Bitcoin regulation is on the way, and the leading cryptocurrency is ‘worthless’.

That’s the view of JPMorgan Chase & Co chief executive Jamie Dimon.

He said: ‘No matter what anyone thinks about it, government is going to regulate it. They are going to regulate it for (anti-money laundering) purposes, for (Bank Secrecy Act) purposes, for tax.'

Dimon was speaking at the [Institute of International Finance](https://www.iif.com/) Annual Membership Meeting earlier this week.

The head of the largest US bank has been an outspoken critic of crypto, but over the summer JPMorgan gave wealth management clients access to cryptocurrency funds. That means the bank's financial advisers can accept buy and sell orders from clients for five cryptocurrency products.

## Regulation Won't Have Immediate Impact

His comments on bitcoin regulation didn’t appear to have any immediate impact on markets.

Dimon made it clear his views are different from the banks, but said he remains sceptical.

He added: ‘I personally think that bitcoin is worthless. I don't think you should smoke cigarettes either.

‘Our clients are adults. They disagree. If they want to have access to buy or sell bitcoin - we can't custody it - but we can give them legitimate, as clean as possible access.’


Cryptocurrency Regulation is Coming

Uzbekistan has identified a number of crypto exchanges that have been operating without a license, according to an official at the country's central bank.

The crackdown will see exchanges being blocked by internet service providers, said Vassily Sinaisky, who heads up the regulator's policy and strategies department. He added: "We found out that some exchanges were operating without a licence. We sent them written warnings that they need to stop their activities."

## Anonymous Trading to be Blocked

The central bank's move comes after earlier reports suggested Uzbekistan was looking to become the next country in the region to block anonymous trading on crypto exchanges.

The crackdown will see cryptocurrency traders required to provide identification documents when signing up for an exchange, Sinaisky added.

For more Business news, see [here.](/news/category/crypto-business-news)

Uzbekistan Cracks Down on Crypto Exchange Licenses

SEBA Bank has been granted a license to offer digital crypto assets to Swiss-domiciled mutual funds – a first for Switzerland according to the FINMA-licensed Swiss Bank.

It was announced on Wednesday that SEBA has been granted a licence to act as a custodian bank for Swiss collective investment schemes pursuant to Art. 72 CISA (KAG).

## A Bridge Between Digital and Traditional

In a statement SEBA, which provides a bridge between digital and traditional assets, said the licence will accelerate its growth by extending its institutional-grade digital asset custody services to Swiss-domiciled mutual funds.

This new licence extends SEBA Bank’s digital asset investment activities by offering digital custody services for Swiss-domiciled mutual funds.

The bank’s statement said it is ‘an important new enabler of liquid investment funds with crypto or other digital assets as an underlying investment class’.

## Excellent Business Momentum

SEBA Bank Guido Buehler added: ‘Two years ago, SEBA Bank received a Swiss banking and securities firm licence and is now enjoying excellent business momentum as institutional adoption of crypto and digital assets accelerate globally.

‘With our new CISA licence, SEBA Bank continues its pioneering role in the institutional digital asset space. Asset Managers can now offer strategies based on crypto or other digital asset underlying’s to a broader audience utilizing Swiss-based mutual fund structures secured by SEBA Bank as the CISA-licensed custodian.’

Swiss Bank Achieves Crypto First

Regulation in the US will not destroy cryptocurrency, but it could slow development. That was the warning given by Tesla boss Elon Musk this week.

Speaking at the Code Conference in California, Musk suggested the US Government should avoid regulating crypto markets.

He said: ‘It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.’

Directly asked whether the US Government should actively regulate the crypto industry, Musk said: ‘I would say, “Do nothing”.’

Musk has publicly supported some digital coins is positive about the part crypto will play in addressing issues with traditional financial systems. At the Code Conference, however, he accepted the impact of cryptocurrency has limits.

He said: ‘I wouldn’t say that I’m a massive cryptocurrency expert. I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah.’

