VERITASEUM SUES COINBASE OVER PATENT INFRINGEMENT, DEMANDING $350 MILLION IN DAMAGES |1300 HKT | 0600 UKT | 27 SEPTEMBER 2022
Veritaseum Capital, a blockchain-based software company has brought a lawsuit against the U.S.-based crypto exchange for infringing its cryptocurrency payment transfer technology patent on 22 September in the U.S. District Court in Delaware. The law firm representing Veritaseum claimed that the crypto exchange had been put on notice of the patent as early as 3 July. A letter had been sent by Veritaseum in the same month notifying Coinbase of its infringement. The software company alleged that Coinbase used the patent for various blockchain infrastructure services and gained substantial profits from it. https://cointelegraph.com
SOUTH KOREA HAS SEIZED OVER 260 BILLION WON WORTH OF CRYPTOCURRENCIES FOR OFFSETTING TAX ARREARS |1300 HKT | 0600 UKT | 23 SEPTEMBER 2022
Since the implementation of regulations empowering the authorities to confiscate digital currencies for non-payment of tax last year, the South Korean government has seized over 260 billion Korean won worth of cryptocurrencies, which is equivalent to 180 million US dollar to recover tax arrears. The law enables the authorities to sell those seized digital currencies at market value. The digital currencies market in South Korea has grown to $45.9 billion last year, which prompted the crypto-friendly president to promise to “overhaul regulations that are far from reality and unreasonable” in crypto sector of the country.
DUTCH CENTRAL BANK GRANTS COINBASE TO PROVIDE CRYPTO PRODUCTS IN THE COUNTRY |1300 HKT | 0600 UKT | 23 SEPTEMBER 2022
The US-based cryptocurrency exchange Coinbase has reportedly received regulatory approval from De Nederlandsche Bank (DNB), the central bank of the Netherlands, which allows it to provide its retail and institutional crypto products in the country. The move is seen as part of the plan of the exchange’s ambitious expansion in Europe. After securing the Crypto Asset Service Provider Approval in Italy in July, Coinbase plans to register countries like Spain and France. The exchange is reportedly serving customers across almost 40 European countries at the moment.
UK INTRODUCES BILL TO EXPAND THE AUTHORITIES’ POWER TO SEIZE, FREEZE AND RECOVER CRYPTOASSETS| 1300 HKT | 0600 UKT | 23 SEPTEMBER 2022
The UK government has introduced the Economic Crime and Corporate Transparency Bill on 22 September aimed at cracking down on fraud and money laundering. Described as the biggest upgrade of Companies House in 170 years, the new bill will expand the law enforcement’s power to compel businesses to hand over information which could be related to money laundering or terrorist financing. It will also empower the law enforcement agencies to seize, freeze and recover cryptoassets in an easier and quicker way in light of the increase use of digital currency for money laundering purpose. The government believes that the new bill will strengthen the UK’s reputation as a place where legitimate businesses can thrive while dirty money is driven out of the country.
The Securities and Exchange Commission of Thailand plans to prohibit any staking and lending services from the “digital asset business operators” in the country. The banned activities include taking a deposit of digital assets by the operators with a promise to pay returns to depositors, and advertising lending and depositary services. The measure is reportedly the regulator’s response to the recent crypto lending platforms’ crashes amid the general market meltdown with an aim to protect the traders and the general public from the “risk of such transaction providers.” Stringent rules of advertisement for cryptocurrency firms operating in the country will also be implemented. The regulator will be collecting opinions on this matter until 17 October.
SINGAPORE REGULATOR GRANTS CAPITAL MARKETS SERVICES LICENSE TO SBI DIGITAL MARKETS | 1300 HKT | 0600 UKT | 21 SEPTEMBER 2022
SBI Digital Markets, a subsidiary of the digital asset arm of Japan-based financial giant SBI Holding, has reportedly received the Monetary Authority of Singapore’s approval for conducting certain regulated activities in the country. According to the SBI Digital Asset Holdings CEO Fernando Luis Vázquez Cao, the subsidiary will play an important role in SBI DAH’s core mission to re-imagine and transform capital markets and banking value chains through the deployment of digital technology. The firm will offer custodial services, capital markets products and corporate finance advisory services in Singapore with an aim to launch a digital asset securities platform in the future.
UK REGULATOR ISSUES WARNING TO FTX CRYPTO EXCHANGE, ALLEGING THE FIRM FOR OFFERING UNAUTHORIZED FINANCIAL SERVICES OR PRODUCTS| 1300 HKT | 0600 UKT | 21 SEPTEMBER 2022
The Financial Conduct Authority (FCA) has issued a warning note to FTX, a Bahama-based crypto exchange on 16 September, alleging it for offering financial services or products in the UK without obtaining its prior approval, which is required by the new regulation for cryptocurrency enacted in 2020 in order to ensure those companies meet the minimum standards of preventing money laundering and terrorist financing. The regulator alerts potential customers to the danger of financial loss or losing the right to seek protection from the Financial Services Compensation Scheme. Apart from this warning, the firm also received a cease and desist letter from the Federal Deposit Insurance Corporation (FDIC) on 19 August, accusing it of misleading the public about certain cryptocurrency-related products.
WHITE HOUSE RELEASES FIRST-EVER FRAMEWORK FOR CRYPTO REGULATION| 1300 HKT | 0600 UKT | 21 SEPTEMBER 2022
The White House has published a factsheet on six principal directions for crypto regulation on 16 September, summarizing nine separate reports submitted to the president to “articulate a clear framework for responsible digital asset development and pave the way for further action at home and abroad.” The fact sheet contains 7 sections: (1) Protecting Consumers, Investors, and Businesses; (2) Promoting Access to Safe, Affordable Financial Services; (3) Fostering Financial Stability; (4) Advancing Responsible Innovation; (5) Reinforcing Global Financial Leadership and Competitiveness; (6) Fighting Illicit Finance and (7) Exploring a U.S. Central Bank Digital Currency (CBDC). It reveals the White House‘s plan to call upon Congress to amend the Bank Secrecy Act, anti-tip-off statutes and laws against unlicensed money transmitting to apply explicitly to digital asset service providers, including exchanges and non-fungible token platforms. Another important message from the White House is that the policy objectives for a U.S. CBDC system have already been developed, but further research and development on the technology that would support the system is needed.