Irish High Court Ruling ‘Breaks New Legal Ground,’ Reports Local Media

Ireland’s High Court has ruled that 25,000 euro in cryptocurrency held by a man in prison is considered “the proceeds of a crime,” the Irish Times reported on Tuesday, Dec. 18. The court “broke new legal ground”, the Irish Times states, while considering the case of Neil Mannion — a man reportedly serving a six-and-a-half year prison sentence at Wheatfield Prison in Dublin for drugs offences since 2014. Mannion had reportedly admitted to selling drugs on the darknet, specifically on Silk Road and Agora. He was jailed at the Dublin…

Hong Kong’s New Regulation ‘Might’ Be Harmful for Local Crypto Industry, Experts Say

New regulations for crypto-related companies, which Hong Kong’s Securities and Futures Commission (SFC) earlier announced, might prevent crypto entrepreneurs from entering the market. Expert comments on the situation were reported by business media Nikkei Asian Review on Monday, Dec. 17. Timothy Loh, owner of a local law firm, told Nikkei that some entrepreneurs might decide not to participate in the new framework in order to “maintain their current shares in the market”. “The requirements of the SFC initiative may prove too burdensome for some operators,” he added. Other speakers cited…

Hong Kong’s New Regulation ‘Might’ Be Harmful for Local Crypto Industry, Experts Say

New regulations for crypto-related companies, which Hong Kong’s Securities and Futures Commission (SFC) earlier announced, might prevent crypto entrepreneurs from entering the market. Expert comments on the situation were reported by business media Nikkei Asian Review on Monday, Dec. 17. Timothy Loh, owner of a local law firm, told Nikkei that some entrepreneurs might decide not to participate in the new framework in order to “maintain their current shares in the market”. “The requirements of the SFC initiative may prove too burdensome for some operators,” he added. Other speakers cited…

Canadian City of Calgary Launches Local Digital Currency for Intracity Transactions

Calgary, a city in the Canadian province of Alberta, has launched its own digital currency. The Calgary Dollar will allow holders to pay for services and goods at local shops, Canadian major media outlet Global News reports Friday, Dec. 7. According to HuffPost Canada, the Calgary dollar was initially launched in 1996, with citizens and businesses offering goods and services in exchange for the local currency alongside the Canadian dollar. This new move in 2018 allows citizens to download an app and store the digital currency on their devices. Calgary…

Gibraltar Blockchain Exchange Insures Its Crypto Assets With Local Broker

The Gibraltar Blockchain Exchange (GBX) announced that it is offering insurance on all of the assets listed on its platform, in an official GBX blog post Dec. 10. The exchange reports that it will use local firm Callaghan Insurance Brokers to insure its assets, specifying that “all assets in the custody of the GBX are fully insured, including both hot and cold wallets.” The policy also reportedly “covers all forms of professional indemnity.” GBX, a subsidiary of the Gibraltar Stock Exchange (GSX), opened in July of this year and has…

UK MP Calls for Using Bitcoin to Pay Local Taxes and Other Bills

Photo: QuoteInspector While some countries are still trying to deny the fact that cryptocurrencies have enough potential to transform all spheres of our life, others are trying to find the most appropriate use cases that Bitcoin can be applied to. Yes, today Bitcoin, as well as other cryptocurrencies, is not just an investment tool, it can easily replace traditional fiat assets and ensure much flexibility for users. Moreover, the technology behind it has already proved its capacities to be utilized in a wide range of industries. Now, there are serious…

South Korean National Assembly Holds Regulation Debate With Local Crypto Exchanges

South Korea’s representative body, the National Assembly, has held a crypto regulation debate arranged by major local cryptocurrency exchanges, IT media oulet ZdNet Korea reports Monday, Dec. 10. According to local business outlet Financial Leaders, the topics of the debate were proposed by seven crypto exchanges — Bithumb, CobitCoin, Coinone, Upbit, Gopax, Coinplug and Hanbitco. The debate was attended both by crypto entrepreneurs and politicians, such as Democratic Party member Kim Byung-wook and representatives for the Liberty Korea and Bareunmirae parties, both with a significant number of seats in the…

UK Parliament Member Suggests Making Bitcoin a Payment Option for Local Taxation System

A conservative member (MP) of the United Kingdom’s (U.K.) Parliament has said that making payments to local authorities and utility providers with Bitcoin (BTC) should be possible. The MP’s statements were reported by local news outlet Express.co.uk on Dec. 10. The article notes that Eddie Hughes, a member of the U.K. Parliament for the Walsall North constituency, described himself as a “crypto enthusiast with amateur knowledge.” He notes that blockchain gets a lot of attention and members of the parliament “have a duty to understand it.” Hughes further explained that…

Indian Government Panel Suggests Crypto Dealings Should Be Illegal, Local Sources Say

An Indian government panel has reportedly suggested a new legal framework within the Reserve Bank of India (RBI) that completely bans cryptocurrencies in the country. English-language Indian media outlet CNBC TV18 reported on the framework on Dec. 6. The article cites an unnamed source as noting that “the panel has categorically said that all such currencies should be treated as illegal” and that “any kind of dealing in such currencies should be treated as [such].” CNBC TV18 notes that the Indian government had created a panel to create “norms” for…

South Korean Startup Presto to File Constitutional Appeal Against Local ICO Ban

A South Korean blockchain startup, Presto, will reportedly file a constitutional appeal over the county’s ban on Initial Coin Offerings (ICOs), South Korean economic media outlet Sedaily reports Dec. 6. Presto claims on its website that it provides a “total solution to development teams from website building to token issuing.” The startup was reportedly trying to run a Decentralized Autonomous Organization-based Initial Coin Offering (DAICO) in South Korea for the first time. As Cointelegraph explained in a dedicated guide, DAICOs aim to improve the ICO fundraising method by integrating some…