Search results: law

As Cardano’s Alonzo upgrade goes live, founder Charles Hoskinson of IOHK calls DeFi a ‘bubble.’ How does he think the regulation that is sure to come will reshape DeFi in the future?

Canaan reports record revenues meanwhile Korea says no to crypto tax delay

Blockchain Association Singapore (BAS) and Singapore’s National Trades Union Congress (NTUC) U Care Fund today announced their inaugural non-fungible token (NFT) charity auction event, Blockchain For Good, which will take place Oct. 4 to 10. Fast facts The charity initiative — supported by a wide range of companies including Singapore Airlines, Amazon Web Services Inc., […]

South Korea’s finance minister Hong Nam-ki gave a firm “no” at the National Assembly to lawmakers asking for crypto taxation to be delayed until the industry is fully prepared. Fast facts Minister Hong insisted the plan to tax capital gains from cryptocurrency transactions should be executed as planned. The amended tax law stipulates that crypto […]

Blockchain-based Service Network (BSN) soft launch is the first attempt to roll out the state-backed ‘internet for blockchain’ outside of the Chinese mainland.

As the trading volume in non-fungible tokens begins to slow down from recent record heights, leading NFT marketplace OpenSea has been rocked by an insider trading scandal involving a senior team member. Fast facts The company, dubbed “the eBay of NFTs,” issued a statement yesterday acknowledging it became aware on Tuesday that an employee had […]

Solana validators complete restart also Laos ends crypto ban

SOL had been on a tear but is now losing ground. Is Solana a victim of its own success — or does the network have deeper problems?

The government of Laos has authorized six firms to trade and mine cryptocurrencies, ending a ban imposed in 2018, according to a recent notice from the prime minister’s office.  Fast facts Laos had implemented a complete ban on cryptocurrencies three years ago, including on trading and mining activities. As recently as last month, the country’s […]

Financial authorities reveal an updated list of virtual asset platforms that have complied with new regulations.

Scams and fake news have long dogged the crypto world. This week saw two major blockchain companies and a global retailer get swept up by hack rumors or hoaxes.

Ahead of the U.S. Banking Committee’s hearing on the “Oversight of the U.S. Securities and Exchange Commission” today, SEC Chairman Gary Gensler reiterated his call for crypto platforms and projects that have securities to register with the agency. Fast facts In prepared remarks, Gensler emphasized the concerns he sees over the lack of investor protection […]

In this Forkast.News explainer, learn why blockchains with smart contract capability are surging in popularity and the new darlings of investors.

Cardano smart contracts set for Sunday also CrossTower launches in India

In another example of harnessing blockchain technology in the legal world, the Zhejiang Patent Office launched China’s first intellectual property blockchain certification platform on Thursday in Hangzhou, Zhejiang Province’s capital city. Fast facts The platform provides users with a blockchain certification after they upload pictures or description documents of their original creation, such as art […]

Payments giant Mastercard announced it is extending its reach into the realm of cryptocurrency with the acquisition of CipherTrace, a blockchain analytics startup, for “greater security, transparency and trust to digital assets across the ecosystem.” Fast facts CipherTrace, which calls itself the world’s first blockchain forensics team, provides cryptocurrency tracking and investigation services. It launched an […]

Billionaire investor Mark Cuban says Coinbase should “go on the offensive” against the U.S. Securities and Exchange Commission in its feud over high-yield savings account Lend. Brad Garlinghouse, CEO of Ripple — which is itself embroiled in ongoing litigation with the SEC — quipped “Welcome to the party” in a GIF tweet. Fast facts In […]

Ripple wants to know how SEC regards Bitcoin, Ether and XRP, but SEC says Ripple is repeating the same questions as ‘they do not like the answers they received.’

As most of the market saw a 10% to 15% dip in the past 48 hours, Solana (SOL) has defied that trend, crossing the US$200 mark for the first time and becoming the new sixth-largest coin by market cap a few hours ago, according to data from CoinMarketCap.com. Fast facts SOL was trading at US$205.27 […]

Following crypto’s adoption in one struggling economy, nations in Latin America and elsewhere are now weighing the pros and cons of digital currency

What was internet censorship like in the early days, how has it changed, and what role does decentralization play.

Smaller virtual asset exchanges ask for mercy as a deadline looms to commit to Korea’s new standards.

Bitcoin price plunges however Metaverse actions heats up in China

Top blockchain and cryptocurrency news: El Salvador’s BTC experiment. EthereumMax and the power of celebrity. Hong Kong shores up regulatory oversight.

