The Australian Securities and Investments Commission (ASIC, financial regulator for the island nation) has recently issued a warning to its public on alleged crypto-related scam project. The warning mentions two names, Dartalon Ltd and GFC Investments which have been red flagged by the regulator, both of their websites offers the public a chance to trade various cryptocurrencies and foreign exchange (forex).
The Congress of the Republic of Colombia is working to reduce users falling victim to fraud, and have proposed a bill to regulate cryptocurrency transactions according to the Competition Policy International publication. Crypto platforms will then be required to share transaction data with authorities in an effort to cut down on fraudulent activities and aid in identifying any illicit activities on the companies end.
The CEO of Block.one, Brendan Blumer have shared his concerns regarding the failure of implementing proper cryptocurrency regulations may cost severe lost around Hundreds of Billions. Blumer has shared in his Twitter account, “Consumer trust in the system and corporations has disintegrated to degree that it’s no longer an advantage to be a big brand; people are demanding unprecedented transparency and eventual product autonomy.”
Finland Financial Supervisory Authority (The Fin-FSA), will now regulate cryptocurrency operators including cryptocurrency exchanges, custodian wallet providers, and issuers of cryptocurrencies. All crypto service providers should register with Fin-FSA and meet all statutory requirements. It stated: ‘Virtual currency providers which do not comply with statutory requirements will be prohibited from continuing their business activities, enforced by a conditional fine.’
The Democratic party presidential candidate for 2020 USA election, Andrew Yang has opened up that he will be regulating and fix the confusing cryptocurrency rules at present. He said that, ‘it’s time for the federal government to create clear guidelines as to how cryptocurrencies/digital asset markets will be treated and regulated”. He is also strong supporter of Universal basic income and promises $1000 for all US citizens over the age of 18.
A bill regulating cryptocurrencies and fintech announced by the Minister of Finance of the Chilean government Felipe Larraín. Larrain explained, “Regulation of these platforms would mitigate some of the risks, such as money laundering and terrorist financing, and increase the legal certainty with which they operate. We want to adequately protect against the risks associated with this kind of activity.”
The G20 has quickly discussed cryptocurrency money guidelines at past gatherings, and has likely concurred on the significance of worldwide crypto charge measures, however, has so far shunned making a conclusive move. The Japanese government has in this manner draw up its “manual” for cryptocurrency administration proposition and supports. Japan has arranged the manual will be distributed to G20 pioneers and global budgetary boss.
The government of Lithuania have decided to implement stricter regulations on cryptocurrency than their European neighbours. The director of the Financial Market Policy Department, Sigitas Mitkus commented, “We want to create a transparent legal environment for virtual currency exchanges, depository wallet operators and ICO initiators. We also want to contribute to ensuring better consumer protection.”
The Republic of Lithuania has shared its intention in introducing new rules for cryptocurrency business in the country in the coming months. The Director of Lithuania’s Finance Ministry Financial Market Policy, Sigitas Mitkus have explained, “We want to create a transparent legal environment for virtual currency exchanges, depository wallet operators and ICO initiators.”
The Financial Services and Markets Authority (FSMA) of Belgium has included 120 crypto related websites in its updated warning list. In its statement “They offer you an investment they claim is secure, easy and very lucrative. They try to inspire confidence by assuring you that you don’t need to be an expert in cryptocurrencies in order to invest in them,”