The German financial watchdog (BaFin) issued a new summary leaflet detailing how cryptocurrencies are treated under newly enacted laws for 2020. The instructions are presented as BaFin’s interpretation of the new German legislature. The March 2 leaflet “specifies the new regulatory standards” that businesses will need to adhere to should they wish to provide crypto custody services. This is understood as a generic term to include all businesses that hold crypto for clients, including exchanges, financial services or banks. The new crypto regulation introduced on Jan. 1, 2020 was part of a wider initiative to align German law with the …

Organizers in Paris have rescheduled a major local blockchain industry event due to the coronavirus outbreak. According to an announcement on March 2, the Paris Blockchain Week Summit — initially meant to take place from March 31 to April 1 — is now expected to take place on Dec. 9–10. The organizers rescheduled the event due to recent guidelines issued by the French government which prohibit large gatherings that could increase the scope and severity of the coronavirus outbreak. A major industry event The announcement stated that the conference will proceed as expected and “the venue, schedule and setup remain …

The Malta Financial Services Authority (MFSA) has released feedback on the definition of security tokens and challenges such assets face in Maltese markets. In a paper published on Feb. 25, the agency gave feedback on security token offerings (STO) from 18 industry stakeholders, including national agencies, regulated businesses, technology providers, law and consultancy firms, among others. The MFSA initially asked industry stakeholders to provide their opinions and advice on the definition of STOs last July. It also asked for their assistance in interpreting the challenges STOs face within the existing legal framework. The MFSA noted the absence of clear definitions …

Besides China’s ongoing struggle with the coronavirus, one of the defining narratives for the world’s largest country entering the new decade was its central bank-issued digital currency. Reportedly in its final phase of testing and ready for rollout in 2020, the Chinese CBDC has sparked speculation and intrigue from governments around the world. Just recently, a Federal Reserve governor detailed how the United States central bank is exploring digital currencies following reports of interest over the last several months. The Bank for International Settlements and several European banks have also touched on the subject, revealing a warming disposition to a …

Blockchain usage is exploding around the world. But despite the technology’s many vocal advocates, the spread of technology is never even. Adoption is limited by a number of factors, including infrastructure development, local resources and regulation. As happens with the spread of any emerging technology, certain regions are pulling ahead of the pack. Radoslav Dragov, the blockchain lead for the International Data Corporation, explained that there are a number of factors that can create favorable conditions for adoption, varying from investment to talent, adding: “Beyond these factors, blockchain investment is very much influenced by current and upcoming regulation, and the …

New Monaco-based cryptocurrency debit card supplier Bitsa has just expanded its prepaid card with major privacy-focused altcoin Monero (XMR). By enabling Monero support on its Bitsa Card, the company unclocks “all types” of XMR-based card transactions in physical stores and online, including card-to-card transfers and Monero conversion to euro (EUR), Bitsa announced on Feb. 21. Launched in Q3 2019, Bitsa Card supports a total of 12 cryptocurrencies like Bitcoin (BTC) alongside EUR bank transfers and payments so far, Bitsa COO Luis Vaello said in an email to Cointelegraph. Bitsa Card is one of the world’s first crypto card providers to …

Belgium’s Financial Services and Markets Authority (FSMA) has updated its blacklist of cryptocurrency-related websites associated with fraudulent activity. The FSMA made the update following a number of complaints from Belgium-based users who dealt with fraudulent offers of investment in digital currencies, according to a Feb. 21 announcement. After the latest revision, the FSMA’s list now includes a total of 141 websites offering cryptocurrency-related services. Raising awareness of crypto-related risks The FSMA further warned that the list is based on customer reports and the agency’s own findings, meaning that it does not include all the crypto-related businesses that might be illegally …

Governments around the world are facing hard choices when it comes to cryptocurrency: overregulate it and risk losing the benefits to the economy, or do nothing and make themselves vulnerable to those who step up. Currently, the European Union can’t figure out what to do about Libra, the digital currency set to be released by Facebook in 2020. According to a Feb. 19 memo released by Executive Vice-President Dombrovskis on behalf of the European Commission, the Libra Association has fallen short in its responses to questions from the EU. As a result, any information provided by Facebook “remains insufficient for …

The European Union’s securities regulator has put out a report warning of risks of Big Tech’s entrance into finance. “The high level of market concentration typically observed in BigTech may get carried into financial services, with potentially adverse impacts on consumer prices and financial stability,” the European Securities and Markets Authority, or ESMA, said of Big Tech companies entering finance, as part of its 2020 Trends, Risks and Vulnerabilities report released on Feb. 19. The report did, however, also mention a few positives of Big Tech in finance. “Prospective benefits include greater household participation in capital markets, greater transparency and …

Oil is central to the growth of the global economy and maintenance of political stability. But for an industry that plays such an important role in both shaping and maintaining the world around us, its business model is quickly becoming outdated. As the industry struggles to adapt to the demands of a rapidly changing and politically charged world, some of the largest oil companies are looking to modernize through blockchain. Moreover, governments around the world are struggling to come to terms with the consequences of climate change, and the extraction of fossil fuels does nothing to help reduce emissions. As …

The United Kingdom’s major financial regulator, the Financial Conduct Authority (FCA), is looking to hire a specialist with a cryptocurrency background. Specifically, the FCA is seeking an intelligence associate with crypto expertise to address digital assets under the European Union's 5th Anti-Money Laundering Directive, the regulator said in a LinkedIn job posting on Feb. 6. Also known as 5AMLD, the new law came into effect on Jan. 10 and represents a major effort to tackle money laundering and terrorism financing across Europe, as previously reported. Expert will join the FCA’s core function team While the United Kingdom finally exited the …

Six major central banks will meet in April to discuss the development of central bank digital currencies (CBDC). The Japan Times reported on Feb. 6 that — according to a source familiar with the matter — the meeting will see the governors of several central banks discuss joint research on CBDCs. Furthermore, the group will share considerations on possible challenges such as cross-currency settlement and cybersecurity. The central banks of the European Union, the United Kingdom, Canada, Japan, Sweden and Switzerland will reportedly meet in Washington D.C., when the participants will be there for an International Monetary Fund conference. The …