Regulatory Developments

Malta’s Financial Regulator Issues Guides on Crypto Assets, Scams

Malta’s financial regulator has issued a note to the public regarding the risks of crypto assets and the possibility for scams, news outlet Times of Malta reported on April 25. The Malta Financial Services Authority’s (MFSA) new guidance note intends to warn the public about cryptocurrency investments and related risks, and educate people on how … Read more

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Report: India Considers Complete Ban on Digital Currencies

A draft bill that would outright ban cryptocurrency is reportedly circulating among various departments of the Indian government, local media outlet The Economic Times reported on April 25. An official familiar with the matter reportedly told the Economic Times that the government has begun inter-ministerial consultations on the “Banning of Cryptocurrencies and Regulation of Official … Read more

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Authors of the 2019 Geneva Report on the World Economy seek market participant input

Description    The topic of this year’s Geneva Report on the World Economy will be “the future of banking.” The Geneva Report has been published every year since 1999 by the Centre for Economic Policy Research (CEPR) (a full list including each year’s theme and authors here) and is commissioned by the International Center for Monetary … Read more

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Regulating Proxy Discrimination in Insurtech

Hold on tight–AI will create fundamental challenges to Insurance Law, as well as the norms that guide it  Anya Prince is an associate professor at the University of Iowa, and Daniel Schwarcz is the Fredrikson & Byron Professor of Law at the University of Minnesota. Like many other domains of finance, insurance is being fundamentally transformed … Read more

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CFTC Chair Giancarlo Hints at What’s Holding Back Bakkt’s Bitcoin Futures

The Takeaway Bakkt, the proposed bitcoin futures exchange, remains in regulatory limbo CFTC Chairman Christopher Giancarlo wouldn’t discuss specific proposals, but his general comments about crypto regulation offer hints at the reasons Bakkt is languishing Part of the problem appears to be the firm’s plan to custody its own bitcoin, and clear trades through its … Read more

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Cybersecurity, Data and AML/Sanctions

New York State Sees First Conviction for Crypto Money Laundering

A case involving millions of dollars in bitcoin and Western Union payments has resulted in New York State’s first conviction for cryptocurrency money laundering. The Manhattan District Attorney’s Office announced Wednesday that defendants Callaway Crain and Mark Sanchez, both 35, laundered $2.8 million earned through sales of controlled substances carried out over the internet. Between 2013 … Read more

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In First, FinCEN Penalizes Bitcoin Trader for Violating AML Laws

The Financial Crimes Enforcement Network (FinCEN) has for the first time penalized what it dubs a “peer-to-peer cryptocurrency exchanger” for breaking anti-money laundering (AML) rules. The U.S. regulator announced Thursday that California resident and cryptocurrency trader Eric Powers failed to comply with the Bank Secrecy Act’s (BSA) registration and reporting requirements during 2012–2014. While conducting the … Read more

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Russia Adopts Law to Isolate Runet From the Internet

Runet, the Russian segment of the internet, is about to be isolated from the rest of the web. A new law adopted by the State Duma aims to do so in order to supposedly protect it from external threats and turn it into a “sovereign” space. Russian taxpayers and end users will pay the bill … Read more

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ESAs publish Joint Advice on Information and Communication Technology risk management and cybersecurity

ESAs publish Joint Advice on Information and Communication Technology risk management and cybersecurity Wednesday 10 April 2019 15:02 The European Supervisory Authorities (ESAs) today published two pieces of Joint Advice in response to requests made by the European Commission in its March 2018 FinTech Action Plan: Joint Advice on the need for legislative improvements relating … Read more

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Citing “Act of War” Clauses, Insurers Refusing to Compensate Firms Hit in Ransomware Attacks

Global insurance firm Hiscox is the now second insurance firm known to have refused to pay out a company damaged in a NotPetya cyberattack, Verdict reports. It is believed that Hiscox has made the refusal because the Russian government was accused by the UK-government of circulating NotPetya. If that is the cases, insurance firms are … Read more

