Bitcoin & Cryptocurrency

Global Regulators to “Vigilantly” Watch Crypto Assets

Global Regulators to “Vigilantly” Watch Crypto Assets

The Financial Stability Board recently unveiled a framework that seeks to vigilantly monitor risks of crypto assets such as Bitcoin and Ethereum. The Board, which coordinates financial regulation for the G20, says the framework focuses on how risks brought by the crypto asset markets could affect other parts of the financial system, and how to identify financial stability risks early enough to act on them. It was pointed out that it is often unclear which financial rules are applicable to the crypto sector or if there is even any legal authority to regulate it. Source: Reuters

Three Crypto Exchanges Receive License to Operate from CEZA

Three Crypto Exchanges Receive License to Operate from CEZA

  The Cagayan Economic Zone Authority (CEZA) of the Philippines recently issued provisional licenses to three cryptocurrency exchanges operating in the economic zone.   The Manila Times said that CEZA expects to attract $3 million in investment following the issuance.   The government had previously announced that 10 blockchain and cryptocurrency companies will be allowed to operate in the economic zone to generate jobs and stimulate the economy. The companies are required to contribute $1 million upward over two years and pay up to $100,000 in licence fees.   It was also mentioned that 70 companies have already applied to […]

24-Year Old Sentenced to Prison in Japan for Cryptojacking

24-Year Old Sentenced to Prison in Japan for Cryptojacking

A 24- year old Japanese man named Yoshida Shinkaru was recently given a one-year prison sentence for illegally mining cryptocurrency using the Monero mining tool on user PCs. Shinkaru reportedly used the Coinhive on an online gaming cheat tool and made it available for download. Users who installed unknowingly had their PCs mine Monero for Shinkaru, but his profits only totalled to around $45. Judge Ryo Kato, who handled the case, commented that a successful criminal exploit of the defendant’s programming technology created the root of harm that compromises trust in personal computer programs. Source: ZDNet

YouTube Added to BitConnect Class Action Lawsuit

YouTube Added to BitConnect Class Action Lawsuit

YouTube was reportedly added as a defendant in a class action lawsuit against crypto investment platform Bitconnect, according to court documents filed this week. The lawsuit, which was filed by 6 complainants represented by the Silver Miller law firm, alleges that BitConnect issued crypto coins that were unregistered securities, as well as getting funds through a Ponzi scheme. The plaintiff says that YouTube failed to delist and demonetize the videos BitConnect published, which exposed countless viewers to the risks brought by the illegally-promoted investments. Source: Coin Telegraph

International Tax Authorities Form Coalition to Fight Cryptocurrency Tax Crimes

International Tax Authorities Form Coalition to Fight Cryptocurrency Tax Crimes

In a press release published on the IRS website this week, it was revealed that the US tax agency had joined a coalition with its counterparts in from Australia, Canada, the Netherlands and the United Kingdom to form the Joint Chiefs of Global Tax Enforcement (J5). The coalition will be working with the OECD to tackle crimes involving offshore structures and financial instruments used to launder money and commit tax crimes, which will include the growing threat posed by cryptocurrencies and cybercrime to tax administrations. IRS Chief of Criminal Investigation Don Fort said that they decided to take an international […]

Viber to Launch Cryptocurrency Next Year in Russia

Viber to Launch Cryptocurrency Next Year in Russia

The parent company of cross-platform messaging app Viber revealed this week that it studying the possibility of launching a cryptocurrency called Rakuten Coin which they are targeting to launch in Russia by next year. Viber CEO Djamel Agaoua said that they will be using the app, which already has over one billion users, as a platform for Rakuten’s cryptocurrency. The Japanese multinational company previously announced that it will be rolling out a $9 billion loyalty program into their blockchain-based cryptocurrency. Agaoua also said that the company will be launching an ecommerce platform in Russia as early as the fourth quarter […]

Over 800 Cryptocurrencies Dead as Bitcoin Plunges 70 Percent from All Time High

Over 800 Cryptocurrencies Dead as Bitcoin Plunges 70 Percent from All Time High

It has been estimated that around 800 cryptocurrency projects that have been created from the proliferation of initial coin offerings in the last 18 months are now dead. The discontinued cryptocurrencies are listed on a website called Dead Coins where most now trade less than a cent. Most of the projects were killed off because they were scams, joke projects, or had products that failed to materialize. Analysts have also said that Bitcoin’s almost 70% fall from its record high contributed significantly to the bearish sentiment surrounding cryptocurrencies.       Source: CNBC

BoE Warns Banks and Insurers Against Crypto Assets

BoE Warns Banks and Insurers Against Crypto Assets

The Bank of England last Tuesday warned banks and insurers against crypto assets, calling them volatile and highly susceptible to fraud. BoE deputy director Sam Woods, who is responsible for financial supervision, also said in a letter that crypto-assets raise concerns on misconduct and market integrity since many appear to be vulnerable to fraud and manipulation, and used for illicit activities as well. The BoE also told companies to inform their usual supervisory contact of any planned crypto-asset exposure or activity, along with a risk assessment of the intended exposure. Source: Reuters

Facebook Loosens Policy on Crypto Ads

Facebook Loosens Policy on Crypto Ads

Facebook said last Tuesday that it will be allowing certain cryptocurrency-related content from pre-approved advertisers, but will continue to ban those linked to initial coin offerings and binary options. The social network in January placed a ban on all ads tied to cryptocurrencies, financial products and services often associated with deceptive practices. However, Facebook’s product management director Rob Leathern said in a blog post that the company does consider and study feedback and is welcome to revising its policy if necessary. Source: Reuters

Ant Financial Trials Blockchain Remittance in Philippines

Ant Financial Trials Blockchain Remittance in Philippines

Ant Financial revealed this week that it was able to complete a transaction within three seconds from its app to Globe Telecom’s GCash in its blockchain remittances trials which the company says is its first for the Philippines and the world. Formerly known as AliPay, the Alibaba offshoot says it is looking to expand its global reach, armed with its blockchain technology. While Alibaba CEO Jack Ma remains bearish on cryptocurrency, he nevertheless said that his company has increased its involvement in blockchain tech for several years now, with Ant International securing funding for its blockchain projects to the tune […]