Month: June 2023

‘Biggest’ inflow to ProShares’ BITO in a year

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Bitcoin (BTC) exchange-traded fund (ETF) fervor is back with a raft of new applications and an increase in capital inflows from institutional investors. On June 26, a surge of inflows to the ProShares Bitcoin Strategy ETF (BITO) — a Bitcoin futures fund — was observed by Bloomberg senior ETF analyst Eric Balchunas. The fund had its largest weekly inflow in a year at $65.3 million with its assets topping $1 billion. BITO was the first BTC-linked ETF in the United States and is one of the most popular among institutional…

Dystopian draft bill against ‘misinformation’ unveiled

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A draft bill from the Australian government is warning tech and social media giants to remove misinformation from their platforms or be prepared to pay up big fines. The new draft bill would see the country’s media regulator — the Australian Communications and Media Authority (ACMA) — armed with the power to make it obligatory for digital platforms such as Google and Facebook to maintain records concerning misinformation and disinformation on their platforms. These companies would be required to hand these records over anytime the ACMA asks. Additionally, the ACMA…

Crypto travel rule implementation ‘remains relatively poor,’ says FATF

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A renewed call from the Financial Action Task Force (FATF) has asked countries to implement the “travel rule” to combat money laundering and terrorism financing activities enabled by cryptocurrencies. On June 23, the United Nations body — whose role is to promote strategies to combat money laundering and terrorist financing — explained that “many” member states have failed to implement the rule. The call comes after a series of FATF meetings at its headquarters in Paris. The FATF plenary has concluded. Delegates of governments from around the world discussed a…

Bitcoin (BTC) is up 12% this month in part due to thin liquidity

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Andriy Onufriyenko | Moment | Getty Images Bitcoin has rallied sharply this month — but not for reasons you might think. The world’s largest digital currency has risen more than 12% since the beginning of June. On Wednesday, its price topped $30,000 to hit its highest level since April 14, according to Coin Metrics data. Market players have attributed the jump to the news that U.S. asset management giant BlackRock had filed for a spot bitcoin exchange-traded fund tracking the market price of the underlying asset. While that may be…

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…