Regulation

Investors Should Be Worried As 10,000 Bitcoin Have Just Been Moved

Investors Should Be Worried As 10,000 Bitcoin Have Just Been Moved

Just when the overall cryptocurrency industry started witnessing a recovery, an alarming revelation has been made about 10,000 Bitcoin (BTC). Bitcoin is also among the assets that had recently started moving in a positive direction. Unfortunately, a recent revelation pertaining to the movement of 10,000 BTCs has increased fear among BTC investors. A Dormant Wallet is on the Move According to the crypto market observing firms, a wallet that had been dormant for many years has finally made a move. The status of the wallet is ‘unknown’ as it hasn’t been established to whom the wallet belongs. However, it has…
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Janet Yellen Says More Oversight Needed After FTX Collapse

Janet Yellen Says More Oversight Needed After FTX Collapse

A growing number of leaders in Washington is demanding action after the crypto exchange FTX collapsed in spectacular fashion in just a week’s time. Now it appears that US Treasury Secretary, Janet Yellen, has also joined the mix, as she stated on Wednesday that the collapse showed that the crypto market requires more effective oversight. More oversight In Wednesday’s statement, Yellen said that the Treasury Department had generated reports in response to the executive order issued by President Joe Biden back in September on digital assets. According to her, their reports had highlighted a number of risks that had now…
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BlockFi Pauses the Option for Withdrawal After FTX Collapse

BlockFi Pauses the Option for Withdrawal After FTX Collapse

The collapse of the FTX crypto exchange is reverberating from coast to coast, as state regulators in California have announced an investigation into the exchange. In addition, BlockFi, the crypto exchange based in New Jersey, also notified customers that platform activity would be limited. FTX bailed out BlockFi back in June when it had been facing problems due to the downturn in the crypto market. The announcement Late on Thursday, BlockFi published a post on Twitter that it also learned about the situation of FTX just like everybody through social media. It said that it was shocked and dismayed over…
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FTX Token to Decline Further, Japan Requests FTX Japan to Cease Operations

FTX Token to Decline Further, Japan Requests FTX Japan to Cease Operations

November seems to be the worst month for the FTX exchange. From the 8th of the month until now, several countries have asked FTX to cease its operations in their jurisdictions. FSA’s Request to FTX Japan Japan’s Financial Services Agency (FSA) has recently issued a request for the Japanese subsidiary of FTX, FTX Japan. The request launched by the FSA is for FTX Japan to cease its operations in the country. The Japanese regulatory authority has announced that it has a disagreement with the policies of FTX Trading Limited. The platform’s policies are no longer favorable or beneficial for Japanese…
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Analysts Expect A Surge In XRP Price As Coinbase Backs Ripple Against SEC

Analysts Expect A Surge In XRP Price As Coinbase Backs Ripple Against SEC

Coinbase, the second-largest cryptocurrency exchange has recently made it to the headlines, emerging as the Ripple supporter against the US SEC. Ripple Gets More Support Ripple Labs has been fighting its legal battle against the US Securities and Exchange Commission for a while. Many expect the long battle between both sides may soon reach its conclusion. While both sides have been trying their best to win the battle against each other, many in the crypto industry Ripple Labs may emerge as the winner. The issuer of XRP has found itself at an advantage as many cryptocurrency-related firms have started to…
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In 12 Months, Energy Usage Of Bitcoin Surges 41%, Regulatory Risks To Rise

In 12 Months, Energy Usage Of Bitcoin Surges 41%, Regulatory Risks To Rise

The energy consumption for Bitcoin (BTC) has continued rising and the growth rate has been significantly higher in the running year. YoY Increase in Energy Consumption According to data, the year-over-year (YoY) energy consumption for mining Bitcoin has increased significantly. Although there has been a lot of stress to introducing energy-efficient means for Bitcoin mining, still, energy consumption has increased. Governments from around the world have been asking to introduce sustainable and diverse energy sources. Still, the rise in Bitcoin energy consumption has raised many concerns. For the running year, a 41% increase has been recorded in the energy consumption…
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Argentinian Taxpayers Asked To Amend Statements As Per Their Crypto Holdings

Argentinian Taxpayers Asked To Amend Statements As Per Their Crypto Holdings

Inaccuracies and mis-declarations have been noticed by the Argentine Tax Authority (AFIP) in the annual statements filed by Argentinian taxpayers. According to the local Argentinian news sources, crypto exchanges as well as crypto holders have been directed by AFIP to remove the deficiencies. Approximately, four thousand notices have been compiled to be sent by AFIP to Argentinian taxpayers. The taxpayers shall be asked by AFIP to amend their annual statements so as to reflect their crypto holdings if any. The authority is expected to collect additional taxes, particularly from those taxpayers who hold cryptocurrencies. The financial statements that were asked…
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Moscow Sees Massive Growth in Number of Bitcoin-Powered ATMs

