Search results: law

Authorities encourage new ways to apply blockchain across various industries, although there’s no room for crypto

Traditional finance evolved over centuries while DeFi is coming into its own in a few years, writes Adi Ben-Ari of Applied Blockchain. Are its risks inevitable?

Two of the largest PC video game stores, Steam and Epic Games, have adopted different approaches to blockchain and non-fungible token (NFT)-based games — Steam has shunned them while Epic is open to it. Fast facts As NFT games like Axie Infinity are soaring in popularity, Valve, which operates Steam, has added games “built on […]

The U.S. could see a long-awaited Bitcoin futures ETF trading on the New York Stock Exchange and the Nasdaq in the next few days. Forkast.News spoke with market watchers to find out what it means for the industry.

Candidates and possible contenders in South Korea’s next presidential election call for delaying a plan to tax virtual assets — currently scheduled to begin in January — in a bid to appeal to millennial and Generation Z voters. Fast facts Lawmakers from both the ruling democratic party and the opposition party have spoken out against […]

South Korean presidential hopefuls lean towards delaying crypto tax to impress younger voters.

As luxury brands eye the virtual realm, Zilliqa co-founder Max Kantelia looks forward to a convergence of desirable objects and digital opportunities.

Hidden mining tracked by IP addresses to state agencies, enterprises, institutions, schools

Ripple, a San Francisco-based blockchain payments company, has joined the Digital Pound Foundation, a non-profit organization supporting the implementation of a digital pound in the United Kingdom, according to a Ripple blog post. Fast facts As a foundation member, Ripple will be represented on the board by Susan Friedman, Ripple’s head of policy. Other foundation […]

Top blockchain and crypto news: Big money heads for Bitcoin. How fishy are Squid Game NFTs? China mothballs mining.

Coinone, one of South Korea’s major cryptocurrency exchanges, is creating a new center to strengthen its anti-money laundering capabilities. Fast facts Coinone announced yesterday it has established an anti-money laundering (AML) center and is making Suspicious Transaction Reports (STRs) to financial authorities. Coinone’s AML Center, along with its partner NH Nonghyup Bank, will conduct know-your-customer […]

Squid game NFTs traded on Opensea, also Bitcoin on a roll

Hong Kong-based digital asset custodian Hex Trust has integrated enterprise-grade public blockchain network Hedera Hashgraph into its Hex Safe custody platform, the company announced today. Fast facts With the integration, Hex Trust’s Hex Safe custody platform will support HBAR — the Hedera network’s native cryptocurrency — and tokens issued using the Hedera Token Service (HTS), […]

An unidentified NFT (non-fungible token) creator with user name 9194C0 on digital marketplace OpenSea has created nearly 2,000 NFTs that replicate the globally popular Netflix series ‘Squid Game’ with some being traded for more than 1 ETH. Fast facts The NFTs replicate a card that appears on the television series inviting the protagonist to join […]

The country’s top economic planner hopes to prohibit investment in what it considers an energy-intensive sector.

Stacks surges after NFT push while Samsung Next invests in Sky Mavis

As international regulators seek to implement oversight, crypto industry players say it is a positive sign that regulators are now considering including stablecoins in banking regulations.

Sri Lanka has formed a panel to recommend a regulatory framework covering the growth of digital banking, blockchain and cryptocurrency mining, the government has announced. Fast facts Developing an integrated system of digital banking, blockchain and cryptocurrency mining is crucial for Sri Lanka to keep up with its regional neighbors while expanding international trade, the […]

As blockchain nodes multiply around the world, the need for interconnectivity has never been greater. John DeVadoss of InterWork Alliance explains why.

