Author: Stephan

Hong Kong’s ZA Bank, a subsidiary of China’s ZhongAn Online P&C Insurance, is reportedly exploring avenues to introduce virtual asset-related services following the launch of new regulations for digital assets in June. Hong Kong, in its bid to establish itself as a crypto center, implemented a fresh regulatory framework for crypto exchanges last year. This required all exchanges operating within the city to submit license applications by February 2024. The competition for these licenses is intense, with 24 companies vying for approval. Approval from Hong Kong’s premier financial overseer, the Securities and Futures Commission (SFC), is highly coveted due to…

Upbit, situated in Seoul’s upscale Gangnam district, has emerged as the dominant force in the South Korean crypto market, boasting over 80% of the country’s trading volumes, according to a Bloomberg report. Its popularity among local investors has propelled it into the top five exchanges globally, positioning it as a direct competitor to industry giant Coinbase. Upbit’s clientele contributed to nearly one-fifth of the total deposits held by its primary banking partner, prompting scrutiny from a South Korean lawmaker. New regulatory measures aimed at protecting investors may inadvertently reinforce Upbit’s market dominance. Compliance with these regulations, including bolstering reserves and…

President Joko Widodo has voiced concerns about the potential for cryptocurrencies to facilitate money laundering, as reported by Antara. Speaking at the 22nd Anniversary of the National Movement for Anti-Money Laundering and Terrorism Financing Prevention, Widodo highlighted the significant volume of illicit financial flows. Indonesia’s Commitment to AML Efforts Through FATF Indonesia recently attained full membership in the Financial Action Task Force (FATF), a global body combating money laundering and terrorism financing. This achievement, approved during a meeting in Paris on October 25, 2023, marks Indonesia’s progression since joining FATF as an observer in 2018. https://twitter.com/mymdec/status/1782675102540197892 Widodo sees Indonesia’s FATF…

Amidst renewed US sanctions targeting Venezuela’s oil industry, the state-controlled oil company PDVSA is set to ramp up its utilization of digital currencies in the export of crude oil and fuel, as reported by Reuters on Monday. These developments come in response to the reinstatement of sanctions on Venezuela’s oil sector, following the Biden administration’s decision last week not to extend a license that had previously eased restrictions. Consequently, companies are now required to conclude transactions by May 31 under a general license, exacerbating Venezuela’s challenges in exporting oil. These sanctions are a consequence of President Nicolas Maduro’s failure to…

In the midst of the whirlwind stirred by the debut of Spot Bitcoin ETFs and the impending Bitcoin halving, the cryptocurrency market is alive with anticipation and excitement. Recent developments have reverberated throughout the industry, with enthusiasts eagerly awaiting the next catalysts to propel the ecosystem forward. Just a day prior to the highly awaited halving event, Spot Bitcoin ETFs witnessed a surge in popularity, coinciding with a rise in the underlying asset’s price. However, flows to these three-month-old products saw a decline into negative territory earlier this week. The halving, a phenomenon occurring roughly every four years for Bitcoin,…

The Bank of Israel plans to launch a sandbox environment for conducting trials on the use cases of Central Bank Digital Currency (CBDC), aiming to refine the design of the digital shekel for advanced applications. Andrew Abir, the central bank’s deputy governor, announced the initiative on Tuesday, stating that the project will be officially announced in the coming weeks. A sandbox provides a controlled setting for evaluating new digital technologies, including financial innovations, before their widespread adoption. It allows firms to experiment with these technologies under relaxed regulatory conditions, fostering innovation. The API-driven sandbox will enable participation from financial institutions,…

The U.S. Securities and Exchange Commission (SEC) has postponed its decision regarding the inclusion of options trading for Bitcoin exchange-traded funds (ETFs) proposed by Grayscale and Bitwise. In the SEC’s latest filing on April 8, it was revealed that the Commission has opted for an extended review period for the applications submitted by Grayscale and Bitwise to enable trading options for their Bitcoin ETFs. The filing states, “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.” According…

Coinbase, a leading cryptocurrency exchange, has cautioned traders about potential hurdles ahead of the Bitcoin (BTC) halving event, citing historical trends and seasonal market weaknesses. The exchange’s market commentary report, released on April 5, underscores the importance of finding alternative narratives to drive price increases in the crypto market. Scheduled for around April 20 or 21, the Bitcoin halving has traditionally been viewed as a catalyst for price surges. However, Coinbase highlights the historical tendency for crypto markets and other risk assets to experience weakness during this time of year. Data from Brave New Coin, a digital assets research firm,…

