This week it has been reported that Kazakhstan plans to authorize banks to process cryptocurrency purchases in a pilot project that will run for a year. The project will also analyse the risks of crypto trading and investing. The country has also put social media network, LinkedIn, under fire for illegally advertising online casinos on its platform, and blocking the site as a result.
EU in Need of a Central Cryptocurrency Regulator, Says France
A pan-European governing authority would help take back control of the market while dealing with concerns about the existing criminal activity. The Only Way Forward With the current European crypto market currently estimated to be worth over €1 trillion, is giving the regulatory reins to one central entity the only way forward? The answer is […]
The UK’s FCA Gives Binance the Boot
The world’s biggest cryptocurrency exchange, Binance, has been issued a warning by the UK’s FCA (Financial Conduct Authority), indicating yet another sign of a growing global crackdown on cryptos. Binance Markets Limited, which is the UK division of Binance, “is not permitted to undertake any regulated activity in the UK” according to an announcement made by the FCA on Saturday the 26th of June.
South Korea Strikes Down on Tax Evaders and Seizes Over $47 Million in Crypto
As the government intensifies its focus on digital currency, celebrities were found among the list of people hit. Pay Your Taxes If you are looking to skip out on paying taxes, you may want to think again. Several wealthy South Koreans, including an undisclosed famous TV host and a doctor, found out the hard way […]
1,100 Arrested in China for crypto-related money laundering and mining
A network of 1,100 people accused of laundering money by purchasing cryptocurrencies have been arrested in China. According to the Chinese Ministry of Public Security, the launderers were charging their clients a commission rate to convert proceeds obtained through illegal activities to cryptocurrency via crypto exchanges without disclosing the amount of money involved.
It’s All a Scam, Says Trump – Calls for Heavy Crypto Regulation!
Donald Trump wants the dollar to be the currency of the world and detests the idea of BTC and other cryptocurrency. It was in an interview with Fox Business earlier this week that the former U.S. President openly spoke about his detest for the popular and highly praised digital currency. When asked about him not […]
President of El Salvador Plans on Adopting Cryptocurrency as Legal Tender
The Salvadoran president, Nayib Bukele, has recently announced the country’s plans for introducing Bitcoin as legal tender in the country. Should congress back this proposal, El Salvador will become the first country in the world to officially adopt the cryptocurrency, which will be used alongside the country’s official currency, the U.S. dollar.
Bitcoin Mining Industry Seeks Refuge From Chinese Regulators
The crypto community was left in shock after the announcement of China’s latest crackdown on cryptocurrencies, which included not only the ban of financial services related to cryptos and the trading of digital currencies but also the mining of said currencies. China has been the global bitcoin mining hub throughout the years and is responsible for around 65% of all bitcoin mining worldwide, even after the recent ban. But the effects of local regulations are pushing large mining operations out of the country. Several big mining firms have ceased operations in China and are looking to move their operations to regions such as Central Asia and North America.
China’s latest crackdown, crypto-related services banned
China is yet again making news by tightening crypto regulations and introducing a new ban that prohibits financial institutions and payment companies from providing any crypto-related services. This ban will forbid banks and online payment companies from providing any services related to cryptocurrencies such as registration, trading, clearing, and settlement of digital currencies according to a joint statement released earlier this month by three financial industry associations in China. These three industry bodies are the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China.
South Korean Crypto Exchange Accused of $214m MLM Fraud Raided by Police, Gangnam Style
South Korean Authorities are known for not pulling any punches and this time it has decided to crack down hard on a domestic crypto exchange, allegedly trying to pull off a scam, robbing investors of nearly $214 million. Oppan Gangnam Style South Korea has a strict policy regulating multi-level-marketing projects so with a fresh court […]
