1. Home
  2. Regulation

Regulation

Crypto Trading, Investing Illegal in Iran, Central Bank Governor Reiterates

Crypto Trading, Investing Illegal in Iran, Central Bank Governor ReiteratesIt is illegal to buy or sell cryptocurrency in Iran, the head of the country’s monetary authority has recently reminded citizens and businesses. The governor noted, however, that mining cryptocurrencies and using them in payments for imports is not against the law in the Islamic Republic. Top Banker Confirms Crypto Trading Still Illegal in Iran […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

India Freezes Peter Thiel-Backed Vauld’s Crypto and Bank Assets Worth $46 Million

India Freezes Peter Thiel-Backed Vauld’s Crypto and Bank Assets Worth  MillionIndia’s Enforcement Directorate (ED) has frozen crypto exchange Vauld’s crypto and bank assets worth about INR 370 crore ($46,439,181). Vauld halted deposits and withdrawals last month. The Indian law enforcement agency is reportedly investigating more than 10 cryptocurrency exchanges. Indian Authority Freezes Another Cryptocurrency Exchange’s Assets The Enforcement Directorate (ED), a law enforcement and economic […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Philippines Will Stop Accepting Crypto License Applications for 3 Years, Regulator Says

Philippines Will Stop Accepting Crypto License Applications for 3 Years, Regulator SaysThe central bank of the Philippines, Bangko Sentral ng Pilipinas, has announced that it will stop accepting crypto license applications for three years, starting next month. The central bank is the primary regulator of the crypto sector in the Philippines. Philippines Halts Accepting Crypto License Applications The Philippine central bank, Bangko Sentral ng Pilipinas, announced […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

UAE Now Requires Agents to Report Real Estate Transactions Where Virtual Currency Is Used as Payment

UAE Now Requires Agents to Report Real Estate Transactions Where Virtual Currency Is Used as PaymentThe United Arab Emirates (UAE) has said it now requires real estate agents, brokers, and law firms to report to the Financial Intelligence Unit real estate transactions in which virtual currency is used as payment. Similarly, real estate purchases or sales where “the funds used in the transaction are derived from a virtual asset” must […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Popularity of Crypto Investments Makes Case for Regulations, Australian Securities Watchdog Says

Popularity of Crypto Investments Makes Case for Regulations, Australian Securities Watchdog SaysHigh rates of crypto ownership, with purchases often made on advice from Youtube and Facebook, make “a strong case for regulation,” according to the Australian Securities and Investments Commission. The watchdog backs its stance with poll results showing nearly half of retail investors in Australia keep one coin or another. Australian Securities Regulator Pushes for […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Uzbekistan Moves to Block Foreign Cryptocurrency Exchanges

Uzbekistan Moves to Block Foreign Cryptocurrency ExchangesAuthorities in Uzbekistan are restricting access to online crypto trading platforms based outside the country and not registered under its laws. A presidential decree obliges citizens and local companies to only use digital asset exchanges licensed by the government of the Central Asian nation. Uzbekistan Takes Steps to Prevent Crypto Trading and Custody on Foreign […]

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Robinhood to face class action lawsuit from meme stock debacle: Report

It's been more than a year, but investors continue to make allegations against Robinhood following the January 2021 controversy around trading GameStop and AMC stocks.

Cryptocurrency and stock trading platform Robinhood will allegedly face allegations of market manipulation as part of a class-action lawsuit brought by investors in “meme stocks” from 9 different companies during a January 2021 rally.

According to a Thursday report from Reuters, United States District Court Judge Cecilia Altonaga of the Southern District of Florida ruled that investors in GameStop, AMC, and 7 other unnamed stocks — which may include Nokia and BlackBerry — could proceed with a lawsuit alleging that Robinhood artificially increased the supply of stocks. In January 2021, the price of several assets including the meme token Dogecoin (DOGE) rose to then all-time highs after Redditors on r/Wallstreetbets pumped up interest in certain stocks and cryptocurrencies.

Robinhood suspended — but later resumed — buys of GME stock and others following the assets rising exponentially, putting the trading platform in the middle of a fight between retail investors and large hedge funds shorting stocks. Thousands of users left one-star reviews for Robinhood’s app on the Google Play Store, the platform put its plans for an initial public offering in the U.S. on hold, and individuals filed several class-action lawsuits alleging Robinhood was kowtowing to the involved hedge funds’ interests, given its ties to Citadel and Melvin Capital.

Following the meme stock controversy, Robinhood was sometimes the target of U.S. lawmakers looking for answers. CEO Vlad Tenev testified before a House Financial Services Committee hearing in February 2021. Unrelated to the events around meme stocks, New York Department of Financial Services also announced on Aug. 2 that Robinhood Crypto will pay a $30 million penalty to the state “for significant failures in the areas of bank secrecy act/anti-money laundering obligations.”