## Power Shortages

During the interview, Musk addresses recent developments in crypto mining and regulation in China.

Tougher measures to crack down on cryptocurrency trading, including stronger systems to monitor crypto transactions, have been outlined by China’s central bank.

Musk believes the move is power-related, but electrical, not political.

He said the crackdown was due to the country’s ‘significant electricity generation issues’.

Musk added: ‘Part of it may actually be due to electricity shortages in many parts of China. A lot of South China right now is having random power outages, because the power demand is higher than expected.

‘Crypto mining might be playing a role in that.’

However, he acknowledges the Chinese Government may have issues with decentralised nature of cryptocurrencies may present a challenge for the Chinese government.

He said: ‘I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralised government. They don’t like that.’

Elon Musk Tells Regulators to ‘Do Nothing’ on Crypto

Switzerland’s financial regulator has approved a cryptocurrency investment fund offered by a subsidiary of the country's stock exchange. On Wednesday, the FINMA approved Switzerland's first ever crypto fund which will be called the Crypto Market Index Fund, categorised by FINMA as "other funds for alternative investments".

The new cryptocurrency fund mentioned earlier will track an unspecified index that comprises of “cryptocurrencies and crypto assets” based on market cap, which means it cannot include Ripple or Stellar due to their lack of decentralisation. As reported by local news agency Aargauer Zeitung, the fund is also currently limited to professional or qualified investors.

## No Concerns for Investor Protection

The Financial Market Supervisory Authority (FINMA) stated publicly that it has approved the very first cryptocurrency fund. The regulator said in an official statement, "The FINMA has issued a binding order to Crypto Fund AG in connection with its initial approval of the fund domiciled in Switzerland for listing on the SIX Swiss Exchange. At the same time, it has notified the Zug-based asset manager to cease unauthorized promotional and advertising activities."

The Supervisory authority said that an initial assessment of cryptocurrency funds did not pose any concerns for investor protection but added that future financial market innovators should comply with the current regulations.


Switzerland News: First-Ever Crypto Fund Approved

Cryptocurrency trading platforms are more likely to succeed if they submit to existing crypto regulation, according to the head of the [US Securities and Exchange Commission.](https://www.sec.gov/)

Talking during the Code Conference in Beverly Hills, SEC Chair Gary Gensler stopped short of confirming cryptocurrencies would come under SEC regulation, but did say observing existing tax compliance, money laundering and insider trading laws could assist exchanges.

## Investors Expect Profit

Gensler said US law has a broad view of what a securities market is, but the common thread is that it involves organisations raising money from investors who expect a profit.

Being interviewed on Monday by the former US attorney for the Southern District of New York, Preet Bharara, he added: ‘I think there is a lot of clarity in the law. This won’t end well if they stay outside the regulatory space.’

There was little doubt Gensler believes cryptocurrency, including creating and trading, does come within the existing definitions of securities trading, and he believes crypto would benefit from clear regulation.

## Request to Improve Transparency

During the Code Conference, Gensler also discussed regulation of special purpose acquisition companies (SPACs), confirming he’s asked the SEC staff to recommend regulatory measures, including improve transparency.

The SEC website notes Gensler was nominated by President, Joe Biden, and sworn in as Chair on April 17, 2021.

Prior to joining the SEC, Gensler was professor of the Practice of Global Economics and Management at the MIT Sloan School of Management, co-director of MIT’s Fintech@CSAIL, and senior advisor to the MIT Media Lab Digital Currency Initiative. He also served as chair of the Maryland Financial Consumer Protection Commission.



Latest Moni

#REGULATION | Page 3

Read the latest Crypto Regulation news.

Cryptocurrency Regulation is Coming

Uzbekistan Cracks Down on Crypto Exchange Licenses

Swiss Bank Achieves Crypto First

Elon Musk Tells Regulators to ‘Do Nothing’ on Crypto

Switzerland News: First-Ever Crypto Fund Approved

'Crypto Regulation Could Lead to Success'

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How to Buy Altcoins

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