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The Belarusian foreign ministry is working on legal amendments to prohibit peer-to-peer, or P2P, transactions in cryptocurrencies like Bitcoin (BTC).The Ministry of Foreign Affairs (MFA) of the Republic of Belarus on July 2 issued an official announcement on Telegram about new legislation that would ban P2P crypto exchange for individuals.The
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A combination of escalating interest rates and a tight regulatory environment in the United States has driven a $417 million outflow from the crypto industry in the past eight weeks, with halts in trading for many altcoins draining liquidity and prolonging the ongoing crypto winter.This environment is forcing crypto companies
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Following a lawsuit, CoinEx, a cryptocurrency platform, has been prohibited from conducting operations in both New York and the US. The firm was then ordered to pay $1.7 million in penalties and refunds to affected individuals
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In a June 8 announcement, the United Kingdom’s Financial Conduct Authority (FCA) said that from Oct. 8, advertisers of crypto services in the U.K. would be subjected to stricter regulations.The watchdog has mandated that crypto companies in the U.K. implement a “cooling-off period” for first-time investors. Additionally, as part of
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Under the new rules, crypto will be classified as “restricted mass market investments,” which will require any advertisements or promotions to contain “clear risk warnings,” and bans incentives to invest such as “refer a friend” or “new joiner bonuses,” the regulator said. Source
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“There are major inconsistencies between Qatar’s risk profile and the type and extent of terrorist financing activity prosecuted and convicted,” added FATF, a Paris-based global watchdog, which seeks to monitor and mitigate flows of dirty money, including through a controversial “travel rule” requiring the identification of participants in crypto transactions. Source
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The country reportedly backed out of plans to build a "national crypto exchange," its latest sign of indecision. Source
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The government of Bali, Indonesia, recently cracked down on crypto payments for goods and services and reminded tourists that the Indonesian Rupiah is the only legal tender. Some tourists were dissatisfied with the decision, saying that they will not visit again. On May 28, the Indonesian government affirmed that tourists who
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The FATF requires virtual asset service providers to implement the same preventive measures as financial institutions, including customer due diligence, record keeping and reporting of suspicious transactions, and adhere to its travel rule – which requires crypto service providers to collect and share information on transactions above a certain threshold. Source
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If the Warren-Marshall legislation fails the necessary test, does it do more harm than good? After all, money laundering is terrible. Shouldn’t the legislation be passed even if it only helps on the margins? Here is where the harms of the legislation, namely requiring those that develop software and validate
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