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Policy and Legal
Since the emergence of Bitcoin, policies and laws around cryptocurrencies has been controversial. Some countries have started to embrace digital currencies, while others have decided to ban digital assets altogether. Lawmakers and policymakers are beginning to evaluate the benefits of cryptocurrencies, while also raising concerns.
Since the emergence of Bitcoin, policies and laws around cryptocurrencies has been controversial. Some countries have started to embrace digital currencies, while others have decided to ban digital assets altogether. Lawmakers and policymakers are beginning to evaluate the benefits of cryptocurrencies, while also raising concerns.
Legal Team Requests Temporary Release of Samuel Bankman-Fried for Upcoming Trial
Samuel Bankman-Fried's legal team has formally requested his temporary release for the upcoming trial, citing the need for adequate preparation due to the case's complexity. The letter outlines stringent conditions for the release and also raises concerns about Bankman-Fried's medication.
Crypto.com's $10.5 Million Mistake Leads to Legal Fallout for Australian Couple
A Melbourne couple faces legal repercussions after Crypto.com mistakenly transferred $10.5 million AUD to their bank account. Thevamanogari Manivel and her partner, Jatinder Singh, allegedly spent the funds on property and other assets. Manivel has been sentenced to an 18-month community corrections order, while Singh is set to face a plea trial on October 23, 2023.
SEC Files Motion Against Terraform Labs and Luna Founder Do Hyeong Kwon
The SEC has filed a motion in the United States District Court for the Southern District of New York against Terraform Labs and Do Hyeong Kwon. The commission is seeking the court's permission to notice a deposition from Kwon or to preclude the defendants from using a declaration from him. The defendants have until September 26, 2023, at 12:00 pm to respond.
Gala Games Assures 'Business as Usual' Despite Founders' Legal Battle
Gala Games co-founder Eric Schiermeyer has filed a derivative shareholder lawsuit against co-founder Wright Thurston and True North United Investments, LLC. The company assures transparency and accountability, stating the disputes are primarily between the founders and not involving the company.
SEC's XRP and Grayscale Bitcoin ETF Cases Challenged by US House Majority Whip Tom Emme
House Majority Whip Tom Emmer criticizes the US Securities and Exchange Commission's (SEC) approach to cryptocurrency regulation, citing legal losses against Ripple and Grayscale. Emmer questions the agency's treatment of Bitcoin futures ETFs and spot ETFs, adding to ongoing debate.
Bankruptcy of FTX Incurs Over $200 Million in Legal Fees
An independent auditor has examined the legal fees incurred during the initial months of FTX's bankruptcy, revealing a staggering amount exceeding $200 million. The auditor justifies these significant fees, considering the monumental nature of the task at hand.
Coinbase vs SEC: Legal Battle Heats Up
The US Court of Appeals has ordered the SEC to respond to Coinbase’s writ of mandamus within 10 days. The largest US cryptocurrency exchange filed a lawsuit in April requesting regulatory clarity, but has faced increased enforcement and warnings from the SEC, leading to a downgraded rating by Citigroup.
Bored Ape Yacht Club wins legal battle
Bored Ape Yacht Club (BAYC) creator Yuga Labs has won a legal battle against copycat non-fungible token (NFT) project RR/BAYC. The United States District Court found that the co-creators of RR/BAYC had infringed Yuga Labs’ trademarks, and Yuga Labs is entitled to an injunction and damages. In other news, Mandala Metaverse has chosen Polkadot to host its first major NFT drop, Final Fantasy developer Square Enix has partnered with Elixir Games for blockchain gaming, and a free-to-play multiplayer NFT cricket strategy game called Cricket Stars has launched on the Tezos blockchain.
Bored Ape Yacht Club wins legal battle, Mandala Metaverse selects Polkadot, Square Enix partners with Elixir Games, and Cricket Stars launches on Tezos
Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) NFT collection, have won a legal battle against Ryder Ripps and Jeremy Cahen, the creators of the RR/BAYC NFT collection. Mandala Metaverse has chosen Polkadot to host its first major NFT drop, called the "Cryptonauts". Square Enix has partnered with Elixir Games to bring blockchain gaming to the mainstream. Cricket Stars, a multiplayer NFT cricket strategy game, has been launched on the Tezos blockchain.