Despite significant losses across the board, industry experts are not too concerned, seeing the plunge as normal market behavior.

Crypto platform CEO claims regulators use ‘intimidation tactics behind closed doors’ by refusing to provide clarity.

The Central American nation opens up the next chapter in the history of the world’s biggest cryptocurrency.

Hyperithm, a crypto investment trust company in South Korea, acquired an Information Security Management System (ISMS) certification — a requirement Korean authorities say every virtual asset operating business must secure. Fast facts Hyperithm is the first virtual asset brokerage in South Korea to be certified for information security by a public institution. Hyperithm’s announcement shows […]

Only 21 out of 60 exchanges are expected to continue their services in Korea.

The American football league’s 32 teams cannot sell NFTs or accept backing from crypto trading firms — at least for now.

It’s hard to move forward on a CBDC when those in charge can’t agree. Is time running out for an American digital dollar?

In another sign of increasing regulatory pressure on the crypto industry, the U.S. Securities and Exchange Commission is investigating Uniswap Labs, the developer behind the decentralized exchange of the same name, the Wall Street Journal reported on Friday. Fast facts Citing people familiar with the matter, the report said the SEC is seeking information on […]

Gajesh Naik and Laya Mathikshara, two Indian 13-year-olds, are getting global recognition — and making astronomical sums — through their ventures in crypto and NFTs.

Too small to fight as individuals, Binance users are now banding together to take on the world’s largest crypto exchange in arbitration. David Kay of Liti Capital explains how it’s done.

Deadline looms for Korean exchanges as Doge meme valuation explodes

Crypto trading platforms rush to meet a Sept. 24 deadline, hoping to comply with new rules designed to protect investors.

OKEx, the world’s second-largest crypto derivatives exchange by trading volume, is amplifying its decentralized finance (DeFi) efforts by launching its DeFi Hub, along with a non-fungible token (NFT) marketplace. Fast facts OKEx has launched DeFi Hub, a platform that offers users the ability to view and manage decentralized assets across major blockchain networks and DeFi […]

After only four months in the position, “Crypto Dad” Chris Giancarlo is stepping down from BlockFi’s board of directors, according to a recent press release. No reason for Giancarlo’s departure has yet been provided, though he apparently will continue to provide strategic counsel to the firm in an advisory role. Fast facts Ellen-Blair Chube, Managing […]

The founder of the now-defunct crypto exchange BitConnect is being sued for a US$2 billion “textbook Ponzi scheme” by the U.S. Securities and Exchange Commission, according to a Reuters report. Fast facts The SEC alleges BitConnect’s founder Satish Kumbhani, an Indian citizen, lied about the exchange’s ability to earn 40% returns on investments of BitConnect’s […]

Top blockchain and crypto news: Does TBD stand for Twitter Boss Decision? NFTs’ ballooning interest. How billions in e-yuan are coursing through China.

China’s BSN to launch in South Korea portal as Chinese Canaan secures huge mining rig orders

The Securities and Investments Commission warned against investing in digital-asset financial products. Some say the warning lacks specifics.

A week out from El Salvador’s adoption of BTC as legal tender, the country’s legislative assembly has approved a US$150 million trust to help facilitate exchange between BTC and the U.S. dollar – the nation’s current official currency, according to a report by local newspaper El Diario de Hoy. Fast facts Last week, Forkast.News reported […]

FOMO Pay, a Singapore-based fintech company, announced today that it has obtained a license from the Monetary Authority of Singapore (MAS) to provide Digital Payment Token Service — the first such approval out of 170 applicants for the city-state that is rapidly becoming a global crypto hub. Fast facts FOMO Pay said it had been […]

As its first international expansion, China’s Blockchain-based Service Network is launching a portal in Korea. Who are the key players, and where else in the world will BSN emerge this year?

Blockchain is helping with cross-examinations in China while bolstering chain of custody for evidence in Taiwan. Is Asia ahead of the technological legal curve?

The battle over discovery escalates between SEC and Ripple over what might have been said about the XRP at Ripple’s all-hands meetings since 2014. Will there be popcorn?

Three of South Korea’s four major exchanges have launched a joint venture to develop solutions for complying with the Financial Action Task Force’s (FATF) crypto travel rule. The travel rule sets a global standard for virtual asset service providers to combat money laundering and terrorist financing and requires exchanges to collect information on senders and […]

Though crypto is not yet part of daily life, it may be a matter of time, writes Simon Yu of StormX. Here are the keys to the industry’s long-term success.

