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Binance’s regulatory troubles continue with Lithuania being the latest country to issue a warning about the cryptocurrency exchange. Lithuania’s announcement came one day after Italy issued a similar warning. Lithuania Warns Binance Lithuania’s central bank announced Friday that it has issued a warning to Binance UAB about its unlicensed investment services provided in Lithuania. The central bank also “ordered the company to ensure that its publicly available information is not misleading.” The central bank explained that it has assessed publicly available information and found that Binance is “acting as a virtual currency exchange operator and a custodian virtual currency wallet operator” in the country. The bank wrote: The Bank of Lithuania addressed Binance UAB … and warned the company about its unlicensed investment services provided in Lithuania as well as requested it to ensure that its publicly available information complies with legal requirements and is not misleading. In addition, the Bank of Lithuania noted that “crypto-asset related services are not regulated or supervised, thus consumers risk losing all their investments.” The central bank further detailed that some online crypto exchange platforms allow their customers to invest in cryptocurrency derivatives (such as futures and options), contracts for difference (CFD), or crypto-assets linked to securities. The central bank emphasized that these are considered financial instruments and the platforms offering them must be licensed as financial service providers. However, the central bank clarified, “Companies that are registered in Lithuania as virtual currency exchange operators are not supervised as financial service providers,” elaborating: They also have no right to provide any financial services, including investment services. On Monday, Italy issued a similar warning about Binance. Regulators in the U.K., Japan, Cayman Islands, and Thailand also recently issued warnings on the global crypto exchange. In response, Binance has suspended GBP withdrawals and EUR deposits via SEPA bank transfers. What do you think about all these regulators coming after Binance? Let us know in the comments section below. View the full article

PRESS RELEASE. BXX listed on the MEXC Global exchange, and jumped from $0.15 at listing, to $0.50, before settling down to the mid. $0.30s- a more then 100% increase over the course of its first few hours of trading. Pools are also now available on Uniswap 2.0 in both USDT and ETH. Imagine a world where you can borrow for free, remit money across the globe for free, and even earn digital asset rewards from your daily spending- this is the world of the Baanx Group’s platform, a digital assets-as-a-service fintech bridging the worlds of fiat and digital assets. And it is all powered by the BXX token. Baanx modular platform enables fintechs to offer their users- free crypto lending, free remittance, low cost fiat on/off ramps, physical + digital cards, savings seamlessly integrated into any app or website in days, not months. Also key to the Baanx vision is the ability to spend digital assets as easily as cash. These B2B services are, as they say, “better than a bank”. Baanx works with leading global digital asset corporate brands- DeFis, wallet providers, exchanges,and other FinTechs, including Tezos, to enable secure and seamless digital asset-friendly services. To celebrate BXX’s official listing on MEXC, they are hosting a Trading and other Competitions on MEXC with a total of 100,000 BXX tokens to be won over the next few days. Follow Baanx BXX on Telegram, Medium, Twitter or other social media for the latest updates, and events. ——————————- For any additional information, contact info@baanx.com This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

Regulators from the CVM, the securities watchdog of Brazil, have approved the first Ethereum-based ETF in Latin America (Latam). The product, presented by blockchain investment company QR Asset, aims to simplify the task of getting Ether exposure for retail and institutional investors. It will be traded with the QETH11 ticker on the B3 stock exchange. Brazil to Debut First Ethereum ETF in Latam Brazil will be the first country in Latam that will trade an Ethereum-based ETF. The Brazilian securities regulator has approved the proposal of QR Asset, a blockchain investment firm, to offer an Ethereum ETF. The product, identified with the QETH11 ticker, will be traded on the B3 stock exchange in Sao Paolo. The ETF’s objective is to provide an easy way for investors to put money behind Ethereum’s performance. QR Asset declared on Twitter that: QETH11 becomes a simple, safe and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage. Without worrying about registrations in exchanges, wallets or private keys. This new ETF will be 100% backed by assets purchased in the market, and these assets will be guarded by Gemini, which will provide custody services. QR Asset Amasses Two Crypto ETFs QR Asset, the company bringing this new ETF to the market, already has a Bitcoin ETF on the market. The QBTC11 product launched last June, and it is trading on the B3 stock exchange too. With these offerings, QR Asset is now the lone provider of crypto ETF products in Brazil. The securities regulator of the country has been very open to bringing these investment vehicles to the hands of potential investors. In contrast, its U.S. counterpart is reluctant to approve similar products. The SEC reviewed several Bitcoin ETF filings in the past with no luck for their proponents. In the last year, more than 6 proposals have been filed. But the SEC has not yet issued a decision on them. Bitcoin-based ETFs allow institutional investors to enter the crypto market in a more regulated and mainstream way. However, even in the absence of ETF products in some regions, institutional investors are using Grayscale and Microstrategy as ways to work around the void, gaining indirect exposure to crypto assets via these companies. What do you think about Brazil approving the first Ethereum ETF in Latam? Tell us in the comments section below. View the full article

A non-governmental organization (NGO), Save Tigray, has announced it will be using the proceeds from the sale of non-fungible tokens (NFTs) to support its goal of averting famine in Ethiopia’s war-torn Tigray region. According to Save Tigray, the NFTs, which are “based on interpreted photos of the tragedy,” will be sold on the charity organization’s NFT marketplace. Making NFTs Based on Photos of Tragedy According to a statement released on July 13, 2021, proceeds from the NFT sales will be donated to organizations that include the World Food Program, International Rescue Committee, UNICEF, and Save the Children. Also in the statement, Save Tigray’s Mirna Saraswati explains how the NGO switched to the idea of raising funds via NFTs sales. Saraswati explained: Last year we planned to create NFTs from Fair Trade Art created by women from Tigray. But the advent of the war in November put an end to those plans. So instead, we are making NFTs based on interpreted photos of the tragedy. We will sell them on our NFT marketplace, and donate the proceeds equally to four groups. In early November 2020, an armed conflict pitting Ethiopian government forces against Tigray rebels broke out. Since then, the conflict — which has also drawn in forces from neighboring Eritrea — has left as many as 1.8 million people on the verge of famine. Already, this conflict is believed to have claimed the lives of tens of thousands, according to UNICEF. Energy Efficient NFTs Meanwhile, organizers of Save Tigray say they are hoping “to use the Tigray project as a prototype so that they can later create similar projects to address climate change, racial injustice, disease, and other issues.” Concerning the alleged inefficient energy of blockchain anchored digital assets, Save Tigray’s COO Savannah Partridge said: “We’ve solved the biggest problem associated with them, which is energy usage. Our platform uses 10 million times less energy than the standard Etherium-based ones.” Still, just like any NFT, the provenance of each work can be easily traced through the blockchain, explained Partridge. This, therefore, means “buyers can continue to use each image to raise more for the cause if they so choose.” In addition, the NFTs will earn royalties every time they are sold, thus “they can keep fundraising forever.” Save Tigray’s Greater Objective Partridge says in addition to using NFTs to highlight the desperate situation in Tigray, the NGO is also planning a publicity drive to make the public aware of the famine and quasi-genocide in Tigray. Partridge said: “As much as we want to raise funds for victims, we really want to spread the news to millions. The Ethiopian government has announced that aid flights can resume from the capital, but so far none have been given approval. An outcry from the public can compel them to act.” What do you think of Save Tigray’s idea of using NFTs to raise funds? Tell us what you think in the comments section below. View the full article

