Search results: law

Top blockchain and crypto news: Moscow faces crypto winter. DeFi doyen quits Fantom. China mulls metaverse moves.

Stranded away from home, Web 3.0 company Everstake founder Sergey Vasylchuck realized he could still help his war-torn homeland Ukraine by raising funds through a DAO.

Regulation is urgently needed to govern data security and curb speculation as the metaverse industry develops, delegates say.

People’s Bank of China (PBOC) Nanjing branch president Guo Xinming proposed amendments to the administrative law to clarify the digital yuan’s status as legal tender at China’s annual plenary session on Saturday.   See related article: Digital yuan scams emerge across China as central bank readies e-CNY Fast facts See related article: Zhejiang urges its cities […]

Bitcoin and other cryptos are being used on both sides of the fight, raising ethical issues that cut to the core of decentralization, says AAX’s Ben Caselin

China’s share in global Bitcoin transactions has now dropped to 10% from more than 90%, the People’s Bank of China (PBOC), the central bank, said on Thursday. See related article: Crypto traders in China may serve over 10 years in prison Fast facts Last September, China enforced a blanket ban on crypto transactions and mining. […]

Top blockchain and crypto news: Digital currency battling Russian invasion. Ethereum remains NFT projects’ chain of choice. China to lock up crypto traders.

The European parliament has scrapped wording from proposed legislation that would have banned cryptocurrencies that rely on the proof-of-work (PoW) consensus mechanism, like Bitcoin. See related article: How serious is the threat of Bitcoin mining to the environment? Fast facts The European Parliament member in charge of spearheading the bill known as the Markets in […]

Binance is working to comply with sanctions on Russia imposed by Western governments following the invasion of Ukraine. See related article: Bitcoin donations for Ukraine military surpass $1M Fast facts “We have assembled a dedicated global compliance task force, including world-renowned sanctions experts, and are taking the steps necessary to ensure we take action against […]

China’s Supreme Court specified cryptocurrency trading as a means of illegal fundraising in its latest judicial interpretation of criminal law released on Thursday, the first time in the country’s history.  See related article: Court in China says trading in cryptocurrency ‘not protected by law’ Fast facts A judicial interpretation is the Supreme People’s Court’s official […]

When the world’s biggest crypto exchange acquires a major stake in the business publication it once sued for defamation, should we worry?

Chinese court reiterates its stance that the law cannot cover crypto losses. Meanwhile, Indian investors are paying double the South Korean kimchi premium.

Moscow moves to regulate crypto. OpenSea’s security struggle. Will China cool its metaverse mania?

China’s legal system is looking into blockchain technology to improve its online smart court system and enhance information sharing and evidence submission. See related article: How blockchain technology is shaking up courtrooms in Asia Fast facts China’s supreme court released on Tuesday a set of rules allowing courts to verify and recognize evidence submitted through […]

Alibaba is rewarding non-fungible tokens (NFTs) on its first blockchain game Ant Adventure, which can be played through the Alipay mobile application, one of China’s leading mobile payment providers.  See related article: Ant Group’s NFT arm punishes users for digital collectible resales Fast facts Ant Adventure is powered by Alibaba’s blockchain AntChain, and takes users […]

Dunamu, the operator of crypto exchange Upbit, signed a memorandum of understanding with credit card company BC Card on Monday to develop a non-fungible token (NFT) and metaverse-based credit card. See related article: South Korean crypto exchange acquires stake in major bank Fast facts Certain items purchased offline via the Dunamu BC Card will be […]

Charitable giving in Bitcoin and other cryptocurrencies is growing by leaps and bounds. Michael B. Greenwald and Logan Weber explain the risks and benefits.

Although India hoped that taxation would be a step toward regulation rather than a ban, the high tax rates and proposed rules seem to be geared toward dissuading crypto trading.

As businesses wake up to the potential of the metaverse, we ask The Sandbox’s Sebastien Borget whether its creator-driven promise will persevere.

While the government cultivates the booming metaverse industry, experts say laws fail to protect youth from abuse within virtual and digital realms.

Over 1,200 non-fungible token (NFT)-related trademarks were registered in the U.S. in 2021, a 420-fold increase from the previous year, according to data acquired by Finbold. Fast facts More than 400 trademarks were filed in the month of December 2021 while none were filed in January 2021. There were 450 filings in January 2022, a […]

Top blockchain and crypto news: Super Bowl score for digital asset exchanges. CryptoPunks holders face copyright conundrum. Hong Kong warns of NFT risks.

