Biden’s cryptocurrency framework is a step in the right direction

The White House released its first comprehensive framework this month for the Responsible Development of Digital Assets following President Joe Biden’s March 9 executive order. The order called for regulators to assess the industry and develop recommendations to safeguard investors while simultaneously promoting innovation. While more work is needed, the framework is a step in the right direction as it shows the willingness of regulators to provide the industry with the much-needed regulatory clarity it seeks.  The framework’s recommendations addressed six key areas to protect market participants, offer access to…

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Biden’s cryptocurrency framework is a step in the right direction

The White House released its first comprehensive framework this month for the Responsible Development of Digital Assets following President Joe Biden’s March 9 executive order. The order called for regulators to assess the industry and develop recommendations to safeguard investors while simultaneously promoting innovation. While more work is needed, the framework is a step in the right direction as it shows the willingness of regulators to provide the industry with the much-needed regulatory clarity it seeks.  The framework’s recommendations addressed six key areas to protect market participants, offer access to…

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Ukraine to Revise Virtual Assets Law in Line With EU Crypto Rules

Work is underway in Ukraine to update the legal act that applies to cryptocurrencies in order to align the nation’s legislation with European standards. Several government institutions in Kyiv are preparing changes to the bill “On Virtual Assets,” which was signed into law earlier this year. Ukraine to Transpose European Crypto Regulations Into National Law Ukraine’s law “On Virtual Assets,” the main piece of legislation that concerns the country’s crypto space, will be amended in accordance with the provisions of the European Union’s Markets in Crypto Assets (MiCA) legislative package.…

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Crypto ‘cannot be partisan’ says US lawmaker who scored negative on bipartisanship index: Report

United States House of Representatives member Tom Emmer has reportedly suggested that regulating and encouraging innovation in the crypto space should not be a political win for either Democrats or Republicans. According to an interview released Tuesday by Axios reporter Brady Dale, Emmer said many of his colleagues in Congress were treating cryptocurrencies as a risk which merited warnings, rather than an investment opportunity for the United States. The U.S. lawmaker added that encouraging figures like FTX CEO Sam Bankman-Fried to stay in the country will open more doors for…

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Binance froze $1M corporate account due to law enforcement request

Major crypto exchange Binance has confirmed it restricted account access to $1 million in crypto for a Tezos tool contributor after being called out on social media. In a Thursday Twitter thread, Binance said it had restricted the account of Tezos staking rewards auditor Baking Bad “as the result of a law enforcement request.” The Tezos contributor alleged that the crypto exchange had blocked access to its corporate account containing Bitcoin (BTC), Ether (ETH), Polgyon (MATIC), Tether (USDT) and other tokens since July 1 “without any explanations” — a claim…

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AML and KYC: A catalyst for mainstream crypto adoption

For Satoshi Nakamoto, the creator of Bitcoin (BTC), the motivation to create a new payment ecosystem from scratch in 2009 stemmed from the economic chaos caused by the banking sector’s over-exuberant and risky lending practices mixed accompanied by the bursting of the housing bubbles in many countries at the time.  “And who do you think picked up the pieces after the fallout? The taxpayer, of course,” said Durgham Mushtaha, business development manager of blockchain analytics firm Coinfirm, in an exclusive interview with Cointelegraph. Satoshi recognized the need for a new…

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Uncertainty around French laws prompted F1 racers to remove crypto branding: Report

Many Formula 1 international racing teams reportedly removed or covered branding and logos from crypto-related sponsors in response to uncertainty around France’s advertising regulations. According to a Tuesday report from RacingNews365, Crypto.com’s logos were not on display during the French Grand Prix on Sunday — the crypto exchange has been a global partner with the racing series starting in July 2021. The team behind the Alpine Formula 1 car also reportedly removed branding representing crypto exchange Binance from its cars, drivers’ clothing and letterhead. “Knowing about the regulations here in…

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Know thy customer: The future of KYC in crypto

Crypto and Know Your Customer (KYC) guidelines seem to be an unhappy marriage — pseudonymity in the digital currencies’ DNA doesn’t match the old-school centralized protocols of traditional finance, but cohabitation is inevitable for the maturing industry.  The tension never really goes away, but even before recent months’ market failures for crypto, the regulators have been clearly hogging the blanket, nudging the established platforms toward more strict authentication procedures and cutting the privacy-hardline players off the market. Cardano co-founder Charles Hoskinson expressed a popular opinion from the industry side in…

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Russian State Duma Adopts Law Banning Payments With Digital Financial Assets

The lower house of Russian parliament has adopted a law prohibiting the use of digital financial assets in payments. To implement the restriction, exchange operators have been obliged to reject transactions which make it possible to employ these assets as a means of payment. Russian Parliament Approves Legislation Preventing Digital Financial Asset Payments The majority in the State Duma, the lower house of Russia’s Federal Assembly, has supported the adoption of a bill banning payments for goods and services using digital financial assets (DFAs) within the Russian Federation. Under current…

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Russian Finance Ministry Rules Out Sale of Oil for Bitcoin

The Russian government considers bitcoin as a payment option for small business transactions, not for oil exports, the country’s finance ministry has indicated. A top official emphasized the department means that cryptocurrencies may be used in barter deals, but not as legal tender. Crypto Payments Not for Russian State Settlements, Ministry of Finance Says Cryptocurrency payments, in terms of international transactions, are seen by the authorities in Moscow as an alternative option for small private business contracts, but this will not affect Russian oil deliveries. The clarification was made by…

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