#regulations

Crypto Firm Bakkt Awarded With The Covetous BitLicense By New York’s DFS

Crypto News Point

Mar 13, 2021
2 min

Crypto Firm Bakkt Awarded With The Covetous BitLicense By New York’s DFS

Bakkt is awarded the covetous BitLicense, thus allowing the crypto firm to offer digital currency services. According to the DFS’ Press Release, the regulating firm has approved the application of Bakkt Marketplace for virtual currency and money transmitter licenses. On the approval of Bakkt’s application, Financial Services Superintendent Linda A. Lacewell adds: This approval provides additional virtual currency options to New Yorkers as the state continues to rebuild and re

Cypherium To Develop Blockchain Infrastructure In China

Crypto News Point

Jul 30, 2020
2 min

Cypherium To Develop Blockchain Infrastructure In China

Enterprise-level blockchain platform Cypherium is going to contribute to the blockchain development of a major Chinese city. Cypherium has signed a Memorandum of Understanding with Suzhou City Municipal to advance the city’s development of blockchain Infrastructure as announced on July 28. We have signed an #MOU with Suzhou City Municipal to advance the city’s development of blockchain Infrastructure. Take a read here [https://t.co/YOzoKqFCMY] and let us know what you think?

Russia Passes New Cryptocurrency Bill Prohibiting Its Use As a Payment Method

Crypto News Point

Jul 24, 2020
2 min

Russia Passes New Cryptocurrency Bill Prohibiting Its Use As a Payment Method

Russia has passed a major bill today related to cryptocurrencies that prohibits the use of cryptocurrencies like Bitcoin as a payment method. On July 22 Regnum reported that The State Duma Russia’s legislative body has passed a bill titled “On Digital Financial Assets” in its final third reading. CoinTelegraph: "Russia’s newly passed crypto bill finally provides legal status to crypto but does not allow it to be used as a payment method. pic.twitter.com/vZ43hUVWAY" #news $new

Supreme Court Of China Believes Cryptocurrency Property Rights Should Be Strengthened

Crypto News Point

Jul 23, 2020
1 min

Supreme Court Of China Believes Cryptocurrency Property Rights Should Be Strengthened

Supreme Court of China believes that cryptocurrency property rights should be strengthened. According to a July 22 document, China’s Supreme Court has called out for strengthening the protection of property rights pertaining among other things “digital currency, network virtual property, and data.” The official court opinion aims to: “promote the improvement of a modern property rights system with clear ownership.” The document also mentions the intention to strike against th

Philippines Launches Blockchain-Based Mobile App To Distribute Government Bonds

Crypto News Point

Jul 22, 2020
1 min

Philippines Launches Blockchain-Based Mobile App To Distribute Government Bonds

The Philippine Bureau of the Treasury along with the UnionBank and Philippine Digital Asset Exchange launched a blockchain-based mobile app for distributing government-issued treasury bonds. The president and CEO of UnionBank, Edwin R. Bautista, claimed it was Asia’s: “first retail treasury bond issuance to leverage on blockchain technology.” The Philippines' Board of Treasury leveraged blockchain for their bonds. Check it out @coindesk @Cointelegraph !https://t.co/uqfP0w26Ui

Bank Of Japan Creates New CBDC Research Team

Crypto News Point

Jul 21, 2020
1 min

Bank Of Japan Creates New CBDC Research Team

The Bank Of Japan has recently announced that it had formed a new research team regarding central bank digital currencies (CBDC). The new team will takeover from the previous research group, that was formed earlier this year. It will also continue with the research works that was undertaken with other central banks. The Bank of Japan is reportedly creating a new team in its Payment and Settlement Systems Department to look more closely into central bank digital currencies. ht

Beijing Releases 145 Page Blueprint For Blockchain-Based Government

Crypto News Point

Jul 19, 2020
1 min

Beijing Releases 145 Page Blueprint For Blockchain-Based Government

China’s Beijing government has released its first blockchain application blueprint on government services as announced by a local media outlet on July 15. The blueprint suggests that around 140 government service applications are already on blockchain, divided over three categories: Data sharing and exchange Business collaborative processing Electronic certificate and certificate storage Beijing unveils plan for blockchain-based government https://t.co/8h1AQGFiYw pic.twitter.