Authorities in Hong Kong have arrested four people suspected of money laundering a total of $155 million through cryptocurrency wallets and bank accounts. The city’s customs agency said this was its first case in which virtual money had been used to launder dirty cash. Money Laundering Syndicate Recycles $155 Million in Crypto and Fiat Transactions The criminal group is believed to have processed illegal funds for a total of 1.2 billion Hong Kong dollars ($155 million), Hong Kong Customs announced Thursday. In an operation code-named “Coin Breaker,” officers detained the suspected ring leader and three other residents of China’s special administrative region. The money laundering syndicate started its criminal activities last year and has been using three shell companies. The entities opened e-wallet accounts with an unnamed digital asset platform to trade the stablecoin tether (USDT). Authorities think the mastermind of the scheme convinced the other individuals to register as executives of the three firms. “Our investigation revealed that the syndicate laundered about HK$880 million ($113 million) through the cryptocurrency between February 2020 and May 2021,” said Senior Superintendent Mark Woo Wai-kwan of the Customs’ Syndicate Crimes Investigation Bureau. Quoted by the South China Morning Post, the official added that the coins involved in the transactions came from around 40 e-wallet accounts. According to Superintendent Grace Tang Wai-ngan, 150 million Hong Kong dollars’ worth of crypto from the total amount was transferred to more than 20 e-wallets. The remaining 730 million Hong Kong dollars were cashed out and the money was deposited into eight bank accounts owned by the three shell companies. Around 500 cryptocurrency transactions passed through the firms’ wallets in just six months, she explained. These transactions averaged 400,000 coins, or more than 3.1 million Hong Kong dollars (about $400,000), with the largest involving $20 million worth of crypto. Suspects Allegedly Launder $350 Million Through Regular Fiat Channels Besides the 880 million Hong Kong dollars handled through cryptocurrency, officials claim that another 350 million Hong Kong dollars ($45 million) were laundered through conventional means. The funds were transferred into the same eight bank accounts via 100 other accounts including business accounts belonging to 18 different shell companies registered in Hong Kong. A total of 1.08 billion Hong Kong dollars (almost $140 million) was in the end deposited into more than 200 bank accounts. These included personal accounts and accounts controlled by money changers, investment companies, and real estate firms in Hong Kong and other jurisdictions. Investigators established that 60% of the funds had been transferred through bank accounts in Singapore where Hong Kong authorities asked law enforcement officials to support their efforts to track the money. Hong Kong Customs now plans to enhance its cooperation with other agencies and regulators to address the use of cryptocurrency in money laundering crimes. The investigation into the origins of the funds, the initial senders, and ultimate receivers of the laundered money continues. According to the South China Morning Post, the four suspects have been released on bail. Their money laundering offenses could lead to a maximum prison sentence of 14 years and a 5 million Hong Kong dollars fine (around $640,000). What are your thoughts on the money laundering case in Hong Kong? Let us know in the comments section below. View the full article

Founded on July 1, 2014, Shapeshift has been offering global trading of a variety of digital assets for seven years. Following the company’s recent anniversary, it announced Shapeshift is evolving into a community-owned decentralized platform. Shapeshift founder Erik Voorhees explained in a blog post that the firm airdropped FOX tokens to over a million customers in order to “facilitate decentralized governance.” Shapeshift Is Shifting Shapeshift is changing, according to a recent blog post from its founder, and the company’s announcement about an airdrop of the platform’s native FOX tokens to Shapeshift users. The distribution of FOX is meant to make the platform community-owned and governed by FOX holders. Shapeshift’s recent news follows the company’s change toward dropping KYC rules in January 2021, and shifting toward an entirely non-custodial solution. In mid-April, Bitcoin.com News reported on Shapeshift leveraging Thorchain for multi-chain unwrapped swaps. On July 14, Erik Voorhees explained how the company would be dissolving its corporate structure entirely. “With an eye toward the future, Shapeshift has begun decentralizing,” Voorhees detailed. “Shapeshift is open-sourcing everything, [and] Shapeshift’s entire corporate structure will wind down.” Voorhees continued by adding that decentralization will take time and it will be a gradual “process over the coming months.” “Faster than most of us recognize, we are moving toward an open, immutable financial system,” Voorhees said. “It started with Bitcoin as immutable base money, but it doesn’t end there. It ends when we have an entire system of money, credit, and value exchange that is captured by no central entity, and subservient to no flag.” The Shapeshift founder added: A system that empowers all of humanity equitably, just like the mathematics upon which it is built. Shapeshift is simply perceiving this trend and positioning accordingly. FOX Holders Increase by 24% in 2 Days At the time of writing, each FOX token is trading for $0.54 per token and it touched an all-time high (ATH) at $1.65 per unit on April 05, 2021. FOX tokens are down 67.27% since the crypto asset’s ATH three months ago. Etherscan statistics show the ERC20 token has seen 69,167 transfers to date and there are 27,521 holders (unique addresses) that own FOX today. Etherscan.io data further shows the number of FOX holders increased by 24.25% from July 13 to the 15th. In addition to being traded on Shapeshift, FOX can be traded on the decentralized exchange (dex) platform Uniswap as well. Coingecko records show FOX has seen $2.3 million in trades on Uniswap over the last 24 hours. What do you think about Shapeshift’s decision to dissolve the corporate model and become a community-owned platform? Let us know what you think about this subject in the comments section below View the full article

In a recent twitterstorm, Dogecoin founder co-founder Jordan Palmer stated he wouldn’t return to the cryptocurrency world. Palmer unleashed harsh criticisms of the cryptocurrency industry, calling it “hyper capitalistic,” and managed by “powerful cartels” of wealthy figures. Palmer created Dogecoin along with Billy Markus back in 2013 as a joke, making fun of the crypto community. Dogecoin Co-Founder Slams Crypto Industry Dogecoin co-founder Jordan Palmer is really upset about the road the cryptocurrency industry has taken. In a recent tweetstorm, the Australian programmer took shots at the cryptocurrency world, criticizing it harshly. Palmer says he won’t return or mingle in cryptocurrency circles because of what the industry represents now. Similarly, the father of Dogecoin criticized several key traits of what some cryptos claim to be. He stated cryptocurrency was a: …right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity. Palmer also criticized the marketing network behind the crypto industry, which he says preys on financially struggling individuals, getting them to invest their savings hoping to make a quick buck. On this subject, Palmer stated the industry leverages a: …network of shady business connections, bought influencers and pay-for-play media outlets to perpetuate a cult-like “get rich quick” funnel designed to extract new money from the financially desperate and naive. To conclude, Palmer slammed the idea that crypto is decentralized, stressing: Despite claims of ‘decentralization’, the cryptocurrency industry is controlled by a powerful cartel of wealthy figures who, with time, have evolved to incorporate many of the same institutions tied to the existing centralized financial system they supposedly set out to replace. Dogecoin Was a Joke Jordan Palmer was never too fond of cryptocurrencies. For him, Dogecoin was a joke, a mock coin stemming from a meme back in 2013. In any case, he always criticized the fawning and uncritical praise he saw bitcoin proponents give to the currency. For this reason, Palmer has said bitcoin should have a value tied to the value it provides society. In short, he considers this value to be lacking. However, Palmer shares something in common with the original proponents of cryptocurrencies: his disdain for the traditional financial system. Basically, Palmer thinks these institutional investors could overturn the real benefits of cryptocurrencies and turn them into mere fiat coins. Palmer hinted at this possibility, claiming banks had the power to do a hostile takeover over Bitcoin back in 2018. And according to some analysts, this has already happened. What do you think of Jordan Palmer’s thoughts about the cryptocurrency industry? Tell us in the comments section below. View the full article

