Posts in category

Europe


A draft proposal by the European Parliament’s Committee on Economic and Monetary Affairs suggests creating new regulations for public initial coin offerings (ICOs), according to a document published Friday. Ashley Fox, a Member of the European Parliament (MEP) representing the United Kingdom, wrote a draft report on proposed regulations for Europe’s crowdfunding platform operators and companies. …

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“My premise is that you can use blockchain to essentially trust people you don’t know – you trust the code.” While that statement by Hugh Karp may sound like a standard line in crypto-land, his startup, Nexus Mutual, is actually building a product for those who don’t trust the code. Or, at least, don’t trust …

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The developers behind the CoinVault and BitCryptor ransomware were sentenced to 240 hours of community service in a Dutch court on Thursday. Melvin and Dennis van de B., aged 25 and 21, were convicted of accusing 1,259 computers in the Netherlands and other Western European countries with the ransomware and demanding bitcoin payments as a …

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The Swiss Financial Market Supervisory Authority (FINMA) announced Thursday that it is investigating blockchain startup Envion AG for potentially breaking financial market rules with its initial coin offering (ICO). Envion, which raised $100 million in the ICO earlier this year, has allegedly broken banking laws by accepting public deposits in exchange for its EVN token, …

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U.S.-based cryptocurrency exchange Coinbase is now offering a way to let customers purchase retail goods and services using crypto assets, thanks to a new partnership with a digital gift card startup. According to a report from Bloomberg on Wednesday, Coinbase has integrated its wallet services with WeGift, a London-based online gift card platform, and now …

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A British county police force has become the first in the country to seize and exchange bitcoins discovered during a criminal investigation. According to a report from the Financial Times yesterday, the Surrey police force obtained 295 bitcoins last October after arresting a Latvian man called Seregjs Teresko, who has since been convicted for money laundering and …

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The U.K. Law Commission, an independent agency set up by the U.K. parliament to propose legal reform actions, is starting a research project on law reform to bring clarity in the current system for using blockchain-based smart contracts. According to a working paper published on Thursday, the Commission has already done an initial research on the …

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For the first time, the U.K.’s financial regulator is directly recognizing the potential of blockchain-related startups. For the latest and fourth cohort of startups for its regulatory “sandbox,” the country’s Financial Conduct Authority (FCA) has given access to 11 blockchain and distributed ledger technology-related companies – almost 40 percent of the 29 accepted. The regulator …

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Europe’s largest trader of exchange-traded funds (ETFs) is now entering the crypto world. Amsterdam-based speed trader Flow Traders NV co-CEO Dennis Dijkstra told Bloomberg Thursday that his firm was expanding its trading products to exchange-traded notes (ETNs) based on bitcoin and ether. XBT Provider, a Stockholm-based firm that offers ETFs based on bitcoin and ether, …

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Romania has drafted an emergency ordinance for ICO issuers, a local news outlet reported Thursday. The draft, which was released by the Romanian Ministry of Finance, states that groups hoping to launch token sales must have their tax and legal records verified. Following that, each member of the issuing organization is required to be approved …

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Zug, a city in Switzerland known as the “Crypto Valley,” has successfully completed its first test of a local blockchain-based voting system. As CoinDesk reported on June 11, the Swiss city launched an e-voting pilot platform built on blockchain technology as part of the city’s efforts to embrace the technology. The voting process took place …

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Cryptocurrencies will not challenge the economic power of central banks, the European Parliament said last week. In the latest Monetary Dialogue report issued on June 26, the European Parliament’s Committee on Economic and Monetary Affairs said that while cryptocurrencies have made financial transactions “relatively safe, transparent, and fast,” they pose no threat to sovereign currencies …

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An industry group in Poland is attempting to challenge banks that are allegedly refusing to provide services for firms associated with cryptocurrencies. The Polish Bitcoin Association (PBS) has appealed to the Office of Competition and Consumer Protection (OCCP), requesting that the antitrust authority start investigating the alleged restriction of competition, Finance Magnates reports. A memo …

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The Bank of England’s deputy governor for prudential regulation has warned banks about exposure to cryptocurrency-related assets in a new letter. Sam Woods, chief executive of the Prudential Regulation Authority (PRA) – a financial services regulator in the U.K. – wrote Thursday that banks, insurance companies and investment firms should take steps to protect themselves …

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Malta has taken a significant step toward becoming a “Blockchain Island.” Announced Tuesday by Silvio Schembri – a Maltese Member of Parliament and the parliamentary secretary responsible for financial services, digital economy and innovation – the island nation’s parliament has passed three bills regarding cryptocurrencies, blockchain and distributed ledger technology (DLT) marking it as one …

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Ukrainian authorities have arrested four individuals suspected of running fake cryptocurrency exchanges, the nation’s federal police force announced Saturday. The National Police of Ukraine claimed in a press release that the suspects were arrested for operating as many as six fraudulent cryptocurrency exchange platforms. Cybercrime officials are still looking at the sites to establish how …

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Felix Hufeld, chief of Germany’s financial watchdog, has said blockchain technology is “revolutionary” and its applications could turn the entire financial sector “upside down.” Hufeld, who is president of the German Financial Supervisory Authority (BaFin), made the remarks during a speech at an event in Berlin last week in which he described the regulator’s thinking …

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The U.K.’s Financial Conduct Authority (FCA) has written to bank CEOs over the potential risks they face when dealing with cryptocurrencies. As the British regulator for around 58,000 financial services firms and financial markets in the U.K., the FCA has issued formal warnings before on the risks of investing in cryptocurrencies. In this latest warning, the …

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Lithuania’s Ministry of Finance has issued guidelines on initial coin offerings (ICOs), outlining when cryptographic tokens would be viewed as securities and how each aspect of a token sale should be regulated by different laws in the country. According to the document published Friday, a defining feature in the recommended framework is whether a token “grants profits …

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A city court in St. Petersburg, Russia, has overturned a decision made by a district court in 2016 that effectively blocked cryptocurrency media site bitcoininfo.ru for the country’s inhabitants. The decision came about after the court received an order from Russia’s Supreme Court in April to review the case, as previously reported by CoinDesk. “The …

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