Terra co-founder indicted for forging legal documents
The Prosecutor’s Office of the State of Podgorica has indicted former Terraform Labs co-founder Do Kwon for allegedly forging legal documents. Kwon was arrested in March after allegedly attempting to board a flight to Dubai with fake documents. Han Chang-jun, Terraform’s former CFO, is facing similar charges.
Bittrex Faces Potential Legal Action from US SEC
Bittrex, a US-based cryptocurrency exchange, may face legal action from the US Securities and Exchange Commission (SEC) over alleged violations related to investor protection, despite preparing to shut down its local operations.
Law Firm Pleads with Shaquille O Neal to Acknowledge Legal Complaint
The Moskowitz Law Firm has made a public plea to Shaquille O’Neal to acknowledge its legal complaint on behalf of FTX investors regarding his previous endorsement of the now-defunct crypto exchange. The firm has been standing outside TNT studios in Atlanta all week to serve him, but his security guards have not allowed them in. O’Neal is the only one among the FTX celebrities who has not yet been served.
Celsius Network Considers Legal Action Against Crypto Blogger
Celsius Network is considering taking legal action against crypto blogger Tiffany Fong for leaking internal information regarding the company’s bankruptcy case. Fong has been reporting on the bankruptcy case via YouTube and social media platforms, sharing leaked internal information allegedly provided to her by disgruntled former Celsius employees.
Terraform Labs CEO Sends Millions to Law Firm Before Collapse
Terraform Labs CEO, Do Kwon, sent millions to a South Korean law firm right before the company's collapse. Prosecutors believe Kwon's actions were deliberate and prove his awareness of the impending collapse and anticipated legal problems. Kwon is currently facing extradition to both the United States and South Korea, and prosecutors suspect he converted illegal funds from Terra to Bitcoin. Prosecutors have identified over $314 million in illicit assets associated with Kwon and his associates.
Sango Coin Listing Delayed in Central African Republic
The launch of the Central African Republic's Sango Coin has been postponed for a few weeks due to legal and regulatory obstacles. The Sango Project, which is behind the initiative, stated that the delay is necessary to ensure compliance with all relevant regulations.
US District Judge Rules in Favor of Custodial Arrangement for bZx DAO Members
A US district judge has ruled that bZx DAO transactions are custodial due to the ability for developers to upgrade a smart contract where the key is held by a single developer, as highlighted in a class-action lawsuit against bZx DAO and others. This may impact DeFi platforms that use multisigs and require them to obtain custody licenses to comply with the law.
SEC Scholars Program Opens Applications for Fall 2023 Internship
The SEC is accepting applications for its Scholars Program for Fall 2023. The program offers internships for undergraduate and graduate students in business and legal programs. The traineeships are paid and range from $15.09 to $35.27 per hour. The SEC encourages students with an interest in blockchain, computer science, and cybersecurity to apply.
Utah Passes Law Recognizing Decentralized Autonomous Organizations
The Utah State Legislature has passed the Utah Decentralized Autonomous Organizations Act, providing legal recognition and limited liability to DAOs, also known as "Utah LLDs". The act defines ownership, protects anonymity, and introduces quality assurance protocols.
South Koreans transacted $4.3 billion through illegal crypto exchanges
In 2022, South Koreans transacted $4.3 billion through illegal crypto exchanges, comprising almost 70% of all illicit money traffic captured by officers. The transactions aimed to purchase foreign virtual assets to sell in the country later due to the South Korean regulatory regime isolating the local market.
Colombia Holds Landmark Virtual Court Trial in Metaverse
Colombia's Magdalena Administrative Court conducted a trial in the metaverse on February 15, with participants appearing as avatars in a virtual courtroom. The trial involved a traffic dispute brought by a regional transport union against the police and lasted two hours. The verdict could also be given in the metaverse. Colombia is one of the first countries to test legal proceedings in the metaverse.
Israeli Securities Regulator Seeks Crypto Legal Framework
ISA proposes digital asset regulation. Over 150 firms operate in Israel, and more investors are exposed to digital assets. Over the years, the authority has formed many committees to control cryptocurrency supply and encourage digital markets. It also requires digital asset issuers to publish a prospectus-like document before issuance or trade. After Israel's top economist urged for a more comprehensive regulatory framework to align trading platforms and crypto issuers.
