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rei

The Bank of Ghana has ordered banks to stop supporting unauthorized foreign currency digital wallet services provided by cryptocurrency platforms

According to Bitcoin.com, the Bank of Ghana has issued a mandatory directive requiring all regulated financial institutions to immediately cease support for unauthorized foreign currency digital wallet services provided by cryptocurrency platforms. The central bank stated that several cryptocurrency platforms operating in Ghana offer digital wallet services denominated in foreign currencies (primarily US dollars) that integrate with the local banking system through direct bank transfers, payment cards, and other channels. These cryptocurrency platforms are not authorized to conduct such activities.The central bank pointed out that these foreign currency digital wallets involve compliance requirements under the Payment Systems and Services Act of 2019 and the Foreign Exchange Act of 2006. Due to the lack of necessary approvals for cryptocurrency platforms, the banking infrastructure supporting these services is illegal. The directive takes effect immediately and applies to banks, deposit-taking institutions, electronic money issuers, and payment service providers, prohibiting the establishment or maintenance of any arrangements supporting these unauthorized fiat wallet systems. Non-compliant institutions will face regulatory or enforcement actions. The central bank has established a virtual asset service desk for businesses to consult on compliance matters.

The China Securities Regulatory Commission plans to impose severe penalties on Tiger, Futu, and Changqiao, confiscating all illegal gains from relevant domestic and foreign entities

The China Securities Regulatory Commission has filed an investigation and issued a prior notice of administrative punishment against TigerBrokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Changqiao Securities (Hong Kong) Limited for illegal securities business operations by relevant entities both domestically and abroad.According to the notice, the relevant entities of Tiger, Futu, and Changqiao conducted securities trading marketing, processed trading instructions, and provided related securities business services to obtain relevant income without the approval of our commission and without obtaining the licenses for securities brokerage business and securities financing and margin trading business, violating the provisions of Article 120 of the Securities Law, thus constituting illegal operation of securities business.In accordance with the provisions of Article 202 of the Securities Law, Article 136 of the Securities Investment Fund Law, and Article 132 of the Futures and Derivatives Law, our commission intends to decide to confiscate all illegal gains of the relevant entities of Tiger, Futu, and Changqiao, and impose severe penalties according to the law. The parties involved have the right to make statements, defend themselves, and request a hearing regarding the administrative penalties to be imposed. Our commission will fully listen to the opinions of the parties involved before making an administrative penalty decision in accordance with the law.

The final version of the Russian cryptocurrency bill will retain the ban on non-custodial wallets, with exceptions for foreign trade participants

According to Bits.media, Ivan Chebeskov, the Deputy Minister of Finance of Russia, stated that the final version of the government's cryptocurrency market regulation bill will retain the ban on transfers from Russian custodial wallets to non-custodial foreign wallets. More lenient conditions will only apply to participants in foreign trade activities, namely importers. Chebeskov mentioned that after the law comes into effect, the effectiveness of the new regulatory system will be analyzed, and in the future, the use of non-custodial wallets may be allowed in an experimental mode. The final version of the bill will be ready next week, and the Deputy Minister hopes it can be passed before the end of the State Duma's spring session.Previously, the Duma's Financial Market Committee opposed the central bank's stance on banning transfers to non-custodial wallets and proposed providing judicial protection for all cryptocurrency asset holders. The bill was passed in the first reading on April 21, stipulating that starting July 1, Russians and companies can only purchase digital assets through licensed intermediaries, and access to foreign cryptocurrency platforms must go through a list approved by the central bank, prohibiting access to exchanges that impose sanctions on Russia.
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