Month: March 2023

EU MiCA crypto regulation is a ‘balancing act’: Paris Blockchain Week 2023

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Regulators and industry players highlighted a number of implications and potential impacts of the European Union’s Markets in Crypto-Assets (MiCA) regulation at the Paris Blockchain Week 2023. A panel titled ‘MiCA: How is the EU Regulating Crypto?’ delved into the proposed MiCA regulation which is expected to take effect in 2024. The 400-page regulatory guideline for cryptocurrencies and digital assets has been a major talking point across the continent. Unpacking MiCA and its implications – a panel discussion featuring industry experts and regulators at Paris Blockchain Week 2023.  Gundars Ostrovskis…

Alecta Offloads First Republic Bank Stake amid US Banking ‘Uncertainty’

Sweden’s largest pension fund Alecta dumped its First Republic Bank stake at a $728 million loss amid broader US banking losses.  Swedish pension fund Alecta recently offloaded its First Republic Bank (NYSE: FRC) shares following the latter’s massive drawdown. The leading Swedish pension fund was the fifth-largest shareholder at the embattled bank but now appears to have lost faith in First Republic. According to Alecta CEO Magnus Billing, uncertainty regarding the future of First Republic Bank is “too great”. Magnus also explained that this uncertainty was partly due to the…

IRS to Treat NFTs Like Physical Art as Concerns Rise over Taxation

Following the announcement, a section of the crypto community on Twitter has heaped praises on the IRS and Treasury Department for taking such a detailed approach instead of regulating through enforcement. The Internal Revenue Service (IRS) may be contemplating disallowing the addition of NFTs to Individual Retirement Accounts (IRAs). This follows after both the IRS and US Treasury Department revealed their plans to issue guidance that would see non-fungible tokens treated in the same way as physical art and other collectibles. This means that persons in the United States who are…

Bitcoin and Ether Hold Up with Recent Gains while Awaiting Fed Rate Hike Decision

The technical chart for Bitcoin shows a bullish signal hinting that the BTC price can extend further rally all the way to $35,000. Bitcoin and the broader cryptocurrency market are currently holding up with their gains over the last weekend and earlier this week. As of press time, Bitcoin (BTC) is trading 2.0% up at a price of $28,141 and a market cap of $543 billion, on the other hand, Ether (ETH) too is up by 3.48% and is currently flirting around the $1,800 level. Investors are keeping a close…

Existing Home Sales Surged 14.5% in February as Result of Lower Mortgage Rates

According to NAR Chief Economist Lawrence Yun, home prices will not collapse, but this is not the bottom yet, meaning there might be a further decrease. The number of units sold could be even higher, but there is still a very low supply. According to the data from the National Association of Realtors, the sales of previously owned homes in the US surged in February, with the increase totaling 14.5%. Since July 2020, it has been the largest monthly percentage growth. The increase has brought the total sales at an annualized…

Ethereum as a deflationary asset, explained

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Centralized regulatory organizations typically govern the inflation of asset prices in traditional capital markets. Is that the same in Web3? Who ensures fair play? In the United States, the Federal Reserve (the Fed) assumes the responsibility of maintaining inflation at reasonable levels by implementing tools such as altering interest rates, bond-buying programs and money printing. This obligation is typically similar across most other nations. In Web3, inflation is controlled by the protocol’s monetary policy, which is determined by the community through decentralized governance. Deflationary mechanisms are interwoven into the tokenomics…

Crypto Exchange Luno Rejigs Leadership Roles as It Seeks to Boost Investor Base, Eyes Public Listing

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“Having first invested in Luno’s seed round in 2014 followed by an acquisition in 2020, we want to thank Marcus for his dynamic leadership and enduring enthusiasm for the global crypto landscape as he transformed Luno into a digital asset powerhouse,” DCG founder and CEO Barry Silbert was quoted as saying in in the release. “With James at the helm and strategic partnership from Marcus in his new role as Executive Chairman, we look forward to supporting Luno in its ambitious and continued growth journey.” Source

DCG-owed crypto exchange Luno replaces CEO, seeks outside investment

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LONDON — The CEO of cryptocurrency exchange Luno is stepping aside and handing the reins to its head of operations, the company announced Wednesday. It comes as Luno’s parent company, crypto-focused venture capital firm Digital Currency Group, continues to reel from turmoil in the crypto market. Luno also recently laid off 35% of its global workforce. Marcus Swanepoel, a South African former banker who founded Luno in 2013 with the aim of bringing crypto to the masses, will give up his CEO title after 10 years to become executive chairman,…

ICO takes action against Lewisham Council for failing to respond to hundreds of Freedom of Information requests

The Information Commissioner’s Office (ICO) has issued an enforcement notice to the London Borough of Lewisham Council for failing to respond to hundreds of overdue requests made under the Freedom of Information Act (FOIA) 2000. The Council revealed the true extent of its poor performance on information access requests to the ICO, which was much worse than statistics it recently published online. At the end of 2022, the Council had a total number of 338 overdue requests for information, 221 of which were over 12 months old. The oldest unanswered…

Thai Immigration Officers Face Arrest for Kidnapping Chinese National and Demanding Ransom in Cryptocurrency

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Four Thai immigration officers are facing arrest after allegedly abducting a Chinese national and extorting thousands of dollars in cryptocurrency. According to reports, the Chinese man, along with his female interpreter, was kidnapped by the officers after falling victim to a scam. The victim was reportedly lured into a fake investment scheme and lost a significant amount of money. The immigration officers then approached him and demanded a ransom of nearly US$30,000 in cryptocurrency, threatening to deport him if he didn’t comply. Thai deputy police commissioner Surachate Hakparn said that…