Korea’s love for crypto continues while Crypto exchange Bilaxy hacked

New data shows increasing deposits made by teens in virtual currency despite new rules that may close down many platforms in less than a month.

Korea’s new FSC chair speaks meanwhile Axie Infinity to work with governments

A looming deadline for crypto exchanges in South Korea to either meet new compliance requirements or face closure will not be extended, the country’s newly nominated chief financial regulator says. The rules are designed to improve investor protection and transparency in crypto transactions, but many exchanges have been calling for a longer grace period. Fast […]

Axie Infinity, one of the world’s most popular non-fungible token (NFT) games, tweeted that it is “looking forward to working with physical nations” and called for its digital users to abide by the laws of their home countries, presumably a reference to local tax laws. Fast facts The tweet came just days after the Philippines government stated […]

In a special Q&A, an Antinalysis spokesperson reveals the source of the company’s controversial data and disputes that it’s for criminals. ‘Privacy is a human right.’

24 out of 63 digital currency exchanges in South Korea are not expected to meet new compliance requirements and will most likely be shut down in less than a month.

The Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre and the Hong Kong Monetary Authority (HKMA) are collaborating on Project Genesis — a green finance project for the tokenization of green bonds using blockchain technology, according to a BIS statement. Fast facts Project Genesis — the BIS Innovation Hub’s first green finance project […]

Bitcoin ATM operators DigitalMint and Coinsource are joining blockchain analytics company Chainalysis to form the Cryptocurrency Compliance Cooperative (CCC). The mission of the CCC is to bolster compliance standards and protect consumers in the cash-to-cryptocurrency industry. Fast facts Leaders in the cash-to-crypto business say they are on the mission to create a safer environment for […]

What is DeFi, why it’s poised to enable financial inclusion, and how the showdown between decentralized finance and regulators is taking shape.

The previous version of Antinalysis, which was based on the AMLBot API, was shut down but within a week it has respawned not just on the darknet but also on the clearnet.

In a legal first for the region, the Guangzhou Intermediate People’s Court used a new blockchain system in a lending dispute case so the parties can submit evidence and do cross-examination online. Fast facts The “blockchain electronic cross-examination system” allows each side to upload its evidence online. The opposing party, under the judge’s supervision, can cross-examine the […]

The magazine unveils two digital-only covers as well as fashion, beauty and design NFTs, all for sale in a new metaverse.

Professor jailed for crypto scam while Cryptopunks trading volume soars

As the crypto hashrate continues to recover, miners will likely have to work harder for their coins.

Ripple also challenges SEC’s use of ‘deliberative process privilege’ to prevent agency documents on Bitcoin, Ethereum and XRP from disclosure.

Circle, issuer of the world’s second-largest stablecoin USDC, has announced plans to be 100% backed by cash and short-term U.S. Treasuries by September. The company’s most recent attestation showed USDC’s US$22.2 billion supply was backed by only 61% “cash and cash equivalents.” Fast facts Circle had indicated earlier in the month that it wishes to […]

In preparation for El Salvador adopting Bitcoin as legal tender, the nation is rolling out 200 ATMs and preparing 50 bank branches across the nation to allow residents to exchange crypto for fiat easily, President Nayib Bukele has announced over the weekend via Twitter. Fast facts With El Salvador’s Bitcoin adoption bill coming into effect […]

Upbit submits compliance report: China’s e-CNY trials broaden

Despite a looming compliance deadline, currently there are no crypto exchanges in South Korea that meet the new government reporting requirements to continue operating, according to financial authorities. Fast facts The Financial Services Commission (FSC) revealed through a press release that none of the domestic cryptocurrency trading platforms have successfully complying with the nation’s new […]

The Ontario Securities Commission (OSC) is seeking to bring an enforcement action against Aux Cayes Fintech Co. Ltd., which operates the OKEx platform, for allegedly violating Ontario securities law, according to a statement. Fast facts According to the statement of allegations filed by the OSC’s enforcement team on Aug. 18, Seychelles-incorporated Aux Cayes — which […]

TRON founder Justin Sun’s social media account on Weibo, China’s Twitter-like microblog platform, appears to have been blocked again, along with the accounts of several other cryptocurrency-related interests. Fast facts TRON is a blockchain with a cryptocurrency native to the system founded by Sun in 2017. Sun, 31, has been active on social media, and […]

Crypto traders who suffered losses on Binance due to tech outages are turning to arbitration and crypto litigation finance.