Japan, a nation where foreign stablecoins like USDT are prohibited, plans to begin its central bank digital currency (CBDC) pilot in April 2023. It will aim to include private businesses and test an ecosystem. On Feb. 17 the Bank of Japan (BoJ) released the opening speech of its executive director Shinichi Uchida at the CBDC committee meeting. In it, Uchida announces that the Bank decided to launch a pilot program for “digital yen” in April, after finishing its Proof of Concept testing, that has begun in 2021. The pilot test…
Day: February 17, 2023
Calm Before the Storm: Is UK’s Financial Watchdog Gearing Up for Enforcement Action?
The Financial Conduct Authority has largely been silent while its U.S. counterparts have been busy cracking down on crypto – but it has a list of 51 unregistered firms to act on. Source
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Report Reveals Limited Accounting Records, Commingled Funds at FTX Digital Markets in the Bahamas – Bitcoin News
PWC, one of the ‘Big Four’ auditors and among the largest professional services networks globally, recently published a report on FTX Digital Markets, the bankrupt crypto exchange’s Bahamian subsidiary. The report indicates that the entity’s accounting records have been limited, and it also noted that there is “little distinction between what represents potentially client monies and corporate funds.” FTX Joint Provisional Liquidators Continue Investigations Into Bahamian Subsidiary In mid-November 2022, following the Chapter 11 bankruptcy filing by the exchange FTX and its large number of subsidiaries, The Bahamas’ regulator appointed…
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Japan Will Launch Pilot for Issuing Digital Yen In April
“The aim of the pilot program is twofold: first, to test the technical feasibility…and second, to utilize the skills and insights of private businesses in terms of technology and operation for designing a CBDC ecosystem in the possible event of social implementation,” Uchida said. Source
How Solvency Check Error Led to USP Depegging on Avalanche Based Platypus Finance
Platypus Finance’s native stablecoin fell to 48 cents from $1 earlier on Friday following the attack. Source
Mt. Gox top creditor goes with early payout option: Report
The top Mt. Gox creditor chose to have an early payout in Bitcoin (BTC), deciding against waiting longer for an even larger payment. Mt. Gox Investment Fund, the largest creditor of the defunct crypto exchange, reportedly decided to take its chances with a lesser but earlier payout rather than waiting for all the legal processes to be resolved. This means that the creditor will be paid by September this year instead of potentially waiting another nine years before getting their funds back. According to Bloomberg, opting for the earlier payout…
Oman to establish regulatory framework for virtual assets
The Capital Market Authority (CMA), the regulator of Oman’s financial markets, looks to establish a new regulatory framework for the virtual asset industry in the Sultanate. According to a Feb. 14 press release, the new rules would include oversight of virtual asset activities, a licensing process for virtual asset service providers (VASPs), and a framework to identify and mitigate risks surrounding the new asset class. The announcement reads: “The aim of this new regulation is to establish a market regime for virtual assets that include rules to prevent market abuse, including…
BlockFi Looks to Dismiss Bankruptcy Case for SBF’s Robinhood Shell Company
The bankruptcy filing, made Feb. 3, was not made in good faith; the company isn’t eligible, having no employees, no income and no business; and the case exists “solely” to advance the interests of Antiguan liquidators who’ve already gained over $1.7 million in fees, BlockFi said. Source