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Should governments be doing more to regulate crypto? | Ticker VIEWS

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International governments must regulate cryptocurrency trading platforms. Here’s why

As cryptocurrency becomes an increasingly mainstream and valuable asset class, many experts are calling for increased regulation. 

Unlike fiat currencies, no government centrally regulates cryptocurrencies. This means that each government must individually enforce its own regulation standards on issues such as taxation and security.

Crypto public policy requirements 

The CEO of deVere, Nigel Green, says that the most effective way to regulate crypto is working with exchanges to enforce stricter regulation measures.

“When [cryptocurrency] flows run through regulated exchanges, it will be much easier to tackle potential wrongdoing, such as money laundering, and make sure tax is paid.”

Regulated exchanges could help make the sector more robust, protect investors and reduce instability, says Green. They could also make the market less susceptible to manipulation, adding value to existing currencies.

“There’s sustained interest in and demand for cryptocurrencies so what’s needed is a strong regulatory framework,” said Green.

Can criminals use crypto for illicit activities?

Earlier this year, US Treasury Secretary Janet Yellen said the government would need to “curtail” the use of crypto for criminal transactions.

The general manager of the Bank for International Settlements (BIS) has also expressed similar concerns, saying that crypto can be used to evade laws.

Many digital coins are “used to do some arbitrage, or to circumvent some regulations,” he said.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Crypto

FTX creditor list goes public

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New court filings have shown crypto exchange FTX owes money to several companies

These include Apple, Binance, Coinbase and Netflix, among others.

The names were revealed on the extensive FTX creditor list that went public today.

The 116-page document displays a host of well-known corporations and distinguishes the immense reach of FTX.

Institutions, media companies, and fellow cryptocurrency exchange platforms are the list, as well as almost 10 million redacted customer names.

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Business

Binance processed over $340m in Bitzlato funds

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Binance processed over $340 million in Bitcoin for the Bitzlato digital currency exchange, whose founder was arrested last week for money laundering.

 
The U.S. Justice Department revealed Bitzlato processed $700 million dollars in illicit funds.

Bitzlato didn’t do proper background checks on clients, when asking for IDs.

Binance is among the top three counterparties by the amount of bitcoin it received between May 2018 and September 2022.

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Crypto

FBI confirms North Korean heist from U.S. crypto firm

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The groups used a privacy protocol called Railgun to launder over $60m worth of Ethereum stolen during the theft, according to an F.B.I. statement.

A portion of the stolen Ethereum was subsequently sent to several virtual asset providers and converted to Bitcoin.

North Korea’s theft and laundering of virtual currency is used to support its ballistic missile and Weapons of Mass Destruction programs.

In June 2022, Harmony said that a heist hit its Horizon bridge, which was the underlying software used by digital tokens such as bitcoin and ether for transferring crypto between different blockchains.

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