Switzerland’s State Secretariat for Economic Affairs (SECO) is reportedly helping Crypto Valley Venture Capital (CVVC), a blockchain business incubator, set up an office in South Africa. According to SECO, this move fits with Switzerland’s policy of supporting private firms that seek to help African blockchain start-ups. Funding for Successful Applicants According to a Swissinfo report, CVVC will fund the best blockchain start-ups “in South Africa, Nigeria, Kenya, Rwanda, Congo and other countries.” The report adds that the initial five successful applicants will each receive $125,000 (CHF114,000) from the incubator while SECO will also chip in with a contribution of over $270,000 in the first year of the project. In addition, the report also quotes a SECO representative explaining some of the objectives of this funding initiative. The SECO rep is quoted as saying: This start-up funding is intended to show that investments in African start-ups that develop blockchain-based solutions for the challenges on the African continent are worthwhile. This positive demonstration could mobilise further private capital and generate jobs. Projects Must Demonstrate Utility However, according to Gideon Greaves, the managing director of CVVC South Africa hub, the African blockchain start-ups applying for funding need to demonstrate that their projects can solve challenges that are specific to their regions. For instance, Greaves is quoted as pointing to problems that are faced by immigrants when sending money home as one challenge that can be solved using the blockchain. Meanwhile, the Swissinfo report says that in addition to the incubation project, the Swiss embassy and the University of Zurich will “establish a blockchain chair at the University of Johannesburg, part-financed by both Switzerland and South Africa.” What are your thoughts on Switzerland’s policy of funding African blockchain start-ups? Tell us what you think in the comments section below. View the full article

Former U.S. Treasury Secretary Steven Mnuchin says his viewpoint on bitcoin “has evolved a little bit.” While he personally does not want to have bitcoin in his portfolio, he says if people want to buy the cryptocurrency, “that’s perfectly fine.” Mnuchin Says It’s ‘Perfectly Fine’ if People Want To Buy Bitcoin Former Treasury Secretary Steven Mnuchin talked about bitcoin, cybersecurity, and the U.S. economy in an interview with CNBC Wednesday. He was asked whether his viewpoint on bitcoin has evolved since the last time he was interviewed by the media outlet when he was still the treasury secretary. At that time, Mnuchin was dismissive of the cryptocurrency, stating that it had no inherent value. Since then, a growing number of major companies and prominent traders have gotten into bitcoin. Major investment banks, such as Goldman Sachs, Morgan Stanley, and Citigroup, have either started offering or are in the process of offering crypto products or services to their clients. Regarding whether his viewpoint on bitcoin has evolved, Mnuchin said: I think my view has evolved a little bit, but it is pretty consistent … If people want to buy bitcoin as a substitute, no different than buying gold or some other asset, it’s fine. I don’t personally want to have it in my portfolio but if people want to that’s perfectly fine. The former treasury secretary added that “The underlying technology of blockchain is pretty incredible,” noting that there are many applications utilizing it. As for bitcoin and other crypto assets, Mnuchin emphasized that it is important for them to be regulatory-compliant, including complying with the Bank Secrecy Act (BSA). Noting that under the Trump administration, the Office of the Comptroller of the Currency (OCC) approved banks to offer cryptocurrency custodian services last year, he explained: The reason we did that was because we wanted to make sure that this was becoming in the regulated world … and it should be fully BSA compliant. What do you think about Mnuchin’s comments on bitcoin? Let us know in the comments section below. View the full article

Award-winning director Spike Lee has teamed up with bitcoin ATM operator Coin Cloud on a multimillion-dollar crypto campaign. “Digital currency is viable for not just people of color, but anybody who has been historically excluded from traditional financial systems,” said the famed director. Spike Lee Directs Short Film for Bitcoin Company Coin Cloud, a digital currency machine operator with more than 2,000 machines, announced Wednesday a multimillion-dollar campaign with a short film starring and directed by Oscar-winning filmmaker Spike Lee. The Las Vegas-based company explained that the campaign features a commercial titled “The Currency of Currency,” describing it as “a raw and honest snapshot of the history of money and the inequalities inherent in legacy U.S. financial systems.” Coin Cloud added: The piece makes a simple, but bold statement: Old money is out; new money is in. The announcement further describes: “From institutions that intentionally exclude communities of color to wealth gaps that threaten the futures of millions of Americans, the ad shines a spotlight on how traditional currency needs another look, as well as the opportunity digital currency provides.” Coin Cloud’s machines allow users to buy and sell bitcoin and more than 30 other cryptocurrencies with cash. Users can also buy BTC and more than 20 other cryptocurrencies with credit or debit cards. The machines are located in over 2,000 locations nationwide and in Brazil. Crypto ATM tracking website Coinatmradar ranks Coin Cloud as the second-largest bitcoin ATM operator, after Bitcoin Depot. Spike Lee opined: Coin Cloud is on the cusp — the cutting edge — of what affects people of color when it comes to finances and access to building wealth. Digital currency is viable for not just people of color, but anybody who has been historically excluded from traditional financial systems. The commercial was filmed in New York and produced by 40 Acres and a Mule Filmworks. It features cameos by actress Mj Rodriguez, American drag queen and reality TV personality Shangela, singer-songwriter Teyana Taylor, and actor-activist Kendrick Sampson. The campaign will run nationally across cable TV channels, including Adult Swim and Comedy Central. It will also run on Youtube and additional OTT and digital platforms, such as Roku and Reddit. What do you think about Spike Lee’s commercial for Coin Cloud? Let us know in the comments section below. View the full article

