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Dear Liz: My mother is turning 92 this month. Due to a dispute, my mother amended her will last year and stated that my inheritance had to be used for a certain purpose.
My brother sent me the amendment and told me he will enforce my mother’s wishes. He also told me that I had to send a letter…
Around $ 7 billion originating from Malaysian state investment fund 1MDB and its former unit flowed through the global financial system between 2009 and 2015, the Swiss attorney-general said.
WSJ.com: What’s News Asia
The Financial Industry Regulatory Authority has issued a notice encouraging every firm that sells securities to the public in the U.S. to disclose any activities “related to digital assets, such as cryptocurrencies and other virtual coins and tokens.”
Firms Encouraged to Disclose Crypto Involvement
The Financial Industry Regulatory Authority (FINRA) issued a Regulatory Notice last week on digital assets.
A not-for-profit organization authorized by Congress, FINRA is not part of the U.S. government but is tasked with protecting America’s investors by making sure the broker-dealer industry operates fairly and honestly, its website describes.
With few exceptions, the Authority explains that in addition to registering with the U.S. Securities and Exchange Commission (SEC):
Every firm and broker that sells securities to the public in the United States must be licensed and registered by FINRA.
Individual registered representatives must also register with FINRA. According to its website, FINRA had 629,112 registered representatives and 3,712 member firms in April.
In the 4-page notice, the Authority emphasized that it “is monitoring developments in the digital asset marketplace and is undertaking efforts to ascertain the extent of FINRA member involvement related to digital assets,” adding:
FINRA is issuing this notice to encourage each firm to promptly notify FINRA if it, or its associated persons or affiliates, currently engages, or intends to engage, in any activities related to digital assets, such as cryptocurrencies and other virtual coins and tokens.
Furthermore, until July 31 next year, the Authority “encourages each firm to keep its Regulatory Coordinator abreast of changes in the event the firm, or its associated persons or affiliates, determines to engage in activities relating to digital assets not previously disclosed.”
Monitoring Crypto Development
In FINRA’s Annual Regulatory and Examination Priorities Letter, published earlier this year, CEO Robert Cook pointed out that cryptocurrencies and initial coin offerings (ICOs) “have received significant media, public and regulatory attention in the past year.” The Letter highlights issues of importance to the organization’s regulatory programs.
FINRA will closely monitor developments in this area, including the role firms and registered representatives may play in effecting transactions in such assets and ICOs. Where such assets are securities or where an ICO involves the offer and sale of securities, FINRA may review the mechanisms…firms have put in place to ensure compliance with relevant federal securities laws and regulations and FINRA rules.
Previously, the Authority issued a notice warning investors of pump-and-dump schemes. It advised them to “be cautious when considering the purchase of shares of companies that tout the potential of high returns associated with cryptocurrency-related activities without the business fundamentals and transparent financial reporting to back up such claims.”
What do you think of FINRA asking brokerage firms to declare crypto activities? Let us know in the comments section below.
Images courtesy of Shutterstock and FINRA.
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The post US Financial Authority Asks Brokerage Firms to Disclose Crypto Activities appeared first on Bitcoin News.
Brexit was meant to be a crippling blow to London’s position as the financial capital of Europe. But so far, the British capital’s role remains mostly undiminished, and no single other European city is close to claiming its crown.
WSJ.com: What’s News Europe
Lately I’ve been losing track of how old everyone is. Friends, co-workers and family members are resisting middle age with vigorous exercise, careful diets and regular doctor visits. Even when 50-year-olds look like they’re 50, they often dress or party as if they’re still in their 20s.
The Financial Supervisory Commission of Taiwan has indicated its intentions to maintain only a limited oversight of cryptocurrencies. The regulator said it’s going to focus mainly on the enforcement of anti-money laundering policies, while remaining open towards innovations like those coming from the crypto sector.
Not Stifling Innovation
With the executive power in Taipei still mulling over new regulations for cryptocurrencies and initial coin offerings (ICOs), representatives of Taiwan’s financial regulator indicated their unwillingness to slow down progress in the fintech industry. The Financial Supervisory Commission (FSC) will mainly focus on one of its core duties – overseeing the enforcement of anti-money laundering policies, and will continue to welcome innovations that come with digital currencies.
