On Monday, VanEck, a financial institution with close to $82 billion in assets under management with exchange-traded funds, or ETFs, mutual funds, and institutional accounts, announced the launch of its first cryptocurrency fund. The fund is listed as an exchange-traded note, or ETN, on the Deutsche Borse Xetra and SIX Swiss Exchanges with exposure to Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Solana (SOL), Tron, Avalanche (AVAX), and Polygon (MATIC). Gijs Koning, co-head of VanEck Europe, elaborated on why it was important for the firm to facilitate investment in digital currencies: In early 2017, we determined that digital assets could provide …

As the Department of the Treasury has announced its regulatory agenda for the fiscal year earlier today, many in the web3 space have likely experienced flashbacks to December 2020, when the agency had first proposed to impose know your customer, or KYC, rules on transactions that involve self-custodied crypto wallets. The Treasury’s semiannual agenda and regulatory plan, a document that is meant to inform the public of the department’s ongoing rulemaking activities includes and encourage public feedback, features a clause entitled “Requirements for certain transactions involving convertible virtual currency or digital assets.” Ascribed to the Treasury’s Financial Crimes Enforcement Network, …

Blockchain can’t be separated from crypto in a progressive manner because extracting blockchain from crypto diminishes the former to a glorified database, leaving all the exciting opportunities out, Turkish law expert Elçin Karatay told Cointelegraph. As a country that saw Bitcoin (BTC) hit an all-time high on a very different date than the rest of the world, Turkey’s efforts on establishing a regulatory framework while the population flocks to cryptocurrencies as a way to hedge against double-digit inflation can help understanding how to manage crypto regulation in unstable economies. Following Turkish President Recep Tayyip Erdoğan’s confirmation that a crypto law …

On Friday, credit rating agency Fitch published a research piece about Russia's proposed ban on cryptocurrencies. Although the report agreed with the Central Bank of Russia's (CBR) position that the ban would limit its financial system's exposure to risks, it also cautioned that such proposal could "hold back the diffusion of technologies that could improve productivity." In addition, Fitch warned: Suppose this slows the spread of crypto-driven innovations that, for example, improve the speed and security of payments or asset liquidity via tokenization. In that case, it could over time weaken this aspect of the Russian banking sector's operational environment …

North Carolina Representative Ted Budd submitted an amendment to the omnibus America COMPETES Act of 2022, specifically targeting the provision that would allow the Treasury Department to impose “special measures,” including surveillance and outright prohibitions, against “certain transmittals of funds.” As Cointelegraph reported, executives of crypto advocacy group Coin Center had earlier turned the spotlight on the provision, introduced by Connecticut Representative Jim Himes, that would scrap the existing checks – such as the requirement of public consultation and time limits on special measures orders – constraining the Treasury’s power to unilaterally prohibit financial transactions. If passed in its current …

Crypto.com raised a few eyebrows this past week when it announced cryptocurrency users worldwide could reach 1 billion by the end of 2022. The timing was curious, given that Bitcoin (BTC) and many other cryptos are entwined in one of the largest drawdowns in their (albeit short) history and with the prospect of United States Federal Reserve interest-rate tightening edging ever nearer. But the cryptocurrency exchange, which in November gave its name to the arena where the Los Angeles Lakers basketball team plays in a 20-year deal, was obviously taking the long view. Also, its prediction was contingent on two …

A bipartisan group of members from the U.S. House of Representatives called on Treasury Secretary Janet Yellen to clarify the language in the infrastructure bill signed into law in November around the definition of "broker". In a Wednesday letter, House Financial Services Committee ranking member Patrick McHenry and ten other representatives urged Yellen to reference the Keep Innovation in America Act to “ensure that any future guidance" in the November infrastructure bill would provide "the necessary clarity to the digital asset ecosystem." In addition to the reporting requirements, the lawmakers said that the Treasury Department should narrow the scope of …

On Jan. 20, the Central Bank of Russia (CBR) issued a report summarizing its position on digital assets and proposing a ban on any crypto trading and mining operations in the country. Although the CBR’s strict position on the matter was never a secret, such a bold statement triggered waves of fear, uncertainty, and doubt — otherwise known as FUD — across the board, given Russians’ high rates of involvement in the global digital assets market. Yet, there are reasons to doubt the ultimate effectiveness of the CBR’s hardline bidding, both in terms of its enforceability and its acceptance by …

In a new twist of the Russian crypto regulation saga, the country's Ministry of Finance has come forward with an initiative that stands in stark contrast with the Central Bank's hardline position. The Central Bank of Russia recently called for a ban on crypto trading and mining activities throughout the country. Citing volatility, environmental impact, and use in illegal activities, the central bank published a report calling regulators to implement a total ban and impose strict sanctions on violators. However, the proposal received opposition from the Russian Ministry of Finance. A few days after the central bank's call for a …

Jerry Brito, the executive director of non-profit crypto policy advocate group Coin Center, suggested U.S. residents call their elected officials over possible privacy and due process concerns in a new bill proposed by House leaders. According to a Wednesday Twitter thread from Brito, the America COMPETES Act recently released by House members contains a provision that he said would be “disastrous” for crypto users from both a privacy and due process standpoint. According to the Coin Center director, a section of the bill on the “prohibitions or conditions on certain transmittals of funds” proposed by Representative Jim Himes would give …

Members of the executive board at the International Monetary Fund are urging lawmakers in El Salvador to no longer recognize Bitcoin as legal tender. The IMF reported on Tuesday that though digital payments had the potential to increase financial inclusion in the Central America nation, the use of Bitcoin (BTC) as legal tender carried “large risks” related to financial stability, financial integrity, and consumer protection. The executive board directors urged El Salvador authorities to “narrow the scope of the Bitcoin law by removing Bitcoin’s legal tender status,” also expressing concern about the potential risks of issuing Bitcoin-backed bonds. The officials’ …

In a letter to the leadership of the United States House Financial Services Committee, ranking member Patrick McHenry took a jab at “inconsistent treatment and jurisdictional uncertainty” inherent in U.S. crypto regulation and called for the Committee to take on its critical issues. McHenry, a Republican representing North Carolina, opened by mentioning that the Committee’s Democrat Chairwoman Maxine Waters is looking to schedule additional hearings addressing matters pertinent to the digital asset industry. He further stressed the need for identifying and prioritizing the key issues and achieving a “broad, bipartisan consensus” on the matters affecting the industry that holds immense …