Countries around the world have been looking at the European Union’s Markets in Crypto Assets (MiCA) regulation, which is close to taking effect. MiCA may apply within the broader European Economic Area, but the central bank does not want to stop there: it believes there is a need to further develop specific crypto regulations, the report said. Source
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Glassnode, a blockchain analytics firm, has released a new on-chain report indicating short-term bitcoin holders are increasingly offloading their coins on exchanges at a loss, while long-term holders remain in profit. In the ever-evolving world of cryptocurrency, understanding market dynamics and investor behavior is key to making informed decisions. Glassnode’s latest report, which delves into the profit/loss ratio of bitcoin deposit volume to exchanges, offers interesting insights into the current state of the market. The report…
Lawmakers recently called for the Bill to take effect within two months. Source
For Q1 2023, Xiaomi sold far fewer smartphones than in the first quarter of last year due to waning demand. Xiaomi Corporation recently posted its Q1 2023 earnings report, which saw its revenue plunge 18.9% amid a wane in global smartphone demand. On Wednesday, the Chinese consumer electronics designer and manufacturer reported first-quarter sales of 59.5 billion yuan ($8.61 billion). Xiaomi’s Q1 2023 sales figure was roughly in line with the 59.43 billion yuan analysts expected for the period. However, this figure paled compared to the 73.35-billion-yuan worth of sales…
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Japan’s crypto industry has been grappling with the travel rule since 2021 when Japan’s Financial Services Agency (FSA) requested virtual asset services providers to implement it. In April 2022, Japan’s Virtual Currency Exchange Association (JVCEA) introduced self-regulatory rules accordingly. In October last year, Japan’s government approved a cabinet decision to amend existing laws to curb money laundering using crypto, in line with FATF guidelines. Source
The fund flows Reuters described in Tuesday’s report “indicate a lack of internal controls to ensure customer funds were clearly identifiable and segregated from company revenues,” according to three former U.S. regulators cited in the article, who also said the “commingling” obscured the whereabouts of customer funds. Source
“Given the current high level of public interest, especially regarding lawmakers, it’s not appropriate to enforce the law six months later after the promulgation,” Yun said, according to the report. Yun reportedly said he had asked the leader of the Public Administration Committee to propose a modified version of the law, on which a vote is scheduled for Friday. Source
A possible explanation might be increasing regulatory attention to the crypto hacks and a number of high-profile enforcement cases, TRM Labs suggests. First of all, crypto exchanges are ramping up their KYC/AML policies, making it harder to cash out stolen coins. At the same time, the ETH mixing protocol Tornado Cash, which has been one the most popular money laundering tool for Ethereum so far, has been under the U.S. sanctions since August 2022, which automatically backlisted all Tornado-related funds for any regulated exchange. Source
According to a report compiled by @dgtl_assets of Dune Analytics, the total network fees paid for the minting of Bitcoin Ordinals reached 1,414 Bitcoin (BTC), or $38.2 million, on May 20, representing an increase of 700% from April 20 and 831% from April 1, respectively. An analysis shows that despite continued interest in Bitcoin NFTs, the overwhelming majority of Bitcoin Ordinals has since shifted to text-based inscriptions, compared to a somewhat equal balance of text and image inscriptions from February to April. As explained by cross-chain wallet BitKeep, Bitcoin Ordinals…