Crypto Regulation Digest: Bakkt will deliver physical Bitcoin contracts in 4 fiat currencies, AML standards for crypto funds in Europe are out in October Paradigm Follow Sep 26, 2018 · 18 min read

11th September — 25th September

Interesting

How Crypto Will Grow Into an Institutional Asset Class on Fortune.

From Malta to Prague: What Is the Most Crypto-Friendly Travel Destination?: Backed with continuing adoption, crypto holidays have become a reality. At this point, flights and hotels all around the world can be booked with Bitcoin (BTC). Still, some cities are more ready to accept your BTC — and major altcoins — than others, depending on the local infrastructure and crypto-related policies. According to data from Coinmap, currently there are around 13,150 venues, shops and ATMs supporting Bitcoin on the planet, and that number has been unhesitatingly growing since late 2013.

Bakkt first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.

Nasdaq Exploring Adding Crypto Data Sets to its Analytics Tool, Sources Say: New York-headquartered stock market giant Nasdaq is exploring adding crypto datasets to its market analytics tool, a Nasdaq source told Cointelegraph September 11. Speaking to Cointelegraph, Nasdaq’s Head of Alternative Data Bill Dague said that “given [an] abundance of interest, we are exploring cryptocurrency related datasets. Whether or not we launch a crypto-related product remains to be seen.”

Morgan Stanley Plans to Offer Bitcoin Swap Trading for Clients: Morgan Stanley plans to offer trading in complex derivatives tied to the largest cryptocurrency, according to a person familiar with the matter, joining other Wall Street firms in creating ways for clients to play the digital currency market.

France Passes the Most Progressive Legislation on ICOs, Bank Accounts to be Guaranteed: The French parliament has passed on Wednesday (September, 12) what looks like the most progressive and the most innovative legislative framework on Initial Coin Offerings (ICOs). That makes them the world’s first national legislative body to pass a law on ICOs and on the surface it looks like a very reasonable regulatory framework.

UNICEF France Now Accepts Crypto Donations: The United Nations Children’s Fund (UNICEF) France is now taking donations in cryptocurrencies. Following the success of GameChaingers, a crypto fundraising program launched in February of this year, UNICEF France announced it is now accepting donations in nine cryptocurrencies, including bitcoin, ethereum, Litecoin, Ripple, Bitcoin Cash, Dash, Monero, EOS and Stellar.

Malta Stock Exchange and Binance to Launch Tokens Platform: MSX PLC, the digital asset arm of the Malta Stock Exchange, has signed a Memorandum of Understanding (MoU) with Binance to launch a digital exchange for trading security tokens, per its press release. The MoU follows Binance’s decision to continue its operations on the island in recognition of the country’s favorable crypto climate.

International Anti-Money Laundering Standards for Crypto Expected in October: The Financial Action Task Force (FATF) said it is getting closer to the establishment of a global set of anti-money laundering (AML) standards for cryptocurrencies, Financial Times reported September 19. The FATF is an international organization established in 1989 at the initiative of the G7 in order to develop policies and standards to fight money laundering. The agency’s scope of activities further expanded to combat terrorism financing. The FATF currently comprises 35 member jurisdictions and 2 regional organizations.

Mexican Government Introduces Laws for Crypto Exchanges: Local cryptocurrency exchange operators in Mexico will now be required to secure a permit from the Bank of Mexico, according to the Diario Oficial de la Federación.

Marshall Islands warned to cancel its ICO or be denied international aid: The Marshall Islands is launching its own cryptocurrency to boost its economy, but it might have run into a brick wall. The International Monetary Fund (IMF) issued a stark warning: cancel the ICO or face being cut off from the US dollar.

UAE Securities Regulator To Regulate ICO Tokens As Securities: The United Arab Emirates’ Securities and Commodities Authority (SCA) has approved a plan to regulate initial coin offerings (ICO) and recognize tokens as securities. SCA chairman and Minister of Economy Sultan bin Saeed Al Mansouri said on Sunday that the approval comes after a review of best practices in other countries.

Reports

Securities Cases Involving Cryptocurreny Rising — Lex Machina Report: Lex Machina, a LexisNexis company and creator of the Legal Analytics® platform, has released its 2018 Securities Litigation Report. The document showcases the recent trends and insights from its database of over 15,000 securities cases litigated in federal district court since 2009.