After months of deliberation, the European Central Bank has decided to proceed with a digital euro project. Officials insist the new version of Europe’s common currency should “ensure privacy” and provide access to “the safest form of money” at a “negligible” cost to the environment, in comparison with bitcoin. Eurosystem Initiates Digital Euro Project The Governing Council of the European Central Bank (ECB) took a long-awaited decision on Wednesday to launch the ‘investigation phase’ of a project to issue a central bank digital currency (CBDC). The stage will continue for two years during which key aspects of the design of the digital euro and questions regarding its distribution will be addressed. In any case, it will not replace cash and a final decision on its issuance is yet to come. ECB President Christine Lagarde “It has been nine months since we published our report on a digital euro. In that time, we have carried out further analysis, sought input from citizens and professionals, and conducted some experiments, with encouraging results. All of this has led us to decide to move up a gear and start the digital euro project,” ECB President Christine Lagarde said after the meeting. She also emphasized: Our work aims to ensure that in the digital age citizens and firms continue to have access to the safest form of money, central bank money. The Eurosystem, consisting of the ECB and the national central banks of the Eurozone’s 19 member states, intends to take into account the needs of future users when outlining the functional design of the digital euro. The investigation phase will involve focus groups, prototyping and conceptual work to examine the use cases for the currency, the regulator said in a press release. The ECB will work with the European Parliament and the European Commission to establish what changes to the Union’s legislative framework would be needed to introduce the CBDC. The bank will also assess the possible impact of a digital euro on the market, while ensuring privacy and avoiding risks for its participants. Regulators want to define a business model for supervised intermediaries within the digital euro ecosystem. Europe’s CBDC to Be Energy Efficient The ultimate goal is to produce a “riskless, accessible, and efficient form of digital central bank money” that meets the needs of European citizens and businesses, the ECB explained. At the same time, the design of the CBDC must prevent illicit activities and undesirable effects in respect to the financial stability and the monetary policy in the Eurozone. The investigation phase will build on the experiments carried out by the ECB and national central banks in the past months. They were conducted in several major areas — the digital euro ledger, privacy and anti-money laundering, circulation limits, offline access for end-users, and device support. The tests proved that a possible solution is to combine centralized and decentralized elements in the digital euro architecture. “Both the Eurosystem TARGET Instant Payment Settlement (TIPS) and alternatives such as blockchain were proven capable of processing more than 40,000 transactions per second,” the central bank revealed. The core infrastructure of the European CBDC will be friendly to the environment, ECB assured. The energy consumed to maintain the high transaction volume will be “negligible” in comparison with the power needed to process transactions for cryptocurrencies such as bitcoin, the European Central Bank emphasized. What do you think about the launch of the digital euro project? Share your thoughts on the subject in the comments section below. View the full article

A tie-up between payment processor Advcash and Bingbon will help the social cryptocurrency trading exchange extend its services to Ukraine, Kazakhstan, and Russia through a newly introduced fiat on and off-ramp. Eastern European Fiat Support Echoes Regional Crypto Adoption Outside of North America and Asia, Eastern Europe commands one of cryptocurrency’s biggest communities of miners, developers, and traders. At one point, just Russia was behind the U.S. and China in terms of bitcoin mining hashrates. A 2020 Chainanalysis report substantiates this trend, highlighting that the highest concentrations of cryptocurrency adoption worldwide were centered in Ukraine and Russia in terms of value exchanged between July 2019 and June 2020. The same report highlighted that approximately 12% of all global transaction volume was based in Eastern Europe, making it a sizeable target for exchanges and other crypto services providers. But the fiat on-ramps for this geographical region are fewer relative to other jurisdictions, and one reason may be the highest convergence of global illicit crypto activity being located within its boundaries. Still, de-dollarization in Russia and familiarity with alternative payment methods since the fall of the Soviet Union have this population primed to embrace cryptocurrencies, especially given the highly fragmented banking coverage in former Soviet states. To attract this burgeoning community and expand its Russian market further, Bingbon, a cryptocurrency spot and futures exchange based out of Singapore, has partnered with Advcash to accept Russian Rubles (RUB), Ukrainian Hryvnia (UAH), and Kazakhstani Tenge (KZT). The new fiat-to-crypto-to-fiat partnership will help Bingbon support multiple payment methods, including Visa, Mastercard, MIR cards, and ADV e-wallet transactions. For Bingbon, the move helps the social crypto exchange compete with other highly entrenched players in the region, like Binance and Huobi Global. For clients, it means an easier on and off-ramp for their fiat currencies to purchase bitcoin, ethereum, litecoin, bitcoin cash, ripple, zcash, and tether (USDT) in Bingbon’s ecosystem to access multiple products, including social trading. Timing Corresponds With Miner Migration The decision by Bingbon to expand support for Eastern Europe coincides with a great miner migration out of China in search of affordable electricity and supportive government policies. Among them, Bit Mining, based out of Shenzhen, began transferring its first batch of mining units to Kazakhstan last month as the Chinese Government expanded its crackdown on cryptocurrency miners. They are just one of the mining consortiums eagerly seeking new frontiers with an abundance of cheap energy. Kazakhstan has responded to the influx of operations and equipment with a new electricity surcharge for crypto miners. Meanwhile, the Ukrainian government is also embracing cryptocurrency to an extent after selecting a bid for a cryptocurrency mining operation located next to a nuclear power facility. While these Eastern European nations might provide friendlier cover for mining thanks to affordable power, governments are taking enforcement seriously. Ukraine is cracking down on illegal mining, evidenced by the July 10th seizure of nearly 5,000 mining units that were stealing power from the grid. Meanwhile, Russia is drafting new legislation intended to combat criminal use by helping the country legally seize cryptocurrency gained through illicit activities. What do you think of crypto adoption in Eastern Europe? Let us know in the comments section below. View the full article

Trevor George Smith Jr., professionally as Busta Rhymes asked his 3.8 million followers on Twitter what they think about cryptocurrencies. Rhymes questioned if anyone was into crypto and how people were feeling about digital currencies at the moment. Busta Rhymes Asks If He Should Buy Crypto The American rapper, songwriter, record producer, and actor, Busta Rhymes, discussed cryptocurrencies on Wednesday afternoon. Rhymes is well known for his music career and also has seen the most nominations for a Grammy Award without winning. On Wednesday, Rhymes addressed his millions of followers on Twitter with a simple question. “Anyone here into crypto? How ya’ll feeling about?” the rapper asked. A great number of people responded to Rhymes and told him how they felt. “Feeling good since 2013,” the Twitter account dubbed “The Crypto Dood” said in response to Rhymes’ tweet. Rhymes didn’t just simply tweet about cryptocurrencies with just a one-liner either, as the rapper can be seen asking his followers more questions about digital currencies. After asking his followers about crypto, Busta Rhymes shared a few images of himself checking his phone and said: “The price just went up.” “Been feeling bullish on it since we started working on Coinigy in 2013,” the independent portfolio management platform’s account remarked. Busta Rhymes Continues the Crypto Conversation, Shares Pictures of Himself Looking at Prices Another account simply told Rhymes to “invest” and the musician responded to this specific tweet. “Yeah but in what?” Rhymes asked and of course, a myriad of people shilled their favorite crypto-coins. Another person told the rapper that “crypto is where it’s at” and told him that the market was currently down. “Good time to buy in?” Rhymes responded to the individual who said he owned BTC, ETH, and DOGE. When someone mentioned a token, Rhymes also replied by asking what the coin’s “use case” happened to be. Following his discussion in that specific Twitter thread, Busta Rhymes also posted some images of himself looking at his phone and said: “The price just went up.” Some of the pictures further show Rhymes eating oysters while looking at his phone. Rhymes follows a great number of rappers that have got into cryptocurrencies over the years. Hip hop artists like 50 Cent, Talib Kweli, Snoop Dogg, Nas, Murda Beatz, Soulja Boy, and Eminem have all dipped their toes into the industry in some form or another. What do you think about the American rapper Busta Rhymes asking his millions of followers about cryptocurrencies? Let us know what you think about this subject in the comments section below. View the full article

