Tag: regulation

The Nigerian Securities Regulator has suggested a regulation mandating virtual asset service providers to register and maintain an office in Nigeria. The agency has also proposed a fivefold increase in the registration cost, which must be submitted with licensing applications from prospective cryptocurrency exchanges.

The European Union has enacted the world’s first law to regulate the artificial intelligence business. The founder of Bitcoin Fog, Roman Sterlingov, was convicted on money laundering charges. Meanwhile, major financial institutions have completed a pilot test using the Canton Network blockchain. Here are three key happenings that have impacted the bitcoin market during the last 24 hours.

Over the last year, the US Securities and Exchange Commission (SEC) has been scrutinized for its antagonistic activities against the cryptocurrency industry, raising concerns about its jurisdiction over the asset class. Last July, cryptocurrency exchange Coinbase petitioned the EU to build a specific regulatory framework for the industry. However, the SEC rejected the plan, calling it ‘unwarranted’ and claiming that current securities regulations were adequate for regulating cryptocurrency holdings.

The Securities and Exchange Commission (SEC) has agreed to take extra time to consider BlackRock’s proposal to allow options to trade on a Bitcoin ETF that tracks the current price of Bitcoin. This type of trading allows investors to wager on the future price of Bitcoin without really owning it. The SEC has pushed the decision date to April 24. BlackRock’s request is not the only one awaiting an answer. The SEC is likewise taking its time on identical petitions from Cboe Exchange, Inc. and Miax Pearl LLC.

Japan’s Ministry of Economy, Trade and Industry has approved a proposal allowing investment business limited liability partnerships (LPS) to include cryptocurrency assets in their acquired and held assets. This significant shift enables Japanese venture capital (VC) firms to invest directly in projects issuing only cryptocurrencies, reducing barriers for Web3 startups. The amendment, expected to be submitted to parliament, signals a progressive approach to fostering innovation and investment in the cryptocurrency space.

Honduras’ CNBS regulator has banned the financial system from trading in cryptocurrency and similar virtual assets, citing risks of fraud and money laundering. The resolution, which takes immediate effect, prohibits institutions under CNBS supervision from engaging in activities involving cryptocurrencies, tokens, or any unauthorized virtual assets. This move underscores regulatory concerns in a country where crypto assets are not currently regulated by law.

Hold onto your crypto hats! Bitcoin staking is setting foot on Cosmos Hub, marking a groundbreaking collaboration with Informal Systems. This powerful pairing aims to revolutionize the Cosmos Hub into a multi-asset security powerhouse, fueled by ATOM, BTC, and a constellation of ecosystem tokens. Buckle up for enhanced security, exciting new revenue streams, and a potential regulatory game-changer for the crypto landscape.

Bitcoin ETFs allow holders to use Bitcoin as a collateral and gain access to credit and leverage in the traditional markets. The few billion dollars of liquidity that’s coming in today will be nothing compared to what’s coming when more institutions begin to understand this.

New Zealand Central Bank Governor Adrian Orr issued a strong warning against cryptocurrencies, particularly stablecoins, calling them the ‘biggest misnomer’ and emphasizing that their value depends entirely on the assets and liabilities of their issuer, raising concerns about their stability and suitability as a form of currency.

The fledgling ERC-404 sector faces a harsh reality check as its market capitalization drops a staggering 29% in the last 24 hours,” according to data from Coingecko. Leading projects within the experimental Ethereum standard bear the brunt of the sell-off, with notable falls including PANDORA (down over 15%), DEFROGS (down over 22%), and RUG (down over 38%).