Schlagwort: crypto business

• Russia will not impose a total ban o cryptocurrency transactions in the country as some reports claimed.
• That’s according to Anton Gorelkin, the Deputy Chairman of the State Duma Committee on Information Policy, Information Technologies, and Communications.

Reports that Russia is eyeing a complete ban on crypto turnover in the country amid geopolitical tensions are incorrect, a lawmaker has said.

Earlier reports cited new legislation aimed at controlling the crypto ecosystem as Russia looks to promote its digital finance system and the ruble.

No ban on crypto turnover

On Monday, Anton Gorelkin, the Deputy Chairman of the State Duma Committee on Information Policy, Information Technologies, and Communications, dismissed these assertions, which had earlier been attributed to State Duma officials.

Goreklin said in a Telegram post that, while a new bill looks at banning cryptocurrency exchanges in the country, it does not seek a total ban on crypto turnover.

Local media outlet gazeta also highlighted Goreklin’s comments.

“It’s surprising that even some respected publications wrote that “deputies want to ban the circulation of cryptocurrencies in Russia,”” he wrote.

According to the lawmaker, the new bill seeks to introduce mechanisms that will help identify illegal or criminal crypto transactions. It wouldn’t make sense to have this in the bill if the purpose is to consider everything illegal, Goreklin added.

He emphasized that Russia will not ban crypto turnover. However, the quest is to prohibit crypto exchanges and other crypto platforms not part of the government’s pilot programs.

The lawmaker also noted that restricting crypto exchange operations is geared towards limiting potential exposure that allowing them would portend in terms of Western sanctions.

Despite this, crypto users will still access foreign cryptocurrency exchanges and over-the-counter (OTC) service providers.  

The latest crypto developments in Russia unfold as recent reports suggest that some Russians and business entities have tapped into crypto to evade sanctions scrutiny.

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• Thai SEC warns against deceptive crypto ads, urging compliance with regulations.
• Global regulators, the UK and Spain, have also been cracking down on misleading crypto promotions.
• Recent phishing incidents underscore the need for heightened vigilance in ad oversight.

The Securities and Exchange Commission (SEC) of Thailand has initiated measures to combat misleading advertisements in the crypto space, aiming to protect investors from potential losses.

On April 29, the Thai SEC issued a warning to all crypto exchanges operating in the country, cautioning them against the glamourization of cryptocurrency investments in their advertisements. Deputy Secretary-General Anek Yooyuen emphasized the importance of adhering to prescribed advertising standards to prevent investors from being misled.

According to Yooyuen, advertisements in the crypto sector must refrain from containing false, exaggerated, distorted, or concealing information, as such practices violate Thailand’s regulations.

The SEC’s move follows concerns over crypto exchanges enticing users with special privileges, potentially leading them to overlook investment risks.

Upholding investor protection

The SEC emphasized the importance of including appropriate warnings about investment risks in crypto advertisements and cautioned against using special promotions to onboard new users that often encourage individuals to engage in cryptocurrency transactions without fully considering the associated risks.

Blockchain investigation firm Scam Sniffer in its recent report also pointed out the vulnerability stemming from insufficient filtering on advertisement platforms. According to the report, the unfiltered ads expose users to phishing attempts by enticing them to fake websites and prompting them to link their crypto wallets, allowing scammers to withdraw funds without authorization.

Failure to comply with the SEC’s advertising guidelines may result in legal consequences, as violators will face punishment according to the law.

Thai advertising regulations mandate businesses and advertisers to substantiate the facts presented in their marketing campaigns to ensure compliance with the law.

Global crypto regulatory efforts

Thailand’s action mirrors similar steps taken by regulators in other key digital asset markets like the United Kingdom and Spain.

The United Kingdom’s Financial Conduct Authority (FCA) issued hundreds of alerts for illegal cryptocurrency ads in 2023 alone, demonstrating a concerted effort to curb deceptive practices in the industry.

Likewise, Spain’s National Stock Market Commission denounced fraudulent crypto asset promotions in November 2023, underscoring the obligation of companies to comply with local laws.

As Thailand SEC follows in the footsteps of other regulators in regulating the crypto industry, collaboration between regulators and industry stakeholders is crucial to address emerging threats and ensure a safe environment for cryptocurrency investors.

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• UK police now have powers to seize, freeze or destroy criminal crypto holdings.
• It follows new legislation that comes into effect today, April 26, 2024.
• Reforms to help UK’s national security, said Home Secretary James Cleverly.

Law enforcement officials in the United Kingdom can now seize, freeze or destroy crypto assets deemed to be illicit without having to first make any arrest.

This is after the UK government updated legislation around proceeds of crime and terror to authorise police and the National Crime Agency (NCA) to investigate and seize any cryptocurrency linked to criminal activity.

A press release the UK Home Office published on Friday notes that the new rules come into effect on April 26, 2024. Targeted are drug dealers, fraudsters and terrorists among other organised criminals.

With the new powers, police have the authority not just to seize crypto, but can transfer seized assets to electronic wallets or destroy them if their return to circulation is deemed negative for the public good. Law enforcement officers are also allowed to take control of passwords or memory sticks.

“The changes that come into force today will stop criminals from undermining the legitimate use of crypto, while also supporting the development of crypto as a potential driver of economic growth,” reads part of the press release.   

Reforms “bad news for criminals”

According to Home Secretary James Cleverly, the reforms are crucial to the UK’s national security, with criminals never allowed to benefit from illicit activities.

UK Security Minister Tom Tugendhat added that the revamped rules “are bad news for criminals.”

UK’s new legislation comes into force after parliament passed a related crime bill in September 2023. The development has helped police and the NCA to seize millions of dollars’ worth of illicit crypto.

For instance, the NCA teamed up with the US Drug Enforcement Administration (DEA) in an operation that resulted in the seizure of over $150 million from a criminal drug enterprise in January this year.

The UK has also seized over £750,000 ($937,890) from three men who accepted crypto for counterfeit drugs. In 2021, the UK police seized $250 million in crypto from suspected money launders. 

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