The rapidly growing crypto market could pose a threat to global financial stability, according to a Financial Stability Board (FSB) report published on Wednesday. Fast facts The FSB, an international body that monitors and makes recommendations about the global financial system, identified vulnerabilities related to unbacked assets such as Bitcoin, stablecoins such as USDT and […]

Russia’s Ministry of Economic Development proposed to greenlight crypto mining in regions with steady electricity surplus, local media reported on Tuesday, days before Friday’s expected crypto regulation draft. Fast facts The ministry also suggested introducing taxes for realized profits on liquidated cryptocurrencies earned through mining. Last week, Russia’s central government agencies reached an agreement to […]

A South Korean financial watchdog announced it will strengthen monitoring of new trade assets, including non-fungible tokens (NFTs), in its annual work plan released on Monday. Fast facts The Financial Supervisory Service (FSS) said it will prepare countermeasures against factors that cause damage to consumers in the rapidly growing digital assets market. Earlier this month, […]

SEC Commissioner Hester Peirce, dubbed Crypto Mom, dissented in Monday’s US$100M BlockFi settlement, saying the punishment does not fit the crime.

The biggest-selling NFT collection of all time has two competing versions, threatening to undermine the value of the tokens and faith in the industry itself.

Exchanges say the crypto tax was announced without key directives. While exchanges await clarity, they struggle to figure out their role in the tax system.

Seven executives of scam crypto exchange V Global were found guilty on Friday and sentenced to jail time — but it might not be enough to console victims.

As stablecoins face pressure to adopt traditional safeguards, the industry’s efforts to self-regulate should not be overlooked, writes Charlie Martin of Gro.

The European Commission announced Wednesday it will propose a bill in early 2023 to introduce a digital euro, according to a report by Politico. Fast facts The European Central Bank (ECB) is already experimenting with the digital euro and is expected to begin working on a prototype by the end of next year. A digital […]

The announcement of a crypto tax dispelled fears of a ban but left exchanges wondering whether they may be hurt in the long run.

Russia’s central government agencies reached an agreement to regulate cryptocurrencies by mandating licenses for exchanges and taxing large transactions on Tuesday, shelving concerns of a blanket ban proposed by the central bank last month.  Fast facts Russian business newspaper Kommersant reported the government and the Bank of Russia are preparing a draft law by Feb. […]

The United Nations specialized agency for telecommunications standardization, ITU-T, has approved a non-fungible token (NFT) technical framework proposed by Chinese tech giants including Tencent Holdings and Ant Group, state-owned media reported.   Fast facts The framework, which introduces an NFT standard, proposes technical and security requirements for digital collectibles on the blockchain.  The international standards approved […]

WikiLeaks founder’s legal defense fundraising bonanza. Shiba Inu’s big new leap. NFT fever rises in China.

Decentralized finance has not yet done much real-world good, writes Ben Sheppard. But putting it to work on small infrastructure projects can do just that.

South Korean crypto exchange Bithumb goes for Olympic gold, meanwhile in India clouds cast over crypto tax questions

A U.S. taxpayer fighting the Internal Revenue Service (IRS) over whether newly created tokens are taxable income announced Thursday that he has rejected the government’s offer of a refund in order to force the government to clarify its policy. Fast facts On Thursday, Joshua Jarrett shared on Twitter that the IRS had offered him a […]

While sales volumes on NFT marketplaces thrive, new data show much of this comes from manipulating sales — painting the whole industry in a different light.

CBDCs are vulnerable to hacking and the powers of quantum computing, cybersecurity expert Amnon Samid writes. Central banks must heed the warning.

Australian resources mining billionaire Andrew “Twiggy” Forrest is taking Meta (formerly Facebook) to court alleging the social media giant breached local money-laundering laws by failing to prevent false cryptocurrency advertisements on its platform. Fast facts In legal proceedings lodged in the Western Australia Magistrates Court, Forrest alleges Meta “failed to create controls or a corporate […]

Top blockchain and crypto news: New Delhi’s crypto give and take. Malice in Wonderland? Hong Kong’s selective spot ETF rules.

In a first for the country, the Sovereign Yidindji Government in Australia has issued a CBDC with its first transaction occurring this week.

Indian crypto exchanges are experiencing a surge in trading volume since finance minister Nirmala Sitharaman announced a 30% tax on crypto transfers at the budget session of parliament on Tuesday.  Fast facts Binance-owned WazirX’s 24-hour trading volume has soared by 56.26% while its WRX token price jumped 25.3%, as of press time.  The trading volume […]

Crypto regulations are lagging the market’s needs, and the industry should help create order to gain greater public trust, writes Imgesu Cetin of Defy Trends.