Moscow Sees Massive Growth in Number of Bitcoin-Powered ATMs

Not even the war has been effective in curtailing the growth of crypto activity in Russia, particularly in Moscow. Instead, the interest in digital currencies and activities relating thereto have increased tremendously in Russia. Recently, Moscow saw massive increase in the number of Bitcoin-powered automated teller machines (ATMs). An editorial was also published in the daily Russian newspaper namely “Kommersant” which recorded the phenomenal growth. Currently, there are several hundred Bitcoin-powered ATMs that have been rendering digital teller services throughout Russia. However, the biggest chunk of such machines are installed in Moscow, the capital of Russia. The massive growth in…
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Crypto Industry in the UAE is to Make Major Waves throughout the International Market

Crypto Industry in the UAE is to Make Major Waves throughout the International Market

The UAE has been making waves in recent years as it tries to become one of the biggest and boldest tech hubs in the world. And as it continues to invest in various other types of technology, there is a real possibility that the country soon become a major hub for crypto as well. In fact, many analysts are saying that the crypto market in the UAE is a tsunami that is currently in the making. the waves that this tsunami will make can disrupt more traditional forms of finance, as DeFi and banking start to merge. 2022 saw the…
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Visa Files Trademark Applications For Different Crypto Products

Visa Files Trademark Applications For Different Crypto Products

Two trademark applications have been filed Visa that covers a wide array of crypto products and services, which includes the payments giant’s own crypto wallet. The filings also contain a mention of non-fungible tokens (NFTs) and crypto transaction management. Trademark applications Two trademark applications were recently submitted to the United States Patents and Trademark Office (USPTO). A trademark attorney licensed by the USPTO, Mike Kondoudis tweeted on Thursday to reveal the applications that Visa had filed. He said that the payments giant has applications related to crypto wallets and digital currency, managing virtual, digital and crypto transactions, virtual goods and…
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El Salvador And Lugano Have Signed An Economic Agreement Citing Similar Interests

El Salvador And Lugano Have Signed An Economic Agreement Citing Similar Interests

El Salvador, a Central American country, and Lugano, a southern city in Switzerland have signed a new agreement. The reports claim that it is an economic cooperation agreement signed between both regions. The similarity between ES and Lugano According to the market observers, it is due to the technological similarities both regions have signed the agreement. The technological similarities between the regions include crypto-blockchain technologies. The announcement related to the cooperative agreement signed between both jurisdictions was made by the Lugano officials. The reports confirm that a memorandum was signed between both jurisdictions that would understand economic cooperation between both…
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IRS Updates Instructions Related To Crypto For Tax Filing

IRS Updates Instructions Related To Crypto For Tax Filing

The 2022 draft instructions applicable to tax form 1040 have a crypto section and there were some updates made to it by the Internal Revenue Service (IRS). The tax agency stated that digital assets would now also include virtual currencies, such as stablecoins and cryptocurrencies, and non-fungible tokens (NFTs). New IRS instructions The draft instructions applicable to tax form 1040 for 2022 were released last week by the Internal Revenue Service (IRS). The tax form that individuals use for filing income tax returns in the United States is called 1040. There are a number of changes related to cryptocurrencies in…
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Spain Becomes Third Biggest Hub for Crypto ATMs, Overtaking El Salvador

Spain Becomes Third Biggest Hub for Crypto ATMs, Overtaking El Salvador

Spain has officially become home to the third-biggest network of crypto ATMs, with the US and Canada in first and second place. As of now, Spain has 215 crypto ATMs, which puts El Salvador, which has 212 crypto ATMs nationwide, in fourth place. Spain Makes Up For 0.6% of Crypto ATMs Globally According to CoinATMRadar, Spain makes up about 0.6 percent of crypto ATM installations worldwide, and overtook El Salvador, which was previously in third place, by an additional 3 ATMs. Additionally, the data shows that Spain is Europe’s biggest hub of crypto ATMs, as it accounts for 14.65 percent…
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Israel Has Announced Digital Bonds’ Live Tests That Are Tokenize In Nature

