According to a Bloomberg Intelligence report, in-kind launches and redemptions for spot bitcoin ETFs are anticipated to be permitted by Hong Kong’s financial regulator, the Hong Kong Securities and Futures Commission (SFC), in the second quarter of this year. After the SFC stated in December that it was prepared to consider such products, another company,
The company behind the biggest stablecoin in the world, Tether, is building an artificial intelligence (AI) unit and is currently hiring to staff it. The company said on Tuesday that the subsidiary will concentrate on creating open-source AI models and working with other businesses to incorporate them into solutions that may solve problems in the
Following a new paper released on Tuesday, a U.K. government-backed technology working group is advising companies to implement tokenization plans in tandem with their peers. The process of digitising physical assets, mostly via blockchain technology, is known as tokenization. To enhance the effectiveness of established markets, financial institutions globally are testing tokenization and associated settlement
According to court documents, the U.S. Securities and Exchange Commission (SEC) has requested that a judge in New York punish Ripple Labs around $2 billion. Chief legal officer of Ripple Labs Stuart Alderoty said on social media on Monday that the SEC was requesting a fine of this kind and that the court records will
Galaxy Digital (GLXY), a provider of digital asset financial services, announced $296 million in net profits for its 2023 full year financial results. Compared to the $1 billion loss a year earlier, this represents a significant shift and suggests that the 2023 crypto winter is finally over. The company has profited from rising cryptocurrency prices
A new age of opportunities and innovations has been brought about by the intersection of blockchain technology with the sports sector. Originally intended to serve as the foundational technology for cryptocurrencies such as Bitcoin, blockchain is now a major factor in many other industries. Blockchain technology has helped the sports industry overcome problems including minimal
The Australia and New Zealand Banking Group (ANZ) in partnership with Chainlink Labs has made public the outcomes of a recent initiative to establish a connection between the Ethereum and Avalanche blockchain networks for on-chain settlement solutions. ANZ demonstrated how clients would be able to access, trade, and settle tokenized assets across networks in different
The week began with cryptocurrencies rising strongly, overcoming their recent correction phase, with bitcoin once again trading close to its 2021 peak values. During early U.S. trading hours on Monday, Bitcoin (BTC) soared beyond $69,000, breaking through the barrier for the first time in 10 days and rising more than 5% in the previous day.
The United Arab Emirates Central Bank (CBUAE) is getting ready to launch the first part of its central bank digital currency (CBDC) strategy. It examines CBDC for usage in both retail and wholesale markets. The CBUAE launched the new approach on March 23 with a signing ceremony featuring R3 and G42 Cloud, a division
The largest cryptocurrency exchange in the world, Binance, is not available locally, according to a notice released by the Philippines Securities and Exchange Commission on Monday. On March 12, the regulatory body formally requested assistance from the national telecommunications agency in “blocking the website and other web pages used by Binance, which was found to
Local media sites said on Monday that Nigerian authorities had accused Binance, the largest cryptocurrency exchange in the world, with tax evasion as the two parties’ weeks-long dispute grew more intense. The allegation cited a statement from the nation’s tax agency. The Federal High Court in Abuja received the allegations from the Federal Inland Revenue
The first of several final reports on regulations under the EU’s historic Markets in Crypto Assets (MiCA) law was released by the regulator of financial markets on Monday along with the third set of consultation materials. Proposals on the data the regulator will need from companies seeking authorization under MiCA are included in the European
RippleX has advised its users not to deposit money into the impacted AMM pools due to the ongoing technical problem. The Automated Market Maker (AMM) pools on the XRP Ledger are experiencing a technical problem, as disclosed by RippleX, the company’s development branch. The management has to notify users about fund deposits because this bug
