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| June 18, 2018

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Watchdog Archives -

Fireworks expected as DOJ watchdog Horowitz, FBI boss Wray face Senate Judiciary for hearing

June 17, 2018 |

FBI Director Christopher Wray and Justice Department Inspector General Michael Horowitz are expected to be the centers of attention Monday when they testify before the Senate Judiciary Committee on Horowitz’s bombshell report on the FBI’s investigation of Hillary Clinton’s personal email server.
FOX News

Watchdog: Comey Handled Clinton Email Mess Poorly

June 14, 2018 |

A much-anticipated report by the Justice Department’s inspector general says James Comey mishandled the Hillary Clinton email controversy in the waning days of the 2016 election, reports Bloomberg . However, the report by Michael Horowitz may disappoint supporters of President Trump by concluding that the former FBI chief wasn’t motivated by…

Watchdog: Sarin, chlorine likely used in Syria in March 2017

June 13, 2018 |

The global chemical weapons watchdog says the nerve agent sarin and toxic chemical chlorine were “very likely” used as weapons in two attacks in central Syria in late March 2017.
FOX News

A good consumer agency is a weak consumer agency, says Trump’s consumer watchdog

April 17, 2018 |

If the stakes weren’t so high, it would be incredibly fun watching financial firms and their Republican allies repeatedly make the case that the Consumer Financial Protection Bureau is a rogue agency determined to undermine capitalism, democracy and the American way of life.

My absolute favorite…

L.A. Times – Business

Chemical-Weapons Watchdog Backs Up U.K. View on Poisoning

April 14, 2018 |

The global chemical-weapons watchdog confirmed Britain’s analysis of the type of the nerve agent used in the poisoning of former Russian double agent Sergei Skripal and his daughter. What’s News Europe

Ukraine’s Financial Watchdog Clarifies Stance on Cryptos

March 1, 2018 |

Ukraine’s Financial Watchdog Clarifies Stance on Cryptos

The State Financial Monitoring Service of Ukraine has published its official position on crypto matters. While offering some borrowed definitions of terms like virtual currency and mining, the agency notes that changes to the legal status of cryptocurrencies in the country are expected.

Also read: Uzbekistan to Legalize Bitcoin and Support Developers

Due Diligence

In a statement published on its website, SFMS said it was constantly collecting, processing and analyzing financial data, including crypto-related information. According to the official announcement, the agency is following transactions that are subject to regular monitoring, but not only. Dubious money flows outside the mandatory scope are also monitored.

Ukraine’s financial watchdog has drawn attention to one of its main priorities – the implementation of customer due diligence measures. The agency believes regulatory efforts in that area should be focused on cryptocurrency exchanges, wallet providers and intermediaries between the traditional financial system and the crypto ecosphere. It said these parties should abide by the current Ukrainian anti-money laundering and anti-terrorism financing legislation.

Ukraine’s Financial Watchdog Clarifies Stance on Cryptos

The monitoring service has also clarified its stance on several other aspects of regulation. Noting that it expects changes to the legal status of cryptocurrencies in Ukraine, SFMS admits it is currently following guidelines from the Financial Action Task Force (FATF). The Paris-based intergovernmental organization has issued recommendations to combat money laundering and terrorism financing. It has also provided definitions of several crypto-related terms, that Ukrainian regulators plan to use until their country adopts new legislation.

In the statement, SFMS differentiates between electronic money – the digital form of fiat currency, and cryptos, referred to as “virtual currencies”. It explains that cryptocurrencies can be traded digitally and used as unit of account. They can also serve as means of exchange and storage of value. However, the agency points out that cryptocurrency is neither issued, nor guaranteed by any jurisdiction. It performs its functions on the basis of an agreement reached within peer-to-peer networks of users, Ukrainian officials say, educating the public.

Due Regulation

Ukraine’s Financial Watchdog Clarifies Stance on CryptosUkraine has yet to adopt its own cryptocurrency regulations. Three drafts have been introduced in the Verkhovna Rada since last year. The first bill, submitted in October, defines cryptocurrency as property that can be exchanged for goods and services. The second draft law states that cryptos are financial assets. The third bill proposes tax exemptions for profits from crypto trading and mining incomes.

According to Ukrainian media, experts from the European Bank for Reconstruction and Development have been involved in the preparation of another draft that should be presented in the next few weeks. Its authors hope to legally define crypto terms, introduce blockchain solutions, and regulate ICOs, Anycoin news reports.

