Day: June 25, 2023

Blockchain Aus CEO hammers ‘regulation by enforcement’

Blockchain Australia’s new CEO Simon Callaghan hopes the Federal Government will take its cues on crypto regulation from the United Kingdom, Hong Kong, and Singapore — and definitely not the United States. In his new position, Callaghan aims to steer crypto rule-making in the country and avoid making similar moves to the U.S. Securities and Exchange Commission — which is suing the world’s two largest exchanges and has branded at least 68 tokens as securities. “Regulation by enforcement is the equivalent of having a hammer and seeing everything as a…

Uncertainty over digital assets traps institutions in ‘supervisory void’ — Fed Governor

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During a speech at the Salzburg Global Seminar on bank regulation and supervision, Bowman called for attention from global regulators to the current supervision of novel banking activities, in particular banking as a service and digital assets. According to Bowman, financial institutions have been left in a “supervisory void” in terms of emerging technologies. “While there have been some efforts to provide guidance, there remains substantial uncertainty about the permissibility of and supervisory expectations for these activities […]. This leaves banks in the perilous position of relying on general but…

Libya cracks down on illegal crypto mining, arrests 50 Chinese nationals

On June 22, authorities in Libya searched and arrested several individuals as part of their efforts to combat illegal crypto mining in the country. The raid in a data center resulted in the detention of 50 Chinese nationals. Libya crackdown on illegal crypto mining During a search by interior ministry agents at a farm in Zliten, located 160 kilometers east of Tripoli, they reported that minors were generating virtual currencies with the assistance of the detained Chinese individuals.  In a video shared on Facebook by the Tripoli prosecutor’s office, the crypto-mining…

Crypto.news and PRNEWS.IO partner to expand brand exposure in web3

PRNEWS.IO, a platform for sponsored content in Europe, is pleased to announce its strategic collaboration with crypto.news, a respected source of information in the crypto and web3 domains. This partnership signifies a significant milestone for PRNEWS.IO as it prioritizes delivering effective brand exposure and engagement to its clients through its innovative service content marketplace. Crypto.news is dedicated to providing unbiased news, analysis, research, and education on all aspects of crypto and web3. Through the collaboration with PRNEWS.IO, crypto.news brings its extensive knowledge and dedicated readership to the partnership, opening up…

Token issuers in Japan exempt from 30% crypto tax on paper gains

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Token issuers in Japan no longer have to pay corporate taxes on unrealized cryptocurrency gains, according to a law revision by the National Tax Agency on June 20.  The tax exemption goes into effect nearly six months after the Japanese government approved a proposal eliminating the requirement for crypto firms to pay taxes on paper gains on tokens they issued and held. Legislators in Japan have been discussing new crypto tax rules since last August as part of a broader tax reform for 2023, but the tax authority has only…

Unconfirmed reports say Ripple considering buying back 10 billion XRP, skeptics doubtful

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Rumors are circulating that Ripple, a San Francisco-based fintech company, may be considering a buyback of 10 billion XRP. However, these rumors have been called into question by skeptics such as lawyer John E. Deaton. In their social media comments, they urge the community to wait for an official confirmation from Ripple. Crypto lawyer awaiting Ripple’s clarification on rumors Deaton expressed his doubts via Twitter, saying he would not believe the buyback news until he received official…

Bitcoin trades above $30K, boosting traders’ interest in ETH, ARB, VET and STX

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Bitcoin (BTC) made a new 52-week high on June 23, indicating that bulls are on fire. Buyers have managed to hold onto a large part of the gains made during the week, signaling that they are in no hurry to book profits. Bitcoin climbed 16% this week, outperforming the S&P 500 Index, which fell 1.39%. Not only Bitcoin but even Ether (ETH) is showing signs of starting a bullish move. Glassnode data shows that Ether balances on exchanges dropped sharply in the past 30 days and hit a new low…

American film star faces $50,000 crypto scam charges

Zachery Ty Bryan, who played Brad Taylor on “Home Improvement,” faces accusations of involvement in a cryptocurrency scam. Allegedly, he took $50,000 from multiple individuals by falsely promising to invest it in a cryptocurrency opportunity for a startup named Producers Market. Bryan faces crypto scam charges Several individuals have accused the former child actor of taking $50,000 under false pretenses, promising to invest it in a non-existent cryptocurrency opportunity for a startup called Producers Market. According to The Hollywood Reporter, Bryan had convinced four individuals to contribute funds for purchasing digital…

US Treasury yields are rising — What does it mean for Bitcoin price?

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United States Government bonds, or Treasurys, have a tremendous influence across all tradeable markets, including Bitcoin (BTC) and Ether (ETH). In that sense, risk calculation in finance is relative, so every loan, mortgage and even cryptocurrency derivatives depend on the cost of capital attributed to U.S. dollars. Assuming the worst-case scenario of the U.S. government eventually defaulting on its own debt, what happens to the families, businesses and countries holding those bonds? The lack of interest debt payments would likely cause a global shortage of U.S. dollars, triggering a cascading…

Global regulators scrutinizing Binance, bitcoin breaks above $31,000 on rising institutional adoption| Weekly recap

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Binance faced more regulatory challenges worldwide, particularly in the UK and Belgium, which increased the scrutiny on the exchange. Despite the ongoing regulatory issues in the crypto industry, there was a significant increase in institutional adoption of cryptocurrencies during the week as Mastercard and J.P. Morgan expanded their involvement in the field. This wave of institutional adoption and renewed market confidence catalyzed the crypto market’s recovery. Bitcoin (BTC), the flagship cryptocurrency, was resilient as it surged above the $31,000 mark, rallying to the highest level this year. Binance’s regulatory issues…