During a press conference on Thursday, Banking Bureau Deputy Director Sherri Chuang said the FSC prefers to monitor developments and avoid stifling early-stage growth. Quoted by The Taipei Times, she emphasized:
The commission maintains an open stance and welcomes all industry innovations.
Chuang also noted that cryptocurrencies, and the tokens issued through ICOs, which are classified as commodities at this stage, do not currently fall under the commission’s jurisdiction. The regulator is only involved in preventing money laundering through virtual assets, the official reiterated before the media. Sherri Chuang compared the situation with that of the lease finance companies, where the involvement of the regulator is also limited to money laundering prevention.
According to another representative of the commission, Securities and Futures Bureau Chief Secretary Chien Hung-ming, ICOs do not cross any regulatory red lines in Taiwan. He explained that each coin offering would be assessed on a case-by-case basis, noting that regulators are primarily concerned with examining the fundraising prospects of the respective token sale.
The FSC will assess each issuance to determine if the digital coin should be classified as a security or a virtual commodity, Chien added. “It is very difficult to define broadly, as each case is different,” the FSC official pointed out.
Not Following China
The Executive Yuan, or the Taiwanese government, has yet to develop and adopt comprehensive regulations for cryptocurrencies and initial coin offerings. In April, high-ranking officials indicated that the respective legislative framework should be developed and introduced by November, 2018, as news.Bitcoin.com reported.
According to a statement by Taiwan’s Justice Minister, Qiu Taisan, the government intends to task the FSC with developing the regulatory system for digital currencies. The Ministry of the Interior, the Investigation Bureau, and the Central Bank of the Republic of China (Taiwan) are expected to assist the commission.
Although cryptocurrencies like bitcoin have been increasingly mentioned as a subject of concern, mainly in the light of money laundering, Taiwan is not likely to severely restrict them. Last year the chairman of the FSC, Wellington Koo, confirmed that the country would not adopt a prohibitive regulatory framework like the one implemented in China.
Earlier in April, Taiwan’s Central Bank signaled it would favor regulating cryptocurrencies under the country’s existing anti-money laundering laws. Its new governor, Yang Chin-long, suggested that the Ministry of Justice should include bitcoin in the scope of ROC’s Money Laundering Control Act.
Do you expect Taiwan to eventually adopt crypto-friendly regulations? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock.
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The post Taiwan’s Financial Regulator to Conduct Limited Oversight of Cryptocurrencies appeared first on Bitcoin News.
Critics say CFPB nominee Kathy Kraninger lacks the experience to be the nation’s top consumer financial watchdogJune 19, 2018 | dailybusinessnews
Nominees for top federal financial regulators usually have worked in high-level government or private-sector jobs, and President Trump had been following that traditional playbook. Until his latest pick.
His choice for comptroller of the currency was chief executive of Pasadena’s OneWest Bank;…
The company Square announced on Monday the firm has been granted the Bitlicense from the New York Department of Financial Services (DFS). The firm and its ‘Cash App’ are now legally allowed to operate and utilize cryptocurrency solutions in the state of New York.
Square Has Obtained the New York Bitlicense
Square, Inc. is a payment processor and financial services provider that was launched in 2010. The San Francisco based company was founded by Jack Dorsey (also the CEO of Twitter) and Jim McKelvey back in 2010 and the firm has been staunch bitcoin supporters for quite some time. Back in November 2017, the company announced it was implementing in-app BTC buy/sell Options for certain select customers. A few months later in February of 2018 Square rolled out the BTC service for all users. Since then the revenue derived from the cryptocurrency in-app services has added around $ 8Bn USD to Square’s overall valuation according to data collected last May. Now this week, Square has been granted the official Bitlicense money-transmitter approval from the DFS.
“DFS is pleased to approve Square’s application and welcomes them to New York’s expanding and well-regulated virtual currency market,” explained the Financial Services Superintendent Maria T. Vullo during the announcement on Monday.
DFS continues to work in support of a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.