Australian regulator sues Finder.com for crypto yield offering
Australia's financial services authority is suing Finder.com for selling a bitcoin yield-bearing instrument without a license. Finder disputes ASIC's accusation that a registered exchange product was unlicensed, but it hasn't said whether it would contest the complaint. After Block Earner last November, it's the regulator's second domestic crypto income product supplier. ASIC sued Finder.com for selling three crypto-backed fixed-yield products without an AFS license. The regulator's third action against crypto financial products and businesses in three months. When asked whether it will fight the action, Finder declined to respond.
Celsius Network Charged Over $3M in Legal Fees
Beleaguered crypto lending platform Celsius Network has incurred more than $3 million in legal fees, according to a filing.
Tornado Cash's Alex Pertsev to Remain in Custody as Appeal Was Rejected
Legal authorities in the Netherlands have rejected the appeal to release Alexei Pertsev, the chief developer of the Tornado Cash protocol was arrested and remanded by Dutch Authorities shortly after the United States Treasury Department sanctioned the protocol
Former OpenSea Staff Asks Court to Withdraw Insider Trading Charges
Following the indictment of Nathaniel Chastain, a former Head of Product at the NFT marketplace OpenSea, a new petition has now been filed by his lawyers, requesting the court to dismiss the case as it lacks merit.
Binance.US To Delist AMP following SEC’s Claim Token as Security
Binance.US has announced that it will delist AMP following last week’s news that the SEC mentioned the token as a security.
Coinbase Facing SEC Probe over Crypto Listing: Sources
Coinbase is reportedly facing a probe from the US SEC into whether it improperly let Americans trade digital assets that should have been registered as securities.
Heather Morgan of Bitfinex Crypto Heist Cleared to Seek Proper Employment
American rapper and entrepreneur Heather Morgan, the defendant in the crypto fraud case of Bitfinex 2016, has been permitted by a judge to seek proper employment.
Andorra to Ratify Digital Assets Adoption with Crypto Law
Andorra, or 'the Principality of Andorra', is contemplating regulations of digital assets and other blockchain technologies. Its parliament is debating on relative amendments before turning them into a draft.
Ripple's CEO Discloses to Spend over $100m Fighting Legal Battle with SEC
Brad Garlinghouse, Ripple's CEO, has disclosed that the company will need to spend over $100 million on lawsuits with the US Securities and Exchange Commission (SEC) for regulation issues.
Voyager Digital Executives Threatened by Clients, Revealed in Bankruptcy Hearing
Senior executives of crypto broker Voyager Digital and their families were reportedly threatened by their clients, a court in Manhattan revealed.
Crypto Expert Explains the Fear and Excitement in CAR of Accepting Bitcoin as Legal Tender
Exclusive Interview: Blockchain.News invites Marie Tatibouet, the Chief Marketing Officer, at Gate.io cryptocurrency exchange, to discuss the pros and cons of Bitcoin adoption in the Central African Republic and propose a way how crypto can be adopted in the region.
IMF Warns Countries against Adopting Cryptocurrency as Money
The global regulator has renewed its warning against the use of Bitcoin as legal tender.
South Korea’s Crypto Market Gears up to Legitimacy, With Banks Eyeing a Share of the Cake
With the incoming South Korean President, Yoon Suk-yeol, pledging the easing of crypto regulations, the market is on a solid path to being significantly legitimized.
El Salvador Tourism Sector Surges 30%, Benefit from Adopting Bitcoin as Legal Tender
El Salvador is leaping the dividends of making Bitcoin legal tender. The nation’s tourism industry has recorded a 30% surge since this milestone was attained in September 2021.
The IMF Urges El Salvador to Abandon Bitcoin as Legal Tender
The International Monetary Fund (IMF) is concerned about the risks of El Salvador's issuance of bitcoin-backed bonds, urging El Salvador to terminate bitcoin as legal tender as soon as possible.
India Accuses WazirX of Tax Evasion, Future of Local Crypto Sector Remains Unclear
India’s largest cryptocurrency trading platform, WazirX, has been accused by the country's authorities of tax evasion worth $5.4 million.
