Crypto Exchanges Now Required To Notify UK Authorities Of Suspected Sanction Breaches
2 years, 3 months ago

Crypto Exchanges Now Required To Notify UK Authorities Of Suspected Sanction Breaches

ABP News  

San Francisco: Crypto exchanges are now required to notify the UK authorities of any suspected sanctions violations under new regulations introduced in response to concerns that bitcoin and other crypto assets are being used to dodge restrictions imposed in reaction to Russia's invasion of Ukraine. ALSO ON ABP LIVE: India Emerging As 'Major NFT Destination': Study Crypto assets could include non-fungible tokens in addition to digital currencies like Bitcoin, Ether, and Tether as well as other hypothetically valuable digital assets. ALSO ON ABP LIVE: Bill Murray NFT Hack: Funds Worth $185,000 Stolen After Charity Auction According to the regulations established by the Treasury's Office of Financial Penalties Implementation, cryptocurrency exchanges will be breaking the law if they fail to report customers who are subject to sanctions. ALSO ON ABP LIVE: Crypto.com Accidentally Refunds Over $7 Million To Customer Instead of $68 The regulations mandate that cryptocurrency exchanges take quick action if they suspect that one of its customers is subject to sanctions or that penalties are being violated, which places them under the same obligations as professionals like estate agents, accountants, lawyers, and jewellers.

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History of this topic

Crypto industry players see light at end of tunnel despite regulatory vacuum. Here’s why
4 months, 2 weeks ago

Crypto industry players see light at end of tunnel despite regulatory vacuum. Here’s why

Live Mint  

The Ministry of Finance recently made it clear in a written reply in the Lok Sabha that the government is not considering a law to regulate the transaction of cryptocurrencies. However, crypto industry participants are not too pessimistic about Chaudhary’s statement, which was released at the behest of the Finance Ministry since they pin hopes on a discussion paper on …

Crypto In Developing Economies: Opportunities & Challenges
1 year ago

Crypto In Developing Economies: Opportunities & Challenges

ABP News  

In the ever-evolving landscape of global finance, cryptocurrencies have emerged as a transformative influence, presenting opportunities and challenges for developing economies. Opportunities Let's start by looking at some opportunities: Accessibility Cryptocurrencies are a valuable solution for developing countries facing issues related to the lack of accessibility to traditional financial systems. Inflation And Counterfeit Cryptocurrencies are gaining traction in developing countries …

A timeline of crypto regulations: From ‘illegal tender’ to G20’s nod
1 year, 2 months ago

A timeline of crypto regulations: From ‘illegal tender’ to G20’s nod

Live Mint  

Finance ministers of G20 nations have now adopted the synthesis paper released by Financial Stability Board and International Monetary Fund that carries a number of suggestions on regulations of cryptocurrencies. Here is the timeline of regulatory evolution that the digital currencies have undergone: Feb 1, 2018: Then Finance Minister Arun Jaitley, during the Budget Speech, said government did not consider …

As G-20 plans crypto regulatory framework, India may shelve plan for outright ban
1 year, 3 months ago

As G-20 plans crypto regulatory framework, India may shelve plan for outright ban

The Hindu  

With the G-20 countries agreeing to explore a coordinated regulatory framework for crypto assets, India could wait a while longer before firming up its domestic regulations for crypto currencies, and initiate a dialogue with stakeholders on the way forward. Any country can allow higher risks if they want, or ban it if they like, but whatever one does, it should …

G20 summit 2023: Crypto market hopeful for constructive dialogue on global regulation
1 year, 3 months ago

G20 summit 2023: Crypto market hopeful for constructive dialogue on global regulation

India TV News  

As world leaders are gathering in India to attend G20 summit 2023, the crypto market is hopeful for a dialogue on the revival of the industry with a common regulation in place. Under the leadership of India's presidency, the G20 countries are reportedly poised to introduce what could be recognised as the first-of-their-kind regulations governing cryptocurrencies and crypto assets worldwide. …

Crypto issue requires immediate attention, says FM Sitharaman
1 year, 8 months ago

Crypto issue requires immediate attention, says FM Sitharaman

The Hindu  

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister Nirmala Sitharaman has said. Ms. Sitharaman was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at …

Centre Applies Norms Of "Reporting Entities" Under Prevention Of Money Laundering Act To Cryptocurrency Exchanges
1 year, 9 months ago

Centre Applies Norms Of "Reporting Entities" Under Prevention Of Money Laundering Act To Cryptocurrency Exchanges

