May 22, 2022

As part of our regular weekly roundup, Coinsquare News covers the week’s notable international cryptocurrency and blockchain headlines. In this edition, we look at Switzerland’s activities on cryptocurrency regulation, margin trading in Japan, and more.

Switzerland approves request for cryptocurrency regulation

This week, the Swiss Federal Assembly approved a resolution calling on the Federal Council to regulate cryptocurrency. The Swiss Federal Assembly is the governing body of the Swiss government. Properly managed, the move could be another example of ingenuity in the country’s growing blockchain scenario.

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As reported by The Next Web, the approval of this proposal means that the Federal Council of Switzerland will now be responsible for adopting the judicial and administrative provisions that can be applied to cryptocurrency.

“It should clarify how the risks can be contained and whether those responsible for cryptocurrency trading platforms should be equated with financial intermediaries and should be the subject of financial market oversight,” Motion said, according to a translation.

Israeli court side with Bitcoin mining firm

In news outside Israel, the Tel Aviv district court has ruled in a case where a bitcoin mining firm closed its bank account due to an alleged policy violation and concerns about money laundering risks.

According to local Israeli media reports (Note: Link in Hebrew), Court rules in favor of bitcoin mining firm Israminers. Earlier, the Israelis had a problem with the Union Bank of Israel (Bank Egood), which began blocking deposits, claiming it violated bank policies. The policy prohibits the opening of an account for the purpose of engaging in cryptocurrency-related activities, the report said.

After taking legal action against Israminers Bank, the trial judge finally ruled in favor of the mining firm. Judge Lemore BB determined that Bank Igud’s policy is too broad and ultimately unreasonable, as it does not differentiate between different types of cryptocurrency activity. The ruling clarifies that banks have the right to reject deposits arising from cryptocurrency trades, but in this particular case the mining firm is being treated unfairly.

Japan has stopped trading margin cryptocurrencies

According to the Nikkei Asian Review, Japanese authorities are shutting down margin trading. The outlet reported this week that the country’s officials are expanding the current guidelines that govern the country’s cryptocurrency trading activities.

From April 2020, applicable cryptocurrency exchange operators must register within 18 months. Under the new rules, it will apply to any and all cryptocurrency exchanges in Japan that conduct margin trading.

This clamp down is the result of a recently-approved draft amendment to the Financial Materials and Payment Services Act in Japan. These laws cap the cryptocurrency margin trading leverage, and the mirror standards imposed on foreign exchange transactions in the country, the report said.

UAE entities host joint forums on fintech and cryptocurrencies

The UAE’s official news agency, the Emirates News Agency (WAM), recently covered an event aimed at tackling the “increasingly complex digital environment.”

The UAE’s financial leaders came together to host a forum designed to bring together industry experts. The goal was to address industry barriers and discuss how trends such as digital resources are shaping the global financial services sector.

The event was hosted by UAE Banks Federation, UBF and Abu Dhabi Global Market (ADGM). From machine learning to how financial transactions can affect surveillance, regulatory approaches to the emerging world of cryptocurrencies are discussed.

Abdul Aziz Al-Ghurair, chairman of the UAE Banks Federation, said: “We strongly believe in the importance of cooperation to facilitate this transition and ensure that it happens smoothly and successfully.” “It simply came to our notice then [financial technology] As with cryptocurrencies and other crypto resources, it is imperative that we develop structures and regulations that govern these technologies and developments. “

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