Newsfeed

The United Arab Emirates (UAE) saw $25 billion in crypto transactions in 2022, prompting the adoption of accommodative regulatory policies to attract further investment. A report by the Dubai Multi Commodities Centre (DMCC) highlighted the potential and opportunities of Web3 applications, including cryptocurrencies, Decentralized Finance (DeFi), and the metaverse. The metaverse market is projected to reach $3.4 trillion by 2027, driven by use cases and advancements in artificial intelligence. Similarly, the global DeFi market is expected to grow from $13.6 billion in 2022 to $600 billion by 2032, fueled by increasing demand for accessible financial services. Despite recent market turbulence, the crypto industry is moving way for stability, with Bitcoin's resurgence in 2023 signaling renewed interest from institutional circles. However, the future trajectory of these markets hinges on regulatory approaches that balance innovation, consumer protection, and fraud mitigation. The DMCC...

During the Paris Blockchain Week, Matthew White, CEO of Dubai's Virtual Asset Regulatory Authority (VARA), addressed the challenges faced by smaller players in Dubai's cryptocurrency sector due to heavy regulatory costs. White acknowledged the imperfections in the existing regulatory framework and expressed a commitment to making adjustments to benefit all market participants. VARA is actively exploring ways to improve the regulatory framework for cryptocurrencies, particularly for smaller entities burdened by compliance costs. White proposed a model where larger players could bear the compliance costs, enabling smaller entities to enter the ecosystem and be regulated without facing the same financial burdens. This initiative aligns with VARA's broader strategy to foster innovation while ensuring robust regulatory oversight in Dubai's cryptocurrency sector. White emphasized the dynamic nature of the crypto market and VARA's ongoing efforts to keep pace with its rapid development....

The Hong Kong Securities and Futures Commission (SFC) has given approval to several spot Bitcoin and Ethereum exchange-traded funds (ETFs), marking significant progress in the region's crypto market. Approvals were awarded to China Asset Management, Bosera Capital, and Hashkey Capital Limited, with an in-principle approval for Harvest Global Investments. These ETFs, launched in partnership with entities like OSL Digital Securities Limited and BOCI International, aim to provide retail asset management services with direct cryptocurrency subscriptions. This move highlights Hong Kong's ambition to become a regional leader in financial innovation, particularly in the digital asset sector. The approval of these ETFs is expected to bolster Hong Kong's position as an international financial hub and offer regulated, innovative investment avenues for both retail and institutional investors. Similar to the impact of US ETFs, Bitcoin's price notably increased by 2.2% following the announcement,...

Landesbank Baden-Württemberg (LBBW), one of Germany's major banks, has entered the cryptocurrency space through a partnership with Bitpanda, marking Bitpanda's first collaboration with a German bank. The collaboration aims to provide crypto services tailored to corporate clients, enabling them to store and procure crypto assets starting in the second half of the year. The move follows similar steps taken by other German banks, such as Commerzbank and Deutsche Bank, which obtained their own crypto custody licenses. While LBBW does not have its own custody license, the partnership with Bitpanda allows the bank to offer crypto services to its corporate clients, with Bitpanda providing the necessary technical infrastructure. Bitpanda will handle trading transactions and store crypto assets for LBBW's corporate clients, initially offering a selection of various cryptocurrencies. This collaboration underscores the growth of the cryptocurrency sector in Germany, with Bitpanda's...

The Venezuelan Attorney General, Tarek William Saab, announced the arrest of prominent figures, including former PDVSA president Tareck El Aissami, former Economy Minister Simon Alejandro Zerpa, and entrepreneur Samark Lopez, in connection with a crypto money laundering scheme. The scheme involved the laundering of funds from unregistered oil sales through exchanges like Kraken and investments in cryptocurrency mining farms. Saab revealed that the embezzlement scheme, spearheaded by El Aissami and former cryptocurrency watchdog Joselit Ramirez, utilized cash and cryptocurrency payments to evade national controls. The scheme exploited sanctions against Venezuela to sidestep standard procedures, with informants disclosing the conversion of $35 million into crypto through facade companies. While exact figures were not provided, previous reports estimated losses of close to $20 billion due to unregistered sales, which were subsequently laundered using cryptocurrency purchases. Saab...

Craig Wright, known for claiming to be the inventor of Bitcoin, has dropped his appeal against Norwegian bitcoiner Hodlonaut after nearly five years of legal battles over social media posts. This decision follows a UK judge's ruling that Wright is not the creator of Bitcoin. Hodlonaut had initially brought the case against Wright to preempt a defamation lawsuit in the UK, where laws heavily favor the plaintiff. A Norwegian court had previously ruled in favor of Hodlonaut, concluding that Wright had lied and cheated in his attempt to prove his identity as Satoshi Nakamoto. Wright's decision to drop the appeal comes just a month after he lost a separate court case in the UK, where it was definitively established that he is not the author of the Bitcoin whitepaper or the creator of the Bitcoin system. Despite these legal setbacks, other litigation involving Wright, including another defamation case against Hodlonaut in the UK, remains ongoing. Wright and his billionaire supporter,...

