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BNY Mellon Urges Ireland to Adopt Crypto Rules Before EU Regulations, Report Reveals – Regulation Bitcoin News

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BNY Mellon Urges Ireland to Adopt Own Crypto Rules Before EU, Report Reveals


As authorities in the EU are still discussing union-wide cryptocurrency regulations, a major U.S. bank has reportedly lobbied the Irish government to adopt its own rules for the space. BNY Mellon launched its digital asset business in Ireland this year to provide custodian services to institutional investors.

Banking Giant BNY Mellon Calls for Irish Crypto Regulations

U.S. banking corporation BNY Mellon, which established a crypto unit in Ireland this spring, has urged the country’s finance ministry to introduce crypto regulations while the EU rules for the space are still being developed, the Irish press reported. The bank’s digital hub in Dublin was set up to provide depository services for digital assets to institutions interested in cryptocurrency investments.

A report by the Irish Independent unveils that representatives of BNY Mellon met with the Irish Minister of State at the Department of Finance Seán Fleming in May to try to convince the government about the need to adopt national crypto regulations as the European Union’s rules for the sector are still under consideration. According to Fleming’s briefing notes for the department, BNY Mellon stated:

While we recognize that the European Commission’s Crypto Asset Markets (MiCA) proposal aims to create a separate regime for crypto assets at the European level, given the timeframe for this legislative action to come into effect, the national regimes quickly began to fill up the gap within their respective national jurisdictions and we believe Ireland should follow suit.

The Markets in Crypto-Assets Regulation aims to harmonize cryptocurrency legislation across the 27 EU member states with common rules regarding the custody of digital assets, capital requirements for service providers and improved investor protection. These standards should apply to both decentralized digital currencies and stablecoins backed by fiat currencies.

BNY Mellon expects the new regulations to come into force not earlier than 2023. In the meantime, several European countries have moved to introduce their own legislation in recent years. The publication provides an example with the German fund location law which came into effect this summer. Its provisions loosened the rules for a category of institutional funds called ‘spezialfonds’ that can now invest 20% of their portfolios in crypto assets.

“Given the accelerating change happening in other jurisdictions and to meet the changing needs of clients for digital assets, we would be happy to have a clear and comprehensive strategy to create an ecosystem of assets. Attractive digital technologies in Ireland,” the government official has been quoted as saying in the notes while BNY Mellon has declined to comment on the conversations.

Irish media also revealed that the U.S. bank emphasized the importance of securing a talent pool in the country’s crypto and blockchain space that would allow members of the growing industry to deliver this type of services. The financial company further noted that within BNY Mellon, Ireland is competing with Israel and New York for relevant blockchain expertise.

“Developing this talent in Ireland at a pace to meet the expected growth will be a challenge,” the banking group reportedly said. BNY Mellon has maintained presence in the Republic of Ireland in the last 25 years, operating out of offices in the capital Dublin, Cork and Wexford where it has around 1,000 employees, the report added.

With a business-friendly climate and positive attitude towards financial innovation, Ireland has established itself as an attractive destination and a European base for crypto companies and fintech arms of major players seeking access to the common EU market. A number of such businesses have been opening offices there in the past few years and looking to hire professionals. These include well-known names such as crypto exchange Kraken and Goldman Sachs-backed fintech Blockdaemon.

Do you think Ireland will adopt its own crypto regulations before the EU-wide rules are enforced? Tell us in the comments section below.

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Bank, banking corporation, banking giant, BNY Mellon, Clients, Crypto, crypto regulations, crypto rules, crypto-custody, Cryptocurrencies, Cryptocurrency, custodian services, Dublin, EU, European Union, Government, Ireland, Irish, MiCA, minister, Regulations, Republic of Ireland, rules, Services

Image Credits: Shutterstock, Pixabay, Wiki Commons, BNY Mellon

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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Popularity of Crypto Investments Makes Case for Regulations, Australian Securities Watchdog Says – Regulation Bitcoin News

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Popularity of Crypto Investments Makes Case for Regulations, Australian Securities Watchdog Says


High rates of crypto ownership, with purchases often made on advice from Youtube and Facebook, make “a strong case for regulation,” according to the Australian Securities and Investments Commission. The watchdog backs its stance with poll results showing nearly half of retail investors in Australia keep one coin or another.

Australian Securities Regulator Pushes for Rules to Protect Cryptocurrency Investors

Pressure on Australia’s new Labor government is mounting, to put an emphasis on consumer protection as it takes over a task from the preceding conservative government to adopt a regulatory policy regarding digital assets like cryptocurrencies. A years-long study on the matter, initiated by the former cabinet, is yet to answer the relevant questions of whether and how to do that.

According to a survey conducted by the Australian Securities and Investments Commission (ASIC) in November, 44% of over 1,000 retail investors admitted to holding cryptocurrency. The results indicated that crypto is the “second most popular investment after Australian shares,” Reuters noted in a report. A quarter of the polled investors who held digital coins said they were their only investment.