Free TON, a decentralized international community of developers and enthusiasts, have launched a brand-new contest to rework the Wikipedia Governance model, and there are thousands of dollars worth of rewards on offer. Freecyclopedia Wikipedia currently boasts over twenty-one million individual articles, and while many last minute homework reports may have been saved by the dusty halls of these hallowed community moderated forums, the way in which we verify information is evolving. As a cornerstone of internet information databases, it is vital that the way in which Wikipedia works, stays ahead of the curve. The key to this could come from a system familiar to blockchain governance specialists, Byzantine Fault Tolerance. Since May 2020, the Free TON community have been tinkering with the mechanics of governance models in their ambitious social experiment to decentralize the internet. Now, as they enter their second year of being, the community have launched a wiki-lutionary new contest, to redefine the model of online encyclopedia indexing. The contest, titled, Freecyclopedia, pulls no punches in its critique of the current information flow on the world’s leading resource. It states issues such as grandfathering (legacy members with disproportionate power), uneven development, and low-quality of articles can be overcome. So, to kick-start this new age of decentralized information, the first stage of the contest is offering over $80,000 worth of TON Crystal rewards to those willing to step up to the challenge! Think you could walk away with the top prize? Check out all the requirements, and details of entering this, and other exciting Free TON contests, here. Learn more about Free TON: FreeTON.org Forums Contests Twitter Telegram This is a sponsored post. Learn how to reach our audience here. Read disclaimer below. View the full article

France has proposed giving more power to the Paris-based European Securities and Markets Authority (ESMA) and making it responsible for cryptocurrency oversight. French regulators say cryptocurrencies need EU-wide regulation. EU-Wide Crypto Regulation With ESMA as Main Supervisor France proposed Tuesday that the EU governments give the responsibility of regulating cryptocurrencies to the pan-European markets watchdog, the Paris-based European Securities and Markets Authority (ESMA), instead of national regulators, the Financial Times reported. The French markets regulator, Autorité des Marchés Financiers (AMF), has also called for more regulatory power to be granted to the ESMA to regulate the crypto industry more effectively. The AMF said: Granting ESMA the power of direct supervision of public offers of cryptoassets in the EU and of cryptoasset service providers would create obvious economies of scale for all national supervisors and concentrate expertise in an efficient way, for the common European benefit. The AMF’s proposal was part of a wide-ranging package of reforms intended to strengthen financial regulation across Europe. Under the AMF’s proposal, ESMA will also supervise clearinghouses, bourse operators, and non-financial data and ratings. In addition, French authorities also want new supervisory tools to be given to ESMA, such as “no-action letters” used by U.S. regulators to provide guidance on interpreting financial rules. The French regulator added: The EU should seriously consider a shift towards a truly centralized supervision of certain categories of entities and activities. What do you think about France calling for EU-wide crypto regulation with more power to ESMA? Let us know in the comments section below. View the full article

Visa is reportedly set to approve Australian crypto startup Cryptospend’s issuance of debit cards for spending bitcoin and several other cryptocurrencies. “We have a lot of demand for the card,” the company claims. Global card giant Visa is expected to announce later this week the approval of the issuance of a physical debit card that will allow Cryptospend app users to spend their cryptocurrencies using existing payment terminals, Cryptospend co-founder and CEO Andrew Grech reportedly said. “It will be the first time cryptocurrencies can be spent using a payments card issued in Australia that runs on the network of one of the international card schemes,” AFR publication reported Wednesday. Launched last October, Cryptospend supports bitcoin, ethereum, litecoin, bitcoin cash, and XRP. Grech detailed: We have a lot of demand for the card. If the market is green, someone could say it’s time to spend some of my profits. On the other side of the fence, another person might say it’s going to keep going up, I’ll hold onto it. But we have seen more spending volume when the price is going up. Prior to Visa’s approval, Grech and fellow co-founder Richard Voice went through a rigorous process to ensure the privacy and security of users’ information as well as compliance with anti-money laundering requirements. Custody of the firm’s crypto holdings is provided by Bitgo. Visa has also approved ASX-listed Novatti to issue the prepaid debit card. The card is expected to be in the market in September. Cryptospend is already linked to the central bank-backed New Payments Platform (NPP), which allows its users to instantly move crypto balances to Australian bank accounts, the publication explained, adding that customers are already able to pay bills using crypto balances through the app. Visa recently said more than $1 billion were spent on crypto-linked Visa cards in the first half of 2021. The company is also partnering with 50 crypto platforms to allow crypto payments at more than 70 million merchants. What do you think about Visa approving Cryptospend to issue cards for spending bitcoin? Let us know in the comments section below. View the full article

Bank of America’s latest global fund manager survey shows that “long bitcoin” is now the third most crowded trade. The most crowded trade is now “long tech stocks,” followed by “long ESG.” Bank of America’s global fund manager survey for July, published Tuesday, shows that “long bitcoin” has fallen to third place among the most crowded trades. The Global Fund Manager Survey is Bank of America Securities’ monthly report that canvasses the views of approximately 200 institutional, mutual, and hedge fund managers around the world. The most crowded trade is now “long tech stocks,” followed by “long ESG,” and “long bitcoin.” “Long commodities” has fallen to fourth place from being the most crowded trade last month. The surveyed fund managers in July were much less bullish over growth, earnings, and inflation compared to earlier in the year, Bank of America’s survey shows. Overall, 74% of fund managers still expect growth and inflation to be “above trend.” “Long bitcoin” was the most crowded trade in May when “long tech stocks” came second, followed by “long ESG.” In June, “long commodities” overtook “long bitcoin” as the most crowded trade, leaving the cryptocurrency trade in second place. “Long tech stocks” ranked third and “long ESG” fourth at the time. Meanwhile, Bank of America has established a cryptocurrency research team, according to the bank’s internal memo. “We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform, and our blockchain expertise,” the bank said last week. Bank of America also recently released a report stating that digital currency “could boost economic growth” in developing countries. What do you think about tech stocks and ESG overtaking bitcoin as the most crowded trades in the new Bank of America survey? Let us know in the comments section below. View the full article