Bitcoin will Reach $100K in 2022: Nayib Bukele Predicts
El Salvador President Nayib Bukele released on his official Twitter on January 2 his bullish forecasts for bitcoin in 2022. Among them, Nayib Bukele believes that the bitcoin price will reach a high of $100k in 2022.
European Digital Currencies Soon to Become Legal Tenders, ECB Says
Central Bank Digital Currencies may soon become legal tenders in their jurisdictions as planned by major central banks in Europe as officials are currently studying such initiatives.
Despite Regulatory Uncertainty, Ripple Is Launching Crypto Liquidity Service for Financial Firms
Ripple has announced that it is launching a liquidity hub that would allow financial services companies to provide their customers access to a range of cryptocurrencies.
Zimbabwe’s Government Consulting Private Sector on Adopting Crypto as Legal Tender
A key government official has revealed that Zimbabwe is considering legalizing cryptocurrency as a payment service.
US DOJ Launches National Crypto Enforcement Team
The US DOJ has unveiled establishing a National Cryptocurrency Enforcement Team (NCET), a law enforcement task force fighting crypto crime.
Ripple Labs Breathes Sigh of Relief as Federal Judge Wants XRP Token Holders to Present their Views
US district judge Analisa Torres has finally rejected the SEC’s appeal against letting XRP holders intervene in the ongoing legal case.
El Salvador's Chivo Wallet Welcomes 2.1M Users in 3 Weeks
El Salvador's President Nayib Bukele said as many as 2.1 million users are now actively using the Chivo wallet.
Panama Looks to Legalize Bitcoin and Ethereum in Line with El Salvador
Panama has introduced a crypto bill with the aim to legalize Bitcoin and cryptocurrencies.
El Salvador Embraces Virtual Currency Era, Nayib Bukele: Just Bought 200 New Bitcoins
Central American nation El Salvador officially adopts Bitcoin as legal tender Tuesday, becoming the first country to embrace Bitcoin as another circulating fiat currency alongside the US dollar.
El Salvador’s Bitcoin adoption Takes Effects Soon, Possibly Boost the BTC’s price, Analysis Predict
The adoption of Bitcoin as legal tender in El Salvador will be effective tomorrow. The market concerns if the new measure would further stimulate the surge of Bitcoin’s price.
El Salvador Lawmakers Passes $150M Bitcoin Trust Fund into Law
El Salvador parliament has passed the Bitcoin Trust Fund proposal into law.
Cuba's Central Bank Moves to Legalize Use of Cryptocurrencies
The Central Bank of Cuba has recently announced that it will legalize and regulate cryptocurrencies. Cuba has been rising interest in cryptocurrencies like Bitcoin partly under toughened American embargo rules on the nation.
El Salvador Standing by to Rollout 200 ATMs for Converting Bitcoin to Cash
El Salvador is preparing to launch the initial 200 ATMs that will enable conversion of Bitcoin to cash. President Bukele said that the use of Bitcoin will not be mandatory.
Paraguay To Introduce Bitcoin law, Draft Leaks details
Reportedly, a leaked draft copy shows the detail of the proposing Bitcoin law in Paraguay. The South-American country is expected to be another country worldwide to propose Bitcoin law after El Salvador, promoting Bitcoin as Fiat Money.
JPMorgan: El Salvador to Face multiple Obstacles on the way to Implement Bitcoin as Fiat Money
JPMorgan Chase, citing a report, stated that El Salvador’s designation of Bitcoin as legal tender would bring various obstacles to its country, questioning the robustness of the payment mechanism.
More than 75% Salvadoran Distrust in Bitcoin as Fiat Money, Poll suggests
A poll shows that more than three-quarters of Salvadorans are sceptical towards the implementation of Bitcoin across the country, according to Reuters, citing a survey released Thursday.
Paraguay Introduces Bill to Make Bitcoin Legal Tender
Paraguay lawmaker has tabled a motion in pursuing Bitcoin as legal tender, hoping that the country will become another country to use cryptocurrency after El Salvador.
El Salvador Airdrops $30 for Bitcoin Handout, BTC Will Become Legal Tender in September
El Salvador's President Nayib Bukelet announced that Bitcoin will officially become legal tender on September 7 and will airdrop $30 in Bitcoin to the public.