Crypto News Point

Jul 16, 2020
2 min

Japan’s Government Considers Including CBDC In Its Official Economic Plan

The government of Japan is considering to include a central bank digital currency (CBDC) in its official economic plan. The news comes after Bank of Japan’s recent announcement that it will start experimenting with Japan’s digital yen to check its feasibility from a technical perspective. ついに日本もCBDC(中央銀行デジタル通貨)が正式に検討されます！日銀さんが及び腰だったのですが、政府主導で骨太の方針に盛り込まれるのは心強い。あらゆる所で「日本でもCBDCの試験導入を。」と言い続けたので、気持ちが届いたとすると何よりです。https://t.co/srOzVV2ATJ — 加納裕三 (Yuzo Kano) (@YuzoKano) July 15,

Crypto Capital Gains Tax Could Be 20% In South Korea

Crypto News Point

Jul 14, 2020
2 min

Crypto Capital Gains Tax Could Be 20% In South Korea

South Korea’s crypto capital gains taxes could rise as high as 20% as discussed by members of the South Korean private sector on a crypto-related taxation bill. A bill was proposed by the National Assembly to impose taxes on cryptocurrencies. Proposed amendments to the existing laws of South Korea also plans to classify cryptocurrencies as “goods,” rather than currencies. According to the lawmakers, virtual assets can be considered as electronic certificates of economic value

US Banking Regulators Invites Industry Players To Discuss On Fintech Virtually

Crypto News Point

Jul 7, 2020
1 min

US Banking Regulators Invites Industry Players To Discuss On Fintech Virtually

US Banking regulators, the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB) are opening up virtual hours for industry players looking to discuss innovation and new technologies in banking. The new meetings will be capped at one hour in length, slated for just two days, July 29-30. Those interested need to register by July 17, as per an announcement on July 2 announcement. CFPB, OCC Host Virtual Innovation Office Hours https:/

China Completes Backend Architecture Development Of Its CBDC

Crypto News Point

Jun 23, 2020
1 min

China Completes Backend Architecture Development Of Its CBDC

China has completed the backend architecture development of China’s central bank digital currency (CBDC). The announcement was made by the former vice-chair of the People’s Bank of China’s National Council for Social Security Fund, Wang Zhongmin. Wang made the announcement during the online 2020 Fintech Forum organized by Tencent Fintech Research Institute and the Fintech 50 Forum in Beijing. China is seeking to create a payment infrastructure in which these cu

Thailand Launches Prototype Development Project Of Its CBDC

Crypto News Point

Jun 21, 2020
2 min

Thailand Launches Prototype Development Project Of Its CBDC

The Bank of Thailand has announced the plans to develop a prototype pilot project to test the real-life business use cases of its Central Bank Digital Currency (CBDC). The bank said in its official statement that before it launches the CBDC payment system for all businesses, it plans to pilot test it with large-scale enterprises. It has partnered with to pilot test their payment prototype system: Thailand’s Siam Cement Group (SCG) Thailand-based fintech firm Digital Ventures

$17M Illegal Online Streaming Business Dealing In Cryptos Busted By Europol

Crypto News Point

Jun 12, 2020
2 min

$17M Illegal Online Streaming Business Dealing In Cryptos Busted By Europol

European police has busted a major illegal online streaming business dealing in cryptos that had reportedly been running for the past five years. On June 10 Bloomberg reported that Europol conducted around 15 house searches, arresting over 11 people while successfully taking down 50 servers across nine countries. European police have busted an illegal streaming ring that provided service to 2 million people and was so sophisticated that it had its own customer-service team ht