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Crypto/Blockchain

Bitfinex Allegedly Covers $850 Million Loss With Tether Funds

The New York Attorney General’s office has alleged that crypto exchange Bitfinex lost $850 million and subsequently used funds from affiliated stablecoin operator Tether to secretly cover the shortfall, according to an announcement published on April 25. Attorney General Letitia James revealed that her office obtained a court filing alleging that iFinex Inc. — the … Read more

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Survey Shows South Koreans Increased Crypto Holdings by 64% Last Year

Over the last few years, South Korea has become a hotspot for cryptocurrencies and the region captures a large amount of the world’s digital asset trade volume. A survey published on April 20 by the Korea Financial Investment Association shows that the average South Korean cryptocurrency trader has increased their crypto holdings by 64.2% over … Read more

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French Lender Societe Generale Issues $112 Million Bond on Ethereum

UPDATE (April 23, 20:45 UTC): This article has been updated to note that Societe Generale issued the bonds to itself, and to include other details from a rating agency report. ——— French financial services giant Societe Generale Group has issued about $112 million worth of bonds in the form of a security token on the … Read more

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Local Media: Afghanistani, Tunisian Central Banks Consider Issuing Bitcoin Bonds

Afghanistan and Tunisia’s central banks are looking to issue a bitcoin (BTC) bond, Hong Kong-based news outlet Asia Times reports on April 17. Per the report, the governors of the two country’s central banks spoke at the annual Spring Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund in … Read more

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Cambridge Centre for Alternative Finance Publishes Global Cryptoasset Regulatory Study

The Cambridge Centre for  Alternative Finance (CCAF), with the support of the Nomura Research Institute (NRI), has just published a new study entitled the Global Cryptoasset Regulatory Landscape Study. The report is a detailed analysis of the regulatory environment in multiple jurisdictions from around the world. The research team developed a three-point framework to collect … Read more

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Banking, Finance and Investment

IMF Spring Meetings: Digital Money Is Imminent, But No Decentralization in Sight

The custodians of global financial order have been prominent in crypto news recently. The weekend kicked off with the announcement of the International Monetary Fund (IMF) joining forces with the World Bank to launch a private blockchain coupled with a “quasi-cryptocurrency” for training purposes, then continued with the Spring Meetings of the two organizations’ Boards of Governors in … Read more

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Authors of the 2019 Geneva Report on the World Economy seek market participant input

Description    The topic of this year’s Geneva Report on the World Economy will be “the future of banking.” The Geneva Report has been published every year since 1999 by the Centre for Economic Policy Research (CEPR) (a full list including each year’s theme and authors here) and is commissioned by the International Center for Monetary … Read more

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Fintech Robinhood Said to Be Pursuing National Bank Charter

Robinhood, a Fintech brokerage firm that combines traditional securities with digital assets in a single app, has applied for a national bank charter with the Office of the Comptroller of the Currency (OCC), according to a report by the San Francisco Business Times. Last December, Robinhood announced new checking and savings accounts that would pay … Read more

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Central Bank of Russia Reviews Potential Benefits and Drawbacks of CBDCs

The central bank of Russia has reviewed the potential benefits and drawbacks of central bank digital currencies (CBDC) in a policy brief published on April 18. In the document, entitled “Is there a future for central bank digital currencies,” the Central Bank of the Russian Federation outlined a number of potential benefits of CBDCs, such … Read more

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Central Bank Digital Currencies Take Center Stage at IMF Spring Meetings

Central bank digital currencies (CBDCs) featured prominently when global financial leaders met for this year’s World Bank Group and International Monetary Fund (IMF) joint Spring Meetings in the United States. Faced with emerging disruptive technologies like Bitcoin, their discussions also focused on how money and payments are taking on new forms throughout the world. There … Read more

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