Janet Yellen, Joe Biden's nominee for US Treasury Secretary, has expressed concerns over cryptocurrencies being used for illicit activities.
Cryptocurrency regulations have been a hot topic of debate among the community ever since digital assets came into existence.
The debate circles whether legislation on cryptocurrencies will carry positive or negative outcomes for the crypto ecosystem.
Some believe that cryptocurrencies such as Bitcoin should operate on their own, without any regulatory oversight. This comes from one of their predominant and perhaps most essential features – decentralization, or the lack of central authorities. This would put the power entirely in the hands of network participants.
However, and on the other hand, there are a lot who believe that proper and well-defined regulations are a critical step towards mass adoption.
In reality, the tendency seems to be favoring the latter group. The well-known and reputable cryptocurrency companies and exchanges are doing their best to abide by the law in order to deliver further security and to avoid regulatory scrutiny.
This is especially the case in the fields of Know-Your-Customer (KYC) and Anti Money-Laundering (AML) regulations. These are welcomed with mixed feelings by the crypto community because they strip away one of the landmark feats of most cryptocurrencies – privacy.
Recent Regulations News
Enjin Coin reached its highest price in three years after Japan's self-regulatory organization JVCEA approved the coin to be listed
UBS Global Wealth Management has joined two regulators in warning cryptocurrency investors that they could lose all of their money.
After receiving thousands of comments on its proposed regulations, FinCEN has extended the feedback deadline.
The OCC has granted conditional approval to the cryptocurrency custodian Anchorage, which could become a US-based national crypto bank.
The New Zealand FMA has joined the UK's FCA to warn investors about the potential risks associated with investing in
ECB President Christine Lagarde and Shark Tank's Kevin O'Leary share the same belief that bitcoin needs a clear regulatory framework.
New Users and Regulations: Coinbase Explains The Cause of Issues Amid Latest Bitcoin Price Volatility
The growing number of newly-registered users on Coinbase caused issues for UK and EU customers, the company explained and apologized.
The FCA has warned investors of the potential risks associated with allocating funds in crypto-related firms that lack regulation and
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