Regulation

Two weeks ago, China's second-largest bank, the Chinese Construction Bank (CCB), announced plans to sell $3 billion worth of debt using the blockchain.  The deal to issue the debt on a blockchain, featuring Hong Kong financial tech firm Fusang would have been the first digital bond issue by a Chinese Bank using the blockchain technology.  Fusang is a Hong Kong digital exchange licensed by Labuan's financial regulator, Malaysia. According to the announcement, the offering would allow clients to purchase via…

Cryptocurrency owners in Russia may soon be left with the option to declare their crypto holdings to the taxman or face up to three years in jail if caught, according to new reports from local media.  The Russian Ministry of Finance has drafted an amended proposal to ensure all crypto holders in the country report the value of their digital assets for tax purposes.  New Crypto Tax Rules The previous rule requires Russian citizens with small portfolios of at least…

The United Kingdom has announced plans to research stablecoins and a central bank digital currency (CBDC). The Treasury Department of the United Kingdom is drafting proposals to regulate private stablecoins and investigate digital currencies as an alternative to cash. This news is coming off the back of the UK's recent departure from the European Union (EU). The government is now looking for productive and innovative ways to improve its financial sector. In an official announcement, the UK Treasury Chancellor Rishi…

British investors are left scratching their heads and counting losses after investing thousands of pounds in an alleged cryptocurrency pyramid scheme called Lyfcoin, local media reported Tuesday.  Lyfcoin described itself as a brand new cryptocurrency staking platform for ERC-20 tokens with 100% transparency. The platform claims to support other crypto activities such as trading, shopping, information sharing, and much more.  While Lyfcoin is reportedly based in Europe, it claims to operate globally and is "fully compliant with stringent regulations." A…

Zilliqa Sharding Technology part of Stanford University Curriculum Zilliqa Sharding technology is listed among the course scaling blockchain subjects at the prestigious Stanford University. This was indicated by  Amirt Kummer, who shared an image on Twitter.    The Course also includes other key blockchain concepts like Ethereum 2.0 and blockchain application for transparency in governments. Zilliqa is regarded as one of the top blockchain projects and is seen by many as scalability problems.  The blockchain platform has proven to support up…

South Korean giants SK Telecom has announced a wallet's launch to store administrative documents on the blockchain. A wallet to store Korean administrative documents As local news outlet NewsTomato explains, the wallet will be used to host certificates that prove that a Koran citizen has administrative documents. This may include health information, Proof of address, insurance certificates, National ID, etc. Once stored in the company’s blockchain wallet, document certificates can be released to institutions that need them. The telecoms firm…

With the ongoing legal battle against the US authorities, cryptocurrency derivatives giant BitMEX announced today that traders using the platform have just two weeks to verify their accounts. Since its launch in 2014, the Seychelles-incorporated exchange allowed customers to trade even without verification. But in August, BitMEX revealed that it would implement a mandatory Know-Your-Customer (KYC). This requires both new and existing users to submit their personal information for checks.  No Verification, No Withdrawal When BitMEX initially announced its User…

According to public court documents, US Security Exchange Commission (SEC) and Canadian firm Kik has proposed a joint settlement to end the long legal battle between them. The settlement is now waiting for approval from the presiding judge Alvin K. Hellerstein. The case is related to securities law violations when Kik raised $100 million during its ICO launch in 2017. Last month, Judge Hellerstein ruled that Kik's ICO satisfied the famous Howey Test. Thus declared Kin token sale as an…

Alexander Vinnik, a Russian man charged with multiple crimes including Bitcoin fraud worth millions of dollars, will start his trial today in France, the Washington Post reported Monday. Vinnik, 41, was accused of using ransomware in a €135 million ($157 million) Bitcoin fraud. He now faces a trial in Paris on the count of extortion, money laundering, and criminal association. He could spend up to ten years in prison if found guilty. The French authorities claimed that the accused was…