Crypto

Bitfinex and Tether have settled the legal dispute with the New York Attorney General Office (NYAG) that began in 2019. As part of the settlement, the crypto firms have agreed to pay $18.5 million to the New York state regulator.  End To A Protracted Legal Dispute The New York Attorney General Office revealed the settlement agreement in a statement released today. The lengthy report highlighted the entire legal dispute process that began in 2019. In April 2019, the NYAG office charged…

Bitcoin (BTC) suffered a significant dip in its price, dropping by more than 11% overnight. This dip took the market by storm, with over $1.6 billion liquidated in exchanges within 12 hours.  Bitcoin (BTC) Price Drops Sharply after ATH Bitcoin has been enjoying steady gains in the past two weeks after a reasonably stable end to January. Buoyed by solid fundamentals, the leading coin's price surged past the $50k on February 16 to herald a new bull run.  Since then, BTC's price…

Australian Authorities have charged a Sydney man for alleged money laundering activities. This also marks the second high-profile money laundering arrest by the Police in recent months.  $4.3 million Laundered In Bitcoin Australian local news outlet the Australian Financial Review reported the news on Monday, February 22, 2021. According to the report, the New South Wales Police arrested a citizen named Yi Zhong on Monday. Zhong was arrested after police officers stopped his car in a Sydney suburb for a…

According to media reports, South Korea will impose a crypto tax of 20% on profits from 2022. This development is part of the Korean government's plans to regulate cryptocurrency in its jurisdiction.  20% Tax on Profits above $2,260  Local news outlet Arirang revealed this development today, February 22, 2021. According to the report, the Ministry of Economy and Finance stated that income gained from trading bitcoin and other cryptocurrencies would be subjected to taxation from January 1, 2022.  Traders and…

Hong Kong exchanges have reportedly informed regulators about the dangers of the impending new crypto regulations. According to industry stakeholders, the Hong Kong government is set to ban retail trading in the city, severely affecting.  New Crypto Regulation In Development  This development was revealed today by local news outlet the South China Morning Post. According to the report, exchanges within Hong Kong are apprehensive about the government's new crypto regulations.  Hong Kong's Financial Services and Treasury Bureau had put forth…

Asian nation Kyrgyzstan is set to license cryptocurrency exchanges operating within the country. According to authorities, this move is to prevent fraudulent activities as the popularity of Bitcoin grows in the country.  Impending Crypto Regulation Tolbunbek Abdygulov, the Chairman of the National Bank of Kyrgyzstan (NBKR), revealed this development on Friday. According to Abdygulov, the Apex bank wants to regulate crypto exchanges and offer licenses to approved platforms. "We plan to grant a license to cryptocurrency exchange operators to buy…

The American multinational financial services provider, Mastercard, has recently revealed its plans to offer merchants the option of receiving payments in cryptocurrency.  The company announced that it would start supporting a few selected cryptocurrencies on its network later this year in an official blog post. However, the payment processing giant has not disclosed which cryptocurrencies it will be supporting or where it will support them. It mentioned that it would carefully evaluate the cryptocurrencies against its digital currencies principles before…

Payment processing giant Visa has announced that it is working on a crypto API program that will enable banks to offer cryptocurrency services. This was revealed in a press release on Wednesday and could herald a new era for the payment company.  Major Step Towards Crypto Integration  Visa has partnered with First Boulevard, a Kansas-based digital bank, to pilot the crypto API program. Bitcoin and crypto custodian Anchorage will hold the bitcoin and cryptocurrencies on behalf of Visa clients. The…

Cryptocurrencies have always been known for their infamous use among darknet market platforms. According to a report from Chainalysis, Crypto darknet revenue hit a new record of $1.7 billion in 2020.  Eastern Europe Dominates Darknet Crypto Transactions This new record comes as individual purchases from darknet markets reduced from 2019 to 2020. This could be attributed to the Covid-19 pandemic that led to a global shutdown of movements in the early parts of 2020. The $1.7 billion revenue generated in…