The National Bank of the Kyrgyz Republic, or NBKR, is reportedly planning to introduce a licensing regime for cryptocurrency exchanges in a move to protect local investors. NBKR chairman Tolkunbek Abdygulov announced that the country’s central bank is planning to start regulating exchange operations involving cryptocurrencies like Bitcoin (BTC), local economic publication Tazabek reports Feb. 12. Abdygulov said that the regulatory initiative aims to safeguard crypto operations in the Kyrgyz Republic and provide investor protections similar to those that are already in place for traditional finance: “The NBKR’s objective is to create conditions for clients, for citizens of the Kyrgyz …

The Australian Securities and Investments Commission has clarified its position regarding Bitcoin (BTC)-linked exchange-traded funds. According to a Feb. 12 report by the Australian Financial Review, the commission addressed the subject after previously rejecting a Bitcoin ETF initiative by local company Cosmos Capital. Per the report, Cosmos CEO James Manning claimed that ASIC “have a policy — which they have not released — which says they do not want an exchange traded product, an MIS, listed on an exchange.” However, ASIC commissioner Cathie Armour told the Senate select committee on financial technology Friday that a Bitcoin ETF is possible, so …

Miami Mayor Francis Suarez has proposed an official resolution that would see Bitcoin (BTC) become an acceptable payment instrument in various parts of the city's administration. Announcing the news on Twitter, the Mayor said that the city commission has supported the resolution, and is now taking next steps: “I wanna thank the city of Miami commissioners for supporting my resolution, which directs a city manager after analysis to procure a vendor to be able to offer our employees to get a percentage of their salary in Bitcoin; allows our residents to pay for fees in Bitcoin.” The resolution would also …

United States Treasury Secretary Janet Yellen is concerned about crypto's supposed criminal element. In Feb. 10 remarks to a financial sector innovation roundtable, United States Treasury Secretary Janet Yellen stated that the misuse of cryptocurrencies and virtual assets has been a growing problem alongside cyber attacks triggered by the global pandemic. Secretary Yellen said that despite the potential of new technologies like crypto, such assets are still associated with major risks. “I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a …

The Bank of Canada is pushing ahead with digitizing its currency. In a speech today, BoC deputy governor Timothy Lane noted that the COVID-19 pandemic had accelerated the need to digitize cash. Lane said: "The pandemic may bring us to a decision point sooner than we had anticipated." Lane was, however, careful to specify that "a digital currency is by no means a foregone conclusion." In October, Lane that said central banks should stand by with digital tokens in the event that Libra, now Diem fell to regulators. Today, he noted that central banks may be more trustworthy than private …

The Blockchain Association, a leading trade association and lobbying group, has hired Ron Hammond as its new director of government relations. The Blockchain Association has been one of Washington, D.C.'s biggest advocates for the crypto industry since its launch in 2018. Executive director Kristin Smith recently appeared on Cointelegraph's Top 100 list. Hammond, meanwhile, cut his teeth working on crypto policy for Representative Warren Davidson, most notably the Token Taxonomy Act, which is also the origin of the relationship with the Blockchain Association. It was at Davidson's roundtable for crypto industry stakeholders back in September 2018 that the Blockchain Association …

France’s top financial regulator has proposed to change the way the cryptocurrency industry is supervised in Europe. Robert Ophèle, chairman of Autorité des Marchés Financiers, addressed crypto-realted regulatory issues at the 5th Annual Conference on FinTech and Regulation. The official argued that financial supervisors must take a new approach in regulating blockchain-based financial instruments due to massive growth in the market. Ophèle proposed that the European Securities and Markets Authority, or ESMA, should be the responsible authority for this new area of regulation and supervision. Ophèle emphasized that the current stage of regulation in the European Union would make it …

China has finalized new guidelines to aid in antitrust battle against tech giants. On Feb. 7, the State Administration for Market Regulation released finalized rules for its anti-monopoly push against e-commerce and payments giants like Alibaba, Ant Group and Tencent. The guidance specifically addresses "operators that provide business premises, transaction matching, information exchange and other Internet platform services." It builds on a host of recent efforts by both the SAMR and the People's Bank of China to rein in the broader tech industry, specifically targeting payments platforms as the country continues to push forward its own central bank digital currency. …

Last fall, the Bank of Korea announced it would be testing the distribution of a central bank digital currency in 2021. Preparations appear to be going ahead on multiple fronts, with the bank's publication of a new book today dedicated to the legal questions raised by the potential issuance of such a currency. According to a summary in Korean media, the book calls for revisions to the law to ensure that a future CBDC could successfully operate. The Bank of Korea has notably been using blockchain technology to manage the transactions in its 22-month long CBDC pilot program, which commenced …

A Chinese banking institution has completed the development of a hardware wallet for the country’s central bank digital currency, the digital yuan According to a Feb. 7 announcement by Xiong’an authorities, the Xiong’an branch of the Agricultural Bank of China in Hebei has produced the first hardware wallet designed for the digital yuan. The product was developed by the Party Working Committee of the Xiongan New Area and the People’s Bank of China branch in Shijiazhuang. New areas in China are urban districts that are provided special economic support by the central government. They are divided into state, provincial and …

As the United States Senate begins confirming leadership posts across commerce and the treasury, there has been meaningful momentum in the crypto community as a response. This is due to the profiles of various individuals who have been reportedly nominated, as well as the anticipated economic measures by the coming administration — both of which are expected to nurture positive momentum for crypto growth. While a few official appointments have been made with numerous confirmations pending, others are still at the nomination stage. Let’s take a quick loop around the swamp. The Treasury Confirmed with 84 votes, Janet Yellen will …

The main challenge companies face when testing and implementing innovative technologies is the need to amend existing legislation. Developing and testing new products based on distributed ledger technology requires special conditions that are often inconsistent with existing regulations. The solution to this problem would be the introduction of a special “regulatory sandbox” regime. It means the creation of an ecosystem within which companies and state-owned enterprises can test their developments without legislative obstacles. Federal law No. 258, “On Experimental Legal Regimes in the Field of Digital Innovation in the Russian Federation,” came into effect on Jan. 28. It allows new …