Blockchain Can Help Solve Swathe of Environmental Issues, Says WEF Study: New research by the World Economic Forum (WEF) has identified over 65 ways blockchain tech can be used to address some of the most urgent environmental challenges facing the planet. The insight study, conducted in partnership with auditing giant PwC and released at the Global Climate Action Summit last week, examines how new international platforms could “incubate responsible blockchain ecosystems”, according to a press release.

Crypto Exchanges Are Vulnerable to Manipulation — New York Attorney General: The New York Office of the Attorney General has announced the results of the Virtual Markets Integrity Initiative, a state-level effort to examine the policies and practices of major crypto exchanges.

New Europol Report Warns Of Cybercrime Threats: Europol published its fifth annual Internet Organised Crime Threat Assessment (IOCTA), in which it highlights some common cyber attacks and criminal activities related to cryptocurrency.

Regulating cryptocurrencies: assessing market reactions: Raphael Auer (Principal Economist) discusses how the valuations of cryptocurrencies, as well as their transaction volumes and user bases, react to news about regulatory actions. The BIS study suggests that cryptocurrency markets rely on regulated financial institutions to operate, bringing cryptocurrencies within reach of national regulation.

Hodler’s Digest, September 9–16: SEC Heightens Crypto Crackdown, While US Court Ruling Marks Cryptos as Securities.

Opinions

How Crypto Will Grow Into an Institutional Asset Class on Fortune.

Get ready for Big Bitcoin: Cryptocurrency industry opens a D.C. lobbying arm on The Washington Post: A number of blockchain funds, exchanges and startups plan to lobby Washington, D.C. lawmakers with the new Blockchain Association. The Washington Post reported that this new organization would focus on both education and legal changes as part of an effort to normalize relations between crypto startups and lawmakers. Coinbase, Circle, Digital Currency Group, Polychain Capital and Protocol Labs are among the association’s founding members.

Wall Street’s embrace could break Bitcoin: Going mainstream could be disastrous for the currency, if traders treat it like a conventional asset.

Cryptocurrency Market Outlook: Growing Maturity Brings New Challenges: Winter has come for the initial coin offering, and it’s at a time when cryptocurrency prices are down and (some say) may head further south. News that the Mt. Gox hoard of coins that have been recovered may be partially released to holders may flood the market, and the war between blockchains isn’t great news for solutions providers. When people like Vitalik Buterin, the co-creator of etherum, start telling you the party is over, it may be time for a reassessment.

Ripple’s Sarbhai: Regulators No Longer Take the ‘Blockchain Good, Crypto Bad’ Approach: Ripple’s Sagar Sarbhai has said he believes that blockchain technology and crypto assets are now being tackled more holistically by policymakers, in an interview on CNBC Markets today, September 17.

Opinion: Is India’s Central Bank Nervous About Supreme Court Allowing Crypto Trading?: The Reserve Bank of India (RBI), the central bank of the country, has told the supreme court that the institution’s decision to prohibit crypto trading should not be challenged by local businesses.

We Need A Federal Framework To Regulate Cryptocurrencies: Ex-FDIC Chair Sheila Bair: Sheila Bair, the former chair of the Federal Deposit Insurance Corporation (FDIC), says the time has come for a formal federal regulatory framework to be established to regulate cryptocurrencies. Bair, who’s on the board of blockchain startup Paxos, said Congress needs to step in to regulate the marketing, trading, and selling of virtual currencies in light of how big the industry has become and the potential for price manipulation and fraud.

Geopolitical tokenisation

From Malta to Prague: What Is the Most Crypto-Friendly Travel Destination?: Backed with continuing adoption, crypto holidays have become a reality. At this point, flights and hotels all around the world can be booked with Bitcoin (BTC). Still, some cities are more ready to accept your BTC — and major altcoins — than others, depending on the local infrastructure and crypto-related policies. According to data from Coinmap, currently there are around 13,150 venues, shops and ATMs supporting Bitcoin on the planet, and that number has been unhesitatingly growing since late 2013.

From Kazakhstan to Uzbekistan: How Cryptocurrencies Are Regulated in Central Asia: As been reported on September 2, the president of Uzbekistan, Shavkat Mirziyoyev, ordered the establishment of a state blockchain development fund called the “Digital Trust.” Earlier in September, a decree legalizing crypto trading — also making it tax-free — and mining in the country came into force, making Uzbekistan a crypto-friendly state. But how is the rest of the Central Asia region is holding up?

