Day: December 8, 2022

Hong Kong to subject crypto exchanges to the same laws governing TradFi

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Hong Kong’s legislative council has passed a new amendment to its anti-money laundering (AML) and terrorist financing system to include virtual asset service providers. The latest legislation will establish a new licensing regime for virtual asset service providers, set to come into effect from June 1, 2023. The new amendment will subject crypto exchange service providers to the same legislation as followed by traditional financial institutions. It means virtual exchanges looking to open a business in Hong Kong will have to go through rigorous AML guidelines and investor protection laws…

US Prosecutors Arrest Blockparty Co-Founder for Wire Fraud

The Blockparty co-founder executed the fraud while he was the CTO between December 2017 and September 2019. The co-founder of Blockparty Rikesh Thapa has been arrested over the theft of more than $1 million in cash, crypto, and utility tokens. The US prosecutors charged Thapa, the company’s chief technology officer between 2017 and 2019, was arrested on 7th December for wire fraud. This news contributes to the ongoing tension in the crypto and NFT markets. There have been uncertainties in the crypto space since the collapse of the crypto exchange…

ETH Price to Fall to $922 by December 10, Coincodex Predicts – Markets and Prices Bitcoin News

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The U.S. dollar price of ether, which presently hovers around $1,200, is expected to fall to $922.66 by Dec. 10, a Coincodex prediction chart has shown. Ethereum is nonetheless projected to close the following day trading above $1,000. According to the Coincodex analysis, there are presently 15 technical indicators out of a total of 28 that project a bearish outlook for the asset. ETH’s Negative Trend According to an analysis by the digital asset exchange platform Coincodex, the U.S. dollar value of ETH is expected to drop to $922.66 by…

Are Updates On Terra Insufficient For Turnaround In Price?

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There is a group called the Terra Rebels whose goal is to restore the natural environment of Terra Classic. On Twitter, a member by the name of Architect123 recently updated the community on the most recent developments in the ecosystem. Let’s take a quick glance at some recent developments: Recent statistics suggest that an increase in dApp development activity can be attributed to changes made available to developers Metrics and technicals continue to act as a brake on price #LUNC #LUNCCcommunity $LUNC #flutterThe new alpha package for TerraDart is now…

Crypto Miners in Kazakhstan to Buy Only Surplus Power, Under Digital Assets Bill – Mining Bitcoin News

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Companies extracting cryptocurrencies in Kazakhstan will be allowed to purchase only excess electricity on a government-controlled market. The decision comes with new legislation approved by lawmakers which regulates the activities of the industry and the taxation of its profits. Law to Regulate Crypto Mining in Kazakhstan, Change Licensing Rules The lower house of Kazakhstan’s parliament, the Mazhilis, has adopted the bill “On Digital Assets of the Republic of Kazakhstan” and four related draft laws which aim to regulate mining, among other crypto activities, local media reported. In accordance with the…

FTX’s Bankman-Fried to face market manipulation probe, Do Kwon chimes in

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United States federal prosecutors have reportedly begun investigating whether the collapse of the Terra ecosystem was in fact triggered by market manipulation tactics by former FTX CEO Sam Bankman-Fried. According to a Dec. 7 report from The New York Times (NYT), the prosecutors — as part of a broader inquiry into FTX’s own collapse — are investigating whether Bankman-Fried’s empire intentionally caused a flood of “sell” orders on Terra’s algorithmic stablecoin TerraClassicUSD, USTC (formerly UST). The sudden increase in UST sell orders were said to make it difficult to match…

Spain’s central bank to experiment with wholesale CBDCs

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Spain’s central bank, the Bank of Spain (BDE) said it intends to launch an experimental program to begin testing wholesale Central Bank Digital Currencies (CDBCs) and is seeking collaboration proposals from local finance and technology institutions. The bank will focus on three main areas with the program that seeks to simulate the movement of funds, experiment with the liquidation of financial assets, and analyze the benefits and drawbacks of introducing a wholesale CBDC to its current processes and infrastructure according to a translated Dec. 5 statement. A wholesale CBDC refers…

US regulator to seek feedback on DeFi’s impact on financial crime

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A United States financial regulator is looking to gain feedback from the banking industry about how decentralized finance (DeFi) may affect the bureau’s efforts to stop financial crime. The Financial Crimes Enforcement Network (FinCEN) said it is “looking carefully” at DeFi, while the agency’s acting director, Himamauli Das, said the digital asset ecosystem and virtual currencies are a “key priority area” for the agency. Das gave prepared remarks on Dec. 6 at the American Bankers Association’s Financial Crimes Enforcement Conference. The acting director added the agency is “taking a close…

Australian CBDC receives unexpected interest but could hurt banks: RBA

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A Central Bank Digital Currency (CBDC) pilot program in Australia has received more than 140 use case proposals from the finance industry, but the Reserve Bank of Australia (RBA) warns that it could displace the Australian dollar and result in people avoiding commercial banks entirely. The RBA released a speech on Dec. 8 to be given by Assistant Governor Brad Jones at a central bank conference held from Dec. 8 to Dec. 9 local time, in which Jones speaks at length about what effect a CBDC could have on the…