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In a bid to strengthen investor protection and ensure market integrity, the Financial Conduct Authority (FCA) of the United Kingdom has unveiled plans to implement a market abuse regime for cryptocurrencies within the current year. The move, outlined in the FCA's business strategy released on Tuesday, signifies the regulator's proactive stance in combating illicit activities in the crypto sector. The proposed regime will extend to individuals engaging in market abuse activities related to cryptocurrencies traded on UK exchanges, irrespective of their geographic location. This expansion of regulatory oversight underscores the FCA's commitment to curbing market manipulation and fraudulent practices in the digital asset space. Furthermore, the FCA's business plan outlines ambitious initiatives to enhance its surveillance capabilities through advanced analytics tools, including network analysis and cross-asset class visualizations. These technological enhancements aim to bolster the...

Quantum computing, hailed as a transformative force with the potential to reshape various industries, poses a significant threat to Bitcoin, the leading cryptocurrency valued at $1.27 trillion. Bitcoin's reliance on the Proof-of-Work (POW) consensus protocol and Elliptic Curve Cryptography (ECC) for encryption leaves it vulnerable to quantum computing's unparalleled computational power. The POW mechanism, integral to Bitcoin's functioning, involves miners solving complex mathematical puzzles to validate transactions and maintain network security. However, quantum computing's capacity to perform calculations at unprecedented speeds, particularly through algorithms like Grover's, raises concerns about centralizing mining power and compromising Bitcoin's decentralized nature. According to Dan A. Bard, a Teaching Staff member at the University of Kent, projections suggest that within approximately 27 years, a single quantum computer could potentially outpace the entire Bitcoin network,...

The National Securities Commission (CNV) of Argentina has announced its intent to regulate the nation's cryptocurrency service providers, marking a significant shift in oversight within the Latin American country's crypto sector. On March 18, the CNV revealed its plans to actively supervise Argentina's trading platforms, signaling a proactive approach to enforcing regulatory compliance within the burgeoning crypto industry. As part of these efforts, the CNV will establish a national registry of crypto platforms, with operators likely required to obtain operating licenses to continue their activities legally. This move follows closely on the heels of the Argentine Senate's approval of legislation to create a registry of cryptocurrency service providers, a decision reportedly influenced by pressure from the Financial Action Task Force (FATF). With FATF officials warning of potential repercussions, including placement on the organization's "grey list," Argentina faces increasing...

In a significant development, a Federal court in Nigeria has issued an interim order mandating Binance, one of the largest cryptocurrency exchanges globally, to provide detailed information about all Nigerian users trading on its platform to the country's Economic and Financial Crimes Commission (EFCC). The court's decision comes amid Nigeria's intensified crackdown on the cryptocurrency industry, which authorities allege has played a role in facilitating illegal capital outflows and contributing to the weakening of the national currency, the naira. This move reflects the government's growing regulatory scrutiny and determination to rein in the crypto sector, which it perceives as a potential threat to the country's financial stability and sovereignty. Furthermore, the detention of two senior executives from Binance, who were summoned to Nigeria for discussions regarding the matter, adds another layer of complexity to the situation. The court hearing for these executives is scheduled...

Gluwa, a real-world assets platform, is in talks with Liberian President Joseph Boakai to explore the possibility of assisting in the development and launch of Liberia's Central Bank Digital Currency (CBDC). The CEO of Gluwa, Tae Oh, discussed strategies to make the CBDC compatible with Liberia's mobile money system during a recent meeting with President Boakai. Additionally, Gluwa aims to address Liberia's slow internet connectivity, particularly in rural areas, by considering the launch of a satellite-based internet service. By improving internet access, Gluwa seeks to enhance the accessibility and usage of the CBDC across the country, potentially increasing its chances of success. This potential partnership with Liberia follows Gluwa's recent involvement with the Nigerian central bank as a digital currency technology partner and discussions with Ghana's Vice President regarding the development of Ghana's CBDC. Gluwa's efforts highlight its commitment to advancing digital financial...

South Korean regulators convened with officials from the Association of Southeast Asian Nations (ASEAN) and the Organisation for Economic Co-operation and Development (OECD) in Seoul on March 18 to discuss crypto policy. Hosted by the Financial Services Commission (FSC), South Korea's top financial regulator, the event aimed to share progress on digital finance policies within ASEAN countries and address risks associated with cryptocurrencies and other related matters. Participants included financial regulatory authorities, central bank officials, and major financial institution officials from Asia and OECD member countries. The discussions, part of the "South Korea-OECD Roundtable: On Digital Finance in ASEAN," covered topics such as central bank digital currencies (CBDCs) and cryptoassets. Kim So-young, Vice Chairman of the FSC, emphasized the positive effects of financial innovation through digital technology and highlighted the need for an appropriate regulatory framework to...