Former head of legal and compliance for the OneCoin fraud scheme, Irina Dilinska, has been sentenced to four years in prison after pleading guilty to helping launder millions of dollars. The judge who handed down her sentence described her as “a woman of great intelligence and a woman who ought to have known better.” United States District Judge Edgardo Ramos sentenced 42-year-old Dilkinska to four years in jail, along with one month of supervised release, and ordered her to forfeit $111 million as restitution. Source: US Attorney SDNY Despite Dilinska’s plea to avoid jail time and return home to care for…

A Taiwanese blockchain technology firm has joined forces with journalists to combat digital deception ahead of India’s upcoming general election. Numbers Protocol, known for its involvement in the 2020 US presidential election and the January 2024 Taiwan presidential elections, is gearing up for the Indian general election starting April 19. The company is collaborating with news outlets and photojournalists to capture on-location content, which will then be uploaded onto a blockchain platform using Numbers Protocol’s suite of tools, including Capture Cam and Capture Dashboard. These tools are designed to bolster the credibility of digital media by leveraging artificial intelligence to…

OpenSea and the Seaport Working Group have rolled out Seaport 1.6, the latest iteration of the NFT marketplace protocol tailored for the Ethereum Virtual Machine (EVM) ecosystem. A notable addition in this upgrade is the introduction of ‘Seaport hooks,’ which draws inspiration from Uniswap v4 hooks. These hooks are designed to facilitate the development of applications aimed at enhancing the utility and liquidity of NFTs. Acting as order fulfillment plugins, developers can seamlessly integrate custom contracts into the Seaport protocol using these hooks. https://twitter.com/opensea/status/1770465624017219606 Compared to its predecessor, Seaport 1.5, version 1.6 harnesses the most recent Ethereum Dencun update. Consequently,…

With just three weeks remaining until the general election, South Korea’s political parties are actively seeking support from crypto investors, recognizing their emergence as a pivotal voting group. Amidst the growing popularity of cryptocurrencies in the country, parties are addressing crypto-related policies to appeal to this demographic. Bitcoin’s recent price surge, reaching 92.1 million won ($68,654) on Upbit, the largest cryptocurrency exchange in South Korea, has garnered significant public attention. Despite a slight dip from its peak of 105 million won, the price still reflects a substantial increase of over 60% since the beginning of the year. Both major parties,…

Fidelity has updated its application for a Spot Ethereum exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) on March 18, now including staking. According to Fidelity’s filing with form 19b-4 submitted to the SEC, the company may engage in staking activities through trusted staking providers, including its affiliates. In return for staking, the fund would receive network rewards in the form of ether tokens, potentially treated as income for the fund’s services. Chanchal Samadder, head of product at ETC Group, highlighted earlier this month that Ethereum’s staking yield serves as a key attraction for institutional investors. However,…

During early Asian trading hours on Friday, the price of Bitcoin, the leading cryptocurrency, experienced a significant correction from its recent all-time highs. Bitcoin is currently trading below $68,000, marking a nearly 7.5% decline over the past 24 hours. This correction led to substantial liquidations across the network, with over $657 million in positions liquidated within the same timeframe. According to data from Coinglass, long positions worth over $522 million and short positions worth $137 million were liquidated in the past 24 hours. Of particular note, $216 million in Bitcoin longs were liquidated, with the majority of liquidations occurring on…

El Salvador’s investment in Bitcoin (BTC) is proving to be highly lucrative, with the country now boasting an impressive 70% profit on its dollar-cost average purchase price. After a recent surge in the price of Bitcoin, El Salvador’s crypto treasury has soared to a profit of $85 million, as reported by the Nayib Tracker website. This significant growth aligns with Bitcoin’s record-breaking rally above $72,000 on March 11. Bukele’s Bitcoin Investment Strategy President Nayib Bukele initiated the Bitcoin purchasing strategy in September 2021 when El Salvador officially embraced Bitcoin as legal tender. During the initial purchase of 200 coins, Bitcoin…

