Arxnovum files Bitcoin ETF application with Canadian securities regulators

Canadian investment fund manager Arxnovum Investments has filed a prospectus for a new Bitcoin (BTC) exchange-traded fund, or ETF, in Canada. On Jan. 11, the company filed a stack of preliminary documents for the Arxnovum Bitcoin ETF with Canada’s Ontario Securities Commission. According to a preliminary long form prospectus, Arxnovum plans to list its new Bitcoin ETF on the Toronto Stock Exchange. The listing is subject to the approval of the TSX in accordance with its original listing requirements. “The TSX has not conditionally approved the listing application of the…

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Shark Tank’s Kevin O’Leary Warns Regulators Will Come Down Hard on Bitcoin — ‘It Will Be Brutal’

Shark Tank star Kevin O’Leary, also known as Mr. Wonderful, has warned about regulators coming down hard on bitcoin. In addition, he says that “even if bitcoin were to go up another 2,000%, it’s completely irrelevant to institutional clients.” Kevin O’Leary Warns of Brutal Bitcoin Regulation, Says Bitcoin Is Not an Institutional Product Canadian investor and television personality Kevin O’Leary talked about bitcoin in an interview on Thursday with CNBC’s Squawk Box. O’Leary was asked whether he had changed his mind about bitcoin from thinking that it was “not a…

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US federal regulators set new expectations for stablecoin issuers

A group of leading U.S. financial regulators has released a new statement on stablecoins. One of the headlining topics of crypto regulation news this year, stablecoins were the main topic of a Dec. 23 statement the President’s Working Group on Financial Markets, or PWG. The PWG includes representation from the Treasury, the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.  The group’s stated opinions were hardly revolutionary, mostly saying that stablecoin issuers would need to abide by all the typical rules of the road in terms…

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Indian crypto industry expanding, regulators seem reluctant to engage

The people of India are awaiting access to crypto banking services, as British-based fintech firm Cashaa has collaborated with India’s United Multistate Credit Cooperative Society to launch a crypto-centric banking company called Unicas that will initially open 34 branches in Northern India and plans to have expanded to 100 branches by next year.  Considering that India is largely a savings-driven economy, Unicas will also offer crypto saving accounts that pay interest on deposited crypto. This could act as a catalyst for co-operative credit societies in India to enter the market…

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Bitmex Fast-Tracks KYC Program as Regulators Tighten Screws on Anti-Money Laundering Rules

Bitmex said Wednesday that it is fast-tracking its user verification program in order to comply with regulatory requirements. Users must now be fully verified by Nov. 5, 2020 “to continue trading on the platform,” it said. In a statement, the crypto derivatives exchange stated that “unverified users will not be able to open new positions” after this date. They will also “not be able to withdraw funds from their Bitmex account without completing verification” beginning Dec. 4. The accelerated verification means Bitmex’s mandatory know-your-customer (KYC) process – first announced Aug.…

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Crypto Custodians Waiting on Regulators to Act

The business of cryptocurrency custody is getting more competitive and lucrative by the day. The most recent announcement has come from Switzerland, where local family-owned bank Maerki Baumann announced on May 29 that it had expanded its cryptocurrency services through the introduction of crypto custody and trading. The private bank first announced its crypto initiatives in 2019 by extending business account services to blockchain companies. Thanks to regulatory approval from the Swiss Financial Market Supervisory Authority, Maerki Baumann will initially offer trading and custody services on five major cryptos including…

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US Regulators Target Bitcoin ATMs: 88% of the Funds Exit the Country via Machines

Bitcoin automated teller machines (BATMs) will become the next target for regulators, as world governments tighten screws on money laundering. According to Ciphertrace CTO John Jeffries, crypto-cash machines will attract “greater…regulatory focus” in a bid to rein-in alleged cross-border illicit financial transfers. Jeffries urged “the need for more uniform regulatory enforcement and compliance” as governments start to crack down on crypto-infused automated teller machines. This comes as Ciphertrace released a report showing that cross-border transactions accounted for 74% of bitcoin moved between exchanges in 2019. Of this, 88% of funds…

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Swiss Regulators Green Light Crypto Transactions for Local Bank

The Swiss Financial Market Supervisory Authority, or FINMA, has authorized InCore bank to carry out digital assets transactions, allowing customers worldwide to access and transact within the bank. The official announcement represents an important step in creating a blockchain-friendly environment across the EU banking sector. InCore bank becomes the first Swiss business-to-business bank approved to operate within the crypto sphere. The firm now allows the institutional clients to trade, hold, and transfer digital assets. FINMA has also allowed the bank to develop its tokenization capabilities. Partnership with IT crypto-assets consulting…

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Ripple CEO Says US Regulators Must Embrace Crypto or Fall Behind China

Ripple CEO Brad Garlinghouse has urged United States regulators “to step up and lean into digital currencies” to avoid falling behind China in the field. In a tweet posted May 26, Garlinghouse warns that “remaining complacent is actually setting us back,” citing an article suggesting that China’s long-touted central bank digital currency (CBDC) has the potential to unseat the dollar as the global reserve currency. SWIFT is being outpaced by blockchain technology U.S. financial dominance currently relies on both the dollar’s status as global reserve currency, and of its control…

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New York Regulators Require Crypto Firms to Submit Coronavirus Plans

New York City’s mayor Bill de Blasio declared a state of emergency in response to the coronavirus outbreak yesterday. “The only analogy is war,” he said — and the consequences for the crypto industry, as for all others, are sobering. Even ahead of de Blasio’s action, the New York Department of Financial Services (NYDFS) sent a letter to all regulated institutions engaged in crypto-related activities on March 10, asking them to submit detailed “preparedness plans” to address the historic risk: “COVID-19 has already had adverse economic effects domestically and globally.…

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