Related: Robinhood acquires British crypto firm Ziglu to push expansion plans

Following the release of Robinhood’s financial results for the second quarter of 2022, Tenev said he planned to lay off 23% of staff at the firm, saying cutting the workforce down by 9% in April didn’t “go far enough” to help the trading platform. At the time of publication, shares of HOOD are trading for $10.59, having risen by more than 26% in the last 30 days.

Cointelegraph reached out to Robinhood, but did not receive a response at the time of publication

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

Analyst Predicts Imminent Regulations Will Trigger Crypto ‘Cleansing’ – Here’s The Silver Lining

Analyst Predicts Imminent Regulations Will Trigger Crypto ‘Cleansing’ – Here’s The Silver Lining

A popular crypto trader expects the government to crack down on the industry but not as quickly as some doomsayers believe. The pseudonymous crypto strategist Credible tells his 337,700 Twitter followers that he’s concerned by news that part of the Congressional Democrats’ new spending bill includes a provision for the IRS to receive $80 billion […]

The post Analyst Predicts Imminent Regulations Will Trigger Crypto ‘Cleansing’ – Here’s The Silver Lining appeared first on The Daily Hodl.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

BlackRock announces the launch of a new private spot Bitcoin trust

The move comes one week after its partnership with Coinbase to provide institutional clients with crypto trading access.

According to a new blog post on Thursday, BlackRock, the world's largest asset management overseeing over$10 trillion in total assets, launched a new private spot Bitcoin (BTC) trust. The fund is only available to U.S. institutional investors and seeks to track the performance of Bitcoin, less the expenses and liabilities of the trust. In explaining the decision, BlackRock said: 

“Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities. Bitcoin is the oldest, largest and most liquid digital asset and is currently our clients’ primary subject of interest within the digital asset space.”

Private investment trusts that do not solicit investments from retail investors do not need to register with regulatory authorities in the United States. But others, such as the Grayscale Bitcoin Investment Trust, can still become publicly traded (though not SEC-registered) on the over-the-counter markets.

Excluding stablecoins, Bitcoin maintains close to 50% of the industry's market cap. With regards to the blockchain's energy use, BlackRock says that it's encouraged by organizations such as RMI and Energy Web, which are developing programs to bring greater transparency to sustainable energy utilization in Bitcoin mining.

Last week, BlackRock partnered with cryptocurrency exchange Coinbase to provide its clients with direct assess to crypto, starting with Bitcoin. Users of BlackRock's institutional investment management platform Aladdin will receive crypto trading, custody, prime brokerage and reporting capabilities upon signing up for Coinbase Prime. On a broader level, BlackRock states it's been conducting research in four areas of digital assets — permission blockchains, stablecoins, crypto assets and tokenization — and their associated ecosystems. 

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

South Korea’s financial watchdog wants to ‘quickly’ review crypto legislation: Report

The FSC will reportedly “make institutional supplements that will take a balanced approach to blockchain development, investor protection and market stability" on bills proposed.

The chair of South Korea’s Financial Services Commission said the regulator plans to expedite its review of 13 bills pending in the country’s National Assembly related to digital assets.

According to a Thursday report from South Korean news outlet Edaily, Financial Services Commission chair Kim Joo-hyun said a task force consisting of private experts and government ministries will “quickly” review proposed legislation on cryptocurrencies. Kim, addressing the Digital Assets Committee, added that the financial watchdog would “make institutional supplements that will take a balanced approach to blockchain development, investor protection and market stability."

“Even before legislation, we will introduce self-regulation efforts for the industry and do our best to protect investors,” said Kim. “Efforts are being made internationally to stabilize the education system and reduce the risk of consumer protection without impeding technological development.”

The financial watchdog chair’s comments followed reports South Korea planned to establish a comprehensive framework on cryptocurrencies by 2024 called the Digital Asset Basic Act. Following the crash of Terra (LUNA) — now renamed Terra Classic (LUNC) — many reports suggested South Korean authorities had ramped up investigations and enforcement efforts, including a plan to launch the Digital Assets Committee aimed at providing investor protection and listing criteria. Prosecutors in South Korea also reportedly raided seven crypto exchanges in July.

Related: South Korea postpones 20% tax on crypto gains to 2025

Under South Korea President Yoon Suk-yeol, who took office in May, the country has taken steps toward becoming a more crypto-friendly regulatory environment amid a market downturn and the controversy surrounding the collapse of Terra. Do Kwon, the co-founder of Terraform Labs, has reportedly faced legal scrutiny and calls to attend a parliamentary hearing on the matter.

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode