India’s finance ministry has announced that crypto transactions will be covered under the Prevention of Money Laundering Act, 2002 (PMLA). Noting that the move “is a positive step in recognizing the sector,” a crypto insider explained that it will strengthen the industry’s efforts to prevent virtual digital assets “from being misused by bad actors.” India…
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Amid the demise of Silvergate Bank and the troubles faced by Silicon Valley Bank (SVB), market analysts believe Signature Bank (SBNY) may be a buy as it’s considered the “last game in crypto-town,” according to Wells Fargo equity analyst Jared Shaw. Silvergate’s liquidation caused SBNY shares to sink on Friday, dropping more than 13% as…
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New York Attorney General Letitia James referred to Ethereum’s native ETH token and other cryptocurrencies as “securities and commodities” in a statement issued in relation to her lawsuit against crypto exchange KuCoin. In the statement, Attorney General James said KuCoin has facilitated trading in a number of cryptocurrencies to residents in New York, where the…
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The founders and promoters of multimillion-dollar cryptocurrency Ponzi scheme Airbit Club have pleaded guilty to various criminal charges. Airbit Club victims were promised “guaranteed daily returns on any membership purchased,” the U.S. Department of Justice (DOJ) detailed. Airbit Club’s Operators and Promoters Plead Guilty The U.S. Department of Justice (DOJ) announced Wednesday that six people…
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Federal Reserve Chairman Jerome Powell has provided an update on the Fed’s central bank digital currency (CBDC) work in a hearing before the House Financial Services Committee. While stating that the Fed is “making progress on technological issues,” Powell stressed that “policy issues are equally important.” Fed Chair Powell on CBDC Progress During a hearing…
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On March 9, 2023, New York attorney general Letitia James announced that her office had once again cracked down on crypto platforms by filing a lawsuit against the Seychelles-based crypto exchange Kucoin. Members of the Office of the Attorney General (OAG) were able to purchase crypto assets, despite the exchange not being registered in the…
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According to Mike Belshe, the U.S. SEC’s reluctance to address a “basic” regulatory issue like the issuance of a BTC ETF could have paved the way for FTX’s alleged illicit activities. The collapse of crypto exchange FTX and other bearish events in the space were at the center of discussions among lawmakers and witnesses at…
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Toku, a startup specializing in token-based payroll and tax compliance, has successfully raised $20 million in funding. The company’s unique approach is designed to assist crypto businesses in maintaining regulatory compliance amidst increased scrutiny from regulators. With its innovative solutions, Toku aims to provide a much-needed helping hand to the crypto industry during these uncertain…
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Leaders of Russia’s cryptoasset and blockchain industry say they want to meet President Vladimir Putin for face-to-face talks about crypto regulation. The media outlet RBC reported that the request was made by the Russian Association of the Crypto Industry and Blockchain (RACIB) and a software developers’ union named Russoft. The parties co-authored a letter, which…
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