Bitcoin News and Finance: What You Need to Know

The Swiss financial regulator has published its updated anti-money laundering (AML) ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain reporting and identification requirements that apply to crypto transactions. Financial Authorities Adjust Swiss Anti-Money Laundering Rules Concerning Crypto Transfers Following consultations that started earlier this year, the Swiss Financial Market Supervisory Authority ( FINMA ) has partially revised its Anti-Money Laundering Ordinance (AMLO), clarifying the application of a maximum limit for unidentified crypto exchange transactions. In a press release on Thursday, the regulator said that the regulations, which will come into force on Jan. 1, 2023, now reflect the latest amendments to Switzerland’s Anti-Money Laundering Act and the Federal Council’s Anti-Money Laundering Ordinance. FINMA noted that the collected feedback confirmed its position that the mandatory identity verification...

JPMorgan, DBS Bank, and SBI Digital Asset Holdings have completed their first lives trades on a public blockchain using decentralized finance (defi), tokenized deposits, and verifiable credentials under the supervision of the Monetary Authority of Singapore (MAS). Singapore’s central bank is planning two more pilots that involve Standard Chartered Bank, HSBC, and UOB. JPMorgan, DBS Bank, SBI, Standard Chartered Bank, HSBC, UOB Participate in MAS Digital Asset Pilots The Monetary Authority of Singapore (MAS), Singapore’s central bank, announced Wednesday that “the first industry pilot under the MAS’ Project Guardian that explores potential decentralized finance (defi) applications in wholesale funding markets has completed its first live trades.” The announcement details that for this pilot: DBS Bank, JP Morgan, and SBI Digital Asset Holdings conducted foreign exchange and government bond transactions against liquidity pools comprising of tokenized Singapore Government Securities ...

Four congressmen have accused the U.S. Securities and Exchange Commission (SEC) under Chairman Gary Gensler of “regulatory hypocrisy and inconsistency.” They added: “While the SEC is failing to comply with federal transparency and record-keeping laws, the SEC is aggressively enforcing record-keeping laws on private businesses.” Gensler’s Regime at SEC ‘Has Been Characterized by Regulatory Hypocrisy and Inconsistency’ Four lawmakers sent a letter to the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, on Tuesday “denouncing the Biden administration’s inconsistency and hypocrisy of enforcing record-keeping laws, this time at the SEC.” The letter was signed by U.S. Representatives Tom Emmer (R-MN), Patrick McHenry (R-NC), Jim Jordan (R-OH), and James Comer (R-KY). They wrote: Recent reports suggest that SEC officials are using ‘off-channel’ communications platforms, such as Signal, Whatsapp, Teams, and Zoom, for official business and without producing the...

The CEO of cryptocurrency exchange Binance does not see central bank digital currencies (CBDCs) as a threat to cryptocurrencies, like bitcoin and ether. “It will validate the blockchain concept so that anybody who still has concerns about the technology will say: ‘Ok, our government is using the technology now,'” he opined. CZ Sees No Threat to Crypto Coming From CBDCs Binance CEO Changpeng Zhao (CZ) said Wednesday that he believes central bank digital currencies (CBDCs) are not a threat to cryptocurrencies, like bitcoin ( BTC ) and ether ( ETH ), Reuters reported. According to the Bank of International Settlements (BIS), nine out of 10 central banks are exploring launching their own digital currencies. The Atlantic Council’s CBDC tracker shows that 105 countries are currently exploring central bank digital currencies. Zhao was asked during a news conference at the Web Summit in Lisbon whether CBDCs could pose a threat to Binance and cryptocurrencies, like bitcoin and ethere...

Undeterred by the reported slow adoption of the Nigerian central bank digital currency, the deputy governor of the Reserve Bank of Zimbabwe, Innocent Matshe recently said his institution will proceed with plans to launch its own digital currency. In addition to sending a team to learn from the Central Bank of Nigeria’s experiences, Zimbabwe has also reportedly sent teams with a similar mission to countries like China and Ghana. ‘Jury Is Still Out’ on CBDCs The reported slow embrace of Nigeria’s central bank digital currency (CBDC) or the e-naira will not dissuade the Zimbabwean central bank from working on its own CBDC, Innocent Matshe, the bank’s deputy governor has reportedly said. He said that while the “jury is still out,” on CBDCs, his institution will still proceed with its digital currency launch preparations. As previously reported by Bitcoin.com News, fewer than anticipated Nigerian adults have downloaded or are using the CBDC when making payments. Some reports have estim...

Companies using natural gas as a power source to mint digital currency in Iran will have to deal with a sharp increase in the price of the fuel. The new rates set by the state-run supplier are almost double the previous and have been imposed retroactively, local media reported. Iran Raises Tariffs for Mining Farms Running on Natural Gas The National Iranian Gas Company, an enterprise under the Ministry of Petroleum of the Islamic Republic, has informed cryptocurrency miners about a raise of natural gas rates, the English-language daily Financial Tribune announced, quoting a report by Peyvast Magazine. According to the publication, the increase is retroactive and covers the current fiscal year, which started in March 2022. This means that the bills for the past six months will be adjusted in accordance with the new tariffs. As a result of the decision made by the oil ministry, a cubic meter of the fuel will now cost 53,368 rials (around $1.25) which is almost twice the price of 29...

The Monetary Authority of Singapore (MAS) has reiterated that cryptocurrency exchanges need to conform to restrictions on Russian users imposed over Moscow’s invasion of Ukraine. The reminder comes after researchers established that pro-Russia activists have raised millions of dollars in digital assets to support its war effort. Singapore Says Measures Targeting Russia Apply to All Financial Institutions, Including Crypto Exchanges Compliance with financial sanctions on Russia is a must for licensed cryptocurrency exchanges, the Monetary Authority of Singapore (MAS) commented for local media on Monday. The statement comes after recent studies found that pro-Russian groups have received crypto donations worth millions of U.S. dollars to fund Russian military operations in Ukraine. Following Russia’s invasion in late February, MAS introduced in March financial measures aimed at designated Russian banks, entities, and activities, including fundraising benefiting the Russian government...