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The State Department on Thursday ordered non-essential staff at the U.S. Embassy in Venezuela to leave the country, one day after Venezuelan President Nicolas Maduro said he was giving diplomats 72 hours to leave the country.
Apple Inc. announced Wednesday that it would miss its revenue estimate for the quarter that included the holiday season — a rare misfire that the company blamed on unexpected challenges in the Chinese economy and the trade war between the United States and China.
Months after unveiling two new…
Harvey Weinstein’s lawyers want the New York sexual assault case against him dismissed, the AP reports. In a court filing Monday, the former Hollywood producer’s attorneys said his indictment was “irreparably tainted by police misconduct ,” among other problems. Per Page Six and TMZ , those other problems involve one of Weinstein’s…
The Walt Disney Co. has canceled plans to build a 700-room luxury hotel near its Anaheim resort, citing the city’s elimination of a tax rebate agreement that would have saved the media giant $ 267 million over 20 years.
The cancellation of the hotel — what would have been the fourth at the resort…
Airline employee who stole plane from SeaTac Airport was ‘authorized’ to be near craft, officials say, citing ‘no security violations’August 12, 2018 | dailybusinessnews
The airport employee responsible for stealing a plane and jetting off on an “unauthorized flight” at Seattle-Tacoma International on Friday before crashing was able to “legitimately” access the area where the plane was held, said officials, adding that they think he was the only person aboard.
The German government has decided to ban for the first time the sale of a German company, Leifeld Metal Spinning, to a Chinese suitor on security grounds.
WSJ.com: What’s News Europe
Less than a year after the NAACP issued a travel advisory against American Airlines in response to a series of incidents involving African American passengers, the civil rights group has lifted the warning, citing progress in bias training and other changes by the carrier.
The NAACP issued the …
President Trump said he asked Saudi Arabia to significantly boost its oil production, but a senior Saudi official said the kingdom has made no specific promise.
WSJ.com: What’s News Asia
Kathryn Hurley, a director at a Los Angeles dog rescue service, has been flying for years with her pit bull dog, Jax, an emotional support animal that has been trained to behave on a flight.
She learned the hard way that Delta Air Lines has new restrictions on traveling with animals: Hurley had…
Miami-based Cblocks has announced that it will relocate to Canada, citing a lack of regulatory clarity regarding cryptocurrency in the United States as the principal catalyst for the move.
Cblocks to Relocate to Canada
Cblocks, a Miami-based company that generated $ 32,000 in a month through selling beginner traders mystery boxes of assorted cryptocurrencies, has announced its intention to move to Canada.
Cblocks has cited regulatory hurdles as the principal reason for the relocation, claiming that lawyers from two different legal firms were unable to determine the precise legal classification and legislative apparatus governing the company’s operations.
Cblocks sells an encrypted USB containing five random cryptocurrencies that are chosen on behalf of customers in exchange for a $ 50 USD service fee. Despite the company’s primary product tangibly comprising a USB drive, Cblocks could be considered a money services business under U.S. law – as the cryptocurrencies distributed by the company may be considered to be securities.
“They can’t agree as to whether we’re a money services business or not,” Cblocks chief executive officer and co-founder, Auston Bunsen said. “Canada has much friendlier regulation when it comes to cryptocurrencies. They only require a federal registration,” Mr. Bunsen added.
Canadian Regulatory Apparatus Less Expensive for Cblocks
In addition to stringent anti-money laundering requirements, being classified as a money services business would incur significant registration fees. In Canada, complying with the same money services regulations will not incur fees, further motivating the company’s relocation.
Cblocks expects to be officially incorporated within a few weeks, anticipating to launch for Canadian customers during May. Despite the company’s official relocation, Cblocks’ founders will stay in Miami, and exclusively target Canadian users for the time being, however, at least one Canadian citizen is needed on the company’s board in order for Cblocks to qualify for Financial Transactions and Reports Analysis Centre of Canada licensing.
Growing Calls for Regulatory Clarity From Crypto Industry
Managing Director of United Kingdom-based online trading platform, Iqbal Gandham, also chairs a trade group seeking greater clarity regarding the regulatory implications for
“The benefits of regulation are clear,” Mr. Gandham said. “An appropriate framework would serve to both protect consumers, and ensure the longevity and legitimacy of the industry itself.”
Mr. Gandham advocates the development of a regulatory apparatus tailored to the particularities of cryptocurrency, criticizing suggestions that existing financial legislation can be stretched to govern the operations of the cryptocurrency companies. “Given that we are dealing with new and nascent technology, we wouldn’t want to simply cherry pick from existing regulation developed for other asset classes,” Mr. Gandham said.
Marc Ostwald, global strategist for ADM Invest Services International in London, emphasized the significance of anti-money laundering considerations for businesses operating with cryptocurrency. “This is all about where the burden of proof lies for anti-money-laundering, so wanting regulations seems very sensible,” Mr. Ostwald said. “Even if you’re making a killing in trading, someone could come up with an unexpected piece of regulation that puts a big red line through your business plan.”
Eric Demuth, the co-chief executive officer of Vienna-based Bitpanda, stated: “We’d be happy to have regulations, so we know where we stand.”
Do you think that cryptocurrency regulations are in need of reform? Share your thoughts in the comments section below!
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