Regulation

IOTA founder Sønstebø intends to refund victims of the major February 14 IOTA hack with his own tokens.  The exchange plans to re-enable its network in the coming days to revive IOTA prices. Time will tell whether the Foundation will be able to make strides towards improving the security of its network and wallets. Towards the end of last week, IOTA co-founder and board co-chairman David Sønstebø revealed on twitter that anybody who lost funds in the recent IOTA [wallet]…

The finance and the economics department of the UK recently strengthened measures to curb the risks associated with cryptocurrencies. Therese Chambers, the Director of Retail and Regulatory Investigations, revealed the new regulations in a speech on the 6th of March 2020. Chambers noted that the UK’s Financial Conduct Authority (FCA) is the official overseer of the Anti-Money Laundering for some crypto objectives, as per the new Money Laundering Regulations (MLR). Chambers Speech on Cryptocurrency Regulations Chambers noted that the UK’s…

Recently, Nonghyup announced the launch of the first commercial application of a blockchain-powered mobile identification system. The report states that the Initial DID Alliance developed the solution.  The Initial DID Alliance is a decentralized identity consortium hosted by the Korean Ministry of Science and ICT and the Korea Internet and Security Agency (KISA). Tech giants such as Samsung, LG, and SK Telecom would back the identification system. Other consortium members include Hyundai Card, Woori Bank, Cj Olive Networks, and Koscom,…

The deputy governor for the Bank of England (BoE), Jon Cuncliffe, warned that the crypto economy’s exponential growth might weaken or end bank credit issuance. Cuncliffe pointed out this while delivering a speech at the London School of Economics on the 28th of February. Cuncliffe stated that BoE’s role is to ensure that the UK’s money works safely and reliably. The BoE official predicted that the integration of stablecoins on social media platforms, including the Libra project, could result in…

Recently, there is a defamation case in the New South Wales District Court, and Judge Judith Gibson approved the use of cryptocurrency as collateral. The judge said that cryptocurrency is a form of investment with recognition and acknowledged its volatility, as per a brief from the Australian Associated Press. The New South Wales court directed that the plaintiff must deposit 20000 AUD (about $13,000) in a bank account guarded by the courts. In this case, the plaintiff’s loss or success…

Bitcoin and the rest of the crypto market have in the past weeks experienced huge value downswings. The gains at the start of 2020 have been all but wiped out in most altcoins thanks to the recent declines. Most of these major cryptos are otherwise getting closer to their critical support levels, a sign that a huge upswing might be around the corner. The same support levels also seem to occur simultaneously with the tremendous barrier that the entire crypto…

Switzerland leads when it comes to cryptocurrency advancement. Currently, many Switzerland bankers believe Bitcoin is certainly suitable for Switzerland's financial and banking sector. On a recent podcast, Phil Dettwiler of SEBA Bank AG stated that Bitcoin is truly an investment opportunity because it is a store of value. Likewise, Bobby Lee recently said that bitcoin's price would reach $ 1 million or more and said that it was the opportunity of a lifetime. Crypto Banks Have Been Making Effort Recently,…

On the 28th of January, a press release confirmed that the Ethereum foundation gave a $650k grant to Nimbus. The grant is for Nimbus to continue working on light Ethereum 2.0 clients. The project aims to allow smartphones and other embedded devices to handle smart contract capable nodes. In March 2018, Status launched Nimbus as an infrastructure project. The Ethereum Foundation and Gitcoin contributed to the project’s funds. Ethereum Foundation also contributed an aggregate of 1.65 million USD. Initially, the…

Recent reports pointed out several court cases on cryptocurrency in India’s supreme court. These court cases support the prohibition of crypto-related services by banks and financial institutions. However, India’s Reserve Bank supports crypto-related services.  Several cryptocurrency supporters, such as Prathiba Jain, want the easing of regulations in India’s Fintech. During the World Economic Forum in Davos, Jain, the founder and head of New Delhi, Nishith Desai Associates, talked about Anti-Money Laundering and Counter-Terrorist Financing (AMLCTF) system in the nascent Fintech…