Japanese Players Are Going Crypto as the Local Government Is Overseeing the Market

The beginning of the year was particularly eventful for the Japanese crypto ecosystem, which is generally considered to be a major part of the industry. First of all, Japan’s Central Bank (BoJ) issued a study on the role of central bank digital currencies (CBDCs) in the current monetary system, a topic that was widely discussed by the country’s officials last year. Secondly, major domestic trading company and investment bank, Marubeni Corporation and Daiwa Securities Group, reported blockchain-related advancements in their businesses. Finally, local banking giant Mizuho Financial Group announced the…

US Decision on Bitcoin ETF Will Set Tone for Local Crypto Market

An official at South Korea’s sole securities exchange operator, the Korea Exchange (KRX), says the bourse is closely eyeing developments from United States regulators in regard to Bitcoin (BTC) exchange-traded funds (ETFs). The official, reportedly speaking on condition of anonymity, was cited by local English-language daily The Korea Herald on Feb. 20. ETFs are securities that track a basket of assets proportionately represented in the fund’s shares. They are seen by some as a potential development that would herald the widespread adoption of crypto as a regulated and passive investment…

Brazilian Bank Bradesco Closes Accounts of Local Crypto Exchange and Owners

One of the largest Brazilian banks, Bradesco, has notified crypto exchange Bitblue that its banking accounts will be closed late February, local crypto outlet Portal do Bitcoin reported on Feb. 13. As the outlet has learned from unnamed industry insiders, Bitblue will face the closure of its accounts in Bradesco on Feb. 26. Moreover, the decision extends to the private accounts of Bitblue owners. Edisio Pereira, CEO of Bitblue, told Portal do Bitcoin that the company has previously had accounts in four other financial institutions; therefore, Bitblue will not appeal…

South Korea’s Largest Telecom Company to Develop Local Crypto: Report

South Korea’s leading telecommunications company, KT Corporation, has been selected to develop a local cryptocurrency in the South Korean city of Gimpo, local media outlet ZDNet Korea reports on Feb. 14. The crypto — dubbed “K token” — will reportedly be introduced in April, after a pilot project is carried out next month, the report states. The city plans to issue 11 billion won (over $9.7 million) worth of the currency per year, which includes budgets for various social services and development projects. The blockchain-based currency will reportedly only be…

Turkish Police Arrest 24 Suspects Involved in Hacking Crypto Firm, Local Media Reports

Turkish police have arrested 24 people allegedly involved in a 13 million Turkish lira ($2.47 million) hack from an unnamed crypto firm in Istanbul, local government-backed media Daily Sabah reported on Feb. 12. Following a report of an alleged hack from a crypto-related company in Istanbul, the city police’s Cybercrime Department found that that stolen money was moved out directly from hacked accounts to accounts on other exchanges. The money was reportedly stolen in major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). Turkish police further launched an operation…

Venezuela Imposes Fees and Limits on Local Crypto Remittances

The Venezuelan government has introduced regulations for crypto remittances within the country, according to a decree published on Feb. 7 in the country’s official media outlet, Gaceta Oficial. According to the document, the National Superintendency of Crypto Assets and Related Activities (SUNACRIP) will now be responsible for taxation related to the sending and receiving of cryptocurrencies. The new legislation will reportedly be applied both to individuals and legal entities. According to the new requirements, the state has set out monthly limits and commissions, payable to SUNACRIP, on cryptocurrency remittances. The…

Bank of Spain Warns Citizens Against Crypto Given Lack of Local Regulations

Spain’s central bank has issued a reminder to citizens warning of the risks involved in transacting unregulated cryptocurrencies. The Bank of Spain’s notice, issued Feb. 10, followed an official blog post published two days earlier, which had outlined the institution’s stance on cryptocurrencies, their characteristics, and their legal status in Spain and the wider European Union. Both documents underscore the fact that Spain has not yet passed any legislation in regard to cryptocurrency, and that crypto exchange platforms and other companies in the sector are thus neither supervised not authorized…

Malta’s Regulatory Framework Has Attracted Crypto Players, but International Watchdogs and Local Opposition Are Skeptical

Last week, the International Monetary Fund (IMF) claimed that the growth of blockchain in Malta has created major risks of money laundering and terrorism financing in the island’s economy, as per the local media. Malta is renowned for its crypto-friendly politics, whose efforts in the field have earned it the moniker of “blockchain island.” However, its push for becoming the international crypto hub has attracted criticism from both global watchdogs and local opposition. Crypto-friendliness is one of the main priorities for the Maltese government On Jan. 24, the Times of…

Malta’s Regulatory Framework Attracts Crypto Players, but Int’l Watchdogs and Local Opposition Are Skeptical

Last week, the International Monetary Fund (IMF) claimed that the growth of blockchain in Malta has created major risks of money laundering and terrorism financing in the island’s economy, as per the local media. Malta is renowned for its crypto-friendly politics, whose efforts in the field have earned it the moniker of “blockchain island.” However, its push for becoming the international crypto hub has attracted criticism from both global watchdogs and local opposition. Crypto-friendliness is one of the main priorities for the Maltese government On Jan. 24, the Times of…

Singapore’s Monetary Authority Halts Local STO Due to Regulatory Violations

The Monetary Authority of Singapore (MAS) has prevented a local initial coin offering (ICO) from launching a security token offering (STO) in the country. The development was detailed in an announcement published Thursday, Jan. 24. Under the current rules, all STOs have to comply with Singapore’s securities laws and are obliged to register with the MAS. In case the owners want the offering to fall under an exemption, they should be aware of conditions, including advertising restrictions, the MAS notes. The issuer of the halted, unnamed STO intended to rely…