Live Law  

The Ministry of Finance has notified that cryptocurrency exchanges will be “persons carrying on designated businesses or professions” within the meaning of Section 2 of the Prevention of Money Laundering Act. This means that crypto exchanges will come within the definition of "reporting entity" within the meaning of Section 2 of the PMLA. As a consequence, crypto exchanges should follow …

Money laundering law to apply to crypto trade: Finance Ministry
1 year, 9 months ago

Money laundering law to apply to crypto trade: Finance Ministry

The Hindu  

The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. The notification said, “Exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, transfer of virtual digital assets, safekeeping or administration of virtual digital assets or instruments enabling control over virtual …

Moving towards regulation on Cryptocurrency under India\'s G20 presidency: Nirmala
1 year, 9 months ago

Moving towards regulation on Cryptocurrency under India\'s G20 presidency: Nirmala

Deccan Chronicle  

Bengaluru: Union Finance Minister Nirmala Sitharaman on Saturday said that the government is progressing towards regulation on Crypto Currency under India's G20 presidency. "Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors," she said. Speaking on the issue, …

India Asks IMF, FSB To Prepare Technical Paper On Regulating Crypto
1 year, 9 months ago

India Asks IMF, FSB To Prepare Technical Paper On Regulating Crypto

News 18  

India, which is currently holding G20 Presidency, has asked the IMF and Financial Stability Board to jointly prepare a technical paper on crypto assets, which could be used in formulating a coordinated and comprehensive policy to regulate them. In their entirety, the IMF’s discussion paper, the policy seminar and the joint IMF-FSB paper are expected to integrate the policy questions …

Economic Survey 2023: Common Approach A 'Necessity' To Regulate Crypto
1 year, 10 months ago

Economic Survey 2023: Common Approach A 'Necessity' To Regulate Crypto

ABP News  

Finance Minister Nirmala Sitharaman tabled the Economic Survey 2022-23 in Parliament today, kicking off the Union Budget session. Making a reference to the recent FTX collapse and the ensuing sell-offs that saw the vanishing of nearly $2 trillion from the global crypto market, the Survey noted that crypto assets don’t “strictly pass the test of being a financial asset” as …

Budget 2023: What Awaits The Crypto Sector? Everything You Need To Know
1 year, 11 months ago

Budget 2023: What Awaits The Crypto Sector? Everything You Need To Know

ABP News  

The 2023 Union Budget is nearly here and the biggest question that’s haunting the mind of crypto enthusiasts is simple — how will the Finance Ministry treat the virtual digital assets sector this time around? While 2022 saw several important milestones for the crypto sector, from the taxation of gains to the introduction of a central bank digital currency, the …

Explained | What is the crypto awareness campaign?
1 year, 11 months ago

Explained | What is the crypto awareness campaign?

The Hindu  

The story so far: The Investor Education and Protection Fund will launch an outreach programme soon to create awareness of cryptocurrencies and online gaming. People may presume incorrectly that it is illegal,” he states, adding, “One may be indulging in unlawful transactions like money laundering using crypto assets. As for the allegations, Mr. Menon told The Hindu, “The immutable, public …

Countries to face ‘grey list’ in anti-terror crackdown on crypto
2 years, 1 month ago

Countries to face ‘grey list’ in anti-terror crackdown on crypto

Al Jazeera  

The Financial Action Task Force is planning to ramp up oversight of crypto providers, sources say. The Financial Action Task Force is preparing to conduct annual checks to ensure countries are enforcing anti-money laundering and terrorist financing rules on crypto providers operating in their jurisdiction, two sources with knowledge of the matter told Al Jazeera. The use of yearly reviews …

WIll Crypto-Asset Reporting Framework bring clarity for investors?
2 years, 1 month ago

WIll Crypto-Asset Reporting Framework bring clarity for investors?

Live Mint  

Transactions in cryptocurrency have increased manifold. The OECD defines crypto assets as a digital representation of value that relies on a cryptographically secured distributed ledger or a similar technology to validate and secure transactions. The framework provides guidance on various aspects of entities and individuals, subject to data reporting responsibility and data collection requirements, types of transactions covered, and relevant …

Weekly Crypto Roundup: Indian search parties, stolen NFTs, and courtroom battles
2 years, 3 months ago

Weekly Crypto Roundup: Indian search parties, stolen NFTs, and courtroom battles

The Hindu  

Project founders and executives experienced greater turbulence than crypto traders. According to some reports, an Indian crypto exchange CoinSwitch Kuber, which was valued for around $1.9 billion last year, was searched by the Enforcement Directorate, as the exchange allegedly violated forex laws by acquiring shares to the tune of over ₹ 20 billion. The company’s newly released 2022 NFT report …

