FSB to put forward a global regulatory framework for crypto in October July 12, 2022 The Financial Stability Board will propose global crypto regulations in October following the recent crypto crash. The global watchdog said it is working towards ensuring that crypto is subject to tight oversight and will “submit a public consultation report that proposes recommendations for promoting international consistency of regulatory and supervisory approaches to crypto-assets and crypto-asset [...]
BoE lays down crypto regulation plans following crash July 12, 2022 The Bank of England laid down its plans for crypto regulation in the UK following the drastic instability from the “crypto winter.” Deputy Governor Jon Cunliffe said the Bank would apply identical regulation to different financial services in the UK, regardless of how they are provided, if the risks presented by them are the same. [...]
Terra Luna crash shows need for ‘non-negotiables’ in crypto regulation, says FCA official July 11, 2022 The Terra Luna crash this year caused investors to lose significant amounts of money and shows why “non-negotiables” in crypto regulation are needed, the FCA said. “When we look at the Terra Luna collapse, (the harm caused by it) is some people’s life savings,” said Richard Fox, Director of International at the FCA, at a [...]
Bitcoin more likely to fall to $10,000 than rise to $30,000, survey July 11, 2022 The price of Bitcoin is more likely to drop to $10,000 than jump to $30,000. The biggest cryptocurrency will probably cut its current value of $20,372 by about half rather than surge, according to 60% of the 950 investors who responded to the latest MLIV Pulse survey, Bloomberg reported. The rest saw it climbing back. [...]
Binance served Iranian crypto clients despite US sanctions, company ban July 11, 2022 Binance processed trades by clients in Iran despite sanctions by the US ban and ban by the company on doing business in the county. The US imposed sanctions on Iran in 2018 with Binance banning business in the country the same year, but the world’d biggest crypto exchange ignored this and still served Iranian crypto [...]
Money stolen from crypto fraud soars despite crash July 11, 2022 The money stolen from crypto frauds has increased over the past year even as a crash has seen cryptocurrency prices plummet. Crypto fraudsters stole 58 per cent more money in the past 12 months with victims in the UK generally losing £36,250 per fraud, a report by cyber security company NordVPN revealed today. Total losses from crypto fraud [...]
Lawyers gearing up for ‘wave of litigation’ due to crypto crash: Furious Brits expected to claim losses back July 10, 2022 The collapse in the value of crypto is likely to lead to a raft of claims from UK investors who believe they have lost considerable sums of money after being mis-sold cryptocurrencies, lawyers have told City A.M. today. Mis-selling claims may arise in cases where cryptocurrencies were marketed as a low-risk investment, yet subsequently dropped [...]
Fund managers call for FCA blockchain taskforce in plans for ‘Investment Fund 3.0’ July 7, 2022 The UK’s top investment body called on government and regulators to harness the benefit of cryptocurrencies and decentralised finance today, as it claimed the industry was on the cusp of a “major technological transformation”.
Global money laundering watchdog urgently calls for greater crypto information sharing July 6, 2022 Most countries do not have appropriate laws to prevent the illicit use of cryptocurrency by criminals, according to a global anti-money-laundering watchdog. The rules would force businesses to share information about cryptocurrency transactions. Only around a third of countries surveyed by the Financial Action Task Force said they have passed laws, and just a few [...]
Crypto market risk profile similar to oil prices and technology stocks, Coinbase says July 6, 2022 Crypto risk profiles are like those in oil prices and tech stocks, according to crypto exchange Coinbase. “The market expects crypto assets to become more and more intertwined with the rest of the financial system, and thus to be exposed to the same macro-economic forces that move the world economy,” Coinbase Institute Chief Economist Cesare [...]