Final details of the law should “ensure consistent MiCA implementation across member states, especially at the licensing stage, to ensure a level-playing field and avoid regulatory arbitrage,” as well as making smooth transition from existing national regimes, said Mark Jennings, Kraken’s Head of European Operations, in an email sent ahead of the vote. Source
Nearly a month after Do Kwon’s arrest by Montenegro law enforcement, local prosecutors have now indicted the co-founder and CEO of Terraform Labs. The decision to indict Kwon is likely to delay attempts to extradite him to South Korea and the United States where he faces several charges. Local prosecutors have reportedly asked a court to extend Kwon and his associate’s detention. Kwon’s Hideout Seized by Local Law Enforcement Prosecutors in Montenegro have reportedly hit Terraform Labs co-founder and CEO Do Kwon with charges of using a fake passport and…
The aim is to roll out the next generation of AI breakthroughs and products across Google and Alphabet by merging the talents at Google Brain and DeepMind. As Alphabet (NASDAQ: GOOGL) intensifies its artificial intelligence (AI) effort, the company is merging its deep learning AI research team Google Brain with DeepMind. Although AI has been very popular recently, Alphabet has been exploring the industry for some time. The tech giant reportedly bought DeepMind for over $500 million in 2014. This was after Facebook (NASDAQ: FB) tried to acquire it in…
“This Consultation Paper is of interest to any persons operating or planning DLT projects, persons engaging in digital asset related activities and their legal advisors, as well as DLT industry participants, associations, and stakeholders,” the document said. Source
The European Parliament has approved the Markets in Crypto-Assets {MiCA} law surrounding crypto transactions with overwhelming support. This makes the E.U. the first major jurisdiction in the world to introduce comprehensive crypto guidelines. MiCA regulations approved EU lawmakers on April 20 voted 517-38 in favor of a new crypto licensing regime, MICA. The EU parliament also voted 529-29 on a separate law known as the Transfer of Funds regulations which requires crypto firms to identify their customers to reduce money laundering. This is significant because it is the first comprehensive…
Patrick McHenry and Glenn Thompson are at the forefront of the new market structure effort. United States’ first major crypto legislation is currently in the works and from all indications, might even not be far from becoming law. In line with this, members of the House and Senate are already working in collaboration to make the new rules. Proponents of the new rules will seek to prioritize the concerns of top regulators and put them into consideration. Recall, for instance, that the Commodities Futures Trading Commission (CFTC) and the Securities…
Crypto stocks, including MARA, RIOT, and COIN, all suffered drawdowns between Thursday and Friday as the price of Bitcoin retraced. Crypto stocks fell amid a recorded retracement of the leading digital currency, Bitcoin (BTC). The largest crypto by market cap is changing hands around the $28K threshold after hitting $31K less than a week ago. Alternatively speaking, BTC has traded down by more than 3.4% in the last 48 hours. Furthermore, in the previous 24 hours, the market capitalization of all digital currencies also dropped by a similar margin to…
There are different segments in the market with different performance outlooks and while the payments ecosystem took a slight hit, the earnings in the banking sector have been mixed across the board. The ongoing American earning season has pulled the mainstream stock indices lower as investors digested performances that show a contracting economy. While the performances of companies that have released their performance reports thus far have been mixed, the revenue cut from multinational electric automaker Tesla Inc (NASDAQ: TSLA) stirred a deep dive into the growth momentum of key…
The Texas House of Representatives approved a bill that would require crypto exchanges to maintain reserves “in an amount sufficient to fulfill all obligations to customers” on April 20. Should the bill pass the Senate and receive the governor’s signature, it could become law by September 1, 2023. The bill introduces amendments to the Texan Finance Code, namely to its Section 160. According to these amendments, digital asset providers that serve more than 500 customers in the state and have at least $10 million of customer funds would be restricted from comingling…
Montenegro’s prosecutors have served an indictment proposal for Terraform Rams CEO Hong Chang-joon and Kwon Do-hyeong for forging official travel documents. The duo was arrested in Podgorica Airport, the capital of Montenegro, as they attempted to board a private jet to Dubai. Kwon and Hong held for alleged fake documents The State of Podgorica Prosecutor’s Office has filed charges against Korean defendants Hong Chang-joon and Kwon Do-hyeong for forging official documents such as passports and other identification documents. Haris Šabotić, a Podgorica court prosecutor, requested extended detention of the two…