The SMBC (Sumitomo Mitsui Banking Corporation) ‘s second largest bank in Japan, has revealed plans to expand in the digital asset sector. As per reports, the bank will devolve into the world of Web3 and NFTs. Additionally, the bank will collaborate with the Hashport group. This group offers listing and tokenization services in Japan. With…
Bankrupt cryptocurrency platform Voyager Digital is working on resuming withdrawals on its platform. According to the firm, it has sent permission to the court to allow users to withdraw their balance. Meanwhile, FTX exchange has offered to help the platform with the withdrawal process. FTX offers to allow the customers of Voyager to withdraw using…
The latest report shows South Korea has decided to delay its crypto tax implementation. The government had initially issued a 20% crypto tax that will become effective next year January. However, the government has delayed the date until 2025. South Korea Delays 20% Crypto Tax Till 2025 Officials of the state announced the postponement on…
According to a leaked email from Coinbase, the platform will halt its affiliate initiative in the United States on July 19th. The leaked emails highlighted two reasons for the suspension. They include the state of the crypto market and expectations for the remaining months of 2022. Meanwhile, Coinbase said its affiliate program might return in…
The financial regulator in Colombia has submitted a proposal for crypto regulation. The proposal contains a set of rules that will guide VASPs (virtual asset service providers) and their operations with banking firms. According to the country’s Financial Superintendence, this proposal will clarify VASPs operations. The draft provides the definition of some key concepts. Furthermore,…
A panel of crypto industry professionals predicts that Cardano’s price will skyrocket to $2.93 and $6.53 by 2025 and 2030, respectively. However, analysts estimate that the coin will trade at only $0.63 by the end of 2022. As per statistics from CoinMarketCap, the coin is trading at about $0.436. By December, the coin may still…
The Deputy Governor of the SARB (South African Reserve Bank) recently stated that the organization had revised its stance on crypto. Currently, the central considers crypto to be financial assets. As a result, it is working on regulations to guide their usage. By 2023, the SARB plans to have a set of principles for cryptocurrencies…
In the past month, the issue of regulation has been a significant debate globally. Meanwhile, Gary Gensler, the chairman of the US SEC (Securities and Exchange Commission), commented on securities regulations recently. He said the watchdog might exempt cryptocurrency firms from some securities regulations. This aims to ensure that crypto firms comply with its regulations….
Several financial regulators have been clamping down on the crypto sector in recent months. This is in an effort to control the new and mostly unregulated asset. Currently, Hong Kong is revising its anti-money laundering laws to include cryptocurrencies. This amendment is due to the increased usage of crypto in the state. On July 13th,…
As the nation’s economy continues to deteriorate, the Central Bank of Sri Lanka (CBSL) reiterated its stance on crypto in a notice. On July 12th, the CBSL released a public warning to the public that crypto usage is still prohibited. In 2018 and 2021, the CBSL has reiterated its position on crypto usage. It has…
A hacker made a reentrancy attack recently against the beta version of the NFT money market, OMNI protocol. However, the attacker took 1,300 ETH in OMNI’s internal testing funds, not actual money. OMNI Protocol Is Victim Of Latest Hack A breach on the NFT system, OMNI, resulted in a loss of about 1,300 ETH. The…
According to reports, the Shiba Inu ecosystem is working on launching a stablecoin, collectible card game, and rewards token. In a blog post, the head developer of the meme currency, Shytoshi Kusama, highlighted the new initiatives. The Shiba Inu network will soon include a new collectible card game. This game card is intended for its…
Popular crypto exchange, Bitstamp, has announced plans to issue a fee for inactive accounts. The latest announcement will take effect from August 1st. Meanwhile, this news is due to the ongoing downturn in the crypto market. This decline has affected the revenue of several crypto firms. According to the exchange, inactive users will be charged…
Recently, the US Fed Reserve held a conference in the United States. The panelists agreed that a digital Dollar would not affect the international currency system. Additionally, they agreed that other CDBCs do not threaten the value of the USD. However, well-developed cryptos could change the global role of the USD. Some members stated that…
Recently, cryptocurrency crimes have increased globally, with total losses amounting to millions. Unfortunately, these crimes are difficult to trace using traditional intelligence tools. For this reason, certain countries have released funds to build resources to combat such crimes. Among such countries is the South American nation, Brazil. Brazil’s public prosecution office has launched an investigation…
According to reports, Trust banks in Japan may soon be allowed to manage digital assets. The country’s regulator, FSA (The Financial Services Agency), made the announcement recently. However, the FSA will have to deliberate on the matter before deciding. Reports say it would seek public opinion for a month before announcing the new changes. Nikkei,…
Despite the IMF’s stance toward crypto, the agency has acknowledged the usefulness of digital assets. The organization believes digital assets could become an alternative to conventional financial products. In June, the IMF (International Monetary Fund) published a blog post citing the usefulness of cryptos and CBDCs. It believes they can be more effective for payment…
With the latest verdict from the BIS (Bank for International Settlements), banks can now store 1% of their reserves as cryptocurrencies. Before now, the BIS has maintained a skeptical approach toward digital currencies. The recent market crisis and issue with the Terra ecosystem have only made things worse. However, it appears things have changed, and…
According to recent reports, Axie Infinity has relaunched its Ronin bridge with some added features. The platform said it conducted three different audits before reopening the bridge. The co-founders of the popular dApp announced the bridge’s reopening on Twitter. They also showed commitment to ensuring users get back their lost funds. Ronin Bridge Relaunch Features…
In the past months, there have been a series of attacks by hackers on cross-chain bridges. These attacks have caused serious damage to the cryptocurrency community. Meanwhile, the latest attack was on the popular cross-chain bridge, Horizon Bridge, owned by Harmony. Given the recent economic downturn, this is a huge blow to the DeFi platform….