The U.S. Securities and Exchange Commission (SEC) has charged a token listing website with unlawfully touting crypto securities. The site did not disclose that it was paid by the token issuers to profile their coin offerings. SEC Charges Website Touting Security Tokens Without Clarifying Which Tokens Are Securities The U.S. SEC announced Wednesday that a token listing website has been “charged with unlawfully touting digital asset securities.” The commission also stated that it has already settled charges against the operator of the website. Coinschedule.com was a popular website that “profiled offerings of digital asset securities,” the SEC described, adding that its operator was a company based in the U.K. called Blotics Ltd. The regulator explained that the website was accessible in the U.S. from 2016 to August 2019, during which time U.S. visitors comprised a significant portion of its web traffic. The website offered details of each initial coin offerings (ICOs) profiled, including links to the token issuers’ websites and a “trust score.” The platform claimed that this score “reflected its evaluation of the ‘credibility’ and ‘operational risk’ for each digital token offering based on a ‘proprietary algorithm.'” However, the commission alleged: In reality, the token issuers paid Coinschedule to profile their token offerings on Coinschedule.com, a fact that Coinschedule failed to disclose to visitors. The SEC claims that the British company “violated the anti-touting provisions of the federal securities laws by failing to disclose the compensation it received from issuers of the digital asset securities it profiled.” Kristina Littman, chief of the SEC Enforcement Division’s Cyber Unit, explained that “Coinschedule presented potential investors with seemingly independent profiles about token offerings when in fact they were bought and paid for by token issuers.” She emphasized, “The securities law prohibiting touting securities for compensation without appropriate disclosures to investors is clear and longstanding.” The commission detailed: “Without admitting or denying the SEC’s findings, Blotics has agreed to cease and desist from committing or causing any future violations of the anti-touting provisions of the federal securities laws, and to pay $43,000 in disgorgement, plus prejudgment interest, and a penalty of $154,434.” Following the settlement, two commissioners at the SEC issued a joint statement regarding the case. Commissioner Hester Peirce and Commissioner Elad Roisman stated: We agree with our colleagues that touting securities without disclosing the fact that you are getting paid, and how much, violates Section 17(b). We nevertheless are disappointed that the commission’s settlement with Coinschedule did not explain which digital assets touted by Coinschedule were securities. What do you think about the SEC’s action? Let us know in the comments section below. View the full article

During the first week of April, the publicly-listed gaming and internet company The9 Limited revealed its intentions to purchase 2,000 Avalonminers from the manufacturer Canaan. On Monday, The9 announced it has signed a hosting agreement with the Russian-based firm Bitriver as the company will leverage 15 megawatts (MW) of Bitriver’s capacity for two years. The9 Teams Up With the Bitcoin Mining Operation Bitriver The9 Limited (Nasdaq: NCTY) has explained its plans to collaborate with the bitcoin mining company from Moscow, Bitriver. As part of the agreement, both parties can extend the two-year agreement for 15 MW for each additional year thereafter. “At present, the targeted data-center for The9’s mining machines has an initial total power supply capacity of 300 MW, which could be extended up to 500 MW,” the announcement details. The9’s deal with Bitriver follows the company’s acquisition of 2,000 bitcoin mining rigs from Canaan, which gave the company 0.1 exahash per second (EH/s) of hashpower. The legally binding memorandum of understanding (MOU) noted that the machines were traded for Class A ordinary shares. Over a month later, The9 signed a definitive agreement to acquire a Canadian company called Montcrypto. The plan with Montcrypto is to construct a 20 MW bitcoin mining facility in Calgary, Canada. “The carbon-neutral infrastructure Montcrypto provides [is] a greener and more environmentally friendly power supply to the cryptocurrency mining business of The9,” the company detailed on June 4. The Russian company Bitriver has also been making various moves within the bitcoin mining industry. In mid-April, Bitriver announced it launched a sale of tokens backed by 100 megawatts (MW) of mining power in Siberia. Bitriver’s tokens called “bitriver token (BTR)” represent a single watt-hour (Wh) of the mining company’s power in Bratsk. As far as the latest deal with Bitriver, The9’s announcement further explains that the firm will continue to seek out energy solutions in order to expand. “The9 will continue to actively seek low-cost electricity and sustainable energy mining facilities in different regions of the world,” the company’s announcement concludes. “To accelerate the deployment of large-scale cryptocurrency mining machines for The9 and other partners by both self-construction of mining facilities and hosting cooperation with mining facilities companies.” What do you think about The9 partnering with the Russian bitcoin mining firm Bitriver? Let us know what you think about this subject in the comments section below. View the full article

The cryptocurrency community has been discussing the Bitcoinsv network as a mining pool called Taal has well over 51% of the hashrate. Data from the analytical crypto website Coin Dance shows the mining pool Taal commands over 78% of the network’s hashrate during the last 24 hours. On Tuesday, the European cold storage provider, Gravity, says it has suspended bitcoinsv trading “due to several large exchanges disabling BSV deposits [and] withdrawals.” Following Blockchain Reorganization Attack Last Week, Taal Captures Well Over 51% of the Bitcoinsv Network’s Hashrate According to statistics, a mining operation called Taal currently commands well over 51% of the Bitcoinsv (BSV) network’s hashrate. On Wednesday, the mining pool Taal captures more than 78% of the BSV hashrate in terms of distribution among five known pools and 13% of unknown hashrate. Data from the web page sv.coin.dance/blocks indicates that during the trailing seven days, Taal commanded 69% of the network’s hashpower. Block details show that a great majority of BSV blocks have been found by Taal’s operation. Data from the web portal sv.coin.dance/blocks on July 14, 2021. Besides Taal’s hashpower, other mining pools mining the BSV chain include Viabtc, SBI Crypto, Btc.com, F2pool, and Svpool, at least for today. During the week, other known pools like Solomining, Hathor, and Matter pool have also found BSV blocks. Last week, the Switzerland-based global industry organization, the Bitcoin Association (for BSV), explained that the BSV network was being attacked by a malicious entity. “A malicious actor has recently been carrying out block re-organisation attacks on the Bitcoin SV network,” the Bitcoinsv group noted on July 8. “[It] appears to be intentional acts in an effort to mask the illegal double-spending of coins. The Bitcoin SV Infrastructure Team have identified one of the addresses connected with the attack as being long associated with ransomware and other attacks on the BTC, BCH, and BSV chains – so the malicious actor is engaged in illegal activity which could involve also BTC and BCH, and not just the BSV network,” the BSV organization added. Gravity Suspends Bitcoinsv Trading and 51% Attack Explanations Following the attack, the Twitter account @dash_community tweeted that the Bitcoinsv chain should have had protections like Chainlocks, similar to what’s been implemented on the Dash network. “To prevent damaging block reorganizations like this one, BSV should implement Chainlocks, which Dash pioneered (but which other projects like [Firo] also use), which make reorganizations impossible. Evolve or die,” the account tweeted last week. The Bitcoinsv (BSV) conversation has been a very topical discussion on Twitter. After the reorganization issue, reports noted that the exchanges Huobi and Okex halted withdrawals and deposits for BSV. “Huobi Global [has] disabled BSV deposits and withdrawals; no advance warning was given. They are fighting BSV because they know it is the real Bitcoin,” one Bitcoinsv supporter wrote. Then on July 13, the cold storage provider, Gravity, told its Twitter followers that it was disabling BSV trades. “Urgent Notice,” Gravity tweeted. “Our liquidity providers have just informed us that, due to several large exchanges disabling BSV deposits [and] withdrawals, they are also suspending access to BSV liquidity until further notice. This means it will not be possible to trade BSV on Gravity at this time. We sincerely apologise for the short notice [and] will update you with more information when we have it. Trading of all other digital assets on Gravity remains unaffected.” 51% attacks are a trap to see if someone is an idiot and doesnt understand what proof of work is for in Bitcoin. If they are a dumb peacock they can enjoy getting attention of the tiger (law enforcement) — BSV KING (@bitcoinkaiser) July 14, 2021 Meanwhile, the Coingeek streaming channel that focuses on Bitcoinsv (BSV) news coverage and the BSV ecosystem, also discussed the situation. Kurt Wuckert Jr. hosted the show and he responded to the criticisms that were being cast at the BSV chain. Wuckert Jr., also made similar statements the day prior on Twitter. “51% attacks don’t really exist without the exchange-based bitcoin economy,” Wuckert Jr. tweeted. Huobi [and] Okex stopped withdrawals/deposits, but they will be back. Honest nodes reject malicious blocks, and then further attempts are waste. Things will be back to normal soon,” he added. Commenting on the 51% attack discussion stemming from the Coingeek streaming channel video, the bitcoiner Theo Goodman wasn’t impressed by the host’s explanation of the events. When someone tweeted: “Watch this, Kurt explains what is happening at the start,” Goodman responded to the video content. “He does explain it but then adds some opinion,” Goodman wrote. ‘There is no such thing as a 51% attack’ and from 9:14 he contradicts himself regarding trust. Then later he [basically] says not to worry unless you are in infrastructure they will figure it out.” What do you think about the discussions revolving around the Bitcoinsv network? Let us know what you think about this subject in the comments section below. View the full article

