Ukrainian Financial Stability Council Supports Regulatory Concept for Cryptocurrencies

The Financial Stability Council of Ukraine has supported a concept for crypto regulations, Timur Khromaev, head of the National Securities and Stock Market Commission (SSMCS) reported in a Facebook post July 20. According to Khromaev, the concept involves recognizing cryptocurrencies and tokens as financial instruments, establishes the roles and functions of governmental bodies in regulating those instruments, in addition to licensing transaction participants, defining information disclosure conditions, and other factors. The Financial Stability Council comprises of the Governor the National Bank of Ukraine, the Minister of Finance, heads of the…

Japan Revamps Financial Regulatory Agency to Address Issues in FinTech, Cryptocurrencies

Japan has overhauled its financial regulator, the Financial Services Agency (FSA), in order to better deal with fintech-related fields, including cryptocurrencies, news outlet Nikkei Asian Review reported July 17. Changes were made to various bureaus in order to make the organization more suited to address new problems and challenges in the financial sector. Starting today, the newly created Strategy Development and Management Bureau, which replaced the Inspection Bureau, will reportedly develop a financial strategy policy and handle issues addressing the digital currencies market, fintech, and money laundering. Additionally, the bureau…

India May Not Ban Cryptocurrencies, But Treat Them as Commodities

India is not going to put a blanket ban on digital currencies, but rather treat them as commodities, an anonymous source in the government told news outlet Quartz July 11. According to Quartz, a Finance Ministry panel has ordered a study on cryptocurrencies, which may suggest that the government would treat them as commodities. A senior government official with knowledge of the panel’s discussion told Quartz that they doubt the government aims to ban cryptocurrencies. The source said that regulators’ main concern is how to effectively regulate the trade and…

Here’s What EU Researchers Think of Cryptocurrencies

On July 9, a “Monetary Dialogue” session was held by the Committee on Economic and Monetary Affairs Committee (ECON) of the European Parliament. It’s a quarterly conference that is directly interlinked with the European Central Bank (ECB): Every three months, the president of the ECB (or, occasionally, another representative) appears before the Committee to report on the state of monetary policy in the union. It is worth noting that the ECB has a complex relationship with cryptocurrencies, with its president declaring last year that it wasn’t “in their powers to…

Will Cryptocurrencies Preserve Their Popularity in Greece? Expert Take

In our Expert Takes, opinion leaders from inside and outside the crypto industry express their views, share their experience and give professional advice. Expert Takes cover everything from Blockchain technology and ICO funding to taxation, regulation and cryptocurrency adoption by different sectors of the economy. If you would like to contribute an Expert Take, please email your ideas and CV to george@cointelegraph.com. Greek Prime Minister Alexis Tsipras hailed the Eurogroup debt deal for Greece during a televised exchange with President Prokopis Pavlopoulos, referring to a “historic” agreement that exceeded the expectations…

How Cryptocurrencies Are Regulated in Eastern Europe

On June 30, Russia saw a launch of a first crypto investment bank aimed to hold initial coins offerings (ICO), while the government is is expected to pass its major crypto and blockchain-related regulatory bill this week.   Meanwhile, there’s been more news coming from Eastern Europe: last week, Poland’s cryptocurrency group the Polish Bitcoin Association (PBS) complained to the government, blaming fifteen financial institutions in the country for hindering the industry by deliberately denying service to crypto platforms and selectively closing their bank accounts. To navigate through the complexities…

Austrian Financial Authority Calls for Tighter Regulation of ICOs and Cryptocurrencies

Board directors of the Austrian Financial Market Authority (FMA), Klaus Kumpfmüller and Helmut Ettl, have have offered proposals for stricter regulations on cryptocurrencies and initial coin offerings (ICOs), Cointelegraph auf Deutsch reports today, June 29. According to an article published in the Austrian newspaper Die Presse on the June 29, Kumpfmüller proposed a “threshold-dependent” prospectus requirement for ICOs similar to that of securities. The FMA executive committee defined a “reasonable” threshold as two million euros. In addition, according to Kumpfmüller, there should be a concession obligation for distributors of cryptocurrencies…

Cryptocurrencies Should Be Considered Securities

The Bank for International Settlements’ (BIS) economic adviser and head of research Hyun Song Shin has said that cryptocurrencies should be treated the same as stocks and bonds, Business Times reported June 25. Speaking at the annual general meeting of the BIS in Basel, Switzerland on June 24, Shin said: “If people pay to hold the tokens for financial gain, then arguably they should be treated as a security and come under the same rigorous documentation requirements and regulation as other securities offered to investors for a return.” Shin’s words…

Young Millionaires Interested in Investing in Cryptocurrencies

In its World Wealth Report 2018, consulting firm Capgemini identified a marked growth of interest in cryptocurrencies among rich investors, Cointelegraph auf Deutsch reported yesterday, June 19. For the report, Capgemini interviewed high-net-worth individuals (HNWI) and asset managers around the world about their interest in cryptocurrencies. According to the report, nearly a third (29 percent) of the surveyed millionaires expressed a high interest and more than a quarter (almost 27 percent) a general interest. The potential of cryptocurrencies to generate investment returns and store value is a driving interest among…