Category: Regulation

February 07, 2022 BY Steffy Bogdanova

German regulator BaFin issues warning on social posts on crypto assets

Moreover, BaFin highlighted that there are many investment tips circulating on social media about crypto stocks and other financial products which are not reliable. They may even be false, misleading or fictitious. BaFin stated in the official warning: Digital, lucrative and trendy: this is the image that crypto assets now have among private investors. However,…

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January 18, 2022 BY Steffy Bogdanova

UK Government to tighten rules on misleading crypto ads

Around 2.3 million people in the UK are thought to be holding crypto assets, according to an estimate. This move will hopefully ensure that cryptoasset advertisements are “fair, clear, and not misleading.” Chancellor of the Exchequer, Rishi Sunak said: Cryptoassets can provide exciting new opportunities, offering people new ways to transact and invest – but…

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ASIC
January 17, 2022 BY Steffy Bogdanova

ASIC warns about risk in crypto investment when using SMSF

Crypto-asset investment ASIC reminded investors to consider the risks before using their SMSF to invest in crypto-assets. Trustees of SMSF bear responsibility for the fund’s decisions and for legal compliance. The regulator recently warned the public about an increase in scams involving crypto-assets. ASIC said in the official warning: If you decide to set up…

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December 15, 2021 BY Steffy Bogdanova

eToro and Coinbase under fire for misleading crypto ads

Coinbase’s ad appeared on Facebook on 27 July 2021 and stated “£5 in #Bitcoin in 2010 would be worth over £100,000 in January 2021. Don’t miss out on the next decade – get started on Coinbase today”. The firm also went on to label its competitors “unregulated. The British advertising regulator said that both ads…

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SEC fraud
December 03, 2021 BY Steffy Bogdanova

SEC files charges in a $7 million digital asset fraud case

According to SEC, Auzins carried out a second scheme, where from April 2019 to July 2019 he fraudulently offered the unregistered securities of Innovamine, which supposedly provides cloud mining program. SEC stated that “Auzins claimed that investors could contribute digital assets to Innovamine, and then the company would perform mining activities and provide investors with…

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New German government calls for crypto regulation
November 29, 2021 BY Steffy Bogdanova

New German government calls for crypto regulation

The document states: We are making European financial market supervisory law fit for digitization and for complex group structures in order to ensure holistic and risk-adequate supervision of new business models. We need joint European supervision for the crypto sector. We oblige crypto asset service providers to consistently identify the beneficial owners. The coalition agreement…

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SEC fraud
November 19, 2021 BY Steffy Bogdanova

SEC issues charges in crypto investment scams

Michele Wein Layne, Regional Director of the SEC’s Los Angeles Regional Office, said: Defendant Ryan Ginster allegedly engaged in a fraudulent scheme raising millions in cryptocurrency using online investment programs and then converted the cryptocurrency for his own benefit. Individuals who hide behind the anonymity of cryptocurrency transactions to defraud investors should expect that the…

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November 15, 2021 BY Steffy Bogdanova

TRM Labs, Eventus and Notabene team up to deliver compliance solution for digital asset ecosystem

Esteban Castaño, Co-founder and CEO of TRM Labs, said: Organizations operating in the crypto space are tasked with managing a complex regulatory landscape in a rapidly evolving market. Project TEN helps organizations address this complexity by bringing distinct areas of risk management expertise into one comprehensive offering. Eventus CEO Travis Schwab commented: Powered in part…

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November 08, 2021 BY Steffy Bogdanova

Sweden’s FI calls for ban of energy-intensive crypto mining

It has been estimated by the the University of Cambridge and Digiconomist that the two largest cryptocurrencies Bitcoin and Ethereum, together use nearly twice as much electricity in a year as the whole country of Sweden. This is attributed to the nature of the cyrpto mining process which requires a proof of work. Miners must…

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