Nigeria's Securities and Exchange Commission (SEC) has recently proposed a series of substantial fee increases for cryptocurrency firms operating within the country. These proposed amendments, if implemented, would represent a significant uptick in registration fees for digital asset exchanges, offering platforms, and custodians. The SEC asserts that these adjustments aim to provide greater clarity and regulatory oversight in the burgeoning cryptocurrency sector, reflecting input from industry stakeholders and recent engagements with the Central Bank of Nigeria (CBN). However, the proposed fee hikes have sparked concerns among some stakeholders, particularly regarding the potential adverse effects on local entities. Critics argue that the proposed 400% increase in registration fees, coupled with the introduction of a high paid-up capital requirement of 500 million Naira ($310,343), may disproportionately favor larger foreign firms while placing undue financial burdens on domestic...

In a blow to Worldcoin's ambitions, the Spanish Audiencia Nacional has upheld the suspension of the project's activities in Spain, as ordered by the country's data protection authority, the AEPD. The decision highlights the primacy of safeguarding citizens' personal data over the economic interests of the company, particularly in the contentious realm of biometric data processing. The tribunal's ruling underscores the growing scrutiny faced by tech companies like Worldcoin, as they navigate complex regulatory landscapes and grapple with concerns surrounding data privacy and consent. While Worldcoin may continue to contest the decision, the outcome sets a precedent for the broader debate on the balance between innovation and data protection in the digital age. As Worldcoin's legal battles unfold on multiple fronts, the case serves as a cautionary tale for companies operating in the increasingly scrutinized realm of biometric identification technology. The resolution of this dispute...

The Russian government, led by Minister of Internal Affairs Vladimir Kolokoltsev, is embarking on a bold initiative to create a platform that will enable law enforcement agencies to seize and store crypto confiscated from criminals. This move comes amidst growing concerns about the use of cryptocurrencies in illegal activities within the country. According to reports from Izvestia, a newspaper in Russia, the Ministry of Finance has been tasked with exploring the feasibility of this platform, with a deadline set for October 1, 2024. The platform would potentially provide courts, prosecutors, and bailiffs with the capability to seize tokens as part of criminal proceedings. While the details of the platform remain unclear, the initiative underscores the Russian government's efforts to strengthen its ability to combat cybercrime and enforce regulations in the crypto space. However, it also raises questions about the balance between law enforcement objectives and individual privacy...

The Securities and Exchange Commission (SEC) of Nigeria has put forward a proposal to amend the rules governing platforms offering crypto services, suggesting a substantial increase in registration fees for crypto exchanges. The proposed amendment includes raising the registration fee from 30 million naira to 150 million naira, among other adjustments. These proposed changes, aimed at providing clarity and incorporating feedback from industry stakeholders and engagements with the Central Bank of Nigeria, reflect a significant shift in the regulatory landscape for crypto businesses in the country. The amendments also include renaming the rules to encompass a broader scope of digital asset activities. While the SEC attributes the adjustments to stakeholder input, concerns have been raised regarding the steep capital requirement, which could potentially favor foreign entities over local firms. This move comes amidst Nigeria's growing prominence in the global crypto economy and its...

A New York jury has delivered guilty verdicts against David Brend and Gustavo Rodriguez, former promoters of the alleged crypto mining and trading company IcomTech, for their involvement in a wire fraud conspiracy. The conviction carries a maximum sentence of 20 years for each defendant, marking the culmination of a two-week trial in a New York District Court. The U.S. Attorney's Office for the Southern District of New York revealed that IcomTech, purportedly a crypto mining and trading firm, was actually a Ponzi scheme orchestrated by its founder, David Carmona. Rodriguez, hired by Carmona in mid-2018, played a pivotal role in creating a website and maintaining a portal that falsely displayed guaranteed daily returns from crypto trading and mining. Brend and other promoters of the scheme allegedly diverted substantial sums of investor funds for personal use, including purchasing real estate, extravagant travel, and hosting lavish events to entice further investments. As complaints...

The Securities and Futures Commission (SFC) of Hong Kong has issued a public warning regarding Bybit, a global cryptocurrency exchange, labeling it as an "unlicensed virtual asset trading platform (VATP)." The SFC expressed concerns about various products offered by Bybit, including futures contracts, options, leveraged tokens, and wealth management services. Notably, the SFC highlighted that no entity within the Bybit group is licensed or registered to conduct regulated activities in Hong Kong, emphasizing that dealing in crypto-related products without proper authorization constitutes a criminal offense. Bybit has been added to the SFC's list of Suspicious Virtual Asset Trading Platforms and Suspicious Investment Products. Despite Bybit's application for a VATP license in Hong Kong, concerns persist regarding its compliance with regulatory standards. The warning issued by the SFC against Bybit serves as a stark reminder of the regulatory scrutiny surrounding crypto exchanges and...