New York Community Bancorp (NYCB) grabbed headlines Wednesday as its stock plummeted by 42%, only to recover following the announcement of a $1 billion capital raise. The bank also revealed a leadership overhaul, with former Treasury Secretary Steven Mnuchin joining the board. In a press release, NYCB confirmed a deal with investment firms like Liberty Strategic Capital (led by Mnuchin), Hudson Bay Capital, and Reverence Capital Partners to raise over $1 billion in exchange for equity. Mnuchin and Joseph Otting, former comptroller of the currency, are set to join the board, with Otting stepping in as CEO. Following the announcement,…

In a recent interview with the Russian News Agency TASS, Kremlin aide Yury Ushakov announced that BRICS nations are poised to develop an autonomous blockchain-based payment system, integrating digital currencies to facilitate seamless and cost-effective global transactions. Ushakov underscored the coalition’s ambition to enhance financial sovereignty from the US dollar by leveraging cutting-edge digital and blockchain technologies. Highlighting the significance of the initiative, Ushakov stated, “We believe that establishing an independent BRICS payment system is a pivotal objective for the future, utilizing state-of-the-art tools such as digital technologies and blockchain.” He emphasized the importance of ensuring the system’s convenience for…

Tether’s USDT stablecoin has once again marked a significant milestone, surpassing a market capitalization of $100 billion. According to data from CoinGecko, on March 4th, USDT briefly reached this remarkable milestone, demonstrating a noteworthy growth of 9% year-to-date. In comparison to its closest competitor, USD Coin (USDC) issued by Circle, Tether maintains a substantial lead of over $71 billion in market cap. While Tether’s achievement is acknowledged by CoinGecko, other data sources such as CoinMarketCap are yet to reflect the $100 billion market cap. The significance of Tether’s market cap becomes apparent when comparing it to established entities. With its…

The emerging trend of Artificial intelligence (AI) might see a little bit of a halt as one of the world’s biggest financial watchdogs decided to go after OpenAI. The Securities and Exchange Commission (SEC) is reportedly investigating whether investors in OpenAI were misled. The commission is looking into the scenario when the AI organisation was going under a leadership dispute that unfolded last year. SEC opens probe According to the report, the investigation led by the US SEC focuses on internal communications made by CEO Sam Altman related to his removal from the position in November. The watchdog is examining whether…

Some users on X praised Vitalik Buterin for advocating open-source software, while others highlighted Linux’s own set of challenges. Vitalik Buterin, co-founder of Ethereum, suggested that Linux could address Elon Musk’s issues with Microsoft Windows OS. He extended an invitation to Musk to explore the desktop Linux community after Musk expressed frustration about the requirement of a Microsoft account to install Windows OS on his new computer. https://twitter.com/amoljadhav00/status/1762365447394238632 Linux, an open-source operating system released in September 1991, has garnered a dedicated user base over the years, including powering the popular mobile OS, Android. Open-source software, like Linux, allows programmers to…

Venture capital firms are showing increased interest in crypto projects as the market experiences a bullish trend. Despite past scandals and the FTX collapse, positive sentiment is emerging within the community. Recent data from PitchBook reveals a 2.5% rise in venture capital investment in crypto startups, reaching $1.9 billion in Q4 2023. This marks the first such increase since Q2 2022, according to Shalini Nagarajan of Cryptonews. James Wo, Founder and CEO of investment firm DFG, attributes this surge to signs of market recovery or stabilization, along with growing interest from institutional investors and rising transaction volumes. The approval of…

A Virginia Senate committee has recommended an annual funding allocation of $39,240 to support two recently established commissions focusing on artificial intelligence (AI) and cryptocurrency. The proposal, presented by a Subcommittee of Virginia’s Senate Finance and Appropriations Committee on February 18, included allocations of over $23.6 million to various legislative departments. Among these allocations, the Blockchain and Cryptocurrency Commission (SB 439) and the Artificial Intelligence Commission (SB 487) received proposed funding for the years 2025 and 2026. The Blockchain and Cryptocurrency Commission, formed in January 2024, is set to receive a general fund allocation of $17,192 over the specified two-year…

Over the span of just 10 days, HERE, the self-custodial wallet tailored for the NEAR Protocol (NEAR), has seen remarkable adoption, with over 1 million Telegram users creating wallets. NEAR reported that within the first 48 hours of its launch, users had already generated 300,000 wallets, marking a rapid uptake. This surge has positioned HERE as the fastest-growing Web3 app to date. The HERE wallet simplifies the process for Telegram users to establish blockchain-enabled wallets, utilizing their Telegram usernames as NEAR wallet addresses, thus streamlining the setup process. This integration of self-custodial wallets within widely used social media platforms like…

