The government of Kyrgyzstan is moving forward with cryptocurrency adoption by introducing a national regulatory framework for crypto trading platforms. Kyrgyzstan’s State Service for Regulation and Supervision of Financial Markets (Gosfinnadzor), a regulatory agency operating under the Ministry of Economy and Finance, has developed a draft provision for regulating crypto exchanges, local news agency 24.kg reported on Wednesday. The newly proposed regulations reportedly aim to establish the legal status of crypto exchanges operating in Kyrgyzstan, functions, responsibilities and compliance requirements, including the necessary registration with the unified state register. The rules also require crypto exchange service providers to ensure measures …

In recent weeks, the blockchain industry made headlines as it engaged in intense discussions with lawmakers after a $28 billion crypto tax reporting proposal unexpectedly became part of the Bipartisan Infrastructure Deal (BID). Ultimately, the BID language was unchanged, leaving uncertainty for the companies that build on blockchain, especially those dedicated to its value beyond cryptocurrency trading. Though unsuccessful in their bid to amend the language, many are claiming victory over the industry finding its voice in the negotiations. Now, it needs to use that voice to refocus the conversation on what really matters — the fact that blockchain technology …

The United States Securities and Exchange Commission is likely to approve a Bitcoin (BTC) futures exchange-traded fund (ETF) by the end of October, according to Bloomberg ETF experts. Bloomberg ETF analysts Eric Balchunas and James Seyffart issued an investor note on Tuesday suggesting that last week’s abrupt withdrawals of Ether (ETH) futures ETF proposals by VanEck and ProShares could trigger the SEC’s approval of a Bitcoin ETF. “VanEck and ProShares’ rapid withdrawal of proposals for Ethereum futures ETFs is a good sign for a potential Bitcoin futures ETF, given the SEC has allowed those filing to remain active. A launch …

The Securities and Exchange Commission (SEC) of Thailand continues introducing new regulations for the cryptocurrency industry, citing investor protection concerns. On Wednesday, the Thai SEC proposed a set of additional regulations related to custody of investors' cryptocurrency holdings held by digital asset business operators. The newly proposed rules refer to custody of fiat money for digital asset accounts as well as cryptocurrency lending, or earning interest on crypto holdings. The SEC is specifically looking to prohibit crypto companies from using investor assets for the “benefit of another client or other persons,” or seeking benefits from both investors’ fiat money and …

Powers On... is a monthly opinion column from Marc Powers, who spent much of his 40-year legal career working with complex securities-related cases in the United States after a stint with the SEC. He is now an adjunct professor at Florida International University College of Law, where he teaches the course “Blockchain, Crypto and Regulatory Considerations.” More and more, governments are fearing that they will lose control over aspects of their respective legitimate financial systems, including capital raising and trading, to the hundreds of unlicensed, unregulated centralized and decentralized crypto exchanges worldwide. There is a clear rising chorus of alarm …

Major South Korean cryptocurrency company Upbit has reportedly submitted a business report with the Korean Financial Intelligence Unit (FIU). Upbit reported its digital asset business to the FIU, which operates under South Korea’s top financial regulator, the Financial Services Commission (FSC). Upbit’s operator, Dunamu, announced the news on Friday, The Korea Economic Daily reported. Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit, and reportedly makes up more than 80% of the local cryptocurrency market. FSC vice chairman Doh Gyu-sang said that the authority will be ready to accept more reports from the most popular …

Iran will once again allow Bitcoin and crypto miners to operate in the country from the last week of September. According to a report by Iran’s Financial Tribune, Tavanir, the country’s power generation organization, made the decision known earlier in August. As previously reported by Cointelegraph, Iran’s government banned Bitcoin (BTC) and crypto mining operations back in May. At the time, the decision was reportedly made to prevent miners from overburdening the grid during the hot summer months. Indeed, Bitcoin miners have been blamed for incessant blackouts and power shortages in Iran. Such has been the extent of the problem …

Brian Quintenz, who has served as one of the commissioners with the Commodity Futures Trading Commission, or CFTC, reportedly plans to leave the agency on Aug. 31. According to a Thursday report from the Wall Street Journal, Quintenz is expected to announce his move into the private sector after leaving the CFTC later this month. He hinted that his future career could include a focus on “innovation, particularly related to cryptocurrency and DeFi” and planned to continue advocating for the crypto space. Quintenz was first nominated to the position by President Barack Obama in March 2016 before being re-nominated by …

Zachary Kelman, general counsel of Cointelegraph, said that the political fight over the tax implications for crypto in the United States infrastructure bill is nothing new, as it’s likely about how lawmakers plan to pay for everything. In an interview with Cointelegraph's Jackson DuMont, Kelman claimed that senators pushing the crypto language in the infrastructure bill — which ultimately passed in the U.S. Senate after one senator objected to a clarifying amendment — may have been more influenced by political concerns than ones potentially affecting the crypto space. Namely, the general counsel claimed that lawmakers know that crypto firms “can't …

In a newly published Medium piece titled "Good stablecoins, a protocol for money, and digital wallets: the formula to fix our broken payment system", Facebook’s crypto pioneer David Marcus shared his views on topics of economic inequality, regulatory challenges and Novi’s proposed stablecoin solution. Marcus has spent the last couple of years building Diem’s crypto wallet Novi — an interoperable digital wallet designed to integrate with the Diem payment system. It is meant to enable individuals and businesses worldwide to transfer money with ease, revolutionizing the age-old financial payments system once and for all. In the piece, Marcus cites the …

Mikhail Fedorov, Ukraine’s Deputy Prime Minister and the head of the country’s Ministry of Digital Transformation, has revealed a possible early use case for the nation’s planned central bank digital currency (CBDC). In a recent interview published by Ukrainian media outlet TSN, the minister revealed considerations within the ministry to test out the CBDC by using the electronic currency in staff salary payments: “Frankly as one of the first pilots, we have on the table the question of paying salaries to employees of the Ministry of Digital Transformation in electronic hryvnia.” Fedorov made these comments while arguing the case for …

Two members of the United States House of Representatives have petitioned the heads of the United States Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to work with participants in the crypto space for transparency and regulatory clarity. In a Monday tweet, Representative Glenn Thompson said he had submitted a letter with Representative Patrick McHenry to the CFTC and SEC, urging the agencies to "establish a joint working group on digital assets.” Thompson and McHenry requested SEC Chair Gary Gensler and acting CFTC Chair Rostin Behnam to “promote an active dialogue” between federal regulators and participants in …