Government authorities and executives at Free Economic Zone “Bishkek” are reportedly involved in running a large-scale illegal mining farm. Law enforcement authorities in Kyrgyzstan have reportedly detected an illegal cryptocurrency mining farm on the territory of a local free economic zone (FEZ). The State Service for Combating Economic Crimes, an anti-corruption service in the Kyrgyz…
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State-owned commercial banks in China are reportedly testing a wallet for the country’s forthcoming digital yuan. A group of state-run commercial banks in China are reportedly conducting a large-scale internal testing of a digital wallet designed for China’s national digital currency, the digital yuan. According to an Aug. 5 report by Reuters, the banks are…
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Several of the more crypto-forward members of Congress have asked the IRS to sharpen up its guidance on taxing staking rewards. On Aug. 4, four U.S. congressional representatives wrote to the Internal Revenue Service (IRS) asking the tax authority not to overtax rewards from Proof-of-Stake blockchains. Explaining the difference in energy consumption between PoS and…
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A panel of compliance experts from the crypto industry agreed that law enforcement and institutional finance have been hearing more positive narratives about crypto. During an Aug. 4 panel on legal compliance within the cryptocurrency industry, major figures noted recent shifts in public perception of the industry, pointing to arrests within weeks of the Twitter…
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Basic recommendations for those who are considering incorporating crypto business in Estonia. Recently, there have been discussions regarding Estonia’s new law on cryptocurrency, the revocation of 500 crypto licenses in Estonia, and companies exiting from Estonian regulatory jurisdiction. Let’s focus on three major recommendations. Do your research before engaging with a legal partner in Estonia…
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The leaders in this week’s policy news focus on some case studies in power accumulation that more than anything show why decentralization tech matters. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor’s note The concept of monopoly will reign in today’s Law Decoded.…
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The United Arab Emirates is debuting a blockchain-based Know Your Customer, or KYC, platform. This platform is set to become a nationwide system for exchanging verified customer data. Dubai’s Department of Economic Development, or DED, and state-run bank Emirates NBD are rolling out their so-called UAE KYC Blockchain Platform. 120 local firms already signed up…
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Acting Comptroller of the Currency Brian Brooks points to existing stablecoin projects as an example for U.S. payments infrastructure. Brian Brooks, the Acting Comptroller of the Currency and former head of Coinbase’s legal department, put forward blockchain as better than the United States’ current bank-dependent payments system. Decentralization for future payments On July 29, Brooks…
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The governments of China and the U.S. frame digital currency as part of their great-power competition, but instead they should work on this technology together. Today, the relationship between China and the United States is one of escalating competition. On Oct. 23, 2019, Facebook CEO Mark Zuckerberg testified before the U.S. House Financial Services Committee…
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Huawei strengthens its blockchain adoption campaign by applying for new storage-based Blockchain patents. Chinese tech giant Huawei recently applied for a new patent related to blockchain technology which deals with storage methods and devices. Huawei holds a number of other relevant patents, covering topics like Blockchain-based settlement methods. According to the Chinese corporate database, Tianyancha,…
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