According to reports, the Supreme Court Council made the decision to free Kwon. The Council will now consider a judgement that might approve or disapprove his extradition to South Korea. Do Kwon, a cryptofugitive from South Korea, was freed from prison in Montenegro while the Supreme Court considered requests for extradition from both South Korea
Despite recent regulatory obstacles, Ray Youssef is still hopeful about Nigeria’s chances of retaining its place in the cryptocurrency ecosystem. Even with the proposed hike in cryptocurrency registration fees, venture capitalists continue to see opportunity in Nigeria. According to Ray Youssef, CEO of NoOnes, a financial communication and P2P software, government restrictions on peer-to-peer (P2P)
Big Tech is facing its most serious test in decades, as antitrust regulators on both sides of the Atlantic hammer down on suspected anticompetitive activities that might result in breakup orders for Apple and Alphabet’s Google, a first for the industry. This, in turn, may encourage watchdogs around the world to pile on, as indicated
The Ethereum Scaling ProtocolPolygon has reported that its zero-knowledge Ethereum Virtual Machine (zkEVM) is now unavailable owing to a problem with the blockchain sequencer.Polygon reminded its two million followers on X that the problem is limited to the zkEVM and has no bearing on any other chains deployed using the Polygon chain development kit (CDK). “This only impacts Polygon zkEVM (which is the only rollup) and does not impact Polygon PoS, Polygon CDK, or any chain that has deployed using Polygon CDK.” Polygon confirmed that the issue stems from the blockchain sequencer, which organizes and combines transactions into batches before sending them to the Polygon zkEVM smart contract on Ethereum’s main network.The blockchain platform stressed that it is trying to properly remedy the issue and has pledged to provide a comprehensive “post-mortem” statement once it has been resolved. Several X users speculated on why the crypto community had been silent during the unexpectedly protracted network outage. A user on X, 0xngmiasked his 101,900 followers “why is nobody talking about how Polygon zkevm has been down for 10h and is still down?”
Following the discovery of $2.5 billion in Bitcoin in her hands, a hotel worker was reportedly convicted guilty of money laundering in a specialised court for significant fraud cases in the United Kingdom.According to a recent BBC article, Jian Wen was found guilty of money laundering by using Bitcoin to buy “multi-million pound houses and jewellery.”The inquiry included a review of 48 electronic devices and hundreds of digital files, many of which were translated from Mandarin. Wen’s change in lifestyle caught the notice of the authorities.In 2017, she reportedly moved from a flat above a Chinese restaurant to a six-bedroom property in North London that costs over $21,420 per month.On Jan. 31, Cointelegraph revealed that the attempted purchase of a $30 million property in London served as the ultimate red flag for authorities to probe her. During the same year, she reportedly sought to buy a number of costly residences in London but was unable to pass money-laundering checks, despite her claims of earning millions from Bitcoin mining.According to UK authorities, the confiscation was the “largest of its kind in the UK.”Wen was convicted of “entering into or becoming concerned in a money laundering arrangement” and will be punished on May 10.CPS head crown prosecutor Andrew Penhale emphasized digital assets’ prominent involvement in criminal behavior in recent years. “Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct.” However, a recent analysis from the US Treasury Department contradicts the prevalent allegation by authorities that cryptocurrency is a popular choice for money laundering, stating that cash remains the favored option.On February 8, Cointelegraph reported that the Treasury cited the anonymity and stability of cash as a significant reason why it is still the favored method of laundering illicit gains. Similarly, Nasdaq just released its “Global Financial Crime Report,” which presents data on financial crime over the previous year but makes no mention of Bitcoin or cryptocurrency.However, it estimates that over $3.1 trillion in illicit funds flowed through the global banking system by 2023.