USA

Bakkt first contracts will be physically delivered Bitcoin futures contracts versus fiat currencies, including USD, GBP and EUR. For example, buying one USD/BTC futures contract will result in daily delivery of one Bitcoin into the customer’s account.

Nasdaq Exploring Adding Crypto Data Sets to its Analytics Tool, Sources Say: New York-headquartered stock market giant Nasdaq is exploring adding crypto datasets to its market analytics tool, a Nasdaq source told Cointelegraph September 11. Speaking to Cointelegraph, Nasdaq’s Head of Alternative Data Bill Dague said that “given [an] abundance of interest, we are exploring cryptocurrency related datasets. Whether or not we launch a crypto-related product remains to be seen.”

Morgan Stanley Plans to Offer Bitcoin Swap Trading for Clients: Morgan Stanley plans to offer trading in complex derivatives tied to the largest cryptocurrency, according to a person familiar with the matter, joining other Wall Street firms in creating ways for clients to play the digital currency market.

SEC postponed the Bitcoin ETF Decision.

SEC Initiates First Action Against Hedge Fund Manager For Unregulated Digital Assets: The Securities and Exchange Commission has initiated its first enforcement action finding an investment company registration violation by a hedge fund manager based on its investments in digital assets.

SEC Cracks Down On “ICO Superstore” For Selling Unregistered Securities: The Securities and Exchange Commission has announced that TokenLot LLC, a self-described “ICO Superstore,” and its owners will settle charges that they acted as unregistered broker-dealers.

A New Precedent: FINRA Charges Crypto Broker With Securities Fraud: The Financial Industry Regulatory Authority (FINRA), a non-profit watchdog for public brokerage firms in the U.S., has had its first run-in with the cryptocurrency industry. The self-regulatory organization is filing a complaint against a Massachusetts man for “the unlawful distribution of an unregistered cryptocurrency security called HempCoin.”

New Rules: US Regulators Extend Their Purview Within Crypto Industry: Two United States regulating bodies — the Financial Industry Regulatory Authority (FINRA) and its ruling organization the Securities and Exchange Commission (SEC) — reported filing objections against non-compliant crypto players who made some false statements regarding their businesses.

California Bans Crypto Campaign Contributions: The Fair Political Practices Commission (FPPC), California’s campaign finance watchdog, has prohibited the use of cryptocurrency in political contributions in the state. The campaign finance watchdog voted 3–1 to ban political donations in cryptocurrencies. The FPPC said that the anonymity such donations provide would make it difficult to identify who is trying to influence elections.

Breaking: New York Judge Rules Securities Laws Can Apply to Cryptocurrencies: In what appears to be the first U.S. court case to address the matter, a New York federal judge has ruled that U.S. securities laws are applicable for prosecuting crypto fraud allegations, Reuters reports September 11.

A report on cryptocurrency exchanges by The State of New York: the Office of Attorney General (the “OAG”) launched the Virtual Markets Integrity Initiative. They believed consumers and investors deserve to understand how their financial service providers operate, protect customer funds, and ensure the integrity of transactions. As per the report, it was voluntary participation by the exchanges to provide basic practices and functionality adopted by them.

Congressional Committee Urges The IRS To Clarify Crypto Tax Guidance: The US House’s Committee on Ways and Means has called on the Internal Revenue Service (IRS) to publish comprehensive guidelines on how cryptocurrency investments and transactions should be handled when US citizens file their taxes.

US Congressman to Introduce Bills Supporting Blockchain Technology, Cryptocurrencies: U.S. Rep. Tom Emmer (R-MN) is planning to introduce three bills to support blockchain technology and cryptocurrencies, according to a press release published September 21. The three upcoming bills are entitled the “Resolution Supporting Digital Currencies and Blockchain Technology,” the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act.”

Cryptocurrency Industry — Promoting US Economic Growth Through Tax Regulation.

US Regulatory Authority and Singapore to Collaborate on FinTech Innovation Initiative: Making its way into the mainstream, blockchain continues to garner attention from governments around the world. On Sept. 13, the U.S. Commodity Futures Trading Commission (CFTC) partnered with the Monetary Authority of Singapore (MAS) in an effort to promote fintech innovation.

