, BIS general manager worries about a “Systemic Threat” Of Bitcoin, Prompts “Pre-emptive regulation” From Law enforcement “If authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat… ” The general manager of the Bank for International Settlements (BIS) has pummeled bitcoin as a “combination of … Continue reading BIS general manager worries about a “Systemic Threat” Of Bitcoin→
Chilean President Considers Regulation of Cryptocurrency
According to Bitcoin.com, Chilean President Marcel commented that his government is considering setting up a legislative body to oversee the activities of the Chilean digital currency industry. Marcel pointed out that: to incorporate a law to allow participants of these activities to register, so as to grasp the information to monitor the relevant risks. Relevant laws and regulations can be formulated in accordance with more sound standards and mechanisms, especially in the areas of market transparency, consumer protection and the prevention of money laundering and terrorist financing.
Bank of Spain Governor: Cryptocurrency brings more risk than benefits
Bank of Spain Governor Luis Maria Linde stated at a conference in Madrid on Wednesday that the use of cryptocurrencies will bring more risks than benefits. When talking about the rise of new technologies in banking and finance, Linde also warned that the transition to a digital economy has brought about control risks and challenges.
The Singapore Monetary Authority intends to adopt a three-tier structure to regulate the trading market
The Singapore Monetary Authority (MAS) said on May 22 that the current single RMO regulatory framework could not meet the needs of emerging technologies and new business models. The MAS will consider adopting a three-tier structure for supervision to ease Market Access for Scale Trading Platforms. The third tier of the proposed framework applies to market operators that are significantly smaller than the established exchanges. They are commercially viable, but the business is still unable to meet the requirements of the RMO system. The new layer of supervision will allow them to use the regulatory environment. Blockchain and P2P technologies provide services.
The South African Central Bank restricts people from buying and selling cryptocurrencies through international exchanges
A few days ago, the South African Reserve Bank (SARB) issued guidance on its position on the purchase and transfer of cryptocurrencies. Although SARB is not responsible for the regulation of South African cryptocurrency transactions, it illustrates the consequences of using international exchanges to buy and sell cryptocurrencies. The only way for South Africans to purchase cryptocurrencies from abroad is to use a personal allowance of 1 million South African rand or a personal foreign investment limit of 10 million rand. In addition, SARB will not allow South African companies to use foreign direct investment quotas to invest in cryptocurrencies on international exchanges
The central banks of the U.S. and the U.K. will be holding their monthly sessions this week to decide on where to set key interest rates. Investors worldwide will be watching these key events closely as they can greatly affect USD and GBP pairs* JOIN OUR FREE TRADING SESSIONS AND WATCH OUR EXPERTS TRADE LIVE? … Continue reading FED & BOE TO MOVE THE MARKETS→
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