El Salvador Seeks To Be The First Country To Legalize Bitcoin as Legal Tender
El Salvador President Nayib Bukele intends to introduce a bill that would make Bitcoin legal tender.
SEC and Ripple's Next Meeting for XRP Case Set for May 21
The next hearing between the Securities and Exchange Commission (SEC) and Ripple will be held on May 21.
Ripple Fires Back at SEC over Its Legal Complaint of XRP as Pretrial Looms
Ripple has fought back against the Securities and Exchange Commission (SEC)’s legal complaint against XRP, hinting that the agency was overreaching.
US SEC Charges “Bitcoiin2Gen” Executives with Defrauding Investors In $11.4 Million Crypto Scheme
Bitcoiin2Gen executives have been charged by the US SEC for allegedly securing millions from investors based on a crypto ICO scam shilled by Steven Seagal.
IMF Believes Central Banks Need Strong Legal Frameworks for CBDCs to Work
The issuance of CBDCs by apex global banks has become a hot topic in the crypto space, and the IMF has delved into it with some precautionary measures.
Canadian Tax Agency Asks Coinsquare Crypto Exchange to Hand Over Clients Personal Data
The Canada Revenue Agency has requested a judge of the Federal Court to force a crypto exchange to hand over information about all its customers.
Two US Nationals Charged With SIM-Swap Cryptocurrency Theft
Federal prosecutors have charged two US citizens with a SIM swap and phishing scam that led to a theft of over $16,000 worth of cryptocurrency.
Kik Survives Legal Battle With the SEC, Kin Crypto to Continue Trading on Exchanges
The Kin Foundation has disclosed that both itself and the cryptocurrency has survived the dispute with the US SEC.
NAC Foudation Accuses US SEC of Misleading Court in AML BitCoin Case
The legal battle between The NAC Foundation and the SEC is still far from over, and the Foundation argues that the SEC misled the court in its ongoing case against AML Bitcoin.
Australian Business Icon Dick Smith Threatens The Guardian With Lawsuit Over Bitcoin Scam Ads
Australian entrepreneur Dick Smith is threatening The Guardian with legal action after it hosted ads linked to fake news of Smith supporting a Bitcoin and crypto scam.
More Than $400 Million in Bitcoin Withdrawn from BitMEX Following CFTC Charges
$400 million have been withdrawn from Bitmex in less than 24 hours after the US CFTC filed a legal enforcement action against the exchange’s owners.
US CFTC Charges BitMEX For Operating Illegal Crypto Derivatives Exchange
The United States CFTC has charged operators of BitMEX for operating an unregistered trading platform and violating anti-money laundering procedures.
CFTC Charges Four Individuals Behind Alleged Bitcoin Fraud Scheme "Global Trading Club"
The Commodity Futures Trading Commission has charged four people for allegedly soliciting funds from clients to speculate in Bitcoin price movements.
Brock Pierce and Blockchain Capital Sue Florida-Based Company for Copyright Infringement
Brock Pierce and his business partners are suing Blockchain Capital Management LLC (BCM) for copyright infringement.
Malaysian Authorities Shut Down Illegal Bitcoin Miners For $600K Power Theft
Malaysian police have shut down two illegal Bitcoin mining operations which had been siphoning power continuously for the past three years.
Libra Association Appoints Former Homeland Security General Counsel to Head Its Legal Services
Libra appoints Stevan Bunnell, former Homeland security department general counsel, as its own general counsel.
US Government Seize Bitcoin Terrorism Funding for Islamic State and Al-Qaeda
The US Justice Department has revealed that it has seized cryptocurrency worth millions of dollars intended to fund the activities of terror groups like the military arm of Hamas, the Islamic State, and Al-Qaeda. This breakthrough is the largest clampdown on online terrorist fundraising,
Teenage Twitter Hacker Mastermind of Bitcoin Scam Pleads Not Guilty
17-year old Graham Ivan Clark, the alleged teenage mastermind of the notorious Bitcoin hack involving high profile individuals has pleaded not guilty
Columbia Man Pleads Guilty to Bitcoin Dark Web Chemical Weapon Purchase
A 45-year-old man from Columbia, Missouri pled guilty yesterday in a US federal court to one count of aggravated identity theft and one count of attempting to acquire a chemical weapon—via the dark web using Bitcoin.