Some ICOs Can Be Considered Securities Under US Law, Federal Judge Rules: US securities laws cover some initial coin offerings (ICO), a federal judge has ruled, opening the door for increased goвvernment regulation of domestic ICOs. In US V. Zaslavskiy, 17-cr-0647, U.S. District Court for the Eastern District of New York (Brooklyn), a man was charged with promoting digital currencies backed by investments in real estate and diamonds. Prosecutors contended those assets did not exist.

Blockchain Firm BitGo Receives Approval To Launch Crypto Custody Service: Blockchain security firm BitGo has received an approval from the South Dakota Division of Banking to act as a qualified custodian for digital assets.

US Navy Launches Blockchain Research in Mission to Improve Tracking System: A U.S. Navy command is exploring the potential of blockchain technology in tracking aircraft parts. The Naval Air Systems Command (NAVAIR) — which provides material support for aircraft and airborne weapons systems for the navy — announced in a press release Friday it is investigating whether blockchain could trace parts through their life-cycle more efficiently and cost-effectively than with current methods.

Canadian Bitcoin Fund Receives Status as Mutual Fund Trust: Canada’s “first” and “only” regulated Bitcoin (BTC) fund First Block Capital Inc. has obtained mutual fund trust status, allowing investors to put their fund units in self-directed registered accounts, according to a press release published September 10.

Europe

France Passes the Most Progressive Legislation on ICOs, Bank Accounts to be Guaranteed: The French parliament has passed on Wednesday (September, 12) what looks like the most progressive and the most innovative legislative framework on Initial Coin Offerings (ICOs). That makes them the world’s first national legislative body to pass a law on ICOs and on the surface it looks like a very reasonable regulatory framework.

UNICEF France Now Accepts Crypto Donations: The United Nations Children’s Fund (UNICEF) France is now taking donations in cryptocurrencies. Following the success of GameChaingers, a crypto fundraising program launched in February of this year, UNICEF France announced it is now accepting donations in nine cryptocurrencies, including bitcoin, ethereum, Litecoin, Ripple, Bitcoin Cash, Dash, Monero, EOS and Stellar.

Malta Stock Exchange and Binance to Launch Tokens Platform: MSX PLC, the digital asset arm of the Malta Stock Exchange, has signed a Memorandum of Understanding (MoU) with Binance to launch a digital exchange for trading security tokens, per its press release. The MoU follows Binance’s decision to continue its operations on the island in recognition of the country’s favorable crypto climate.

Europe’s central bank wants nothing to do with cryptocurrency (for now): Europe’s central bank (ECB) won’t be touching cryptocurrency any time soon. Its president Mario Draghi shot down hopes of an EU-sanctioned digital currency, criticising blockchain tech for being too young and fragile to be useful.

ICOs Are a Viable Form of Financing Says Vice President of the European Commission: Valdis Dombrovskis, Vice President of the European Commission, said this Friday in Vienna that they are looking at a “regulatory mapping of crypto assets.”

UK Gov’t Faces Questions Over Impact of Crypto Bear Market on UK Blockchain Industry: The U.K. government has faced questions over whether it is actively monitoring the impact of the global crypto market downturn on the domestic blockchain industry. Lord Taylor of Warwick is reported to have asked “Her Majesty’s Government what assessment they have made of reports that the value of cryptocurrencies in the United States is falling, and of the potential effects that such a decline might have on the UK blockchain industry.”

Switzerland wants banks and cryptocurrencies to play nice: Switzerland is offering a leg up to fledgling blockchain businesses in an attempt to affirms itself as a global cryptocurrency hub.

Crypto Exchange IronX Receives Operating License In Estonia: Crypto exchange IronX has received regulatory approval from the Estonian Financial Intelligence Unit (FIU).

Asia

Central Bank Of South Korea Calls For Monitoring Of “Kimchi Premium” In Crypto Prices: The Bank of Korea (BOK), the country’s central bank, has called for continued monitoring into local crypto markets to nullify the so-called ‘kimchi premium’ in cryptocurrency prices.

China’s Central Bank Warns Investors of ICO, Crypto Risks: China’s central bank, the People’s Bank of China (PBoC), has today, September 18, issued a new public notice “reminding” investors of the risks associated with Initial Coin Offerings (ICOs) and crypto trading. The notice, released from the bank’s headquarters in Shanghai, reiterates the severe line that has been adopted by the country’s Office for Special Remediation of Internet Financial Risks, which first introduced a blanket ban on ICOs in September 2017.