Gary Gensler, Chair of the US Securities and Exchange Commission (SEC), has blasted crypto sector participants for failing to register with the authority.In his final remarks at Columbia Law School, Gensler underlined the necessity of obligatory disclosure for market players, citing Supreme Court Justice Louis Brandeis’ assertion that “Sunlight is said to be the best of disinfectants.”Gensler voiced concern about some players in the cryptocurrency securities markets attempting to avoid registration requirements, resulting in a lack of obligatory disclosure.He emphasized the importance of transparency in the cryptocurrency markets and suggested that some disinfection actions could assist the business. Over the last year, the SEC has brought multiple cases against cryptocurrency companies, with SEC Chair Gary Gensler continually claiming that most cryptocurrencies should be categorized as securities.For example, the government has filed a civil complaint against FTX co-founder Sam Bankman-Fried. In addition to Bankman-Fried, the SEC sued other significant cryptocurrency players, including Binance, its CEO Changpeng Zhao, and Coinbase.Many industry participants and advocacy groups have urged the SEC to set clear regulatory rules to encourage innovation in the United States.The SEC is apparently issuing subpoenas as part of its push to categorize Ethereum (ETH) as a securities under its regulatory scope. “[T]here still are those who would like to whittle away at the SEC’s disclosure regime,” the chairman of the SEC remarked. In recent years, the SEC has made headway in allowing cryptocurrency-related exchange-traded products for US exchanges, including investment vehicles tied to ETH and Bitcoin futures, as well as the first spot Bitcoin exchange-traded funds in January. In a separate event, the SEC has again delayed the deadline for Grayscale’s Ethereum Futures Trust exchange-traded fund (ETF) clearance.The SEC said that the previously scheduled deadline of March 31 will be moved to May 30.Grayscale, a digital asset management firm, has suggested an ETF that invests in Ethereum futures contracts.The SEC’s decision to extend the deadline follows a previous deferral in December 2023, when it requested additional public input on whether the ETF should be listed. Grayscale planned to issue and trade shares of their Ethereum Futures Trust ETF under New York Stock Exchange Arca Rule 8.200-E in September 2023.Bloomberg ETF expert James Seyffart suggested that Grayscale may be utilizing its futures ETF application to influence the SEC’s decision to approve the spot Ether ETF.If the SEC approves Grayscale’s futures ETF, it could bolster Grayscale’s case for the approval of its spot Ether ETF proposal.Furthermore, the SEC has postponed its judgment on whether to approve Grayscale’s spot Ether ETF, opening the application for public comment on January 25.
The spot Bitcoin ETF market has been dismal recently amid the decrease in Bitcoin’s price. Prominent analyst and CEO of CryptoQuant Ki Young Ju has forecast a potential rebound in the spot Bitcoin ETF market despite these ongoing dropping net flows. On March 22, Ki Young Ju said on X that spot Bitcoin ETF
Grayscale, a digital asset management company, has requested clearance for its Ethereum Futures Trust exchange-traded fund (ETF) and the United States Securities and Exchange Commission (SEC) has once again delayed the deadline for making this decision. To decide whether or not to approve Grayscale’s Ethereum Futures Trust ETF—which will concentrate on investing in Ethereum futures
Argentina’s demand for bitcoin is still high since the ARS has dropped four times in value compared to the US dollar in the past year, from 0.0049 USD in March 2023 to 0.0012 USD at the moment. As a result of Argentines’ attempts to hold onto their assets amidst the continuous depreciation of their national
Recent regulations against money laundering explicitly prohibit certain cash transaction limits as well as anonymous cryptocurrency payments. The European Union (EU) has recently changed its regulations to forbid cryptocurrency transactions of any kind conducted through anonymous self-custody crypto wallets. A part of the recently put into effect Anti-Money Laundering (AML) legislation in the region is
Floki goes beyond just being a memecoin by offering its users digital accounts, debit cards, and educational resources. The development team behind Floki Inu, a memecoin with a dog theme, has released its 2024 roadmap, outlining a number of new features and utility-focused projects. This includes digital banking accounts that are regulated and that allow
Coinbase (COIN) is more than simply a cryptocurrency exchange, and momentum in its auxiliary businesses is growing, according to a research note released on Thursday by JMP Securities. “We still estimate material growth opportunities in the exchange business as the market matures, with rising prices generally correlating with activity,” analysts led by Devin Ryan wrote. JMP reports that Coinbase’s daily spot trading volume in the first quarter averaged $3.3 billion, more than double from the fourth quarter last year.The newly announced derivatives platform is also “scaling at a tremendous pace.” “Still, relative to the growth opportunity in the exchange and custody offerings, we see a just as exciting of an opportunity in the development of blockchain