Square Joins Eight Licensed Cryptocurrency Operations in New York
According to the DFS, the regulators have conducted a review over Square’s business model which includes anti-money laundering guidelines, Know-Your-Customer (KYC), and cybersecurity policies. Moreover, the DFS states the newly licensed Square will be under supervision. The New York regulatory agency has granted the Bitlicense to Circle, Gemini, Coinbase, XRP II, Paxos (formally Itbit), Bitflyer, Xapo, and more recently Genesis Global Trading Inc.
“We are thrilled to now provide New Yorkers with Cash App’s quick and simple way to buy and sell bitcoin,” said Brian Grassadonia, Head of Square’s Cash App service.
Square and the New York State DFS share a vision of empowering people with greater access to the financial system and today’s news is an important step in realizing that goal.
Now New York residents will be able to utilize the Cash App in the state as the region was one of the few states where the cryptocurrency option wasn’t incorporated until today.
What do you think of Square receiving the New York state Bitlicense? Let us know in the comment section below.
Images via Shutterstock, Square, and Pixabay.
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Who is the richest person in the world? Who said, “It costs a lot of money to look this cheap?” Where do they drink the most alcohol per capita? Ireland, Scotland, Russia or France? Readers who immediately answered just might be perfect guests on Dominic Frisby’s Financial Game Show, launching in the United Kingdom. Prizes include standard fiat payouts, but the show is also offering prizes in bitcoin cash (BCH) and even silver bullion.
Game Show Offers Prize Money in Bitcoin Cash
A recent announcement blogged by famed UK financial guru, Dominic Frisby, explained he “is host and quizmaster in [a] classic gameshow full of fascinating financial facts. Contestants from the audience (willing volunteers only) can win big prizes including £500 in cash – there is £500 to be won every show – solid silver and bitcoin cash. Games range from higher-lower for house prices to to high-pressure quiz questions with the £500 jackpot at stake. Exciting, informative, amusing.”
Dominic Frisby is a well known author on things financial, including Bitcoin: the Future of Money? (praised by no less than Sir Richard Branson). He’s also something of a television star, hosting very popular shows on financial literacy such as Let’s Talk About Tax, blending both finance and humor. Indeed, he bills himself as “the world’s only financial expert and comedian.”
“I am very excited to be going to the Edinburgh Festival this August,” he posted. “My show is called Dominic Frisby’s Financial Gameshow. It’s at 5pm at the Gilded Balloon.” It’s a triumphant return of sorts, and mostly because it follows his “widely-acclaimed show, Let’s Talk About Tax.” As “the world’s only financial expert and comedian, Dominic Frisby has devised a new game show that mixes The Price Is Right with Mastermind. It’s all about money, finance, economics – you know, boffin stuff but made exciting,” Broadway World Scotland detailed.
Reviews have been positive. The Times described the new show as, “Very witty… entertaining and educational… impressive,” while The Spectator mused it was “Funny, absorbing… full of historical insights.” Mr. Frisby notes the show has “some great prizes for the winners: silver bullion kindly donated by Ross Norman at Sharps Pixley; Moneyweek subscriptions (thank you Merryn); bitcoin cash; and a £500 jackpot each show, donated by a mystery sponsor whose name is yet to be announced.”
Are game shows and entertainment important to crypto adoption? Let us know in the comments.
Images via the Pixabay, Dominic Frisby’s Financial Game Show.
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The post UK Financial Game Show Uses Comedy & Bitcoin to Entertain, Inform appeared first on Bitcoin News.
Regulation Round-Up: Shapeshift COO Says U.S. Regulations Worsen, Germany to Protect Financial Stability not Individual InvestorsJune 18, 2018 | dailybusinessnews
In recent regulatory news, the Shapeshift co-founder and chief operating officer, has given a damning appraisal of the current regulatory climate surrounding cryptocurrencies in the United States. The president of Germany’s Federal Financial Supervisory Authority, Felix Hufeld, has indicated that the principal concern of German regulators regarding cryptocurrency will be seeking to ensure financial stability, rather than concerns pertaining to individual investors. The U.K’s Financial Conduct Authority has published an open letter to the CEO’s of businesses offering “services related to cryptoassets” regarding financial crime risks associated with virtual currencies.
