purportedly willing to oversee a similar product for Ethereum [ETH], the world’s second-largest cryptocurrency by market cap, at press time. As per reports, the approval of Ether futures contract would open up the market to broad institutional investment. As per CoinDesk, a regulator with an undisclosed identity opened up saying, “I think we can get comfortable with an ether derivative being under our jurisdiction,” however, the CFTC would only respond to an application set before the regulator than volunteering an opinion.

market_needs_regulating-min

Cryptocurrency market needs regulations, says the CFTC former chairman

At the Business of Blockchain event, Massachusetts the former chairperson of the Commodity Futures Trading Commission [CFTC] Gary Gensler stated, for the market to prosper or potentially grow the cryptocurrency market needs regulations. He further stated, investors should feel secure knowing both the investor and consumer protection is embodied in the law in case the market succumbs to manipulation. Moreover, Gensler stood clear saying that it’s important to make sure markets are watched over to ensure maturity in order to avoid or limit any chance of manipulation, reported Cointelegraph.

blockchained_India

RBI urged to rethink on banning cryptos from regulatory sandbox

As per local news, the Reserve Bank of India [RBI] is reportedly being urged by lobbying groups to allow crypto-related products for testing in its regulatory sandbox. As per RBI’s proposed framework, testing of blockchain technology would reportedly be allowed on a small number of consumers, however, the central bank has clarified on excluding cryptocurrencies, exchanges and initial coin offerings. Furthermore, the Payments Council of India [PCI] has flagged this saying, innovation will be difficult to achieve if the sandbox’s framework has such large exclusions, as reported by Cointelegraph.

Colombia_regulating_crypto-min

Colombian Congress pass a bill for regulating crypto traders and businesses

As per local news, the Congress of the Republic of Colombia has reportedly proposed a bill for regulating cryptocurrency transactions as means to safeguard crypto users amidst growing frauds. As per reports, the Colombian regulatory watchdog Superintendecia de Sociedades purportedly branded all digital currencies in January 2017, leaving the Peso as the only legal tender of exchange. However, two years later, Congress Representative Maurico Toro proposed a bill to purportedly regulate companies functioning in the crypto space, reportedly a huge paradigm shift in the country’s opinion about cryptocurrencies, reported BTCManager.

TTA_exempt-min

Token Taxonomy Act [TTA] will include de minimis tax exemption for crypto transactions

As per the news, the reintroduced TTA is said to reportedly create a de minimis tax exemption for cryptocurrency transactions under $600. The de minimis tax exemption purportedly implies that a crypto owner experiencing a capital gain of up to $600 via cryptos, is not required to report gains to the Internal Revenue Service [IRS], the tax authority of the U.S. The Executive Director of Coin Center Jerry Brito adds, the situation parallels the introduction of a de minimis proviso in 1990s by Congress for small gains on foreign currencies, reported Cointelegraph.

Coinome_halts-min

Indian crypto scenario: Coinome halts crypto exchange services citing regulatory pressure

Coinome, an Indian crypto exchange has reportedly announced to halt its operations as of 15th May due to regulatory difficulties. As per reports, crypto exchanges in India have faced difficulties at various levels since the Reserve Bank of India [RBI], the country’s central bank purportedly implemented a ban on dealing with crypto-related businesses. Furthermore, the exchange has not disclosed details regarding its Twitter post, whether the suspension in effect is a total shuttering of its services, reported Cointelegraph.

crypto_ETFs_filing-min

New cryptocurrency-based ETF prospectus has been filed with the U.S. SEC

As per the news, a prospectus for a new crypto-based exchange-traded funds [ETF] has reportedly been filed with the U.S. Securities and Exchange Commission [ETF]. As per reports, the EFT was proposed by Crescent Crypto Index Services LLC for tracking the performance of a market capitalization-weighted portfolio of Bitcoin [BTC] and Ethereum [ETH]. The ETF is reportedly dubbed as the USCF Crescent Crypto Index Fund under the ticker symbol of “XBET”, as reported by CoinDesk.

SEC_CFTC_learning-min

United States regulators SEC and CFTC emphasize on blockchain and digital assets literacy

On 8th May, the Chairmen of U.S. regulatory bodies, Securities and Exchange Commission [SEC] and the Commodities Futures Trading Commission [CFTC] reportedly testified before the U.S. Congress. As per reports, the hearing before the Senate Committee on Appropriations served to inform the Senate on the agencies’ budget needs while outlining various objectives and initiatives. Further to the reports, chairpersons Jay Clayton and J. Christopher Giancarlo of both SEC and CFTC respectively, underlined the importance of the agencies becoming literate in digital assets and blockchain technology, as per Cointelegraph.

India_cryptoban_unlikely-min

Zebpay CEO: Cryptocurrency bank in India unlikely to happen

As per the news, Ajeet Khurana, CEO of Zebpay which left India due to regulatory restrictions commented on the “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019”. As per reports, Khurana while talking to the Australian news site Micky stated, he has met with all the major stakeholders in the Ministry of Finance, The Central Bank and securities regulators who despite their apprehension around cryptos, never talked about banning it. The subject was reportedly discussed during Zebpay’s announcement of opening a new headquarters in Melbourne, reported Bitcoinist.

FCC_blockchain_tracking-min

The FCC eyeing blockchain for optimized tracking and recording of the wireless spectrum

The U.S. regulatory body, Federal Communications Commission [FCC] is reportedly considering blockchain adoption for monitoring the use of radio wave spectrums owing to the rapid increase in wireless devices. As per reports, FCC Commissioner Jessica Rosenworcel stated, the use of blockchain could potentially shave off managing costs concerning the organizing of the wireless spectrum. Furthermore, in 2022 the number of IoT devices are expected to account to 50 billion from where it is today i.e 21 billion, reported BTCManager.

ETH_futures_ready_for_approval-min

Commodity Futures Trading Commission [CFTC] is ready to approve Ethereum futures contract

The CFTC with its previously approved Bitcoin [BTC] futures is purportedly willing to oversee a similar product for Ethereum [ETH], the world’s second-largest cryptocurrency by market cap, at press time. As per reports, the approval of Ether futures contract would open up the market to broad institutional investment. As per CoinDesk, a regulator with an undisclosed identity opened up saying, “I think we can get comfortable with an ether derivative being under our jurisdiction,” however, the CFTC would only respond to an application set before the regulator than volunteering an opinion.

market_needs_regulating-min

Cryptocurrency market needs regulations, says the CFTC former chairman

At the Business of Blockchain event, Massachusetts the former chairperson of the Commodity Futures Trading Commission [CFTC] Gary Gensler stated, for the market to prosper or potentially grow the cryptocurrency market needs regulations. He further stated, investors should feel secure knowing both the investor and consumer protection is embodied in the law in case the market succumbs to manipulation. Moreover, Gensler stood clear saying that it’s important to make sure markets are watched over to ensure maturity in order to avoid or limit any chance of manipulation, reported Cointelegraph.

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