US Travel Firm CWT Paid $4.5 Million in Bitcoin to Get Computer System Back from Hackers
US travel management company CWT paid $4.5 million to hackers who stole sensitive corporate files. CWT has a global clientele and is the fifth-largest US travel company. The firm boasts an estimate of $1.5 billion in annual revenue and claims that it represents more than a third of companies on the S&P 500 U.S stock index.
China Clarifies its Stance on Bitcoin: Legal if the Crypto Does Not Act as Alternative to Fiat
China has not always been friendly towards cryptocurrencies, however, the country has not completely banned Bitcoin, according to the Beijing Arbitration Commission.
DFA Bill Passed, But Central Bank of Russia Still Thinks Cryptos Are Criminal
Despite the Digital Financial Assets bill being passed by the State Duma, Russia’s Central Bank has nevertheless argued that crypto transactions are not deemed as legitimate investments.
US Federal Court Defines Bitcoin As Money
A US Federal court has classified Bitcoin as a “money” under the Washington, D.C, Money Transmitters Act (MTA).
China’s Supreme Court Decides to Strengthen the Protection of Cryptocurrency Property Rights
The Chinese Supreme Court has decided to strengthen cryptocurrency property rights. China’s Supreme Court is looking to further protect property rights, including economic property rights through different ownership systems in accordance with the law.
To Criminalize or Not to Criminalize Bitcoin and Crypto? Moscow Reconsiders
The State Duma is discussing its legislative plans regarding Bitcoin and cryptocurrency usage and has been reported to seemingly have a change of heart regarding digital assets adoption in Russia.
Malaysia’s Financial Regulator Says Binance is Not Authorized to Operate in the Country
The Securities Commission (SC) of Malaysia, the country’s financial regulator, has announced that Binance cryptocurrency exchange is not unauthorized to operate in the country. The financial watchdog has, therefore, put the crypto exchange on the list of unlicensed companies.
Dark Web Sucks in Bitcoin Payments From Viewers Paying to See Livestream Murder
Two 17-year-old Italians have been detained under the Delirium operation for instigating child pornography and live torture viewings on the dark web. The two Italians paid Bitcoin (BTC) to a dark site address in order to unlock explicit footage of children being sexually abused.
Could Brock Pierce's Presidential Campaign Damage the Crypto Industry? Tether's Legal Troubles Resume
Brock Pierce’s run for President of the United States may have come at the wrong time, as the New York Supreme Court today ruled that Bitfinex and Tether must face up to allegations that they concealed the loss of commingled corporate and client funds amounting to over $850 million.
Coinbase Welcomes New Chief Legal Officer from Facebook's Legal Team: Introducing Paul Grewal
Coinbase proudly announced in a July 8 blog post that a new addition will be made to the crypto exchange’s legal team. Paul Grewal, a former US magistrate judge in California and Deputy General Counsel for Facebook, will be joining the ranks of the digital currency exchange.
Washington DC Lawyers Can Now Accept Cryptocurrency Payments for Legal Services
Lawyers working within the metropolitan area of Washington DC can now accept cryptocurrency payments for legal services so long as the fee agreement is reasonable and fair, and the lawyer is able to safeguard their digital assets, the District of Columbia Bar stated in an ethics opinion.
Bitcoin and Bad Guys
With Bitcoin a growing number of people have been choosing to opt-out of the traditional financial system, and others have even chosen to use the cryptocurrency to circumvent regulation altogether, leading to its unfortunate connection with illegal activity and shady characters.
India’s Government Plans to Bring Back Law to Ban Cryptocurrencies
A report revealed that the Finance Ministry is now inviting other ministries to have a discussion of its earlier draft on the crypto ban introduced a year ago.
Chinese Police Discover Illegal Bitcoin Mining Activity in Mysterious Graves
Police in China recently discovered illegal Bitcoin mining, which was buried underneath a local cemetery. Power losses within the area caused the initial suspicion. A Chinese oil field company submitted a tip to the local police requesting them to investigate suspicious power losses in the northern city of Daqing, Heilongjiang province. The police officers arrived at the scene and spotted mysterious two grave mounds lying in the field.
