Archive | Regulation

Chinese central bank warns bitcoin exchanges against margin trading and money laundering

February 10th, 2017 by

The People’s Bank of China (PBoC) has issued a new warning to domestic bitcoin exchanges following a “closed-door” meeting with them held on 08 February 2017. Having previously inspected and conducted on-site checks of Beijing-based exchanges Huobi and OkCoin, PBOC Beijing revealed that similar talks were held with the heads of 9 bitcoin exchanges. The […]

ESMA: Regulating blockchain would be premature

February 9th, 2017 by

The European Securities and Markets Authority (ESMA) released a report on Distributed Ledger Technology (DLT), which sets out its views on the technology, the tech’s possible applications, benefits, risks and how it maps to existing EU regulation. The agency has revealed it believes regulating blockchain technology at this time would be premature. The ESMA has […]

The central bank of the Philippines moves to regulate bitcoin exchanges

February 8th, 2017 by

The Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, said on Wednesday it will start regulating operators of virtual currencies to protect financial consumers and rein in risks like money laundering and terrorism financing. The move comes months after officials for the Bangko Sentral ng Pilipinas signaled their intention to regulate exchanges, […]

North Dakota legislators go further with the plan for bitcoin regulation

February 8th, 2017 by

The North Dakota Senate’s Industry, Business and Labor Committee put forward Bill 2100, which included language for a report on the feasibility of regulating bitcoin. The bill was introduced at the request of the state’s Department of Financial Institutions, the chief finance regulator for the state. The measure was passed unanimously in the Senate on […]

Russia’s Kaliningrad could become a testbed where cryptocurrencies are legal and regulated

February 7th, 2017 by

Russia’s Commissioner for Entrepreneurs’ Rights Boris Titov has proposed testing of cryptocurrencies circulation in Kaliningrad. Quoted by Interfax, Titov said that regardless of what is decided about crypto at state level, Kaliningrad could become a testbed where bitcoin and its ilk are legal and regulated. “Cryptocurrency circulation is not prohibited in the Russian Federation at […]

Venezuelan bitcoin exchange Surbitcoin halts operations

February 6th, 2017 by

Venezuelan bitcoin exchange Surbitcoin is no longer trading locally after its Banesco, the exchange’s main bank partner, suddenly suspended withdrawal and deposit services. In a statement, the exchange said it would be forced to cease operations for at least two weeks while it “establishes a new business structure with new improvements and security measures.” Surbitcoin […]

Polish regulator recognizes bitcoin firms

February 6th, 2017 by

Poland’s Central Statistical Office (GUS) has recognized the trading and mining of virtual currencies. This means that those companies who use virtual currencies with their business are now able to register with the GUS. According to GUS website, companies can do this by applying to obtain an official PKD 64.19.Z. The development marks a significant […]

Indian Central cautions against use of bitcoin

February 3rd, 2017 by

The Reserve Bank of India (RBI) – once again – said it has not given any licence or authorisation to any entity or company to operate such schemes or deal with bitcoin or any virtual currency. “The Reserve Bank of India advises that it has not given any licence / authorization to any entity / […]

Central Bank of the United Arab Emirates clarifies bitcoin ban

February 2nd, 2017 by

The Central Bank of the United Arab Emirates has clarified regulations released on January 1, 2017, stating they do not outlaw virtual currencies such as bitcoin. New comments suggest that, at least for now, the central bank isn’t taking any action on bitcoin or other digital currencies. “These regulations do not cover ‘virtual currency’ which […]

Czech Republic to regulate bitcoin

February 2nd, 2017 by

The Czech Republic Finance Ministry has introduced a law restricting bitcoin. An anti-money laundering law prepared by the Ministry requires virtual currency exchanges to determine the identity of customers. Bitcoin users will no longer be able to “hide behind fake names or nicknames.” The law has been endorsed by the House and now heads to […]