G20 finance ministers and central bank governors have asked the Financial Stability Board (FSB) and global standard-setting organizations to monitor risks around crypto assets. The request was made in a joint communiqué published on the website of Japan’s Ministry of Finance on June 9, following the G20 meeting held in Fukuoka, Japan. The leaders that cosigned the document state that they urge relevant institutions to give greater consideration to crypto assets and consider appropriate action: “We ask the FSB and standard setting bodies to monitor risks and consider work on additional multilateral responses as needed.” The joint statement also points …
Following the session that took place last August, a three-judge panel from India’s Supreme Court reconvened once again this week to discuss the much-hyped Crypto v. RBI case. During the last hearing, the Supreme Court had asked the Reserve Bank of India (RBI) to clarify its position as to why exactly it enforced a nationwide banking ban on the country’s crypto market, as well as to discuss the seemingly unconstitutional nature of its aforementioned move. Ever since the RBI decided to go ahead and issue its controversial prohibition order, a number of public and industry-led petitions have been filed by …
One of the main themes to be discussed at the G-20 Financial Ministers and Central Governors Meeting this weekend has to do with money laundering and cryptocurrency. What kind of agreement would be a surprise? Even for the purpose of introducing Anti-Money Laundering (AML), should we allow our financial privacy to be compromised? Alexander Zaidelson, the CEO of Beam, shared his views with Cointelegraph. A new agreement on crypto and AML? Jiji Press, a major Japanese publication, recently reported that there will be “a new kind of agreement as to cryptocurrency and AML/CFT.“ But for blockchain analysis firm Chainalysis, which …
The U.S. House of Representatives passed a bill on September 26 that would establish a crypto task force to combat terrorist use of cryptocurrencies, public records indicate. House Resolution (H.R.) 5036, which represents an amended version of the bill proposed by Rep. Ted Budd (R-NC) to the Committee on Financial Services in January, establishes an “Independent Financial Technology Task Force” to fight the illicit use of cryptocurrency. According to public records published on the official online database of the U.S. Congress, the new version of the bill has been passed by the whole House by voice vote. Similar to the …
Japan’s financial watchdog, the Financial Services Agency (FSA), has published the results of its on-site inspections of cryptocurrency exchange operators, Cointelegraph Japan reports August 10. Based on its findings, the watchdog has decided to apply more rigorous oversight into new applications from exchanges hoping to receive an official operating license. Newly registered exchanges will be required to undergo on-site inspections at an early stage and the agency plans to closely examine the effectiveness of their business models. According to the agency, there are currently “hundreds” of companies awaiting its review. The FSA probe revealed that exchange operators’ maintenance of their …