Choi and Park lost their last chance not to serve a jail time. The South Korea-based CEO and executive director of a bogus crypto exchange have been jailed by a branch of the Supreme Court in Seoul for their roles in fraudulent trading activity on their platform. As reported by local media outlet Blockinpress, both…
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Digital asset financial services firm BitGo has formally applied for a New York Trust Charter from the NYDFS. Digital asset financial services firm BitGo is applying to become a qualified cryptocurrency custodian in New York state. In its announcement on Aug. 25, BitGo said its decision was spurred by fresh regulatory developments in the United…
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A shift in the crypto ecosystem could result in a whitelist of coins and addresses according to Ari Paul. Crypto investor Ari Paul has predicted that within a year or two much of the crypto ecosystem will only allow withdrawals to whitelisted addresses. In a tweet on August 26, the BlockTower Capital co-founder and CIO…
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Brazil’s central bank believes you’ve got to change money, to save money. The Central bank of Brazil — or Banco Central do Brazil — is laying the groundwork for a Central Bank Digital Currency (CBDC) with an official statement revealing it has already formed a dedicated group to study the crypto industry. According to the…
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The halcyon days of state subsidized electricity are over. Officials from Inner Mongolia are mulling an electrical policy that would prevent cryptocurrency miners from using inexpensive, state-subsidized electricity. Per the Inner Mongolia Electric Power Group Co, the region expects to recover around 6.732 billion yuan ($977 million) in taxes and fees thanks to these new…
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The information will be used to develop regulation aimed at tackling the illicit use of cryptocurrencies. On Monday, two Democratic Representatives asked the Trump administration to provide more information on cryptocurrency recently seized from terrorists. According to an Aug. 26 report by The Hill, the request is related to the millions of dollars in crypto…
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The U.K.’s financial watchdog wants crypto firms to submit annual financial crime reports to help it cement a data-led approach to regulation. Cryptocurrency firms in the United Kingdom could soon be faced with more extensive Anti-Money Laundering (AML) reporting requirements. In a consultation paper published this month, the Financial Conduct Authority proposed broadening annual financial…
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Crypto entrepreneurs Brock Pierce and Akon will join forces for the 2020 US presidential election. Singer and entrepreneur Akon will be endorsing crypto venture capitalist and independent candidate for U.S. President Brock Pierce — and also joining his 2020 campaign team. According to online news outlet Cheddar, J.D. Durkin reported on Aug. 24 that Akon…
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“Avoid Bitcoin like a plague.” Micheal O’Leary — the CEO of major budget airline Ryanair — has come out very bearish on Bitcoin (BTC). Recently speaking to The Times, O’Leary likened Bitcoin to a Ponzi scheme and advised investors to avoid it: “I have never, and would never, invest one cent in Bitcoin, which I…
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The 2020 pandemic could accelerate global efforts to issue CBDCs, say BIS analysts. A new report from the Bank for International Settlements (BIS) shows that 2020 is the year that momentum behind central bank digital currencies (CBDCs) has truly taken off. Published on Aug. 24, BIS’ new working paper analyzes the global state of CBDC…
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