As South Korea’s ongoing efforts at regulating cryptocurrency continues, a top financial services official said DeFi (decentralized finance) businesses need legal review before they are officially recognized as providers of financial services such as loan-for-consumption. Fast facts At the National Assembly’s annual review, lawmaker Oh Gi-hyoung, member of the National Policy Committee, asked Jeong Eun-bo, Korea’s Financial […]

Ukrainian President Volodymyr Zelenskyy returned a cryptocurrency bill to Parliament for revision on Tuesday, demanding the National Securities and Stock Market Commission of Ukraine be designated the country’s main crypto regulator. Fast facts The crypto bill had passed the second parliamentary hearing on September 8. Had Zelenskyy signed the bill, it would have made the country the fifth […]

Coinswitch Kuber becomes unicorn meanwhile Australians reminded over crypto tax

South Korea’s finance minister says that while income from virtual asset transactions will be taxed starting Jan. 1, 2022, NFTs (non-fungible tokens) are not to be taxed yet. Fast facts At the National Assembly’s annual review on Wednesday, Minister of Economy and Finance Hong Nam-ki said the government plans to start taxing virtual asset gains […]

Making the most of cybersecurity awareness month, which marks its 18th year this October, the U.S. Department of Justice has announced it is launching a national cryptocurrency enforcement team targeting cybercrime. Fast facts During a virtual speech at the Aspen Cyber Summit on Wednesday, Deputy Attorney General Lisa Monaco said: “Cryptocurrency exchanges want to be […]

Officials are concerned that many investors may not be aware crypto trading is taxed in a similar way to share trading.

The importance of digital privacy, freedom of expression and civil liberties and how Web 3 can protect them.

Kazakhstan blames its newly settled crypto miners for power shortages as South Korea’s largest exchange is accused of listing faulty tokens for profits.

Top blockchain and crypto news: US leads charge in ramping up cybersecurity. Crypto fans crow as Facebook flops. China bears down on metaverses.

Blockchain payments company Ripple has partnered with Qatar National Bank (QNB) to improve cross-border payments and launch a new remittance platform, Ripple announced on Tuesday. Fast facts QNB will pilot RippleNet, a network of banks and other payment companies developed using Ripple’s technology, with QNB Finansbank in Turkey as part of a group rollout, the […]

Brazil’s legislators are expected to discuss in the next few days a bill that seeks to establish a regulatory framework for cryptocurrencies, which may be a major step toward making Bitcoin a legal “payment currency” in the country if approved by the congress. Fast facts Bill 2.303/15, proposed by Federal Deputy Aureo Ribeiro, aims to […]

A lawmaker claims Upbit earned hundreds of millions by listing sketchy cryptocurrencies, while the exchange rebuts that it follows fair and strict standards.

Crypto investors say virtual asset gains will be taxed on uneven grounds compared to stock capital gains.

TikTok, an app that is popular for making and sharing short videos, is jumping onto the non-fungible token (NFT) bandwagon. TikTok placed a full-page advertisement in the New York Times to promote its entry into that market. Fast facts The fast-growing social media platform, which has just surpassed 1 billion monthly users worldwide, announced plans […]

China’s telecom giants to bring digital yuan transactions to mobile chatting boxes.

In a special Q&A, a Canadian law advisor who works with Chinese clients breaks down the ban’s potential legal boundaries and concerns held by overseas Chinese.

The country sees a rise in the amount of illegal currency transactions across the border while the use of virtual assets makes it almost impossible to track down.

Stablecoins combine the portability of crypto with the price stability of fiat currencies. But are they all that stable?

Mainland China’s recent clampdowns on crypto are reverberating beyond its borders. In a special Q&A, former regulator and crypto industry leader Angelina Kwan discusses what this means for Hong Kong.

DeFi benefits from China ban while Gamevil increases Coinone stake

Decentralized wallet imToken is restricting access to some of the services it offers for users in China, in the wake of the latest ban imposed by top Chinese authorities last Friday. Fast facts The company has restricted users in China from accessing and using third-party financial applications, including those from decentralized crypto exchanges, stake mining […]

As Chinese authorities take aim at crypto violations outside mainland borders, Forkast.News asks lawyers in the know: Who is in China’s line of fire?

Ripple, a San Francisco-based blockchain payments company currently embroiled in litigation against the U.S. Securities and Exchange Commission, has launched a US$250 million “creator fund” for content creators, brands and marketplaces to build non-fungible token (NFT) use cases on the XRP Ledger, according to a company blog post. Fast facts Ripple’s latest move to expand […]

NH Nonghyup is the third bank in South Korea to invest in a virtual asset custody service while they are prohibited from running their own.

