Regulation

News on Regulations and Laws relating to Crypto Industry

Free Zone For Bitcoin In Uganda

Free Zone For Bitcoin In Uganda

The government of Uganda has announced that its plan to create a free zone for Bitcoin, blockchain and other disrupting technologies and the Uganda Free Zones Authority (UFZA) has issued a license to developers, designers and entrepreneurs to set up their operations and firm. The state also ensured that a proper regulatory framework will be out soon and its aim to raise Foreign Direct Investment (FDI), so that the citizens will get into high paying jobs & society will reap the benefit of technology.

Chinese authorities Raids GXChain HQ

Chinese authorities Raids GXChain HQ

One of the popular blockchain projects of China, GXChain has recently faced a crackdown as its headquarters has been raided by the Gushu Police Department. The Chinese authorities have seized sensitive documents and computers as evidence for an ongoing investigation and the location has been sealed to prevent anyone from entering the premises. Though there hasn’t been any official statement, it has been speculated that it’s related to a range of business activities.

Indian MP Gives Hope To Its Crypto Community

Indian MP Gives Hope To Its Crypto Community

Rajeev Chandrasekhar, a Member of Parliament of India (MP, upper house) in his recent podcast, have encountered a question from Nischal Shetty, CEO of local crypto exchange Wazirxon on the proposed draft bill. For which the MP replied, “Those of you, who have a view on crypto and believe that there is sufficient room, in the public policy space, for the policies to evolve and be inclusive of innovation… They should just reach out to me.”

SAMA Expands the scope of digital currencies Post Pilot

SAMA Expands the scope of digital currencies Post Pilot

The financial regulator of Saudi Arabia, the Saudi Arabian Monetary Agency (SAMA) after successfully conducted the pilot project on digital currencies last year, for understanding its technical aspects, now it has announced its interest to expand the scope of digital currencies to several banks and other countries. At “Diwaniyat al-Maarifah” conference, Al-Hogail said, “ We expect that in the expansion of this application and adoption of blockchain technology in many countries.”

Nigeria’s SEC Working On Cryptocurrency Regulatory Framework

Nigeria’s SEC Working On Cryptocurrency Regulatory Framework

The Securities and Exchange Commission (SEC) of Nigeria has made it point that it will come up with a clear stance on cryptocurrency and blockchain community by the end of this year. The SEC has also revealed that it is also working on to develop a framework for the regulation of Virtual Financial Assets (VFAs) and exchanges and issue guidelines and standards for whitepapers and ICOs.

Veteran Lawyer Joins BitMEX Legal Team

Veteran Lawyer Joins BitMEX Legal Team

BitMEX (a bitcoin exchange) has hired veteran finance lawyer Derek Gobel (former general counsel of BNP Paribas). The move is no surprise is in the midst of a probe by the commodity futures trading commission (CFTC) of US. The company said, “we are thrilled to announce that HDR Global Trading Limited has appointed Derek Gobel as our group’s General Counsel. He will oversee the group’s legal function and help us move forward in today’s continually evolving regulatory environment.

TransactID Updated To Meet FATF’s Criteria

TransactID Updated To Meet FATF’s Criteria

TransactID a product built by Netki (a digital identity service provider) has upgraded it with new features: the ability to break down certificates of a user’s identity into smaller pieces of personally identifiable information (PII) to meet new guidelines of the Financial Action Task Force (FATF). CEO of Netki, Justin Newton shared, “Before, there was, like, one large, atomic transaction where each side shared all of the information about each other with each other,”

The MFSA Increases Its Scrutiny on Crypto Industry

The MFSA Increases Its Scrutiny on Crypto Industry

The cryptocurrency firms located in Malta are under increased monitoring of the Malta Financial Service Authority (MFSA), as it has come up with a strategic plan to work closely with an international organization to crack the crypto-related crimes. The agency stated, “To monitor and manage the risks associated with digital asset companies, MFSA has invested and is already implementing SupTech surveillance tools.”

FINRA Gives Greenlight To Galaxy Digital To Underwrite Public Securities Offerings

FINRA Gives Greenlight To Galaxy Digital To Underwrite Public Securities Offerings

The Financial Industry Regulatory Authority (FINRA, a private self-regulatory organization) has given its approval to Galaxy Digital (a crypto investment bank) to underwrite registered public offerings of securities, the bank is also eyeing to facilitate STOs. Its CEO Michael Novogratz said, “It’s a really young industry, and we are a pretty young business. We are sober and patient about how fast it will grow, and we are well-capitalized.”

FIN Moots Congress To Regulate Crypto Under BSA

FIN Moots Congress To Regulate Crypto Under BSA

The Financial Integrity Network (FIN) has urged the US lawmakers & authorities to regulate cryptocurrency firms & related industry under the Bank Secrecy Act (BSA). If the proposal of the FIN is accepted this would increase the restrictions on VSAPs ( virtual asset service providers) and make their business more difficult and also many companies that cannot comply with the given regulations will be thrown out the industry.