The Ethereum non-fungible token (NFT) market is witnessing a significant surge in trading activity, reaching its highest weekly volume since February 2023. According to CryptoSlam data, NFT sales on the Ethereum (ETH) network have surged by approximately 100% over the past week, totaling an impressive $158 million. During this period, other prominent blockchains for NFTs, such as Bitcoin and Polygon (MATIC), experienced declines in trading volume by around 24% and 10%, respectively. Rising Popularity of Pudgy Penguins The surge in Ethereum NFT volume corresponds with the increasing popularity of the Pudgy Penguins collection, currently ranked third by market capitalization. Pudgy…

HSBC spearheads $6.85 million investment in Hong Kong-based blockchain insurance startup, MediConCen. The funding aims to enhance the claims process by streamlining it through digitalization and AI assistance. Alongside HSBC, other investors such as G&M Capital, ParticleX, and new investor Wings Capital Ventures participated in the funding round. MediConCen, headquartered in Hong Kong and established in 2018 as an incubatee at Cyberport, focuses on transforming the traditional paper-based and human-centric claims process into a digital and AI-driven journey. With a total funding of $12.7 million, the startup plans to accelerate its growth in international markets, particularly in the Middle East…

A sealed settlement resolving disputes between crypto lender BlockFi and defunct crypto hedge fund Three Arrows Capital (3AC) has received approval from Judge Michael Kaplan in the New Jersey Bankruptcy Court. The settlement details remain undisclosed per the judge’s order during a hearing on February 6th. The approval of the settlement aims to conclude ongoing legal battles between the two companies. BlockFi had claimed $129 million owed by 3AC, while the hedge fund argued BlockFi owed them $280 million. https://twitter.com/mobymedia/status/1755106156190544330 Judge Kaplan defended the sealing of the agreement, stating that unsealing would be counter-intuitive. The U.S. Trustee’s objection for disclosure…

Federal Reserve Chair Jerome Powell has issued a stark warning, emphasizing the urgent need for the United States to address its escalating debt levels, which are outpacing economic growth. In a recent interview with 60 Minutes on January 4th, Powell stressed that the current fiscal trajectory of the U.S. government is unsustainable. He called for elected officials to engage in a serious dialogue about reducing the country’s debt burden. Highlighting the Federal Reserve’s cautious stance, Powell indicated that the central bank remains hesitant to initiate rate cuts until there is greater confidence in the strength of the economy. Despite market…

The Securities and Exchange Commission (SEC) has opted to withdraw its lawsuit against crypto startup DEBT Box after conceding to making inaccurate statements in court. Initially filed in July last year, the SEC’s lawsuit against Digital Licensing Inc., operating as DEBT Box, has now been slated for dismissal without prejudice, allowing the SEC the option to refile the case at a later time if deemed necessary. Acknowledging its missteps, the SEC admitted to Judge Robert Shelby of the Utah U.S. District Court that it had failed to meet expectations of accuracy and candor, prompting the decision to withdraw the case.…

South Korean crypto exchanges have reported a significant success in combating romance scams, thwarting over $82 million worth of suspicious transactions throughout 2023. Coinone, one of the prominent exchanges in South Korea, revealed that it had prevented more than $2.6 million in transactions associated with romance scams. The exchange attributed this achievement to its robust abnormal transaction detection system and round-the-clock monitoring network, which are designed to safeguard its customers from falling victim to fraudulent activities. This announcement follows a recent warning issued by the Financial Supervisory Service (FSS) regarding the surge in crypto-related scams on social media platforms. The…

Democratic Representative Maxine Waters has expressed notable apprehensions regarding Meta’s persistent involvement in the digital asset sector. In a comprehensive letter addressed to Meta’s CEO, Mark Zuckerberg, and COO, Javier Olivan, Waters, well-known for her critical stance on Meta’s previous cryptocurrency endeavors, especially the Libra stablecoin project, highlighted Meta’s recent filing of five trademark applications related to digital assets and blockchain technology. The detailed letter raises concerns about Meta’s potential expansion into the digital assets ecosystem based on these applications, submitted to the U.S. Patent and Trademark Office (USPTO). “I write to express my concerns regarding Meta Platforms, Inc.’s filing…