Japan’s Financial Services Agency To Expand Cryptocurrency Team: Kiyotaka Sasaki, Japan’s Financial Services Agency (FSA) vice commissioner for policy coordination, said that the agency will be expanding its team focused on crypto-related activities next year.

Japanese Financial Watchdog Launches Investigation Following $60 Million Exchange Hack: The Financial Services Agency (FSA) of Japan has launched an investigation after $60 million worth of cryptocurrencies were allegedly stolen from local crypto exchange Zaif, Cointelegraph Japan reports Friday, September 21. The FSA has sent its staff to Tech Bureau — Zaif’s parent company based in Osaka — to verify whether the company will be able to cover customer losses.

Japan FSA raps hacked crypto exchange over lack of details on $62 mln theft: Japanese cryptocurrency firm Tech Bureau Corp has failed to provide adequate details on how thieves hacked into its exchange to steal $62 million, or explained its delay in reporting the hack, the country’s financial regulator said on Tuesday. The Financial Services Agency issued a business improvement order to the Osaka-based firm ordering it to provide details how the theft occurred and how it would compensate clients. It was the third business improvement order served on the firm.

National University of Singapore Forms Academic Blockchain Think Tank: a new academic research center from the laboratory that created Zilliqa and Kyber Network looks to solve big issues in blockchain.

Final Draft of ICO Legislation Could Signify Next Step for Philippines Fintech Sector: The Philippine Securities and Exchange Commission (SEC) is due to unveil the hotly anticipated draft regulation for cryptocurrencies in the next few days, if the information provided by The Manilla Times is correct. If the regulation reflects the previous enthusiastic efforts to implement cryptocurrency in the Philippines, it stands to play a seminal role in defining the country’s status as a major player in the fintech sector. The SEC chairman, Ephyro Luis Amatong, has previously emphasised the need to regulate cryptocurrency exchanges as traditional trading platforms.

Russia

The Bank of Russia Says Its ICO Experiment Was a Success: The Bank of Russia has successfully conducted an experiment on token issuance, an official said Monday during the Eastern Economic Forum in Vladivostok, Russia, news agency TASS reported Tuesday. Ivan Semagin, deputy director of the financial development department of the bank, told attendees of the forum that the regulator had tested conducting “an experimental ICO based on the existing infrastructure” in the Bank of Russia’s sandbox. Though the experiment was a success, there are still some issues, he said.

Russian Lobby Group to Present Alternative Bill on Digital Assets: A lobby group of the Russian Union of Industrialists and Entrepreneurs (RSPP) is working on an alternative crypto regulation bill, which will eliminate supposed contradictions in the state draft law “On Digital Financial Assets,” Forklog reported Thursday, September 14.

OTC Bitcoin Trading in Russia is Becoming More Active, Like China: Russia, one of the few countries alongside China and India to have restricted crypto trading, is seeing an increase in demand for over-the-counter (OTC) investment in Bitcoin and other cryptocurrency assets. According to local reports, the daily trading volume of major cryptocurrencies like Bitcoin and Ethereum in Moscow alone reach $50 million on peak days, which is relatively small in comparison to major cryptocurrency exchanges but large given the regulatory uncertainty in Russia.

Major Russian Banks Highly Interested in ‘Working With Crypto,’ Local Sources Say: Several large Russian banks have expressed their strong interest in working with the industry of cryptocurrency and blockchain during a closed-door meeting held at the Moscow Exchange, sources told Russian news site RBC September 19. As an unnamed source familiar with the matter told RBC, the demand for cryptocurrencies in Russia is very high, but the banks are not able to meet it due to the lack of clearly defined regulations.

Huobi Joins Russian Financial Services Platform to Share Notes on Crypto Regulation: Cryptocurrency exchange Huobi has joined Russia’s VEB Innovation Fund to share notes on crypto regulation, according to a fund’s press release published Wednesday, September 19. The VEB Innovation Fund was created in 2011 to invest in Russian high-tech startups and to promote local innovations in the global market. The Center of Digital Transformation, where Huobi is now a resident, was created by VEB to promote blockchain and other crypto-related technologies, as its website states.

Rest of the World

International Anti-Money Laundering Standards for Crypto Expected in October: The Financial Action Task Force (FATF) said it is getting closer to the establishment of a global set of anti-money laundering (AML) standards for cryptocurrencies, Financial Times reported September 19. The FATF is an international organization established in 1989 at the initiative of the G7 in order to develop policies and standards to fight money laundering. The agency’s scope of activities further expanded to combat terrorism financing. The FATF currently comprises 35 member jurisdictions and 2 regional organizations.

