Archive | Regulation

Nigerian regulator warns MMM participants against using bitcoin

January 17th, 2017 by

The Nigerian Securities and Exchange Commission (SEC) has warned the public against investing in cryptocurrencies including Bitcoin. The Nigeria’s SEC issued a statement cautioning citizens from investing in digital tokens such as Bitcoin, Onecoin, and Swisscoin. SEC details the public should be aware that these investments are “risky by nature” and some of them are […]

Bank of Russia: We are not going to ban bitcoin – yet

January 17th, 2017 by

Bank of Russia deputy chairman Olga Skorobogatov said that the central bank is not going to prohibit the use of digital currencies such as bitcoin in the country. “Since bitcoin is a private currency, it turns out that not everything is as simple and brilliant there as they claim in books and magazines. The regulator’s […]

CFPB received only 7 bitcoin complaints in 2016

January 16th, 2017 by

The US Consumer Financial Protection Bureau (CFPB) received only seven complaints related to bitcoin in 2016. To be more precise, only one of these seven reported is related to virtual currency fraud or a scam. Two complaints are labeled as ‘other transaction issues”, and the rest of the complaints relate to other service issues.” It […]

Chinese bitcoin firm BTC123 halts services due to central bank concerns

January 13th, 2017 by

Chinese bitcoin investment platform BTC123 announced that it would halt deposits for a financial management system denominated in bitcoin and the yuan beginning on 26th January. The company cited regulatory requirements in China, naming the People’s Bank of China (the country’s central bank) and the Ministry of Public Security (China’s main policy authority), when explaining […]

Israel Tax Authority: Bitcoin is a taxable asset

January 13th, 2017 by

The Israel Tax Authority sets to clarify the taxing of “Bitcoin, Litecoin and other virtual currencies” activities in the country. The Tax Authority begins by explaining that, according to their interpretation of the relevant laws, cryptocurrency is not currency but rather an asset. It adds that it is also not a financial security (like a […]

Indonesia to regulate p2p fintech firms

January 12th, 2017 by

Otoritas Jasa Keuangan (OJK), a government agency, which regulates and supervises the financial services sector, has finally issued a regulation on fintech firms that run peer-to-peer lending businesses in Indonesia. The new regulation, POJK No. 77/2016, announced toward the end of December, is seen as an introductory move by the OJK to oversee the fintech […]

China’s central bank urges bitcoin exchanges to ensure regulatory compliance

January 9th, 2017 by

Officials from the People’s Bank of China (PBOC) met with representatives of major bitcoin exchanges Huobi, OKCoin and BTCC to urge their compliance with “relevant laws and regulations. On the evening of Friday, January 6 in China, the PBOC offices in Beijing and Shanghai both issued statements on the meetings, noting that the “recent bitcoin […]

SEC’s decision on Winklevoss bitcoin ETF coming March 11

January 6th, 2017 by

The Securities and Exchange Commission (SEC) on Wednesday designated March 11 as the date by which it would either approve or disapprove the Winklevoss Bitcoin Trust ETF, which would be the first to exclusively track the digital currency. The decision comes roughly eight months after regulators first asked for public comment on the fund, and […]

Jeffrey Berns responds anew to IRS efforts to identify bitcoin users

January 6th, 2017 by

Coinbase customer and attorney Jeffrey Berns filed an answer to the IRS’ response to his motion to intervene and quash a “John Doe” summons served by the IRS on Coinbase to identify bitcoin users. The case began in November of 2016 when the IRS presented Coinbase with a summons requiring the company to disclose client […]

Digital currencies are now illegal in Colombia

January 2nd, 2017 by

Superintendencia de Sociedades, the Colombian regulatory agency has announced that bitcoin, and digital currencies in general, are now illegal in Colombia. The announcement was made by the head of Superintendency, Francisco Reyes Villamizar. According to reports, the action was taken to check the increasing growth of so-called investment clubs which are mostly Ponzi schemes. Most […]