Day: October 6, 2023

Basel Committee to consider disclosure requirements for banks’ crypto assets

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The fallout from the banking crisis earlier this year continues as the Basel Committee on Banking Supervision considers requiring banks to disclose their crypto asset holdings. The committee, which operates under the aegis of the Bank for International Settlements, identified holding crypto as one of the factors that led to the demise of several banks in March. At its meeting on Oct. 4–5, the committee looked at the causes behind the failures of Silicon Valley Bank, Signature Bank of New York and First Republic Bank, as well as the near-failure of…

Taiwan aims for crypto law by November: Report

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Lawmakers in Taiwan are reportedly aiming to push out a first draft of a special law by the end of November 2023, according to a report from The Block.  Yung-Chang Chiang, an official in the Legislative Yuan of Taiwan, said in an interview that he intends for the first draft to be available for reading by parliament by the end of November or sooner and that such an act is “necessary” to regulate crypto-related businesses. This comes as lawmakers in Taiwan have growing concerns over activity in offshore markets and…

Shiba Inu Whale Moves $33 Million In SHIB, Here’s The Destination

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A Shiba Inu whale recently transferred a whopping $33 million in SHIB tokens off a crypto exchange into an unknown wallet. According to on-chain data from Whale Alerts, over 4.58 trillion Shiba Inu tokens worth $33.13 million have made their way into a private wallet from the crypto exchange Bitvavo.  Details Of The Whale Transfer Shiba Inu’s ecosystem is home to many whale investors, and transactions among these whales are not uncommon. Over the past few months, there have been huge transfers of SHIB from various whale addresses. This latest…

CoinShares’ crypto venture Komainu wins crypto registration in UK

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Komainu, a cryptocurrency custody firm co-created by crypto investment firm CoinShares, hardware wallet company Ledger and Japanese Nomura, has secured major regulatory approval in the United Kingdom. The company announced on Oct. 6 that it has received approval from the U.K. Financial Conduct Authority (FCA) to register as a custodian wallet provider under the Money Laundering, Terrorist Financing and Transfer of Funds regulations 2017. The crypto asset registration with the FCA allows Komainu to offer crypto custody services in the United Kingdom, including collateral management services through its Komainu Connect…

Snapchat warned by UK data watchdog over AI chatbot risks

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The social media platform Snapchat has received a warning from the United Kingdom’s data watchdog over its new artificial intelligence (AI) chatbot known as “My AI,” according to an update posted by the regulator.  On Oct. 6, the U.K. Information Commissioner’s Office (ICO) issued a preliminary notice to Snap Inc. and Snap Group, the parent companies of Snapchat, for the potential failure to “properly assess the privacy risks” posed by the chatbot. We have issued Snap, Inc and Snap Group Limited with a preliminary enforcement notice over a potential failure…

Rise of Ethereum staking came at cost of higher centralization — JPMorgan

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The rise of Ethereum staking since major network upgrades, the Merge and Shanghai, has come at the cost of higher centralization and lower staking yields, a new report by JPMorgan said. JPMorgan analysts, led by senior managing director Nikolaos Panigirtzoglou, issued a new investor note on Oct. 5, warning about the risks stemming from Ethereum’s growing centralization. Market share of top five liquid staking providers. Source: JPMorgan The top five liquid staking providers: Lido, Coinbase, Figment, Binance and Kraken, control over 50% of staking on the Ethereum network, JPMorgan analysts…

Hong Kong Officials Warn Investors to Stay Away from Retail Stablecoins Since They Are Unregulated

The Hong Kong Monetary Authority (HKMA) recently completed a public consultation on stablecoins regulations. As the city of Hong Kong prepares for mainstream adoption of digital assets through a regulated manner, the officials are grappling with cases of crypto-related scams. In a bid to ensure maximum protection of investors’ funds, Hong Kong’s Secretary for Financial Services and Treasury Christian Hui has noted that trading of retail stablecoins is not yet allowed. With the regulations of stablecoins in Hong Kong expected to take place late next year, Hui cautioned investors to…

XRP Price On The Cusp Of Major Uptick To $1.4: Crypto Analyst

A new XRP price prediction from notable crypto analyst, EGRAG CRYPTO, has investors buzzing. Based on a multi-timeframe analysis, Egrag believes XRP is showing considerable strength, hinting at a potential surge to $1.4. The analyst elucidated his predictions in a tweet, stating, “XRP Color Code To $1.4 – UPDATE: Trying to showcase the sheer strength and achievements of XRP from multiple time frames: Weekly, 3D, 1D, and 4H.” XRP Price Analysis: 1-Week Chart Delving into the Weekly Chart, Egrag finds an evident optimistic momentum. XRP is on the brink of…

ConsenSys exec on MetaMask Snaps security: ‘Consent is king’

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As malicious actors continue their attempts to steal users’ crypto assets, wallet provider MetaMask has developed a way to give users more insights into the transactions and interactions within the application.  In an interview with Cointelegraph, Francesco Andreoli, developer community head at ConsenSys, spoke about ensuring that the recently released MetaMask Snaps is secure for users. The executive highlighted the importance of consent and ensuring that users know each step of their journey across various chains and decentralized applications. Andreoli at his keynote speech at Blockchain Economy Dubai. Source: Cointelegraph…