Greenidge Generation Holdings Inc., the mining firm based in Upstate New York, has announced the company has partnered with the Digital Currency Group mining and staking subsidiary Foundry Digital LLC. Furthermore, Greenidge revealed that it has purchased 2,300 Microbt-manufactured Whatsminer M30S mining rigs and also secured financing for 6,000 Bitmain-made Antminer S19 devices. Greenidge Partners With Foundry, 8,300 Bitcoin Miners Transferred in the Deal On Wednesday, Greenidge announced that the company has partnered with the Rochester, New York-headquartered Foundry, a company that provides North American crypto mining businesses with capital and intelligence. Greenidge will be joining the Foundry USA mining pool which currently commands the fifth-largest hashrate worldwide. At the time of writing, Foundry USA commands 10.46% of Bitcoin’s global hashrate or 10.23 exahash per second (EH/s) of hashpower. The bitcoin mining pool Foundry USA is the fifth-largest bitcoin mining pool according to pool distribution data on July 14, 2021. In addition to the collaboration, the two firms jointly announced the sale of 2,300 Whatsminer M30S mining machines that will be used by Greenidge. The company’s announcement notes that the 2,300 mining rigs were previously operational at Greenidge’s facility in Dresden, New York, and Foundry sold 1,800 devices to Greenidge. The remaining Whatsminer M30S machines will be transferred by the end of 2021. ‘Pioneering the Integration of a Clean Power Plant Operation and Carbon-Neutral Cryptocurrency Mining’ As far as the Bitmain Antminer S19 models are concerned, 5,000 are currently operating and the remaining 1,000 machines will be transferred by Q3 2021. Greenidge will join a number of firms that are already members of the Foundry USA pool alliance. Other Foundry members include Hive, Bitdeer, Bit Digital, Blockcap, Hut 8, and Bitfarms. Jeffrey Kirt, the CEO of Greenidge explained that Foundry and the company had a previous relationship in hosting arrangements. “Foundry has been a longtime hosting customer of Greenidge and this partnership expands our existing relationship as Greenidge grows outside of New York,” Kirt said in a statement. The partnership with Foundry follows Greenidge’s plans to develop a mining facility in South Carolina. Greenidge details that the carbon-neutral Spartanburg facility will be ready in 2021 or early 2022. “The Spartanburg site will be the company’s second mining facility in the United States as it seeks to expand to 500 MW of mining capacity by 2025,” the announcement on Wednesday details. Greenidge’s latest arrangement will add “approximately 800 petahashes of computing power to the [Foundry USA] pool” or 0.8 EH/s of hashpower. “Greenidge has pioneered the integration of a clean power plant operation and carbon-neutral cryptocurrency mining in North America with its operation in Upstate New York,” said Mike Colyer, CEO of Foundry. “We look forward to providing Greenidge with our best-in-class services that are tailor-made for institutional companies in the cryptocurrency mining industry,” the executive added. What do you think about Greenidge partnering with Foundry Digital LLC? Let us know what you think about this subject in the comments section below. View the full article

Anhui has reportedly become China’s latest region planning to end cryptocurrency mining. The province is going to shut down all mining facilities due to power supply shortages, according to local media. Another source revealed that the state-run network operator has issued a closure notice for bitcoin farms across the country. Anhui to Halt Bitcoin Mining Amid Electricity Shortage The Eastern province of Anhui has joined what’s become a long list of Chinese regions where cryptocurrency miners are no longer welcome. According to media reports, provincial authorities want to shut down mining facilities and also prevent new energy intensive projects in order to address the power deficit in the province. According to a local news portal owned by the government-affiliated Hefei Media Group, which was quoted by Reuters and Bloomberg, the plan is to close down all crypto mining farms to deal with a serious supply shortage of electricity over the next three years. The report says data centers will be built in the future but in an orderly manner. Officials expect electricity demand in Anhui to reach 73.14 million kilowatts in 2024. That compares to the current supply of 48.4 million kilowatts, highlighting a growing gap which the local government intends to mitigate. Besides banning crypto mining, the province is also preparing to adjust electricity pricing with the aim of stimulating more economic power consumption. State Grid Corporation of China Issues Closure Notice for Crypto Mining Global Times, an English-language newspaper under the People’s Daily, also shared the news on Twitter. The state-run publication added that “By now, nearly 90% of #China’s #Bitcoin mining capacity has been shut down.” Although Anhui is not a coin minting hotspot, its move underscores the ongoing crackdown in the country which has already affected mining hubs such as Sichuan, Xinjiang, Qinghai, Yunnan, and Inner Mongolia. Meanwhile, Chinese crypto journalist Colin Wu, also known as ‘Wu Blockchain,’ tweeted on Wednesday that the State Grid Corporation of China (SGCC) has issued a closure notice for cryptocurrency mining operations across the People’s Republic. The measure concerns “all parts of the country” and the post detailed: At present, some provinces with insufficient power in China, such as Henan and Anhui, have also begun to implement it. Wu Blockchain later revealed that Gansu, a province in Northwestern China, has received the notification from the SGCC as well. The network operator “manages the vast majority of China’s electricity, but this notification appears to be formal,” the journalist explained in a comment on the latest developments in the battered crypto mining industry of China. What do you think of this latest episode in China’s crackdown on cryptocurrency mining? Share your thoughts on the subject in the comments section below. View the full article

