Digital currencies are quickly becoming more mainstream within the Canadian financial landscape. Alongside this increased adoption, Canada has been relatively successful at creating a stable regulatory environment. In 2014, Canada established itself as a leader in the global digital asset space when the Canadian Parliament became the first government in the world to pass a national law on digital currencies. Since then, Canadian regulators have remained fairly proactive in their approach toward cryptocurrency, taking a cautious-yet-optimistic stance in an attempt to promote innovation while still protecting investor interests. Regulatory support for digital asset innovation Especially in comparison to other international …

Blockchain, the underlying technology of cryptocurrencies like Bitcoin (BTC), is not the right solution for a central bank digital currency, according to an economist at Switzerland’s central bank. Carlos Lenz, chief economist at the Swiss National Bank, argued that blockchain-based decentralization features are not efficient for a state-controlled digital currencies like a digital franc, German-language Swiss newspaper The Handelszeitung reported Thursday. The economist reportedly noted that there is a large number of technological opportunities for building a digital franc. “One could imagine a direct account with the National Bank. Not that we want to do that, but that would be …

Bitcoin has a good chance of becoming the world’s reserve currency, although we are “at least 10 years away from that,” said Dan Held, Kraken's head of growth, in an exclusive interview with Cointelegraph. According to Held, the transition to "hyperbitcoinization" — a world where Bitcoin (BTC) is adopted by billions of users — starts with retail users, then institutional investors, and finally, governments getting involved. The permissionless nature of Bitcoin is the fundamental property that is leading this transition. “It’s true, free money. It’s money that no one can control other than you,” he pointed out. He said that …

A new protocol says it is powering blockchain-backed digital democracy — creating voting platforms that are completely devoid of any external private or public influence. Civicpower has bold ambitions to become the world’s biggest blockchain-backed voting app, and a one-stop-shop where the public can have their say. Governments and organizations can use this platform to canvass opinion, and the infrastructure is also well-suited to performing referendums where the public are given two choices. Crucially, this protocol is open to all — and that means any citizen can create their very own ballot. High-profile influencers can also engage their community in …

Crypto trading platform Binance may once again be heading for a standoff with financial regulators in Japan. On Friday, the Financial Services Agency (FSA) issued a warning to Binance, accusing the company of offering crypto exchange services in the country without registration. The agency also served a similar warning to crypto derivatives trading platform Bybit back in May. After China banned crypto trading back in 2017, Binance, along with many other Chinese exchanges, moved to Japan. Soon after, the FSA made Japan become the first jurisdiction to develop clear-cut crypto exchange rules, which, among other requirements, mandated compulsory national registration …

Colombia’s capital of Bogotá is funding blockchain development as part of the city’s broader investment in innovative technologies. According to a Monday announcement on the city of Bogotá’s official website, the municipal government will provide 8.8 billion Colombian pesos ($2.3 million) to local companies as part of four new programs in the city’s Innovation, Technology and Creative Industries Fund, or FITIC. The new funding includes a contribution of of 2.8 billion pesos, ($739,000) to the development of local blockchain startups through a program called “Hub Blockchain Bogotá.” The project aims to support 100 blockchain-focused companies in order to boost their …

Mode Global Holdings, a London Stock Exchange-listed fintech group, has secured major regulatory approvals for cryptocurrency and fintech operations in the United Kingdom. The company announced Thursday that Mode has secured its Electronic Money Institution license and AMLD5 registration from the U.K. Financial Conduct Authority. The AMLD5 registration has been granted to Mode’s crypto arm Fibermode Limited, establishing it as an official crypto asset firm in the United Kingdom, pursuant to the amended regulations on money laundering, terrorist financing and transfer of funds. The AMLD5 registration is a requirement for crypto-related businesses in the country that fall within the scope …

The United States Securities and Exchange Commission has postponed its decision on whether to approve a Bitcoin (BTC) exchange-traded fund. The SEC has delayed its decision on a Bitcoin ETF filing by Texas-based family investment fund Valkyrie Digital Assets after receiving comments on the proposed rule change regarding the new fund. According to an official Tuesday filing by the SEC, the commission has found that it was appropriate to designate a longer period to take action on the proposed rule change regarding the Bitcoin ETF. Valkyrie initially filed its application for the Valkyrie Bitcoin Trust on the New York Stock …

Brian Nelson, President Joe Biden’s nominee for under secretary of the Treasury Department’s division on terrorism and financial crimes, said he would prioritize implementing new regulations around cryptocurrency. In a Tuesday hearing of the Senate Committee on Banking, Housing, and Urban Affairs, Nelson said he would be focusing on Anti-Money laundering (AML) regulations if he were to be confirmed for the position in the Treasury Department’s terrorism and financial intelligence arm, adding that cryptocurrency would be a particular priority. Responding to a question from Nevada Sen. Catherine Cortez Masto regarding “the damage done by crypto heists,” Nelson said the Anti-Money …

Iranian provincial police are continuing their crackdown on crypto miners big and small, with news surfacing that they have confiscated more than 7,000 rigs at a farm operating in the capital of Tehran. According to a Tuesday report from the country’s state-run media, the Islamic Republic News Agency (IRNA), police seized crypto miners that were operating out of an abandoned factory. Experts on the country’s electrical grid estimated that the miners operating at full capacity would amount to roughly 4% of the average daily energy consumption in Iran. Tehran police chief Hossein Rahimi said authorities had found another 3,000 crypto …

Amid Bitcoin's (BTC) drop to six-month lows below $30,000 on Tuesday, a Norwegian financial regulator warned investors that the cryptocurrency industry is largely unregulated in the country. The Financial Supervisory Authority of Norway, or Finanstilsynet, published June 22 a statement on consumer protection of crypto investors, emphasizing that the authority currently does not supervise local crypto companies in terms of anything but money laundering: “These platforms must notify Finanstilsynet in accordance with the money laundering regulations, but apart from money laundering supervision, Finanstilsynet does not supervise these actors.” Finanstilsynet further pointed out major crypto trading-associated risks like extreme price volatility …

BTC.com — a major crypto mining pool that is operated by BIT Mining and owned by the NYSE-listed Chinese lottery service provider 500.com — has announced the successful relocation of its first batch of mining machines to Kazakhstan. BTC.com was founded by Jihan Wu and was operated by Bitmain and Bitdeer until its acquisition by 500.com this February. As of the time of writing, the pool is the world’s fifth-largest, validating 10.4% of blocks on the Bitcoin blockchain. The relocation comes after the company was notified by the state grid in western Sichuan province that the power supply serving one …