Newsfeed

The Bank of Korea (BOK) is ramping up its Central Bank Digital Currency (CBDC) project, planning a pilot program involving 100,000 participants to test the digital Korean Won by the end of 2024. In collaboration with regulatory bodies, the BOK will conduct usability experiments for its CBDC, aiming to introduce two new digital currencies focused on practical applications such as deposit tokens and digital vouchers. This initiative addresses concerns from the private sector about potential impacts on commercial activities. The BOK's efforts align with a global trend of advancing CBDC initiatives. For instance, the UAE Central Bank is pushing for pilot integration for the CBDC digital dirham, while the Reserve Bank of India (RBI) announced that non-payment operators will offer CBDC wallets in the country. These developments underscore the growing interest and adoption of CBDCs worldwide. As the BOK accelerates its CBDC project and prepares for the pilot program, it signals a...

Landesbank Baden-Württemberg, the largest federal bank in Germany, is set to launch cryptocurrency custody services in collaboration with Bitpanda in the second half of 2024. The move comes in response to increasing demand from corporate clients for digital asset custody solutions. Jürgen Harengel, managing director of corporate banking at Landesbank Baden-Württemberg, emphasized the rising interest in digital assets among their corporate customers. The partnership with Bitpanda will utilize the crypto custody platform with decentralized finance capabilities to provide custody services for cryptocurrencies like Bitcoin and Ethereum, among others. Gonzalo Lamas, head of global communication at Bitpanda, highlighted that the collaboration aims to enhance Landesbank Baden-Württemberg's digital asset offerings, ensuring high security and innovative solutions for corporate clients. Furthermore, Deutsche Bank and DZ Bank, Germany's second-largest bank, are also gearing up to offer crypto...

Norway is set to implement new legislation aimed at regulating data centers nationwide and overseeing the activities of Bitcoin miners. The law mandates registration of all data centers with authorities and requires detailed information on services and ownership structure. According to Energy Minister Terje Aasland, cryptocurrency-related data center businesses are not desired in Norway, with the government preferring serious actors important to society. The legislation comes amid concerns over the increasing electricity consumption of crypto mining operations, particularly in Northern Norway. The country's focus on responsible energy use aligns with its abundance of hydropower and renewable energy sources. However, the legislation could pose regulatory challenges for BTC miners, potentially affecting their ability to obtain permits for new operations or expansions. The legislative developments coincide with concerns surrounding Bitcoin mining ahead of the upcoming halving event. 10x...

The provincial government of Buenos Aires has formally accused Worldcoin of violating consumer laws through "abusive clauses" in its user agreement. The allegations include interruptions of services without offering repair or reimbursement, as well as the requirement for users to surrender their rights to collective complaints and apply Cayman Island laws to residents of Argentina. Additionally, Worldcoin allegedly fails to provide an age disclaimer for users under 18, stores private data internationally in Brazil, and lacks clarity on the deletion of biometric data collected from Argentine users. If proven, Worldcoin could face a fine of up to 1 billion Argentine pesos ($1.2 million). These allegations follow similar actions in the EU by Spain and Portugal, addressing data collection from minors, user consent, and data ownership. While Worldcoin claims its operations are legal, it faces pressure to adapt its terms to comply with regional regulations. The outcome of these legal...

The United Kingdom is set to introduce new legislation covering stablecoins and various crypto activities, including staking, trading, and custody, expected to be implemented by June or July 2024. This marks a significant milestone as it brings digital assets under regulatory oversight for the first time, following the approval of the Financial Services and Markets Act in June 2023. UK Economic Secretary Bim Afolami reaffirmed the government's commitment to fast-tracking cryptocurrency-related issues during the Innovate Finance Global Summit. The forthcoming regulations aim to foster a regulated and supervised environment for the nascent industry, ensuring consumer protection and market integrity. The legislation signifies the UK government's efforts to create a crypto-friendly environment while balancing innovation and investor protection. Despite challenges faced by the industry, such as delays and inadequate feedback from the Financial Conduct Authority (FCA), the forthcoming...

Steven Nerayoff, a former advisor to Ethereum, has initiated a lawsuit against Michael Hlady and Marianna Shooshani in the Supreme Court of New York, Nassau County, alleging a fraudulent scheme resulting in substantial financial loss. The lawsuit accuses Hlady and Shooshani of creating a fictitious consultancy firm, North Star Ventures Corp., to deceive Nerayoff into paying over three-quarters of a million dollars for non-existent consulting services. Nerayoff alleges that Hlady, posing as a former government agent, and Shooshani induced him into entering a consulting agreement under false pretenses. Payments made by Nerayoff to NSV were purportedly for consulting fees and related expenses. However, it was later discovered that NSV did not exist, and Hlady had a criminal history. In response, Nerayoff's legal team has presented a multi-faceted legal strategy seeking recovery of the funds paid to Hlady and Shooshani, along with additional damages, citing fraudulent inducement and...

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,...