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Tin Pei Ling, the Singapore Member of Parliament for MacPherson, has taken on a new role as co-president of MetaComp, a digital payment token service provider based in Singapore. Tin announced her move on LinkedIn, expressing her enthusiasm for driving strategic partnerships and corporate development within the company. "Sustainability being a critical global imperative, this exciting opportunity allows me to expand my work into green fintech. I am eager to contribute to the growth of sustainable finance by bridging traditional finance and digital assets," she said. Despite being among the highest-paid politicians globally, many MPs in Singapore, including Tin, often hold private sector positions alongside their political duties. Tin's previous role was as managing director of fintech firm DCS Card Centre, where she served for nine months. Before that, she faced criticism over a potential conflict of interest during her tenure as director of public affairs and policy for Singapore at...

Hong Kong in efforts towards becoming a leading regional hub for digital assets with the establishment of a new subcommittee dedicated to drafting comprehensive cryptocurrency regulations. Johnny Ng Kit-Chong, a member of the Hong Kong Special Administrative Region (HKSAR) Legislative Council, announced on 22 June, 2023. "To promote the development of Web3 and virtual assets in Hong Kong, the HKSAR Legislative Council recently established a Subcommittee on Web3 and Virtual Asset Development," Ng stated. "My office seeks to gather insights from the global Web3 industry, propose policy recommendations, and discuss the future direction of the industry in Hong Kong." The creation of this subcommittee follows discussions earlier this year by the Hong Kong Securities & Futures Professionals Association (HKSFPA) regarding the establishment of a self-regulatory committee to oversee compliance within the crypto industry. "Many economically developed regions in the world have established...

Senator Cynthia Lummis (R-Wyo) celebrated the recent passage of a pro-Bitcoin bill in Louisiana, marking a significant moment for states' rights in the cryptocurrency landscape. On Monday, Lummis lauded the new legislation aimed at defending Bitcoin rights and prohibiting Central Bank Digital Currencies (CBDCs) within the state. Expressing her enthusiasm in an X post, Lummis stated, "States leading the way. This is why Bitcoiners should be American patriots. You can fight for your rights and WIN." The landmark legislation secures several key rights for cryptocurrency users in Louisiana. It enshrines the right to self-custody of cryptocurrencies, allowing individuals to hold their digital assets independently without relying on third parties. The law also protects the right to spend and accept Bitcoin for transactions, supporting the use of Bitcoin as a legitimate means of payment. Additionally, it backs Bitcoin mining operations in industrial areas, promoting the growth of the mining...

U.S. spot bitcoin exchange-traded funds (ETFs) recorded a substantial net outflow of $174.45 million on Monday, marking their seventh consecutive day of negative flows. Grayscale's GBTC led the outflows with $90 million, followed by Fidelity's FBTC, which saw $35 million worth of withdrawals, according to data from SosoValue. Other major ETFs were not spared: Franklin Templeton's EZBC experienced its first net outflow since May 2, losing $20.8 million. VanEck's HODL saw $10 million in outflows, Bitwise's BITB reported $8 million in withdrawals, while Ark Invest and 21Shares' ARKB fund faced $7 million in outflows. Invesco and Galaxy Digital's BTCO reported $2 million in outflows. In contrast, BlackRock's IBIT, the largest spot bitcoin ETF by net asset value, recorded zero flows on Monday, as did funds from Valkyrie, WisdomTree, and Hashdex. Notably, no funds reported net inflows. The outflows coincided with bitcoin reaching its lowest point in nearly six weeks, briefly dipping below...

A California judge on Friday 21 June 2024, ruled that the civil securities litigation against Ripple Labs Inc. will proceed to trial, creating significant ripples in the crypto sector. Judge Phyllis Hamilton of the US District Court for the Northern District of California partially denied Ripple’s motion for summary judgment, permitting the case involving allegations against Ripple’s CEO, Brad Garlinghouse, to move forward. The litigation focuses on claims that Garlinghouse made misleading statements during a 2017 televised interview regarding the sale of Ripple’s XRP. The plaintiff alleges that Garlinghouse falsely claimed to be "very, very long XRP" while selling millions of XRP on various cryptocurrency exchanges, violating California’s securities laws. Judge Hamilton dismissed four of the five claims in the class action lawsuit as "failure to register claims," but the allegation of Garlinghouse’s misleading statements will be heard at trial. In her ruling, Judge Hamilton asserted...

On 21 June 2024, 3iQ Digital Asset Management, a leading Canadian digital asset investment firm, has filed a preliminary prospectus for The Solana Fund, aiming to launch North America’s first Solana exchange-traded product (ETP). The Solana Fund plans to list its Class A units on the Toronto Stock Exchange (TSX) under the ticker “QSOL.” The Solana Fund’s objectives include providing investors with exposure to Solana (SOL), tracking its daily price movements against the US dollar, offering long-term capital appreciation, and generating staking yield through Solana’s network. 3iQ will manage the investment and portfolio for QSOL, utilizing Coinbase Custody’s institutional staking infrastructure. With a proven track record of pioneering digital asset funds, 3iQ has previously launched The Bitcoin Fund (TSX: QBTC) and The Ether Fund (TSX: QETH), which were the first publicly traded Bitcoin and Ethereum funds in Canada. Moreover, QETH and the 3iQ Ether Staking ETF (TSX: ETHQ) were the...