Also Read: EOS Has Issues
Shapeshift Co-Founder Says U.S. Cryptocurrency Regulations are Worsening
Following the passing of Bill 5031 in Washington and New York, which demands that cryptocurrency exchanges provide regulators with customer information and trading data, Shapeshift has emerged as one of the most vocal critics of the new, and the current direction in which U.S. cryptocurrency regulations are heading.
In a recent interview, Jon, Shapeshift’s co-founder and COO, stated “I would say in the US it’s actually gotten worse […] especially in the last 6 months. I think the explosion of value in 2017 brought a lot of these regulators into the space and made them more concerned. Most of them don’t understand what the heck it (cryptocurrency) is, but they want to control it.” Jon also accused regulators of failing to “give clarity,” stating “all these companies and lawyers and lobbyists are left to read the regulatory tea-leaves […] Nobody knows what the rules are and everyone’s just left to figure it out, that’s a dangerous place to be.”
Jon described decentralized exchanges as comprising a form of resistance to the current regulatory climate on the part of the cryptocurrency community. Of decentralized exchanges, the Shapeshift COO stated, “I think it’s a lesson to the smart regulators in the space that if they don’t work with companies, they’ll push things that way, and it’ll become harder and harder for them to have an impact in the space. The more regulators push hard, the more things become unregulatable.”
Jon concluded by advocating a collective approach among companies in the cryptocurrency sector to push for a more amenable regulatory apparatus, stating that he hopes “more and more of the crypto companies do band together to help educate the regulators in the space and try to work together to do something productive.”
German Crypto Regulations Will Strive for Financial Stability, Not Protection of Individual Investors
Felix Hufeld, the President of Germany’s Federal Financial Supervisory (BaFin), recently delivered a speech addressing cryptocurrencies, in which he emphasized the regulator’s primary intention as being preserving financial stability, rather than issues concerning individual investors.
According to a rough translation, Mr. Hufield stated “We will not be able to protect every single investor from his fate, and that can not be the task of state supervision. Once again, the maxim is that we must act on a prudent or regulatory basis if financial stability as a whole is threatened.”
Overall, Mr. Hufield spoke favorably of cryptocurrency and distributed ledger technology, stating that he “consider[s] the applications that start where there is a lack of effective control mechanisms or trustworthy institutions to be promising. Among other things in foreign trade or development aid, Blockchain’s promise of confidence and efficiency in cryptography and immutability may prove beneficial.”
U.K. FCA Publishes Open Letter to CEOs of Businesses Offering “Services Related to Cryptoassets
The United Kingdom Financial Conduct Authority has published an open letter to the CEOs of businesses that offer services pertaining to virtual currencies seeking to warn of the financial crime risks associated with cryptocurrencies.
The letter asserts that whilst “There are many non-criminal motives for using cryptoassets [..] this class of product can also be abused because it offers potential anonymity and the ability to move money between countries,” advocating that businesses “take reasonable and proportionate measures to lessen the risk of [firms] facilitating financial crimes which are enabled by cryptoassets.” Said measures include “developing staff knowledge and expertise on cryptoassets,” and “ensuring that existing financial crime frameworks adequately reflect the crypto-related activities which the firm is involved in.”
Mohammed Adil Siddiqui, compliance professional & founder of The CFD Trading & Compliance Forum, commented on the letter, stating, “The FCA’s recent notice to banks and financial institutions servicing the cryptocurrency sector comes as no surprise, it’s typical of the regulator‘s approach when things are getting from bad-to-worse. Despite the global regulatory framework around virtual currencies gaining prominence, there are fundamental weaknesses that the watchdog finds uneasy, namely ‘source of funds’. With cryptos, the possibilities to circulate funds from lands few and far between is as easy buying milk, and banks, exchanges and the wider market must act swiftly. The CFD Trading & Compliance Forum welcomes the guidance note and expects regulators to take more stringent & drastic actions by way of legislation to ensure that preventative measures are applied pre-the-use of these innovative financial instruments. And banks, that have questionable or suspicious transactions should carry out the appropriate checks as earliest as possible to maintain confidence and reduce the possibility of financial crime and inefficient activities distorting the marketplace.”
Do you agree with Shapeshift’s appraisals of the current regulatory climate in United States? Join the discussion in the comments section below!
Images courtesy of Shutterstock, Shapeshift
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