Israel Has Announced Digital Bonds’ Live Tests That Are Tokenize In Nature

The Ministry of Finance of Israel has recently made an announcement regarding digital bond trading. The Ministry has announced that it has launched a live test for the digital bonds trading service, based on a blockchain-based platform. Finance Ministry’s Collaboration with Multiple Entities The Ministry officials have confirmed that they have collaborated with multiple entities to come up with digital bonds. These entities involve the Tel Aviv Stock Exchange (TASE), VMware, and Fireblock. VMware is a software solutions provider in the US while Fireblock is a digital asset custody provider. As communicated by the Finance Ministry, these firms will be…
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Exchange Traded Fund For Bitcoin To Be Liquidated Close To October’s Conclusion, Announces Valkyrie Funds

Exchange Traded Fund For Bitcoin To Be Liquidated Close To October’s Conclusion, Announces Valkyrie Funds

One of the major fund managers for cryptocurrencies in the United States ‘Valkyrie Funds’ recently had a sad announcement for the crypto community. The fund manager announced that they have decided that they will proceed with the liquidation of the exchange-traded fund (ETF) for Bitcoin. As per communication, Valkyrie Funds wants to do it by the end of October. Valkyrie Funds to Liquidate Bitcoin ETF On October 11, the officials at the Valkyrie Funds took to Twitter and other social media platforms to communicate the company’s decision. On that particular day, Valkyrie Funds announced that they have made a final…
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Telegram Witnessing An Interest Decline For Cryptocurrency Channels In Russia

Telegram Witnessing An Interest Decline For Cryptocurrency Channels In Russia

Multiple analysis firms are expecting a decline in the audience for the Telegram cryptocurrency channels after the implementation of EU sanctions on Russia. It is expected that the audience would continue shrinking due to the sanctions being filed by the European Union on Russia. It is the eighth wave of sanctions that Russia has faced from the EU. Telegram Channels Losing Audience One of the most popular messaging applications, Telegram has been losing a great number of users on the cryptocurrency channels. According to the data, the number of cryptocurrency users on the crypto channels has been leaving for the…
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A New Cryptocurrency Protection Tool Comes To Life And Mastercard Has Created It

A New Cryptocurrency Protection Tool Comes To Life And Mastercard Has Created It

Mastercard, the financial service provider has announced the launch of a new tool that is to offer a utility that is related to risk management. Mastercard Launches a New Service On October 3, Mastercard officially announced that they have launched a new cryptocurrency service that is going to offer assistance in the risk management segment. Mastercard has confirmed that the name of the new service is ‘Crypto Secure’. With the help of the new service, the banks would find it extremely easier to deal establish and deal with cryptocurrency frauds and other platforms. With the help of the service, the…
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Blackrock Has Filed For Approval Of A Metaverse Exchange Traded Fund At SEC

Blackrock Has Filed For Approval Of A Metaverse Exchange Traded Fund At SEC

Blackrock, the largest asset manager in the entire world in terms of assets under management (AUM) has recently submitted a file to the US SEC. Blackrock is interested to gain more exposure in the blockchain and digital asset space, wanting to invest more energy into the spaces. The firm has already made invested a great fortune in the blockchain and digital asset sector. The recent filing submitted by the asset manager at the Securities and Exchange Commission confirms it seeks more exposure to the industry. The US SEC Revealed Blackrock’s Recent Filing The US Securities and Exchange Commission has recently…
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Latest EU Sanctions To Limit Russians’ Access To European Crypto Services

Latest EU Sanctions To Limit Russians’ Access To European Crypto Services

EU member states are discussing new sanctions for Russia amidst the escalation of the conflict in Ukraine and these include limiting access to European crypto services for Russians. Earlier this year, the European Union had imposed a ban on ‘high value’ crypto asset services for Russian companies and residents, but now they are thinking of expanding this ban to other services as well. More sanctions The Russian president Vladimir Putin had recently announced partial mobilization as he is escalating his military efforts in Ukraine and is also annexing occupied Ukrainian territories via sham referendums. These actions have drawn the ire…
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India Freezes Bitcoin At Binance Amidst Wazirx Investigation

India Freezes Bitcoin At Binance Amidst Wazirx Investigation

According to the Enforcement Directorate (ED) in India, it has frozen a total of 77.6 bitcoins that were transferred from Wazirx, the Indian crypto exchange, to Binance. This freeze is part of the ED’s investigation of a mobile gaming application in regard to money laundering issues. Frozen bitcoin The announcement was made by the Directorate of Enforcement (ED) in India on Wednesday about freezing a total of 77.62710139 bitcoins under the Prevention of Money Laundering Act (PMLA) in the country. The ED is India’s economic intelligence and law enforcement agency of the Indian government. The freeze was imposed because of…
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