The Directorate of Enforcement (ED) on 19 June, 2024 has arrested Manideep Mago under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with a significant illegal foreign remittances case. Mago was presented before the court on June 18, 2024, where he was remanded to five days of ED custody until June 23, 2024. The ED initiated its investigation based on information that a Delhi-based company had sold cryptocurrencies worth over ₹1858 crore on various crypto exchanges. Preliminary investigations revealed that the company and its related entities had also made foreign outward remittances exceeding ₹3500 crore. Additionally, more than ₹1300 crore in cash deposits were made into the bank accounts of these entities. This led the ED to conduct a search action under the Foreign Exchange Management Act (FEMA). During the search proceedings, it was uncovered that an international hawala syndicate operating in Delhi had been collecting cash from exporters...

A U.S. judge has rejected Meta Platforms’ bid to dismiss a lawsuit filed by Australian mining tycoon Andrew Forrest. The lawsuit accuses Meta of negligence for allowing deceptive Facebook ads that used Forrest's likeness to promote fraudulent crypto schemes. U.S. District Judge Casey Pitts ruled that Forrest has the right to pursue legal action against Meta. Forrest claims that over 1,000 fraudulent ads were disseminated on Facebook in Australia between April and November 2023, resulting in significant financial losses for those affected. These ads falsely depicted Forrest endorsing crypto pump-and-dump schemes and used advanced tactics, including deepfake videos and AI-generated content, to bypass Facebook’s ad review systems. Judge Pitts stated that Forrest’s allegations are sufficient to argue that Meta profited from the ads featuring his likeness, which supports claims of misappropriation. “Dr. Forrest claims that Meta profited more from ads that included his likeness than it...

The Director of the Financial Intelligence Unit of India (FIU-India) has determined that Binance operated in India without fulfilling its statutory obligations under the Prevention of Money Laundering Act (PMLA). This decision follows a thorough review of Binance's submissions. As a result, Binance must enhance its compliance protocols in line with the PMLA and its 2005 rules, which are designed to prevent money laundering and terrorist financing. This action against Binance is part of a broader initiative to ensure international crypto exchanges comply with local regulations. Recently, Binance and KuCoin were recognized as the first offshore crypto entities registered with FIU-India, marking a crucial step in meeting India's stringent anti-money laundering requirements. The push for registration intensified after FIU-India issued notices in December 2023 to nine offshore crypto exchanges, including Binance. Concurrently, Apple removed non-compliant platforms from its App Store, and...

Tether, one of the largest companies in the cryptocurrency industry, has officially launched Alloy by Tether, a new asset backed by Tether Gold. According to the official blog post, Alloy by Tether aims to redefine stability in the digital economy by combining the benefits of a stable economic unit with the security and reliability of gold. Alloy by Tether introduces a new category of digital assets known as pegged assets. The first token in the Alloy by Tether series will be aUSD₮, a digital currency designed to track the value of one US dollar. The aUSD₮ token is over-collateralized by Tether Gold (XAU₮), meaning it is backed by real physical gold stored in Switzerland. Users can create aUSD₮ tokens using Tether Gold as collateral, managed by Ethereum-compatible smart contracts on the Ethereum Mainnet. Paolo Ardoino, Tether’s CEO, expressed his excitement about the launch, stating, “We are excited to announce the launch of Alloy by Tether, offering a digital asset class backed by...

The US Supreme Court has decided to review a significant case involving Nvidia Corp.’s disclosure of its crypto mining revenue, a decision that could set a precedent for future shareholder lawsuits. Nvidia is seeking to dismiss an investor lawsuit claiming that the company misled shareholders about its reliance on crypto mining revenue prior to a 2018 market downturn. Shareholders allege that Nvidia's CEO, Jensen Huang, concealed the fact that the company's record revenue growth in 2017 and 2018 was largely driven by crypto mining-related sales of its flagship GeForce GPU product, rather than gaming sales. They argue that this lack of transparency exposed Nvidia to greater risk than what was disclosed, which became evident when the company announced a revenue shortfall in November 2018. This announcement led to a more than 28% decline in Nvidia's stock over two days, which Huang attributed to a "crypto hangover." The investors claim that internal communications would reveal the true...

El Salvador’s President Nayib Bukele has proposed the establishment of a Bank for Private Investment (BPI) to diversify financial services offered in both U.S. dollars and Bitcoin. This initiative, announced by Milena Mayorga, the Salvadoran Ambassador to the United States, aims to attract international investment and enhance the nation’s financial landscape. “As part of our economic plan for El Salvador, we propose a BPI, Bank for Private Investment, where we can diversify the financing options offered to potential investors in Dollars and Bitcoin,” Mayorga stated. The BPI proposal marks a significant step under President Bukele’s second term, following his recent re-election in February. According to El Mundo, the proposed BPI would not be subject to the stringent regulations that traditional banks face, including restrictions on engaging with overseas banks and limitations on loan amounts. The new private investment banks would require a minimum share capital of $50 million and at...