Regulation

North Carolina House Representative Patrick McHenry has proposed a bill which would amend one of the laws governing the Securities and Exchange Commission to provide a safe harbor for certain token projects. In a draft of the “Clarity for Digital Tokens Act of 2021” provided by the House Committee on Financial Services, McHenry suggested amending

International Monetary Fund, or IMF, managing director Kristalina Georgieva said more than half of all central banks in the world are exploring how to launch digital currencies. Speaking at a virtual conference hosted by Bocconi University on Oct. 5, Georgieva said the IMF was looking at central bank digital currencies, or CBDCs, and digital currencies

Link Global Technologies, a Bitcoin (BTC) mining company listed on the Canadian Securities Exchange, is facing major potential penalties for operating unauthorized power plants in the province of Alberta. The Alberta Utilities Commission (AUC), the province’s power utility regulator, issued Sept. 24 another enforcement submission against Link Global, with enforcement staff recommending several penalties for

South Korean cryptocurrency exchange Upbit will soon halt services for unverified users. On Saturday, the company officially announced a set of changes to its customer verification system in compliance with South Korea’s mandatory Anti-Money Laundering (AML) requirements. According to the announcement, Upbit will start gradually limiting services for unverified users this week, restricting unverified customers from

This week, United States lawmakers and regulators have stolen much of the spotlight once more. The cryptocurrency-related provisions of the infrastructure bill, a tiny grain of sand in the grand scheme of the omnibus legislation, had all laser eyes glued to the fateful House of Representatives vote — which never happened. There is a sense,

Decentralized finance (DeFi) is changing the way that people all over the world think about money faster than any previous financial revolution. Banks, which have monopolized the way we’ve accessed money since antiquity, are finally seeing their status being challenged. Now, it’s DeFi which is starting to provide an alternative that could turn the economic

While change is guaranteed, the scale and scope of that change are not. For the financial industry, blockchain — the technology that undergirds Bitcoin (BTC), Ether (ETH), nonfungible tokens (NFTs) and other digital assets — has brought us to the crossroads.  What will the future of money look like? We have been operating on the

The International Monetary Fund (IMF) released a set of actionable policies for the emerging markets and developing economies to ensure financial stability amid global crypto adoption.  The IMF believes in the potential of crypto assets as a tool for faster and cheaper cross-border payments, citing the dramatic increase in the value of the crypto markets

Chinese regulatory authorities gave yet another shock to the cryptoverse by imposing a ban on all cryptocurrency transactions on Sept. 24. This measure came just as the market was beginning to recover from the government’s June prohibition on cryptocurrency mining activities. The fear, uncertainty and doubt (FUD) that resulted from the ban caused Bitcoin (BTC)

French stock market regulator, the Autorité des Marchés Financiers (AMF), continues monitoring the cryptocurrency market to warn investors about unauthorized crypto services. On Oct. 1, AMF updated its web portals identified as offering crypto and foreign exchange (forex) investments through unauthorized entities. The list included four websites related to cryptocurrency derivatives investments alongside 12 forex-related

Members of the crypto community have been up in arms recently about the $1 trillion infrastructure bill that the United States House of Representatives was expected to vote on this week. The legislation includes a crypto-tax reporting provision, along with the establishment of a definition for the term “broker.”  House lawmakers stated that a vote

The Biden administration is reportedly considering a new legal framework for stablecoin issuers that would put them in the same category as banks, raising questions about the future of crypto regulation in the country. Citing people familiar with the matter, The Wall Street Journal reported Friday that the administration is looking to convince Congress to

Brazil Stock Exchange (B3), one of the world’s few exchanges trading Bitcoin (BTC) exchange-traded funds (ETFs), is exploring ways to provide data inputs for the country’s central bank digital currency (CBDC). Luis Kondic, managing director of listed products and data at B3, claimed that the stock exchange is considering providing oracles to bridge external data

Singapore’s principal financial regulator, the Monetary Authority of Singapore (MAS), has officially approved two companies to offer cryptocurrency services in the country. MAS issued Oct. 1 licenses to Australian crypto exchange Independent Reserve and DBS Bank’s brokerage arm, DBS Vickers (DBSV), allowing them to provide digital payment token services under the Payment Services Act (PS

Last week China’s heavy-handed crackdown on crypto trading crypto briefly sent shockwaves across the market as Bitcoin and altcoin prices saw a sharp drop following the announcement, but as is the case with all things crypto-related, the market bounced back as resilient traders found other ways to participate in the market.  Part of China’s goal

In a series of  recent interviews and speeches, United States Securities and Exchange Commission Chairman Gary Gensler has called the cryptocurrencies market the “Wild West” due to its unregulated and allegedly fraud-filled atmosphere, predicting that the coins were doomed to fail. Powers On… is a monthly opinion column from Marc Powers, who spent much of