The U.S. Commodity Futures Trading Commission has slapped a US$1.25 million fine on Kraken, one of the largest cryptocurrency exchanges in the U.S., for Commodity Exchange Act (CEA) violations, the CFTC announced yesterday. Fast facts The CFTC, in its settlement with Payward Ventures Inc., the San Francisco-based company doing business under the name Kraken, said […]

China fallout hits mining meanwhile Korea digital custody competition heats up

China saw a fivefold increase in blockchain patents last year despite the Covid-19 shutdown.

China’s crypto ban is part of a global battle over freedom and ideology, writes Michael B. Greenwald. How can the US lead the world in a different path?

China’s earlier efforts to eradicate mining may not have been as effective as the government had hoped, but Friday’s announcement is having an impact.

South Korea’s virtual asset industry is expected to withstand major regulatory reconstruction

Amid China’s new clampdown, why is DeFi surging and the RMB-to-crypto market important? Sam Bankman-Fried analyzes what it all means and why FTX is leaving Hong Kong for a new home.

China’s intensified crackdown on cryptocurrency leaves service providers looking to stay compliant with Friday’s abrupt announcement.

How is China’s latest clampdown on crypto different from its previous bans — and how do authorities plan to catch the scofflaws? Henri Arslanian of PwC breaks it down.

Around 35 virtual asset exchanges will vanish as of midnight Friday, as the country imposes new rules designed to protect consumers.

D-day for Korean crypto exchanges meanwhile e-CNY project speeds up

While a US digital dollar is stuck at pole position, China’s digital yuan is nearing the finish line. Michael B. Greenwald of Tiedemann Advisors explains why it matters to the future global economy.  

China may be a small step closer to internationalizing the yuan, though its central bank says the e-CNY is now mostly tested for domestic use.

SushiSwap, a Japanese decentralized exchange, has dismissed the claims of a white hat hacker who says two contracts on the exchange have a vulnerability that puts US$1 billion worth of user assets at risk. Fast facts An anonymous white hat hacker published a report on Thursday claiming there is a loophole in the emergency withdrawal […]

Amber Group, a Hong Kong-based crypto financial services company, is eyeing a direct listing in the U.S. within the next two years, Amber Group co-founder and CEO Michael Wu told the South China Morning Post in an interview. Fast facts Founded in 2017, Amber Group propelled to unicorn status this year following its US$100 million Series […]

The country’s crypto industry has been turned upside down with stricter operating rules that take effect tomorrow.

VC names jump in on NFTs meanwhile crypto investors brush off Evergrande

The property market is increasingly expensive and out of reach for today’s younger generation. Digital land sales may hit home with some buyers.

Ripple’s win in Bhutan comes as it suffers a setback in a US court as judge rebuffs Ripple’s request for SEC’s internal trading decisions over XRP.

Why is content moderation a cosmically huge problem, do humans need to be involved and how can the decentralized web ensure it’s a place for everyone.

Top blockchain and crypto news: Evergrande end-game roils crypto markets. SEC takes aim at stablecoins. How close is China’s digital yuan to the finish line?

Nirmala Sitharaman says ‘a futuristic thing can’t be shut out’ as the country considers crypto regulation, including a possible blanket ban.

Following similar moves in Singapore, embattled crypto exchange Binance — the largest in the world by trading volume — is ending its derivatives trading in Australia by year’s end, according to a company blog post on Tuesday. Fast facts Aussie traders will have 90 days to reduce or close their positions on options, futures and […]

Blockchain and parametric insurance offer a bigger safety net for the world’s most vulnerable, writes Jan Stockhausen of Etherisc. Here’s how it works.

Upbit can operate as a virtual monopoly as it becomes the country’s first licensed business to handle cryptocurrencies.

Upbit passes Korea crypto race post meanwhile P2P transactions surge in India

Black Friday for Korean exchanges while E-CNY launch in final stretch

All but four platforms in South Korea obligated to announce the suspension of their services by today.

AVAX and SHIB outperform Bitcoin, which gained in price but shied from the $50K mark.