South Korea is deliberating on four crypto-related bills for the regulation of cryptocurrencies. “We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms,” the chairman of the country’s top financial regulator reportedly said. South Korea Prepares to Regulate Crypto Industry The South Korean National Assembly’s National Policy Committee is currently deliberating on four cryptocurrency-related bills for the regulation of crypto businesses and protection of investors, Business Korea reported Wednesday. The country’s top financial regulator, the Financial Services Commission (FSC), is also preparing to regulate the crypto industry. Chairman Eun Sung-soo reportedly said Tuesday: We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms. The chairman also confirmed that banks providing real-name accounts for cryptocurrency exchanges will not be held fully accountable in the event of money laundering related to cryptocurrency transactions. He clarified: “According to the current law, transactions at banks entail their duty to report every suspicious transaction to the Korea Financial Intelligence Unit. Fines will be imposed only when banks fail to fulfill the duty.” Eun was also asked about whether Binance needed to be licensed to operate in South Korea. Several regulators worldwide recently issued warnings on the exchange, including the U.K., Cayman Islands, Thailand, and Japan. The FSC chairman emphasized that all cryptocurrency exchanges, both foreign and domestic, must report to the Korea Financial Intelligence Unit, reiterating: According to the Act on Reporting and Using Specified Financial Transaction Information, every cryptocurrency exchange providing won settlement must report to the unit. What do you think about the South Korean regulator evaluating hundreds of cryptocurrencies? Let us know in the comments section below. View the full article

In a follow-up to Tanzanian President Samia Suluhu Hassan’s call for cryptocurrency action, a government minister has now announced plans to set up a crypto advisory team. This team, according to the Information and Communication Technology (ICT) minister Faustine Ndugulile, will consist of not more than 10 experts. Advisory Team to Be Set Up in 14 Days In addition, as one media outlet reported on July 9, the Tanzanian ICT Commission has been given 14 days to set up this team. This team is expected to “advise the government on policy, legislation and guidelines to enable the technology to be used effectively.” This announcement by the minister is the latest response by Tanzanian authorities to President Hassan’s call for forward-thinking steps regarding crypto. As previously reported by Bitcoin.com News, Hassan asked the country’s central banks to prepare for cryptocurrencies. Already, the country’s central bank has confirmed it is “working on the directive given.” However, Ndugulile, who says he is cognizant of the technology’s benefits, argues that this needs to be well understood before its adoption. Therefore, on top of its advisory role, the task force will be responsible for “providing awareness to government institutions that will be involved in the system, ministers and permanent secretaries.” Ndugulile added that while he agrees with the idea of “making Kigamboni a smart city for testing the use of the technology,” he still favors prioritizing public awareness. Support for Tanzania’s Pivot to Blockchain and Crypto Meanwhile, the same media report also quotes Sandra Chogo, an expert in trade and blockchain, explaining the importance of raising awareness about this technology among young people in college. She said: The fourth industrial revolution is gaining momentum and every day, new technologies are emerging. Another expert, Joseph Matiko, suggested that “it was good for the government to allocate funds for model projects.” Matiko also makes reference to another important use case of blockchain technology, the storage of documents. He noted: “The blockchain can be a great tool for storing government information and even the preparation of important documents such as citizenship IDs, birth certificates, passports and even Taxpayers’ Identification Numbers.” Do you agree with Tanzania’s approach of appointing an advisory team to guide its crypto adoption drive? Tell us what you think in the comments section below. View the full article

Representatives of law enforcement agencies and academia in Shanghai held a seminar devoted to cryptocurrencies, regulations, and the combating of crypto-related crime. Determining “the legal attributes of virtual currency” was among the main topics at the forum which also focused on matters of financial supervision. Prosecutors and Professors Discuss Crypto Oversight in Shanghai Amid an ongoing crackdown on cryptocurrency mining, trading, and other related activities in China, officials from law enforcement bodies, the judiciary, and academic circles in Shanghai gathered recently to talk about “virtual currency.” The debate focused on issues pertaining to applicable legislation and oversight as well as the challenges of providing a legal definition for cryptocurrencies and the treatment of crimes involving digital assets. Source: Shanghai Prosecutor’s office. The event was organized by various departments of the Shanghai Prosecutor’s Office, the People’s Court, the legal team of the Shanghai Public Security Bureau, and the Financial Supervision and Criminal Governance Research Center of East China University of Political Science and Law. The Banking and Insurance Financial Crime Research Center under Shanghai’s Prosecutor’s Office took part in the discussions as well that also addressed financial risks associated with decentralized money. More than 50 experts and scholars from the city’s public security agencies, judicial authorities, and academia participated in the forum, the Shanghai Prosecutor’s Office announced Monday. The seminar was hosted by Wang Jianping, department director at the Shanghai People’s Procuratorate. In opening remarks, Prosecutor General Chen Siqun noted that financial security is an important part of national security and preventing systemic financial risks is a priority for authorities in Shanghai, which is a global financial center. Chen Siqun also stated: We have the responsibility and obligation to actively respond to the risks implied in various financial innovations, take the lead in studying the regulatory issues … unify standards for financial justice and provide suggestions for financial supervision. The forum paid particular attention to two important topics – the legal attributes and supervision of cryptocurrency and regulations dealing with crimes involving digital assets. Participants noted the increasing activity in the field of blockchain-based virtual currencies in recent years. In China’s judicial practice, this has led to a number of cases of theft, robbery, and extortion of crypto as well as illegal fund-raising and money laundering offenses. “At present, crimes involving virtual currency mainly include: crimes involving ‘virtual currency’ as the direct object of infringement, investment object, settlement method, and money laundering method, as well as those associated with ‘virtual currency’ transaction activities and initial coin offering activities,” the Shanghai Prosecutor’s Office remarked in its report on the event. A major issue is that various judicial departments in China have a different understanding regarding the legal attributes of the many types of virtual currencies. Some identify them as data, others consider them property. As a result, similar crimes involving cryptocurrencies often receive very different sentences. Cryptocurrency Deemed to Have Property Attributes in China Yu Haisong, director of the Crime Division at the Research Office of the Supreme People’s Court, pointed out that virtual currency undoubtedly has property attributes, but whether it is property only is yet unclear. He quoted Article 127 of China’s Civil Code which stipulates: “Where the law has provisions on the protection of data and network virtual property, follow those provisions.” He admitted there seems to be no other applicable law at the moment but stressed that having property attributes does not necessarily mean cryptocurrency is property as far as the criminal law is concerned. Mao Lingling According to Mao Lingling, director of the Financial Regulation and Criminal Governance Research Center and professor at East China University of Political Science and Law, the legal status of cryptocurrency remains undefined and the treatment of crypto-related offenses as property crimes creates controversy. Virtual currency is a new type of property, she elaborated, involving computer data and can be used in money laundering or illegal fundraising and issuance of securities. In her opinion, if a digital coin has economic attributes, a crime involving the crypto should be treated as a property crime, and if it doesn’t, then it should be dealt with as a computer crime. Professor Lingling emphasized that the Chinese government has long insisted on strengthening financial supervision and has a “zero tolerance” policy towards acts that endanger national financial security. The development of virtual currencies, especially privately issued coins in unlimited quantities, presents risks that threaten China’s financial security, she warned, adding that relevant departments should pay sufficient attention and further strengthen supervision. What’s your opinion about the views regarding cryptocurrencies expressed during the seminar in Shanghai? Tell us in the comments section below. 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