Former crypto mogul Sam Bankman-Fried, co-founder of FTX cryptocurrency exchange, has filed an appeal against his conviction and 25-year prison sentence for orchestrating an $8 billion fraud scheme. His defense lawyer, Marc Mukasey, has lodged the appeal to the Manhattan-based 2nd U.S. Circuit Court of Appeals, aiming to challenge the conviction and sentencing imposed by U.S. District Judge Lewis Kaplan. Bankman-Fried's legal team seeks to convince the appellate court of significant errors allegedly depriving him of his legal rights during the trial. Meanwhile, FTX's co-founder and executive, Ryan Salame, is yet to be sentenced for his involvement in the fraud case. Salame's guilty plea and sentencing hearing are scheduled for May 28th, potentially adding another layer of complexity to FTX's history and addressing the concerns of victims in the bankruptcy case. Bankman-Fried's sentencing on March 28 marked a significant turn in his journey from a celebrated figure in the crypto...

Russian police have conducted raids on four large "illegal" data centers in Novosibirsk, Siberia, seizing over 3,200 crypto mining rigs. The Novosibirsk branch of the Russian power provider Rosseti reported that the operators of these mining centers have been charged with criminal offenses. The centers were found to be part of an interconnected "network" operating in different parts of the city, with an estimated theft of $2.1 million worth of electricity from the Novosibirsk grid. Police confiscated nine power transformers along with the mining devices. Novosibirsk, along with Irkutsk, has become a major hub for Russia's growing crypto mining industry. However, power providers have raised concerns about the rise in illegal crypto mining, where miners steal electricity through unauthorized connections to the power network. The recent raids mark a continuation of crackdowns on illegal mining operations in Siberia and beyond, with authorities targeting facilities and individuals...

Uniswap Labs, the entity behind Ethereum's largest decentralized exchange (DEX), has received a Wells Notice from the United States Securities and Exchange Commission (SEC), indicating the regulator's intention to pursue enforcement action. The notice, disclosed by Uniswap through a blog post, comes amidst ambiguity regarding the nature of the potential legal action, with industry observers speculating on its implications. SEC Chairman Gary Gensler's previous remarks on decentralized crypto exchanges, including Uniswap, suggest that the regulatory body may allege the sale of unregistered securities, challenging the decentralized nature of such platforms. Uniswap's Chief Legal Officer, Marvin Ammori, emphasized the company's readiness to confront the potential lawsuit, characterizing it as regulatory overreach. Following the news, Uniswap's native token, UNI, experienced a decline of approximately 16%, reflets investor uncertainty. As discussions on regulatory oversight of...

The Australian Securities and Investment Commission (ASIC) has announced its decision to appeal the federal court’s dismissal of its penalty proceedings against crypto asset service provider Finder Wallet Pty Ltd. The regulator alleges that Finder Wallet’s product, Finder Earn, was offered without the necessary license or authorization, failing to comply with disclosure requirements and design and distribution obligations. Despite Finder Wallet withdrawing its Earn product and reimbursing user funds after ASIC expressed concerns, the regulator proceeded with penalty proceedings on Dec. 15, 2022. However, the Australian Federal Court dismissed ASIC’s arguments in its March 14, 2024 ruling. ASIC contends that the primary judge erred in determining that Finder Earn was not a debenture under the Corporations Act 2001, referencing past cases where the courts agreed with its position. The appeal, set to be heard by the Full Federal Court at a later date, challenges the earlier judgment and...

HashKey Capital has been granted an expanded license by the Securities and Futures Commission (SFC) of Hong Kong, allowing the firm to offer its services to retail investors. This upgrade removes the prior restriction that limited its clientele to professional investors only. The regulatory approval signifies a potential pathway for HashKey Capital to introduce virtual asset investment products to retail investors, contingent upon obtaining necessary product approvals from the SFC. Deng Chao, CEO of HashKey Capital, highlighted the significance of this development, emphasizing the firm's leadership in the industry and the exciting opportunities it opens up for retail investors to access fund products and participate in the growing digital asset market through a trusted and regulated platform. The upgraded license is expected to catalyze HashKey's market expansion, unlocking new markets and opportunities, and enabling the firm to cultivate a wider investor base, solidifying its...

Elvira Nabiullina, the head of the Russian central bank, has stated that the mass launch of the digital ruble could take between five to seven years. This contradicts recent suggestions by Anatoly Aksakov, chairman of the State Duma Committee on the Financial Market, who indicated that the launch could begin as early as next year. Nabiullina clarified her remarks during a joint meeting of committees from the State Duma, stating that while the pilot phase for the digital ruble will be extended, no decision on mass scaling will be made before 2025. She emphasized that the timeline for widespread adoption will depend on the results of the pilot phase and the readiness of the public and businesses to embrace the digital currency. The discrepancy between Nabiullina's timeline and Aksakov's statements shows the complexity and uncertainty in the implementation of central bank digital currencies (CBDCs). While there is growing interest in CBDCs globally, their rollout requires meticulous...