Understanding cryptocurrencies
2 years, 5 months ago

Understanding cryptocurrencies

Hindustan Times  

There is a need for a broader international collaboration before cryptocurrency regulations can be drawn up in India, finance minister Nirmala Sitharaman told Parliament this week. In May, an entire currency — known as the Terra/Luna stablecoin pair — and a crypto-based lending platform known as Celsius crashed, wiping out tens of millions of dollars of wealth. Searching with just …

UK plans rules for some cryptocurrencies amid global effort
2 years, 8 months ago

UK plans rules for some cryptocurrencies amid global effort

Associated Press  

LONDON — Britain has unveiled plans to regulate some cryptocurrencies as part of a broader plan to become a global hub for digital payments, coming as authorities in the U.S. and Europe are racing to draw up rules for crypto. Treasury chief Rishi Sunak also has asked the Royal Mint to create a digital collectible known as an NFT as …

UK plans rules for some cryptocurrencies amid global effort
2 years, 8 months ago

UK plans rules for some cryptocurrencies amid global effort

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Treasury chief Rishi Sunak also has asked the Royal …

Budget 2022: Cryptocurrency sector riddled with bottlenecks; time to bring policy change
2 years, 10 months ago

Budget 2022: Cryptocurrency sector riddled with bottlenecks; time to bring policy change

Firstpost  

Union Budget 2022-23: The finance minister should consider formulating policies to leverage growth from emerging technology such as blockchain tech which serves as the backbone of crypto The cryptocurrency sector in India is riddled with regulatory bottlenecks which makes it challenging to operate retail businesses. Given that crypto exchanges will have to undertake operations to keep markets from turning illiquid, …

Private cryptocurrencies pose immediate risks to customer protection, prone to frauds: RBI
2 years, 11 months ago

Private cryptocurrencies pose immediate risks to customer protection, prone to frauds: RBI

The Hindu  

Private cryptocurrencies pose immediate risks to customer protection and are prone to frauds and extreme price volatility, given their highly speculative nature, the Reserve Bank of India said in its financial stability report released on Wednesday. The latest report noted that the proliferation of private cryptocurrencies across the globe has sensitised regulators and governments to the associated risks. "Private cryptocurrencies …

Govt may not ban cryptocurrencies, regulation likely: Reports
3 years ago

Govt may not ban cryptocurrencies, regulation likely: Reports

India Today  

Cryptocurrencies may not be completely banned in India and the government may create a framework to regulate highly risky virtual assets, as per multiple reports. The development comes at a crucial time as the government’s upcoming cryptocurrency bill has spooked investors and other stakeholders. Read | Cryptocurrency Bill: Raining on India's crypto parade A few days ago, Finance Minister Nirmala …

Regulating cryptocurrencies: Treating them as speculative assets
3 years, 1 month ago

Regulating cryptocurrencies: Treating them as speculative assets

The Hindu  

The story so far: The Union Government is said to be considering a proposal to tax cryptocurrency transactions in the country. THE GIST With cryptocurrencies such as Bitcoin gaining popularity among citizens, the Centre has been compelled to take a stance on the legal status of these private currencies. The Centre might not be so keen on banning private cryptocurrencies …

Government unlikely to ban Bitcoin and other cryptocurrencies, finding middle path
3 years, 1 month ago

Government unlikely to ban Bitcoin and other cryptocurrencies, finding middle path

India Today  

The Indian government was really close to imposing a blanket ban on cryptocurrencies last year. According to a report by Economic Times, the government is now considering making cryptocurrencies a digital asset and introducing regulations to safeguard investors. The government believes that Indian investors have put large volumes of investments in cryptocurrencies to outrightly ban them. If the bill is …

Govt seeks disclosure of crypto transactions, holdings
3 years, 8 months ago

Govt seeks disclosure of crypto transactions, holdings

Live Mint  

In a first, the ministry of corporate affairs has asked all companies in the country to mandatorily disclose any dealings in cryptocurrency or virtual currency in their balance sheets. This is a major step towards regulating crypto assets in India and is expected to bring in a lot of transparency in reporting or filing of crypto investments. The companies have …

The need to regulate cryptocurrencies is loud and clear
3 years, 11 months ago

The need to regulate cryptocurrencies is loud and clear

Live Mint  

In March 2020, in a magisterial judgement, the Supreme Court set aside a circular of the Reserve Bank of India that banned regulated entities from providing any service related to the purchase and sale of virtual currencies. Whether any product, service or activity merits regulation and supervision depends on the risk of potential market failures or externalities that could imperil …

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