Calls are mounting to regulate and legalize cryptocurrencies in Ukraine. In January the cybercrime combating department of the National Police said they should be either legalized, or banned. Ukraine’s Justice Minister Pavel Petrenko stated that government institutions should respond to the phenomenon and bring bitcoin into the legal field. Cryptocurrencies have been discussed during a meeting of the National Cybersecurity Coordination Center in Kiev. Experts have warned, however, that the legalization process may take several months.

Do you think Ukraine will adopt cryptocurrency regulations soon? Share your thoughts in the comments section below.


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The post Ukraine’s Financial Watchdog Clarifies Stance on Cryptos appeared first on Bitcoin News.

Bitcoin News

Australia’s Consumer Watchdog Received 1289 Crypto Complaints in 2017

February 22, 2018 |

Australis Consumer Watchdog Received 1289 Crypto Complaints in 2017

The Australian Competition & Consumer Commission (ACCC) has revealed that it received more than 1,200 complaints relating to cryptocurrencies via its ‘Scamwatch’ portal during 2017. In light of the number of complaints, the Australian Securities and Investments Commission (ASIC) has issued a warning to potential investors outlining the risks associated with cryptocurrency investment.

Also Read: Tesla Hit by Hackers Who Used its Systems to Mine Cryptocurrency

Australia’s Consumer Watchdog Received 1,289 Complaints Relating to Cryptocurrencies Last Year

Australia's Consumer Watchdog Received 1289 Complaints About Crypto Scams in 2017The Australian Broadcasting Corporation has reported that data obtained from the ACCC indicates that Australian citizens’ losses to cryptocurrency scams totaled $ 1,218,206 AUD ($ 955,000 USD approximately) for 2017. The number of complaints received last year has prompted Australia’s corporate regulator, ASIC, to issue a warning to potential cryptocurrency investors.

John Price, the ASIC commissioner, recently described cryptocurrencies as “quite speculative products [that] can be quite high-risk. It’s been quite well documented that some of these products are scams, so please don’t invest unless you’re prepared to lose some or all of your money.”

Increasing Regulation of Australia’s Cryptocurrency Sector

Australia's Consumer Watchdog Received 1289 Complaints About Crypto Scams in 2017From April onward, Australian businesses providing cryptocurrency exchange services will be required to register with AUSTRAC, Australia’s financial intelligence agency, and report information regarding the transactions of their customers.

Under the new legislation, it will be illegal for an “unregistered person” to provide virtual currency exchange services. “Businesses that trade digital currencies for money, and vice versa, will be required to enroll and register with AUSTRAC,” Justice Minister Michael Keenan said in August 2017 during a parliamentary speech regarding the then regulatory proposals.

Angus Taylor, Australia’s new federal minister for cyber security, recently praised the new legislation, stating “We’ve had a lot of cooperation from the cryptocurrencies because they know they need to be legitimate, they know they need to be part of our financial system, and they know they don’t want to be facilitating illegal and criminal activity.”

“We’ve acted early, we’ve acted much earlier than many other countries around the world,” Mr. Taylor added. “Obviously cryptocurrencies are growing, and it’s appropriate that the Government establish a regulatory framework with a particular focus on criminal activity.”

Do you think that cryptocurrency scams warrant further regulatory intervention, or should the onus be placed on investors to conduct proper due diligence? Share your thoughts in the comments section below!

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The post Australia’s Consumer Watchdog Received 1289 Crypto Complaints in 2017 appeared first on Bitcoin News.

Bitcoin News

Consumer watchdog agency considers repealing payday lending rules

January 16, 2018 |

The Consumer Financial Protection Bureau has decided to reconsider a key set of rules enacted last year that would have protected consumers against harmful payday lenders.

The bureau, which came under control of the Trump administration late last year, said in a statement Tuesday that it plans…

L.A. Times – Business

Watchdog reveals how ex-Mueller agents’ anti-Trump texts came to light

December 14, 2017 |

Deputy Attorney General Rod Rosenstein and Special Counsel Robert Mueller were told in July that two FBI officials working on Mueller’s Russia probe had exchanged a number of anti-Trump text messages throughout the 2016 campaign, according to the Justice Department’s watchdog.
FOX News

Scary thought: Trump now gets to pick the country’s top consumer watchdog

November 15, 2017 |

After this week naming a former drug industry executive to lead the Department of Health and Human Services, President Trump now will be able to appoint his own pick to run the Consumer Financial Protection Bureau.

Maybe someone from the payday lending business?

How about the former head of Wells…

L.A. Times – Business