Bybit announced that it reached a settlement agreement with the Ontario Securities Commission (OSC) on Thursday, a day after the OSC released a Statement of Allegations against the crypto asset trading platform. The agreement includes several measures to be taken by Bybit as it engages in registration talks with the Canadian regulator. This announcement comes after the OSC issued financial penalties against Bybit and KuCoin, claiming violation of securities laws and operating unregistered crypto-asset trading platforms. According to the Settlement Agreement, Bybit has disgorged revenues totaling approximately $2.47 million and compensated the OSC $7,707 (CA $10,000) for costs. No additional …

Now, every interested user has a chance to leave their mark on a crypto bill that could define industry guidelines in the United States in the near future: the Responsible Financial Innovation Act (RFIA). On Wednesday, Senators Cynthia Lummis and Kirsten Gillibrand uploaded the full contents of their Responsible Financial Innovation Act (RFIA) on GitHub, a platform populated by software and product experts, in order to get public feedback. Lummis’ representatives commented: “The senators seek comments from industry stakeholders, consumers and interested parties to ensure that this landmark legislation reflects the innovative nature of the industry it regulates, while also …

Bitcoin (BTC) has been trying to break out of a descending trend for the past week and the first attempt on June 16 failed to break the $22,600 resistance. The second attempt at $21,400 on June 21 was followed by an 8% price correction. After two failed breakouts, the price currently trades below $20,000 and raises questions on whether $17,600 was really the bottom. The longer it takes for BTC to break from this bearish pattern, the stronger the resistance line becomes and traders are following the trend closely. That is precisely why it’s important for bulls to show strength …

There is good reason to be afraid. Previous down markets have seen declines in excess of 80%. While tightfisted hodling might hold wisdom among many Bitcoin (BTC) maximalists, speculators in altcoins know that diamond handing can mean near (or total) annihilation. Regardless of one’s investment philosophy, in risk-off environments, participation flees the space with haste. The purest among us might see a silver lining as the devastation clears the forest floor of weeds, leaving room for the strongest projects to flourish. Though, doubtlessly, there are many saplings lost who would grow to great heights themselves if they had a chance. …

Australian-based cryptocurrency exchange BTC Markets has become the first crypto company in the country to gain a financial services license. The license was issued by the country’s financial regulator, the Australian Securities and Investments Commission (ASIC), to BTC Markets’ sister company BTCM Payments. We have an exciting announcement to make: BTC Markets is the first Australian crypto exchange to successfully go through the full AFSL application process via our sister company, BTCM Payments! ✅AFSL attained ✅ISO Certified ✅SOC 2 on the way!#crypto #bitcoin #finance — BTC Markets (@BTCMarkets) June 21, 2022 An Australian Financial Services (AFS) license allows the holder …

Natalie Brunell, the host of Coin Stories podcast, thinks that the recent incidents involving Terra (LUNA, now rebranded LUNC) and Celsius (CELH) and the following market sell-off will lead to regulatory action that will likely favor Bitcoin (BTC) over the rest of cryptocurrency. “I'm going to be watching for regulation developments, just signifying that Bitcoin is a digital property and that maybe there's more fair accounting that can be done to allow institutions to invest," she said in her latest interview with Cointelegraph. "And the other cryptocurrencies, I think will be deemed securities,” she continued. Brunell defines herself as a …

The crypto sector may be maturing, but regulatory clarity around the treatment of digital assets continues to remain cumbersome. This was recently highlighted by Commissioner Hester Peirce — also known as the United States Securities and Exchange Commission’s (SEC) “crypto mom” — in remarks she made at “The Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?” Peirce began her speech by emphasizing the importance of “regulating the new crypto ecosystem.” While this may be, Peirce also noted that the crypto industry is still in search of an actual regulator. She said: “A …

Panama’s President Laurentino Cortizo has partially vetoed Bill No. 697, dubbed the “crypto bill,” saying it requires more work to better fit Panama’s financial regulations. President Cortizo previously warned in May he wouldn’t sign the bill unless it included additional Anti-Money Laundering (AML) rules after Panama’s National Assembly passed the crypto bill in late April 2022. Local media outlet La Prenda obtained a copy of the 32-page veto, reporting the president wrote it’s “imperative” the cryptocurrency laws conform to new regulations recommended by the Financial Action Task Force (FATF) outlining “fiscal transparency and prevention of money laundering.” President Cortizo has …

In the summer of 2021, the Chinese government banned Bitcoin (BTC) mining and cited the typical concerns of harmful environmental effects and money laundering. Now, the Chinese government is working toward establishing its own digital yuan currency. This raises the question as to whether the original reasoning was merely a Trojan horse. This ban could easily have been a huge blow to Bitcoin’s momentum. After all, close to 75% of all Bitcoin mining had been conducted in China by late 2019, according to Cambridge Alternative Finance Benchmarks. If the network teetered under the weight of China’s nationwide ban, other governments …

In addition to its swift advances toward regulating crypto mining, Kazakhstan will launch a pilot project for crypto exchanges in the special economic zone of the Astana International Finance Centre. The Ministry of Digital Development, Innovations and Aerospace Industry of the Kazakhstan Republic announced on Thursday a pilot project of cooperation between the crypto exchanges and some of the local banks. The working group formulated the guidelines for that cooperation, consisting of the representatives of the Ministry of Digital Development, the National Bank, the Financial Monitoring Agency, the Association of Financiers, Astana International Finance Centre and the finance and crypto …

“I like to call myself a future, or aspiring, cult leader,” Meltem Demirors, chief strategy officer of CoinShares — a publicly listed investment firm managing around $5 billion in assets — told Cointelegraph. Demirors, who first entered the Bitcoin (BTC) space in late 2012, further mentioned that it has been “fun to see how big the crypto sector has become,” noting that people from all walks of life are now interested in the cryptocurrency space. As such, Demirors explained that “crypto cults” are bringing people together in a positive manner, especially since it gives people a sense of purpose and …

United States Securities and Exchange Commission (SEC) Chair Gary Gensler said he’s worried that a proposed bill to create a regulatory framework for cryptocurrencies could weaken investor protections in the traditional financial market. Speaking at The Wall Street Journal’s CFO Network Summit on Tuesday, Gensler was asked his thoughts regarding a recent bill introduced on June 7 by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY). He responded, saying “we don't want to undermine the protections we have in a $100 trillion capital market,” adding: “We don’t want our current stock exchanges, mutual funds, or public companies to, sort of …