Regulation

Chainalysis – a blockchain data platform – recently released its 2022 crypto crime report, and discovered an interesting pair of facts. While illicit crypto transactions are at record highs, their proportional share of blockchain activity is at an all-time low. This casts doubt on numerous politicians’ assertions that cryptocurrencies are only a haven for nefarious actors. Trends In Crypto Crime According to the firm’s report released on Monday, blockchain addresses deemed “illicit” received $14 billion worth of crypto in 2021.…

Fears of account closure have pushed Canadian bank customers to withdraw account holdings and secure their funds in cash and other means. Cryptocurrencies remain a form of escape for Canadians who are not only funding protests with crypto but saving in them as well. In reaction to recent moves from the Canadian government, residents have opted to protect their finances by withdrawing existing bank balances. It began a week ago when the prime minister of Canada Justin Trudeau invoked the…

Cryptocurrency advocates, including Ethereum founder Vitalik Buterin, are calling out Canadian authorities for seizing crypto amid the ongoing "Freedom Convoy." Canada is facing massive protests against the government's COVID 19 policies and vaccine mandates. While mostly peaceful, the protests included blocking roads and honking truck horns to cause a disturbance. Still, protesters have received a lot of support, both at home and abroad. This includes a sizable sum in donations, including in crypto. That is something that the government wants to…

Instances of sexual harassment in South Korea’s nascent metaverses are raising concerns. Additionally, authorities in the country are struggling to punish offenders in a space that is still largely unregulated. Cases of Abuse The concept of the metaverse is a popular premise that has gained impressive traction in South Korea. Young Koreans continue to embrace AR and VR-based games. This explains why metaverse worlds have likewise met huge adoption in the country.   While South Korea’s quick acceptance of the burgeoning…

Bitcoin and other virtual assets are now legal in Ukraine, following a recent passing of votes within the Ukrainian parliament. The draft bill which has now been passed on second reading was initially vetoed by the President in September. President Zelensky cited at the time that it was impractical to create a fresh regulatory body to exclusively oversee Bitcoin or other crypto assets.  The bill was returned to the parliament, which would make adjustments based on Zelensky’s recommendations. Six months…

Facing increased scrutiny from the country's financial regulators, Binance paused all of its services in Israel. BNB token plunged on the news. On Thursday, Israel's Capital Markets Authority, the country's chief financial regulator, asked Binance to clarify its activities. In particular, Israeli authorities asked Binance to clarify the services it provides and the license under which it operates. According to the regulator, one of the largest exchanges in the world has stopped key operations after the probe. Following the intervention of…

Canada’s government is expanding its crackdown on donations to protestors objecting to vaccine mandates in Ottawa. In new efforts, the Royal Canadian Mounted Police (RCMP) have ordered crypto exchanges to not facilitate transactions with blockchain addresses linked to the movement. Following The Money As reported by The Counter Signal on Wednesday, FINTRAC companies in Canada have been ordered to cease transactions with 34 specific crypto addresses. These include 1 Monero, Litecoin, and Cardano address, two Ethereum addresses, and 29 Bitcoin…

The state of Colorado is ready to accept tax payments made in crypto by Summer, 2022. At least three other US states are considering passing similar legislation.  According to the governor's announcement, the state will allow Colorado dwellers to pay tax equivalents in crypto, while a buffer converts it to United States Dollars.  The state's governor, Jared Polis, gave an interview to CNBC on Tuesday. He said the government is working on the acceptance of taxes in the form of…

The United States Securities and Exchange Commission (SEC) is reportedly looking into Binance.US. Binance.US is the American division of the world’s biggest crypto exchange. At writing, the SEC’s major objective during its rumored probe is to discern Binance.US’s relationship with two trading companies, Merit Peak Ltd and Sigma Chain AG.  The aforementioned companies provide liquidity for Binance in exchange for the spread on executed trade orders. Documents dating back to 2019 connect Binance CEO Changpeng Zhao to both trading firms.…