Bitfinex and Tether Claim Lawsuit Allegations of Market Manipulation are Baseless
BitFinex and Tether have officially spoken out against what they are describing as a baseless lawsuit, designed to undermine the cryptocurrency ecosystem.
HSBC Chief Legal Officer Stuart Levey Gets Appointed as Libra’s New CEO, Expert in Dealing with Regulatory Backlash
The Libra Association appointed its first CEO, Stuart Levey, the Chief Legal Officer at HSBC Holdings. Levey will be overseeing the Libra digital currency and payments system and holds a strong compliance track record and is expected to join Libra in the coming months. However, HSBC has not shown the same upright compliance record. Levey is also expected to “combine technology innovation with robust compliance and regulatory framework.” The Facebook-led project has invited scrutiny from global regulators, with concerns over its threat to national sovereignty with its potential launch. Many of Libra’s original members, including Vodafone, PayPal, and Visa have also chosen to leave the association.
Indian Crypto Exchanges Seek Clarity on Legal Status and Taxability from the Reserve Bank of India
Crypto exchanges and companies in India are still seeking regulatory clarity and tax status from the Reserve Bank of India following a Supreme Court ruling in favor of the crypto industry earlier this year. India’s Supreme Court reversed the ban placed by the central bank on financial institutions offering crypto-related banking services. It is two months after lifting the ban, crypto exchanges and firms are now seeking clarification regarding the nature of their operations.
Is Bitcoin in India about to Boom? Paxful Survey Projection
Paxful, the peer-to-peer bitcoin marketplace, has released a survey that indicates India’s enthusiasm for Bitcoin has been reignited following the landmark decision to lift the ban on crypto trading.
US Congressman Set to Implement the Cryptocurrency Act of 2020
Paul Gosar of the House of Representative introduced the “Crypto-Currency Act of 2020,” on March 9, a bill that is set to choreograph a wide range of digital assets to be liable to the appropriate regulatory bodies and agencies assigned to it.
Binance Enables Support for Naira, But is Cryptocurrency Legal in Yet in Nigeria?
Binance, one of the top cryptocurrency exchange has opened support for the Nigerian National currency (Naira) on its trading platform.
How the New Crypto Law in India Could Play Out
After the celebration seen in India’s Supreme Court as the verdict was given against the Reserve Bank of India (RBI) in its action of restricting financial institutions from providing banking services to cryptocurrency-based businesses, interested parties are wondering how the recent news will play out.
Australian Judge Allows Plaintiff to Use Bitcoin as Collateral Bond
In Australia, a New South Wales (NSW) court has allowed a cryptocurrency exchange account to be used as a collateral bond for legal costs.
Is Blockchain the Missing Piece Needed in Curbing Illegal Fishing?
Illegal fishing is a predicament that is at times in oblivion despite it endangering marine ecosystems as it distorts their sustainability and biodiversity. Blockchain offers a distributed ledger technology (DLT) that can be helpful in fish tracking from the time it was captured to the moment it is consumed, and this approach can be instrumental in eradicating illegal fishing.
Qatar Issues Crypto Ban, Digital Securities Still Allowed to Roam
Qatar’s regulator has blocked all crypto asset services in the nation. The Qatar Financial Centre Authority (QFC) mentioned in a statement that all “Virtual Asset Services may not be conducted in or from the QFC at this time.”
Equating Cryptocurrency Solely with Illegal Conduct Lacks Understanding
Cryptocurrency has its benefits, but several consumers are still unaware of what they are because of security concerns and how the technology functions. In a recent interview, Coleman Watson – Managing partner Watson LLP – identified that while many people are interested in using cryptocurrency, lack of understanding remains a major hurdle.
Chinese Smart Courts Leveraging Blockchain and AI
Smart courts in China are reportedly leveraging a range of innovative technologies to settle legal cases. The online judiciary courts utilize big data, cloud computing, artificial intelligence, and blockchain.
China’s Central Bank Accelerates R&D of its Legal Digital Currency
People's Bank of China, the Central Bank of China made an announcement of the acceleration of the development of its legal digital currency.