Statistical data suggesting high rates of cryptocurrency ownership in Australia were dismissed last year by a top central bank official who referred to the numbers as “implausible,” the news agency remarks. But ASIC believes they make “a strong case for regulation.”

Another argument for that, besides the high popularity of crypto, is the finding that 41% of respondents sought investment insight online, with a fifth of those polled naming the video sharing platform Youtube and at least one in ten pointing to the leading social media network, Facebook. Only 13% gained their info from a financial adviser or broker.

ASIC Chairman Joe Longo expressed the Commission’s concerns about the large number of participants in the survey who reported investing in what he described as “unregulated, volatile crypto-asset products.” The high-ranking official further elaborated:

There are limited protections for crypto-asset investments given they have become increasingly mainstream and are heavily advertised and promoted. There is a strong case for regulation of crypto-assets to better protect investors.

The survey was conducted in the same month when bitcoin (BTC) and ether (ETH), the two most popular cryptocurrencies, hit record highs, Reuters remarks. The prices of both coins have since dropped by about two-thirds, while the Australian stock market is down about 6%.

Part of the reason for that can be found in interest rate hikes that have likely convinced investors to exit speculative assets. Their retreat helped cause the latest crypto market slump and led to the bankruptcy of a number of businesses built around cryptocurrencies.

The popularity of crypto among Australian investors has attracted the attention of other government agencies as well. Earlier this year, the Taxation Office listed crypto-related profits among several priority areas where efforts are needed to ensure correct reporting. The authority reminded taxpayers they need to calculate any capital gains from the sale of coins and tokens and declare it with their tax returns.

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ASIC, Australia, australian, commission, Consumers, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Facebook, Investments, Investors, Poll, Protection, Regulation, Regulations, regulator, rules, Securities, Social Media, Survey, watchdog, YouTube

Do you expect Australia to adopt restrictive regulations for cryptocurrency investment? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Ms. Li

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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How Tornado Cash Sanctions Impact Bitcoin – Bitcoin Magazine

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How Tornado Cash Sanctions Impact Bitcoin - Bitcoin Magazine



This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Dylan LeClair and Sam Rule to talk about the recent Tornado Cash sanctions by the U.S. Treasury.

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Uzbekistan Moves to Block Foreign Cryptocurrency Exchanges – Regulation Bitcoin News

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Uzbekistan Moves to Block Foreign Cryptocurrency Exchanges


Authorities in Uzbekistan are restricting access to online crypto trading platforms based outside the country and not registered under its laws. A presidential decree obliges citizens and local companies to only use digital asset exchanges licensed by the government of the Central Asian nation.

Uzbekistan Takes Steps to Prevent Crypto Trading and Custody on Foreign Platforms

Uzbekistan’s National Agency of Perspective Projects (NAPP) has registered a spike in activities of online platforms providing crypto-related services to Uzbekistanis without the necessary license. The regulatory body says these facilitate trading of cryptocurrencies and request personal information without complying with a requirement to have their servers installed in the country.

In a recent statement, the agency pointed out that such platforms “do not bear any legal responsibility for carrying out operations with crypto assets, cannot guarantee the legitimacy of transactions, as well as the proper storage and confidentiality of the personal data of citizens of the Republic of Uzbekistan.” In light of these findings, the regulator has restricted access to their domains.

The announcement highlights that the government of Uzbekistan has made consistent efforts to improve the regulatory and institutional framework in the crypto space. A decree signed by President Shavkat Mirziyoyev in 2018 defined the types of business activities pertaining to digital assets like the mining of cryptocurrencies and the provision of services related to their circulation.

Providers whose activities are subject to licensing include mining pools, cryptocurrency exchanges and depositories, as well as other crypto companies that offer individuals or legal entities services for the purchase, sale, exchange, storage, issuance, placement, and management of crypto assets.

Regulations adopted this past April allow Uzbekistanis and businesses based in their country to acquire, sell, and exchange cryptocurrencies exclusively on domestic platforms, starting from Jan. 1, 2023. NAPP now emphasizes this doesn’t mean local firms and citizens are granted the right to conduct such transactions on foreign platforms before that date.

So far, Uzbekistan has licensed only one cryptocurrency exchange. Operated by the South Korean entity Kobea Group, Uznex launched in January, 2020. Last fall, the National Agency of Perspective Projects issued a warning for Uzbekistani crypto traders to avoid unlicensed exchanges, which leaves them with a single legal option.

The agency has also reminded all residents of the country that they can perform crypto transactions on registered exchanges with the national currency, the som, and sell crypto assets to non-residents for foreign fiat currency. The NAPP urges Uzbekistan’s citizens not to use the services of online platforms that have not obtained a license to operate in the republic and to report them to law enforcement.

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block, Citizens, companies, Crypto, crypto assets, crypto exchange, Cryptocurrencies, Cryptocurrency, entities, Exchange, License, NAPP, Regulations, restrictions, service providers, Traders, trading, Uzbekistan, Uzbekistani

Do you expect Uzbekistan to license more cryptocurrency exchanges in the future? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Felix Lipov

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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