Suzhou To Launch Blockchain-Powered Pilot Program Providing Notary Services

Crypto News Point

Jun 8, 2020
1 min

Suzhou To Launch Blockchain-Powered Pilot Program Providing Notary Services

Authorities of Suzhou announced that a blockchain-powered pilot program will provide a wide range of notary services in Suzhou, China. On June 5 China Quality News reported that this program aims to help millions of citizens access legal and government offices via the internet. The pilot platform covers personal freedom, life, health, property rights, and more and is created by: The Suzhou Municipal Market Supervision Bureau The Suzhou Municipal Bureau of Justice. All the mat

Kyrgyzstan Lawmakers Considers Bill On Regulating Crypto Mining

Crypto News Point

Jun 5, 2020
2 min

Kyrgyzstan Lawmakers Considers Bill On Regulating Crypto Mining

Lawmakers in Kyrgyzstan, officially the Kyrgyz Republic are considering a bill to tax and regulate activities on cryptocurrency mining. The bill- On Amending the Tax Code of the Kyrgyz Republic, seeks to increase government revenue by establishing taxation obligations for miners while aiming to establish clearer definitions for terms such as ‘virtual assets’ and ‘mining’ within the context of cryptocurrencies. If passed, the new taxation regime would comprise the first major

‘Masterplan’ For Turning China’s Hainan Province Into Free Trade Port Involves Blo

Crypto News Point

Jun 3, 2020
2 min

‘Masterplan’ For Turning China’s Hainan Province Into Free Trade Port Involves Blo

Chinese authorities have released a master plan for turning southern island province Hainan into a free trade port. Initially, the pilot program will select two banks to carry out business through the blockchain-powered platform. According to report the first export account was traded successfully through the system. The master plan encourages government institutions to use blockchain and other technologies to reform government function. On June 1 Xinhua News reported that th

South Korean Regulators Propose Taxing On Crypto Profits

Crypto News Point

Jun 2, 2020
1 min

South Korean Regulators Propose Taxing On Crypto Profits

South Korea’s Ministry of Economy and Finance is preparing an amendment to the nation’s Income Tax Law. It could include rules for profitable sales of cryptocurrencies as well as profits from national crypto mining projects. On May 27 E Daily reported that the ministry also mentioned including profits generated by initial coin offerings despite ICOs still being banned across the country. The report specifies that crypto-to-crypto transactions will be “likely” exempt from the

Ukraine Publishes New Draft Bill On Virtual Assets For Public Discussion

Crypto News Point

May 23, 2020
2 min

Ukraine Publishes New Draft Bill On Virtual Assets For Public Discussion

On May 18, the Ministry of Digital Transformation of Ukraine published a new draft bill “On Virtual Assets” that aims to determine the legal status of crypto assets, rule of their circulation and issuance in the country. However, the current version of the bill is not final and is open for discussion by the crypto community until June 5, 2020. The main purpose of the new draft bill is to finally enable local crypto firms like exchanges to open bank accounts, according to one

Institution Training Chinese Communist Party Officials Publishes New Book On Crypto

Crypto News Point

May 22, 2020
2 min

Institution Training Chinese Communist Party Officials Publishes New Book On Crypto

A higher education institution that trains Chinese Communist Party officials has published a new book about cryptocurrency. On May 19 a local blockchain news reported that the Party School of the Central Committee of the Communist Party of China (also known as the Central Party School) published the book as part of a book series on disruptive technologies. Previous entries in the series includes: “A Dialogue With Party Leaders About AI” “ A Dialogue With Party Leaders About B

Crypto News Point

May 7, 2020
2 min

Libra Appoints Obama’s Former Under Secretary For Terrorism As Its New CEO

The Libra Association on May 6 announced the appointment of Obama’s former under secretary for terrorism as its first CEO. Stuart Levey served as an under secretary for terrorism under the administrations of George W. Bush and Barack Obama. He focussed on the enforcement of all U.S. anti-money laundering and counter terrorist financing laws by the Financial Crimes Enforcement Network (FinCEN). Libra, Facebook’s cryptocurrency project, is bringing on as chief executive Stuart