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The Gemini cryptocurrency exchange has launched a new ad campaign, in which it calls for better regulation of the crypto space. The Gemini cryptocurrency exchange founded by the Winklevoss twins in 2014 is calling for better regulation of the crypto space in a new ad campaign, the Wall Street Journal (WSJ) reports on Jan. 4. Placards on taxis and in the New York City subway contain slogans like “crypto needs rules” while simultaneously suggesting that Gemini already provides a regulatory compliant exchange for investors. Other slogans include “money has a future” and “crypto without chaos.” Chris Roan, head of marketing at Gemini, told the WSJ: “We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols.” Some in the crypto space have criticized the ads, saying that the introduction of anti-money laundering (AML), Know Your Customer (KY..
Chile’s anti-monopoly court rules to oblige local banks to keep the accounts of local crypto exchanges open, despite Supreme Court decision. The Chilean anti-monopoly court has again granted protection to local cryptocurrency exchanges by forcing banks to keep their accounts open, financial news outlet Diario Financiero reported Jan. 2. According to a recent statement from Buda.com — one of the crypto exchanges affected by previously upheld banking restrictions — the anit-monopoly court known as the Tribunal de Defensa de la Libre Competencia (TDLC) has held a poll, and most of its members voted in favor of the crypto firms. The next few hearings are scheduled for February, when the TDLC will hear the testimony of both parties. The hearings will be attended by Chilean top officials, including the country’s Minister of Finance, Felipe Larrain, Minister of Economy, Jose Ramon Valente, and the president of the country's banks association, Segismundo Schulin-Zeuthen. The TDLC has res..
British regulators are taking more time over crypto, but this won’t make U.K. legislation more permissive. A significant crypto market slump has brought concern and alarm, but also some unexpected side benefits. One such benefit comes from how financial regulators in the United Kingdom now appear sufficiently relaxed about crypto and its growth that they can take their time to carefully consider fair regulation. Without the pressures of a rapidly climbing crypto market, statements from officials have suggested that they will now avoid hastily implementing legislation — and as a result, the cryptocurrency industry in Britain will ultimately benefit from rules that protect customers and innovation alike. However, while U.K. regulators now have more time to consider and consult on balanced regulations, this doesn't necessarily mean that Britain will soon be home to a lenient regime for cryptocurrencies and relevant businesses. Because of the massive 2017 surge that crypto enjoyed, t..
Thailand has signalled it plans to take the rare step of simplifying procedures through which ICOs can raise money. Thailand’s securities regulator is planning a public hearing with the aim of loosening rules that form a “barrier” to initial coin offerings (ICOs), local English-language news outlet Bangkok Post reported Dec. 20. Thailand — which issued a royal decree to regulate its domestic cryptocurrency markets in May — had revealed its intention to license its first ICO portal in November and an ICO itself this month. Now, rules for issuers to begin fundraising may become less strict, although there will be caps on participation. “The proposed guideline is an attempt to find greater equilibrium in the regulatory process and reduce regulatory impediments, while taking risk management and investor protection into account,” the Post quotes Tipsuda Thavaramara, general secretary of the Thai Securities and Exchange Commission (SEC) as saying: “The proposed criteria may not be fully com..
The Supreme Court of Greece has ruled in support of a decision to extradite the alleged former operator of now-defunct crypto exchange BTC-e to France. The Supreme Court of Greece has ruled in support of a decision to extradite the alleged former operator of now-defunct crypto exchange BTC-e Alexander Vinnik to France. A “correspondent at the scene” from major Russian state-owned news agency TASS reported the news Dec. 19. As previously reported, 39-year old Russian national Vinnik, a.k.a “Mr. Bitcoin,” was first indicted by United States authorities and detained in Greece on July 25, 2017, on criminal charges of fraud and allegedly laundering up to $4 billion in Bitcoin (BTC) via BTC-e. Russia and France have since both sought the defendant’s extradition in regard to a further series of fraud allegations. When a Thessaloniki court ruled in support of Vinnik’s extradition to France this summer, the defendant had appealed against the decision at the country’s highest judiciary. TASS to..