Lawyer for 63,000 XRP investors invites non-US investors to demand a congressional investigation of the SEC for impropriety.

With new products and services being launched and international exchanges setting up camp, crypto startups thrive despite the shadow of a crypto ban.

South Korea’s media regulation agency has launched a council to discuss user protection on the metaverse, including the issue of sexual harassment targeting minors. Fast facts The council, under the Korea Communications Commission, consists of 30 professionals in media, law, technology and industrial management, and will discuss issues in the metaverse such as violence, sexual […]

Crypto regulations run the gamut from wait-and-see to total prohibition. What are the dos and don’ts of smart regulation?

Despite Singapore’s reputation as a crypto-friendly hub, the truth is more complicated. Is the city-state purposely keeping out small companies?

Global NFT sales are exploding in 2022, but experts predict this is only the beginning of a bigger surge in Asia.

Though the world’s most powerful central bank does not stake a position, its discussion paper is a big step toward supporting a future US digital currency.

The U.S. Federal Reserve’s report on central bank digital currencies (CBDCs) released on Thursday did not contain policy recommendations or decisions on digital dollar issuance. Fast facts The paper acknowledged that the Fed will not proceed in creating a digital dollar without clear support from lawmakers, ideally through a specific authorizing law. The Fed said […]

Russia needs new laws for a comprehensive ban on crypto and crypto-related activities within its borders, the Bank of Russia stated in a report published Thursday.  Fast facts The recommendation is the latest in a global cryptocurrency crackdown from China and other Asian nations to the United States, as governments fear instability and loss of […]

Alternative approaches to governance have never been more important, writes Alexander Filatov of TON Labs. Here is how DAOs can change the world.

Presidential candidates from South Korea’s democratic and conservative parties have said on Wednesday that initial coin offerings (ICO) should make a comeback in the nation, as crypto continues to be a key theme in the March elections. Fast facts ICOs have been banned by financial regulator in South Korea since 2017 in a booming cryptocurrency […]

Malaysian exchange will offer equity tokens representing direct shares on the blockchain, claiming it will be the world’s first fully regulated equity-token IPO.

Australian Opens just opened in the metaverse and a Chinese university launches a virtual campus.

Binance’s CEO is now the richest Asian man, but the crypto exchange giant’s presence in Asia—where Binance got its start—is withering under regulatory heat.

Xiamen University of southeast China is warning its staff and students to not use Norton 360 antivirus software for its Ether mining function, citing the nation’s crypto mining ban policy. Fast facts

If 2021 was a breakout year for crypto, this year may mark a similar advance for regulation of the industry, says Caroline Malcolm, Chainalysis’ new policy chief.

Online influencers may be improving crypto-financial literacy for millions of people. But regulators have growing concerns.

Stablecoins and CBDCs will likely co-exist in the city, experts say, as Hong Kong looks to thrive as crypto hub.

Pakistan’s central bank has recommended that all cryptocurrencies should be officially banned in the country, according to multiple local media reports, in response to an ongoing lawsuit before a provincial high court.  Fast facts In a report submitted on Wednesday to the Sindh High Court, which is hearing a case on cryptocurrencies, the central bank […]

Top blockchain and crypto news: Bandwidth bust in Kazakhstan. Binance chief CZ tops rich list. Digital yuan app adoption grows.

The Indian government is mulling the taxation of cryptocurrencies as business income, in a decision which could double the tax burden on investors, according to a local report.   Fast facts Currently, crypto earnings are taxed as capital gains, which stand at 20%, while business income rates reach as high as 42%.  Taxing each crypto transaction […]

Attorneys for Ripple Labs Inc. filed a response with a federal judge Monday asserting the U.S.  Securities and Exchange Commission is misapplying a recent ruling in another case in an attempt to deprive Ripple of an affirmative defense in the ongoing lawsuit, SEC v. Ripple Labs Inc.  Fast facts In Monday’s letter, Ripple argued the […]

The current technologies in use do little to deter crypto money laundering, writes Dr. Mark van Staalduinen. What can nations do about this?

What’s behind the crypto cheerleading by U.S. mayors? Are their city coins savvy moves — or will the bespoke crypto end up worthless?

Christopher Giancarlo, AKA CryptoDad, expects legislators to get comfortable with crypto in 2022 and take a progressive approach to regulation

Some of India’s largest crypto exchanges, including WazirX, blame ambiguity in the regulation of cryptocurrencies for missed tax payments.

Top blockchain and crypto news: CBDCs at the crossroads. A token gesture from Samsung. NFTs survive in China.