Mexican Government Introduces Laws for Crypto Exchanges: Local cryptocurrency exchange operators in Mexico will now be required to secure a permit from the Bank of Mexico, according to the Diario Oficial de la Federación.

Marshall Islands warned to cancel its ICO or be denied international aid: The Marshall Islands is launching its own cryptocurrency to boost its economy, but it might have run into a brick wall. The International Monetary Fund (IMF) issued a stark warning: cancel the ICO or face being cut off from the US dollar.

UAE Securities Regulator To Regulate ICO Tokens As Securities: The United Arab Emirates’ Securities and Commodities Authority (SCA) has approved a plan to regulate initial coin offerings (ICO) and recognize tokens as securities. SCA chairman and Minister of Economy Sultan bin Saeed Al Mansouri said on Sunday that the approval comes after a review of best practices in other countries.

Ukrainian Parliament Proposes Tax Bill for Digital Currencies: The Verkhovna Rada, the parliament of Ukraine, has proposed a bill that, once passed into law, would tax operations with crypto assets, according to a draft law published September 14. The tax bill, which was initiated by 23 government officials, suggests a five percent tax on individuals and legal entities operating with virtual currency assets, such as cryptocurrencies and tokens. Starting Jan. 1, 2024 crypto-related profits by businesses would be taxed at 18 percent, which is a basic rate for corporate and personal income tax in Ukraine.

Mexico to Tighten Bitcoin Regulations Through Central Bank-Issued Permits: The Bank of Mexico (Banxico), Mexico’s central bank, has recently revealed through a circular that bitcoin exchanges and other businesses dealing with cryptocurrency assets in the country will require a government permit. The circular says that crypto exchanges and related businesses will need to provide the financial institution with a detailed business plan that explains its operations, commissions, business model, and know your customer (KYC) checks.

Brazil Investigates Major Banks For Restricting Cryptocurrency Brokers: Brazil’s Administrative Council for Economic Defence (CADE) has opened an investigation into several of the country’s largest banks over monopolistic practices that may restrict the operation of local cryptocurrency brokers. CADE opened the investigation on September 18 after a request in June from the Brazilian Association for Cryptocurrency and Blockchain (ABCB). Several of Brazil’s largest banks are subject to the investigation: Banco do Brasil SA, Banco Bradesco SA, Itau Unibanco Holding SA, Banco Santander Brasil SA, Banco Inter, and Sicredi.

Australian Financial Regulator Issues Warning on ‘Misleading’ ICOs: Australian financial watchdog, the Australian Securities and Investments Commission (ASIC), has issued a warning on “misleading” Initial Coin Offerings (ICOs) and crypto-asset funds targeted at retail investors.

India’s Blockchain Ecosystem Suffers as Antagonistic Government Policy Brings Exodus: The fallout from India’s regulatory position on cryptocurrencies is leading to an exit of talent, businesses and investment from the country’s blockchain space on a scale paralleled only by a prior wave of tech industry flight during the internet boom of the late 90s and early noughties. A substantial number of developers, service providers and other organisations within India’s cryptocurrency and blockchain sphere have already fled, or are in the process of fleeing from India to jurisdictions with friendlier regulatory dispositions such as Thailand, Estonia and Switzerland.

Abu Dhabi Regulator Calls for International Cryptocurrency Regulation Effort: The head of the financial regulator of the United Arab Emirates (UAE) capital Abu Dhabi wants “proper” international regulation of cryptocurrency. Speaking during an interview at this week’s Fintech Abu Dhabi event, Richard Teng, head of the Financial Services Regulatory Authority of the Abu Dhabi Global Market (ADGM), claimed that loss and theft of cryptocurrency negatively impacts its image as an asset.

Treat Bitcoin Like Switzerland Does, Zimbabwe Finance Minister Tells Central Bank: Zimbabwe’s new finance minister said the country should embrace Bitcoin at state level in a manner similar to Switzerland, local media outlet IT Web Africa reports Monday, September 17. Citing the Swiss central bank’s “investment and understanding” in Bitcoin, Mthuli Ncube said he would call on the Reserve Bank of Zimbabwe (RBZ) to follow in its footsteps.