CRYPTO
Microsoft developing Web3 wallet for Edge browser
Microsoft is reportedly creating a Web3 wallet for its Edge browser that supports both cryptocurrencies and NFTs. The wallet is said to be noncustodial, with no access to passwords or recovery keys, and will feature integration with crypto exchange Coinbase and Web3 infrastructure firm MoonPay.
Thailand SEC Considers Ban on Crypto Staking and Lending
Thailand's SEC is seeking public comments on a draft regulation that would ban virtual asset service providers from offering or engaging in any crypto staking or lending activities.
US Crypto Holders Trust Banks and Exchanges for Custody
A recent survey by Paxos revealed that a majority of US crypto holders still trust banks, exchanges, and mobile payment apps for custody of their assets. Despite high-profile collapses and poor risk management practices, crypto owners continue to trust intermediaries for holding crypto assets. The survey also found an increasing desire among consumers to purchase Bitcoin and other digital assets from traditional banks, presenting a significant untapped opportunity for banks to expand their offerings.
India Implements AML Standards on Crypto
The Indian government has imposed anti-money laundering (AML) standards on crypto, subjecting a range of crypto transactions to the Prevention of Money-Laundering Act (PLMA) 2002. The PLMA obliges financial institutions to maintain a record of all transactions for the last ten years, provide these records to officials if demanded, and verify the identity of all clients. The notification will complicate the life of crypto companies in India, as regulators worldwide are tightening AML standards for crypto.
DeFi Suffers $21M in Losses from Exploits
Decentralized finance (DeFi) platforms lost at least $21 million in February due to a series of exploits including flash loan reentrancy attacks, price oracle attacks, and other hacks across seven protocols. Noteworthy incidents included the reentrancy attacks on Platypus Finance and dForce network, the price oracle attack on BonqDAO, and the smart contract exploit on Hope Finance. These incidents follow a report by Chainalysis revealing that DeFi platforms lost $3.1 billion to hacks in 2022.
UAE's Ras Al Khaimah to Launch Free Zone for Virtual Asset Companies
Ras Al Khaimah in the UAE is launching RAK Digital Assets Oasis, a free zone for digital and virtual asset companies. The purpose-built zone will support emerging technologies in the virtual assets sector, including blockchain, NFTs, and DApps. The free zone is set to open for applications in Q2 2023.
FTX Japan Users Withdraw Funds Amidst Legal Battle
FTX Japan users have begun withdrawing all their funds after the slowdown in fund withdrawals due to Binance liquidating its FTX Token (FTT) holdings. While FTX Japan resumed withdrawals on Feb. 21, the legal battle with Sam Bankman-Fried (SBF) continues.
Crypto Industry Increases Lobbying Efforts During Crypto Winter
A new study by the Money Mongers reveals that the crypto industry spent $25.57 million on lobbying in the United States in 2022, a 922% increase from 2017. Coinbase, the U.S.-based crypto exchange, led the spending with $3.3 million, followed by the Blockchain Association with $1.9 million and Robinhood with $1.84 million. Despite the increase in lobbying efforts, the overall expenditure of crypto companies on lobbying in America is modest compared to other industries.
Suspected Hackers Move Stolen Funds to Sanctioned Crypto Mixer
The suspected hackers behind the $6 million exploit of Lendhub have moved more than half of their ill-gotten gains to the sanctioned crypto mixer Tornado Cash. The on-chain intelligence firm Beosin reported that a total of 3,515.4 ETH, currently worth over $5.7 million, has been sent to Tornado Cash by the exploiter since Jan. 13. Tornado Cash attempts to anonymize Ethereum transactions, and was sanctioned by the US Office of Foreign Assets Control (OFAC) for its alleged role in the laundering of crime proceeds.
Satoshi Nakamoto's last unfinished project inspires this new online marketplace disruptor in the crypto space
A fork of Bitcoin, known as Particl, has announced the completion of an eBay-style marketplace that’s been integrated into its wallet. Built using blockchain smart contracts, the marketplace is derived from an original concept first proposed by Satoshi Nakamoto.
Coinbase Leaves Japan After Trade Collapse
Coinbase announced its Japan exit on Jan. 18. Customers have a month to remove money and crypto from the site. After February 17, Coinbase Japan users' crypto holdings will be automatically converted to yen (JPY). From Jan. 20, fiat currency deposits are unavailable.
Thai SEC Regulates Crypto Custody Providers
New crypto custody guidelines from Thailand's Securities and Exchange Commission (SEC) safeguard bitcoin investors. VASPs must put up a digital wallet management system to ensure efficient custody under the new laws. Designing, implementing, and maintaining digital wallets and keys need VASP policies.
Cred Claims Uphold Exchange Owes Millions
Uphold denies owing $784 million to the liquidation trust of collapsed crypto investment platform Cred. Crypto lending provider Cred entered Chapter 11 bankruptcy in November 2020. Cred's liquidated trust filed an adversary lawsuit against Uupold and two associates in June. It stated that Uupld promoted CredEarn with Cred co-founders and owed $783.9 million.
El Salvador's Crypto Law Allows Bitcoin-Backed Bonds
Legislation authorizes a Bitcoin-backed bond to pay down national debt and build "Bitcoin City". After President Bukele ratifies the measure, it will become law. The bonds are expected to generate $1 billion for the government, half of which would fund the special economic zone.
Reap Leverages Fireblocks to Enable Crypto Repayments with the Reap Card
Reap, the global fintech company powering expense management through the industry first Reap Visa Corporate Card (“Reap Card”) platform, launches industry-leading innovation by including cryptocurrency repayments functionality for the Web3 industry. Together with the Reap Card, Reap is offering expense management software that will enable web3 companies to settle their fiat payments with cryptocurrencies.