A superior trial court of British Columbia decided that mistakenly transferred Ethereum should be returned to the rightful owner. A Canadian court has decided that a sum of mistakenly transferred cryptocurrency should be returned to its rightful owner, according to a report from the University of Oxford Faculty of Law published Dec. 12. A superior trial court of British Columbia found that Ethereum (ETH) tokens, which were mistakenly sent by the plaintiff, blockchain startup Copytrack, to the defendant, Brian Wall, must be returned to Copytrack. According to the report, the defendant mistakenly received 530 Ethereum coins from Copytrack instead of 530 Copytrack (CPY) tokens that he was supposed to get after participating in Copytrack’s Initial Coin Offering (ICO). At the time of the incorrect transaction to his private crypto wallet, the amount of acquired Ethereum amounted to 495,000 Canadian dollars ($370,482), while the value of CPY tokens he intended to purchase was worth 780 Cana..
An Ontario Superior Court Judge has ruled with the Canadian Imperial Bank of Commerce in a dispute with Canada’s largest crypto exchange regarding frozen funds. A $19.6 million disputed sum between Canada’s largest crypto exchange QuadrigaCX and the Canadian Imperial Bank of Commerce (CIBC) has been handed into the custody of the Ontario Superior Court, per a court document filed Nov. 9. On Oct. 8, Canadian newspaper the Globe and Mail reported that Vancouver-based QuadrigaCX had been experiencing difficulties accessing $16.3 million of its funds since January, when CIBC froze five accounts belonging to the exchange’s payment processor, Costodian Inc., and its owner, Jose Reyes. The bank purportedly froze the accounts due to an inability to identify the funds’ owners. CIBC subsequently requested the court to withhold the disputed funds and decide whether they belong to QuadrigaCX, Costodian, or the 388 users who had deposited the funds. In response, QuadrigaCX told the court that the ..
UK university researchers find that private blockchains with a sufficient level of centralization could comply with recent EU privacy rules. Private blockchains, such as interbanking platforms set to share information on customers, could be compatible with new E.U. privacy rules, according to research published Nov. 6. The study was conducted by Queen Mary University of London and the University of Cambridge, U.K. The General Data Protection Regulation (GDPR) act, a recent legislation that regulates the storage of personal data for all individuals within the European Union, came into effect this May. According to the law, all data controllers have to respect citizens’ rights in terms of keeping and transferring their private information. In case a data controller fails to do so, the potential fines are set as €20 million (about $22 million) or four percent of global turnover/revenues, whichever is higher. The recent U.K. study, published in the Richmond Journal of Law and Technologies..
Hong Kong securities regulator wants to improve oversight of crypto entities as chair warns of “outright scandals and frauds.” Hong Kong's securities regulator issued a statement setting out guidelines for funds dealing with cryptocurrency Thursday, Nov. 1, saying it could move to formally regulate exchanges. In what it called “guidance on regulatory standards,” the autonomous Chinese territory’s Securities and Futures Commission (SFC) set in motion a series of steps that chief Ashley Alder hinted would culminate in a formal regulatory environment. Hong Kong differs significantly in its approach to cryptocurrency from mainland China, with cryptoasset exchange and related activities legal, though formal regulation is pending. “The market for virtual assets is still very young and trading rules may not be transparent and fair,” Bloomberg quoted Alder as saying during a fintech forum Thursday: “Outages are not uncommon as is market manipulation and abuse. And there are also, I am af..
Taiwan's financial regulator plans to outline official regulations for ICOs next year, reversing a hands-off policy adopted in 2017. Taiwan plans to release draft Initial Coin Offering (ICO) regulation by June 2019, local English-language daily news outlet Taipei Times reported Tuesday, Oct. 23. The publication quoted plans from Wellington Koo, chairman of Taiwanese finance regulator — the Financial Supervisory Commission (FSC) — who was speaking at a meeting of the Legislative Yuan Finance Committee. “The more we regulate, the more this new economic behavior wanes,” he told members of the meeting on Oct. 22. ICOs have created tension throughout international jurisdictions keen on avoiding consumer exposure to fraud. Locally, mainland China has banned the practice altogether, a move which has also been in force in South Korea since September of last year, but which may now see a reversal. Last October, however, Taiwan conversely opted not to directly regulate either cryptocurrenc..
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