cryptocurrency regulation News

Facebook Revamps Its Libra Cryptocurrency in Response to Regulatory Backlash

Facebook’s planned cryptocurrency Libra will be linked to individual national currencies and overseen by global watchdogs in a scaled-back revamp it hopes will win regulatory approval. The prospect of Facebook’s 2.5 billion users adopting Libra has led to intense scrutiny …

Euro Zone to Launch Public Cryptocurrency in Response to Threat of Facebook’s Libra

Euro zone governments and central banks are working on a long-term plan to launch a public digital currency that they hope would make redundant projects like Facebook’s Libra, which is seen as a risk to financial stability, officials said on …

UK Markets Regulator Warns of Dangers of Unregulated Cryptocurrencies

Britain’s markets watchdog said on Wednesday that bitcoin and other cryptocurrencies have no intrinsic value and offer consumers few protections, but added that such coins fall outside the scope of its powers. The Financial Conduct Authority said crypto markets were …

Hackers Steal 7,000 Bitcoins Worth $40M from Cryptocurrency Exchange Binance

Binance, one of the world’s largest cryptocurrency exchanges, said hackers withdrew 7,000 Bitcoins worth about $40 million via a single transaction in a “large scale security breach,” the latest in a long line of thefts in the digital currency space. …

Losses from Cryptocurrency Thefts, Fraud Surged to $1.2 Billion in Q1: Report

Losses from the theft of cryptocurrencies from exchanges and fraud-related activities surged in the first quarter of the year to $1.2 billion, or 70 percent of the level for all of 2018, cyber-security firm CipherTrace said on Tuesday. The value …

Cryptocurrency Industry Says Inadequate Insurance Deters Investors

Cryptocurrency exchanges and traders in Asia are struggling to insure themselves against the risk of hacks and theft, a factor they claim is deterring large fund managers from investing in a nascent market yet to be embraced by regulators. Getting …

What Agents Should Know About Cryptocurrency Insurance Market

Cryptocurrency and blockchain entities may seem like a hot market for insurance agents looking to specialize, but right now there are not many insurers willing to write it. Before jumping in, agents would be wise to consider partnering with a …

Coordinated Global Regulation of Cryptocurrencies Needed: Circle CEO

Major economies should launch coordinated regulation of cryptocurrencies, the head of Goldman Sachs-backed startup Circle said on Monday, underscoring growing industry support for international rules on digital money. “Ultimately there needs to be normalization at the G20 level of critical …

Court Rules Cryptocurrencies Fall Under Commodities Regulator

A federal judge said on Wednesday that virtual currencies meet the definition of a commodity and fall within the jurisdiction of the U.S. derivatives regulator, allowing the agency to pursue fraud allegations against My Big Coin Pay Inc. The closely …

UK Cryptocurrency Market Similar to ‘Wild West’ and Should Be Regulated: Lawmakers

Britain’s cryptocurrency market resembles the Wild West and should be regulated, lawmakers said on Wednesday, urging the government to bring to heel a sector plagued by volatile price swings, vulnerability to hacking and weak consumer protection. The government’s current approach …