2B4CH, a Swiss non-profit think tank assisting the state in exploring cryptocurrencies like Bitcoin (BTC) and blockchain technology, is launching an initiative that could make Bitcoin one of the country’s reserve assets. On Friday, the association announced plans to start a popular federal initiative by collecting 100,000 signatures for the introduction of Bitcoin to article 99 clause 3 of the Swiss federal constitution. The initiative specifically proposes to add Bitcoin to the list of assets held by the Swiss central bank, which would change the constitutional clause to: “The Swiss National Bank shall create sufficient currency reserves from its revenues; …

The regulators are closing in. It’s one thing to unbundle market functions to their parts ― custody, aggregators and Prime Brokerage ― to satisfy institutional compliance departments. It’s another to keep regulators happy. From the Financial Action Task Force pushing forward with its guidance for Travel Rule compliance to the still-evolving European Markets in Crypto-Assets regulatory framework, and the somewhat clumsily-handed U.S. infrastructure bill, the regulators are slowly tightening their noose, and I fear this may be the start of a multi-year staring match ― with the decentralized finance (DeFi) market now firmly in their sights, too. Related: DeFi: Who, …

Sri Lanka joins the global crypto adoption drive after setting up a committee for exploring and implementing blockchain and crypto mining technologies. A letter shared on Oct. 8 by Sri Lanka’s director general of government information, Mohan Samaranayake, shows that the authorities have approved a recent proposal that aims to attract investments in the country’s blockchain and cryptocurrency initiatives. According to Samaranayake, the Sri Lankan authorities have identified the need to develop “an integrated system of digital banking, blockchain and cryptocurrency mining technology” as a means to stay on par with global partners and international markets. He added: “This committee …

Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, argued that Russia needs to adopt new laws to protect retail investors from the potential losses of investing in crypto, local news agency Interfax reported on Wednesday. To this end, lawmakers in the country’s parliament are reportedly considering new legislation to limit cryptocurrency investments by non-accredited investors, he stated. The official delivered his remarks during a Bank of Russia-backed event devoted to financial consumer protection. “Digital currencies are subject to our enhanced focus, and we will look to provide maximum protection for our citizens who invest in digital …

North Carolina House Representative Patrick McHenry has proposed a bill that would amend one of the laws governing the United States Securities and Exchange Commission (SEC) to provide a safe harbor for certain token projects. In a draft of the “Clarity for Digital Tokens Act of 2021,” provided by the House Committee on Financial Services, McHenry suggested amending the Securities Act of 1933 to establish a safe harbor for token development teams. He proposed letting projects offer tokens without registering for up to three years, during which time teams would be given the opportunity to create a fully decentralized network. …

South Korean cryptocurrency exchange Upbit will soon halt services for unverified users. On Saturday, the company officially announced a set of changes to its customer verification system in compliance with South Korea’s mandatory Anti-Money Laundering (AML) requirements. According to the announcement, Upbit will start gradually limiting services for unverified users this week, restricting unverified customers from transacting more than 1 million Korean won ($850) at a time, effective Wednesday, Oct. 6. “Once customer verification is completed, the 1 million won limit will be lifted; members who submit an order with less than 1 million won can proceed with customer verification …

Edward Snowden has touted the antifragility of Bitcoin (BTC) despite increasing regulatory scrutiny on cryptocurrencies around the world. Tweeting on Sunday, the former United States Central Intelligence Agency agent stated that Bitcoin has gotten stronger on the back of government bans and anti-crypto policies. Snowden’s tweet referenced remarks made back on March 13, 2020, amid the throes of the Black Thursday decline that saw crypto and equity markets tank amid fears of the coronavirus pandemic. As reported by Cointelegraph at the time, Snowden was unfazed by Bitcoin’s 50% drop, stating that it was the first time he “felt like buying …

While change is guaranteed, the scale and scope of that change are not. For the financial industry, blockchain — the technology that undergirds Bitcoin (BTC), Ether (ETH), nonfungible tokens (NFTs) and other digital assets — has brought us to the crossroads. What will the future of money look like? We have been operating on the frontline of crypto for the past 10 years, protecting large and small investors alike while allowing them to invest in this exciting new frontier of finance. The experience we’ve gained here helps us to see what’s coming down the road. In this historical period, a …

The International Monetary Fund (IMF) released a set of policies for the emerging markets and developing economies to ensure financial stability amid global crypto adoption. The IMF believes in the potential of crypto assets as a tool for faster and cheaper cross-border payments, citing the dramatic increase in the value of the crypto markets despite the bearish trends from May 2021. The report attributes high returns, transaction costs and speed and reduced Anti-Money Laundering (AML) standards as the primary drivers for crypto adoption. To counter the resultant financial stability challenges as a result of increased trading of crypto assets, IMF …

Chinese regulatory authorities gave yet another shock to the cryptoverse by imposing a ban on all cryptocurrency transactions on Sept. 24. This measure came just as the market was beginning to recover from the government's June prohibition on cryptocurrency mining activities. The fear, uncertainty and doubt (FUD) that resulted from the ban caused Bitcoin (BTC) to crash nearly 9% within five hours, from exchanging hands in the $45,000 range to bottoming out at $41,142. Soon after, Alibaba announced that it would be banning any sale of cryptocurrency rigs and related accessories starting Oct. 8. However, the flagship cryptocurrency has since …

Members of the crypto community have been up in arms recently about the $1 trillion infrastructure bill that the United States House of Representatives was expected to vote on this week. The legislation includes a crypto-tax reporting provision, along with the establishment of a definition for the term “broker.” House lawmakers stated that a vote for the infrastructure bill would take place on Thursday, Sept. 30, yet Congresswoman Nancy Pelosi announced on Sept. 29 that the infrastructure bill vote would be delayed beyond Thursday. Media sources have since noted that the infrastructure bill could be voted on during Friday, Oct. …

Liberal Senator Andrew Bragg has told a local industry event that Australia’s digital asset plan to create cryptocurrency-related legislation is “coming” soon and could be enacted in 2022. He also backed plans to run the sector on renewable energy as part of the government's yet-to- be-established goal of achieving ‘net zero’ carbon emissions. Speaking at the virtual NFT Fest event supported by Blockchain Australia on Thursday, Bragg stated that the select Senate committee investigating the topic will publish its report by the end of October and that it will include regulatory recommendations that can be legislated over the next 12 …