In a blog post, the Worldcoin Foundation revealed that it has made open-source components of the software that runs its iris-scanning Orbs available to the public.According to the announcement, the fundamental components of the Orb software are available on GitHub under an MIT/Apache 2.0 dual licence.The new open-source components “complement” the hardware that was previously released.The version includes Orb-specific functionality for taking photographs and securely uploading them to the product’s app.Worldcoin stated that its publicly available software and iris recognition repositories represent “significant progress” in ensuring openness for the Orb’s image processing, as well as provable privacy assurances. In addition to releasing more of the software that powers the infamous metallic, eye-scanning Orb, Worldcoin unveiled a new privacy feature called “Personal Custody.”Individual users can now self-custody data given to Worldcoin via a data package signed with the Orb’s private key and encrypted with a user-provided public key before it is delivered to their mobile phone. The developer said this means that users will “always remain in control of their data,” and only the individual can decrypt this biometric data. Worldcoin said. “Once the encrypted data is sent from the Orb to the individual’s World App, no unencrypted copies of this data exist anywhere.” According to the creator, the feature may reduce the amount of times users need to return to an Orb to validate their World ID. This change to Worldcoin comes as the corporation is under review from worldwide regulators over privacy concerns.On March 21, the Kenyan government declined a plea from the US government to lift its suspension of the Worldcoin initiative.The government stated that Worldcoin activities would be prohibited in the country unless assurances of the Kenyan people’s safety and the integrity of financial details were provided.On March 18, Worldcoin stated on its blog that it works “lawfully in all of the locations in which it is available” and is fully compliance with all laws and regulations governing data collection and transfer. However, it faced additional pushback earlier in March.This time, the Spanish Data Protection Agency demanded that Worldcoin stop collecting and processing data locally and halted its activities temporarily.Sam Altman, CEO of OpenAI, the startup that developed the artificial intelligence (AI) chatbot ChatGPT, co-founded Worldcoin.OpenAI is also under fire for refusing to open-source the code for its AI models.
Bitcoin pushed through intraday lows at the March 22 Wall Street open, amid decreased outflows from the Grayscale Bitcoin Trust (GBTC). Cointelegraph Markets Pro and TradingView data showed a lackluster BTC price performance as $63,000 returned on the radar.The largest cryptocurrency failed to maintain higher levels after an earlier rally, with its old 2021 all-time highs of $69,000 still uncontested.The day’s flows into and out of US spot Bitcoin exchange-traded funds (ETFs) began promisingly.According to initial data from crypto intelligence firm Arkham, GBTC saw only $96 million in outflows, less than a third of the total at the beginning of the week.So far this week, net outflows from spot ETFs have occurred every day, which is unprecedented in their short history. Analyzing current BTC price behavior, popular trader Skew detected purposeful attempts to disrupt bullish momentum. “Looks like someone is trying to force a cascade here again during weak price action,” he commented in a post on X (formerly Twitter) about spot order book data from the world’s largest exchange by volume, Binance. Skew noted that it was “pretty clear” that some dealers were selling into the price. Fellow trader CryptoTony joined those pushing for a $69,000 recapture to ensure that the upward trend continues. All eyes on the weekly close,” trader Jelle added.Jelle, who often has a positive outlook on the market, detailed the possible upside if Bitcoin can convert the present range to support. “If Bitcoin successfully flips this zone for support, there is very little
Although the usage of cryptocurrencies as a trustworthy store of wealth has grown over time, their inherent volatility has made this problematic. Tokens backed by fiat money can help with this. Fiat-backed tokens, which combine the ease of cryptocurrencies with the safety of not having to worry about volatile prices, are digital assets that are
Lead developer B of Floki stated that the platform’s creators intend to provide customers with a regulated digital banking account that they may finance with (FLOKI) tokens that exchange in dollars, euros, and sterling. The move is a part of a larger strategy to launch staking services and debit cards, which will help the dog-themed
Following a recent blog post, AIOZ Network, a decentralised infrastructure network (DePIN), has emerged as Alibaba Cloud’s top blockchain partner for the Innovation Accelerator programme. Since the blog post was published, the price of AIOZ, the native token, has stayed steady at 90 cents. CoinMarketCap indicates that in the last 30 days, it has increased
