Tag: Report

Indonesia's Regulator Warns Financial Firms Against Offering Crypto Sales: Report

Indonesia’s Financial Services Authority (OJK) warned firms against offering sales of crypto, according to a Reuters report Tuesday, though trading is legal in the country. Financial institutions are strictly prohibited from “using, marketing, and/or facilitating crypto asset trading,” the OJK said in an Instagram post, according to Reuters. “Please beware of allegations of Ponzi scheme scams in crypto investments.” Trading of crypto is permitted in Indonesia and is regulated by the Commodity Futures Trading Regulatory Agency. It is estimated that as many as 7.4 million Indonesians were invested in crypto…

Chinese Government Rejects Metaverse Trademark Applications: Report

China’s government has begun rejecting trademark applications related to metaverse projects, according to numerous local media reports. Trademark applications containing yuan yuzhou – Mandarin for metaverse – have been denied registration by the National Intellectual Property Administration, the South China Morning Post (SCMP) reported Monday citing data from business and trademark registration tracking firm Tianyancha. Those rejected include applications by NetEase, iQiyi and Xiaohongshu. Applications by the country’s tech giants including Tencent and Alibaba (which owns the SCMP) are still pending review. The action has been attributed to an attempt…

Executives at Crypto Exchange Binance Allegedly Neglected Compliance Responsibilities: Report

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Top crypto exchange Binance is reportedly maintaining weak know-your-customer (KYC) compliance standards despite warnings from senior figures at the company, according to Reuters. In a new special report, the news service breaks down the exchange’s alleged regulatory shiftiness, zeroing in Binance’s “weak” KYC checks, which are designed to prevent money laundering. The article, based on “dozens of interviews with former senior employees of Binance, advisers and business partners,” as well hundreds of documents, also alleges that Binance has evaded questions about where its main online exchange is based. In July,…

SEC rejects MicroStrategy’s Bitcoin accounting practices: report

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Business intelligence firm MicroStrategy reportedly acted contrary to the Securities and Exchange Commission’s accounting practices for its crypto purchases. According to a Bloomberg report, a comment letter from the SEC released Thursday showed the regulatory body objected to MicroStrategy reporting information related to its Bitcoin (BTC) purchases based on non-GAAP, or Generally Accepted Accounting Principles. The business intelligence firm has been reporting it used these methods of calculating figures for its BTC buys excluding the “impact of share-based compensation expense and impairment losses and gains on sale from intangible assets”…

Bulgaria’s finance minister says country is exploring crypto payment options: report

Assen Vassilev, Bulgaria’s Deputy Prime Minister for EU Funds and Minister of Finance, said the EU member nation is exploring options for rolling out a crypto payment mechanism. According to a Friday Bloomberg report, Vassilev said the government was in discussion with the Bulgarian National Bank as well as industry players to explore crypto payments “in the short to medium term.” However, he added that Bulgaria was unlikely to become a major hub for crypto miners — many are reportedly considering leaving Kazakhstan amid political turmoil and disruptions to the…

Bulgaria’s finance minister says the country is exploring crypto payment options: Report

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Assen Vassilev, Bulgaria’s deputy prime minister for EU Funds and minister of Finance, said the EU member nation is exploring options for rolling out a crypto payment mechanism. According to a Friday Bloomberg report, Vassilev said the government was in discussion with the Bulgarian National Bank as well as industry players to explore crypto payments “in the short to medium term.” However, he added that Bulgaria was unlikely to become a major hub for crypto miners — many are reportedly considering leaving Kazakhstan amid political turmoil and disruptions to the…

SEC Head Wants To Take Steps To Bring Crypto Exchanges Under Regulations: Report

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler says he wants to bring crypto exchanges under the umbrella of regulation this year. Gensler says in a new virtual press conference that he hopes crypto exchanges will take steps towards becoming regulated in the coming months, Bloomberg reports. Explains the SEC chair, “I’ve asked staff to look at every way to get these platforms inside the investor protection remit. If the trading platforms don’t come into the regulated space, it’d be another year of the public being vulnerable.”  Gensler told…

Binance Didn’t Upgrade Customer Checks, Despite Promises to Regulators: Report

The world’s largest crypto exchange kept weak know-your-customer (KYC) checks and did not properly cooperate with authorities, despite its public promises about compliance, Reuters said in an investigative report published Friday. The report was based on interviews with dozens of former employees of Binance, advisers and business partners, as well as the review of hundreds of documents. Source

Nations to adopt Bitcoin, crypto users to reach 1B by 2023: Report

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There’s a beacon of hope for battered Bitcoin (BTC) bulls. A promising report from Crypto.com predicts that global crypto users could reach one billion by the end of 2022. The report reaches the conclusion that a combo of developing nations copying El Salvador’s orange-pilled example and a “friendlier stance” towards the crypto industry means that “Nations can no longer afford to ignore the growing push towards crypto by the public.” Looking back on 2021, the global crypto population increased by 178% in 2021, rising from 106 million in January to…