Policy and Regulation
Singapore’s MAS updates crypto advertisement regulations
The Singapore regulator has asked crypto service providers not to show advertisements trivialising the high risks associated with these trades Yesterday, the Monetary Authority of Singapore issued guidelines for crypto service providers, asking them to desist from airing advertisements to the general public in the country. A media release published alongside the guidelines confirmed that the regulator aims to inhibit speculation on various assets known to be volatile and thus unsuitable for investors within the general public. Onwards, crypto service providers in Singapore would no longer be allowed to advertise their products on retail-scale platforms. These include physical ATMs in public settings, physical ads, and online platforms. The updated guidelines also required that henceforth, ...
Spain establishes new requirements for influencers advertising crypto assets
New rules will require social media influencers advertising crypto to seek prior approval before publishing their content Spanish regulators have today announced that starting a month from now, they will impose new guidelines around cryptocurrencies. As per the updated guideline policy, promotions by the so-called influencers will be restricted in what is a first for a member country of the European Union (EU). According to a paper published by the National Securities Market Commission (CNMV) today, Spain intends to ensure that advertisements for products and services offer “true, understandable, and non-misleading content, and includes a prominent warning of the associated risks.” Big adjustments are coming along with the new policy When the new policy comes into effect around...
Dorsey spearheads new defence fund to protect Bitcoin developers from legal woes
The board of the fund would determine which cases and defendants receive assistance With the growth of the crypto scene, Bitcoin and its larger crypto community has become even more targeted by regulatory bodies and consequently suffered huge settlements in fines. A new initiative by three Bitcoin proponents is seeking to improve this situation. Former Twitter chief Jack Dorsey, alongside two other Bitcoin advocates Martin White and Chaincode Labs co-founder Alex Morcos will make up the board on a new fund, Bitcoin Legal Defense Fund, meant to provide “a coordinated and formalized response to help defend developers.” A ‘bulwark’ for software developers According to an email sent to Bitcoin developers yesterday, the new fund would be dedicated to protecting dev...
Here’s why Minnesota rep Tom Emmer thinks the Federal Reserve is unfit to issue a CBDC
Tom Emmer has previously shown a preference for a decentralised digital currency as it would uphold user privacy and retain the elements of cash The US representative for Minnesota’s 6th congressional state, Tom Emmer, revealed yesterday that he intends to introduce new regulations around crypto. The proposed law from Emmer, who had hinted of it a day earlier, would bar the Federal Reserve from conducting any activity as a retail ban. In effect, it would prevent the Fed from issuing a central bank digital currency directly to consumers in the US. He insisted that unlike other countries, such as China, that have developed tokens lacking the “benefits and protections of cash,” a US digital currency should guarantee privacy to users and retain the US dollar’s hege...
The wait is coming to an end: Fed chair promises crypto report release in ‘coming weeks’
The release of the Federal Reserve report touching on digital currency development and crypto regulations has experienced several delays Federal Reserve chair Jerome Powell told the Senate Banking Committee yesterday during his nomination hearing that the much-awaited crypto report is now within weeks of publication despite recent delays. Directing his statement to Idaho Senator Mike Crapo, Powell explained that the report was not yet “quite where [it] needed to” be but insisted that it would get released soon nonetheless. “It’s more going to be an exercise in asking questions and seeking input from the public rather than taking a lot of positions on various issues, although we do take some positions. The report really is ready to go, and I would expect we will drop...
SEC delays decision on NYDIG Bitcoin ETF for another 60 days
The commission previously punted two other Bitcoin ETF products for an additional 45 days The US Securities and Exchange Commission on Tuesday revealed that it had pushed the deadline for reviewing the spot ETF proposal from technology and financial services firm NYDIG for another 60 days. The regulator explained that it saw it appropriate to delay the decision to either approve or reject the application until March 15th. The extended period, according to the commission, would provide enough time to review and make a determination on the ETF. “The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the iss...
Estonia is not considering a crypto ban: Finance Ministry notes
The statement comes as a sigh of relief as the crypto community in the country was worried about a purported blanket ban on digital assets The Ministry of Finance in Estonia has clarified via a statement that it is not looking to implement a crackdown on cryptocurrencies. The statement is in response to a draft legislation that sought to oversee the activity of virtual asset service providers (VASPs) in an attempt to combat financial crime. The legislation is set to be discussed in the country’s parliament before a decision on its approval is made. Those investing or trading cryptocurrencies using their private wallet will not be affected by the regulations as implied by earlier reports. “…The legislation does not contain any measures to ban customers from owning and trading virtual ...
