April 2023 - CryptoCurrencyWire

FridayApr 28, 2023 9:00 am

EU Parliament Passes Crypto Regulations for the Bloc

The world's first comprehensive set of laws to govern the cryptocurrency sector was passed by the EU Parliament on Thursday, April 20, 2023, to combat money laundering and enhance oversight, and consumer protection. The Markets in Crypto-Assets (MiCA) rules, which were approved by a vote of 529 to 29 and will begin to take effect in stages in 2024, are the most significant effort by governments throughout the world to control the expanding market for digital assets. In a statement, the European Union expressed its hope that the new legislation will serve as a benchmark for other countries. MiCA, which…

WednesdayApr 26, 2023 11:15 am

Research Says a Significant Portion of TikTok Videos on Crypto Are Misleading

A recent survey found that more than one-third of TikTok crypto influencers, the most popular social media platform among the younger demographic, have shared false information about buying Bitcoin and other cryptocurrencies. The majority of TikTok's active users are young individuals, some of whom are beginning to think about money management. An estimated 70% of users, according to estimates from earlier this year, were below 34 years of age, making them easy prey for tricks and scams because they lacked expertise. According to the DappGambl study, a lot of influencers spread unreliable information regarding cryptocurrency investments, frequently attempting to lure…

MondayApr 24, 2023 11:15 am

SEC Chairman Grilled by House Committee Over Crypto Crackdown

Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), received a torrent of criticism from Republican members of the House Financial Services Committee las week for the steps taken by his organization in pursuing cryptotrading companies. In his more than four hours of grilling before the committee, Gensler remained adamant on the need for crypto exchanges and trading platforms to adhere to stringent U.S. securities rules. The Republicans brought up many of the regulatory concerns that the cryptocurrency industry frequently raises, claiming that the SEC's disclosure requirements were created to govern traditional markets and are therefore inappropriate for…

FridayApr 21, 2023 8:45 am

Digital Assets Are Here to Stay Despite Facing Headwinds

Last year was a torrid year for crypto enthusiasts. The biggest cryptocurrency, Bitcoin, sank by 64%, while Ethereum fell by 67%. The value of Dogecoin, a joke cryptocurrency that later gained popularity among Elon Musk and his supporters, dropped by almost 60%. In addition, many of the biggest exchanges either collapsed or are still facing legal troubles. The arrest of FTX's founder, Sam Bankman-Fried, after the company's collapse in November last year has shifted authorities' attention to the industry. However, the first few months of 2023 has seen a dramatic increase in the value of cryptocurrencies, with Bitcoin surging by…

WednesdayApr 19, 2023 10:30 am

South Korean Crypto Sector Slowly Recovering from Terra Luna Collapse

The collapse of stablecoin TerraUSD in 2022 knocked out more than $60 billion from the crypto market in a single week. However, the hardest-hit market was Korea, where the fallout is still being felt today. The project had a significant impact on the homeland of founder Do Kwon, where more than 200,000 people were affected by the collapse. Some people even sold their homes to invest in Luna. To date, the Korean regulatory environment for cryptocurrencies is not particularly favorable. South Korea is one of the world's most significant marketplaces for cryptocurrencies. The nation’s currency, the Korean won, is the…

MondayApr 17, 2023 12:00 pm

Bitcoin Crosses $30k Mark and Suggests 2023 Will Be Good for Crypto

Bitcoin is currently trading at more than $30,000 — last week, the dominant crypto hit a new record price for 2023. This is the first time Bitcoin has surpassed the $30,000 mark since last June. As of now, Bitcoin has increased by around 84%, making it the best-performing asset in the relevant market for the first quarter of 2023. After a calm Easter weekend, the price of BTC jumped by 3.37% to above $29,300 on April 10, 2023. The momentary increases in Bitcoin were interestingly accompanied by a decline in U.S. stocks, an unusual decoupling that emphasizes the coin's waning…

ThursdayApr 13, 2023 11:15 am

An Inside Look at Sting Operation Against North Korean Crypto Hackers

Just a few days after three missiles were launched by North Korea into the ocean, a team of U.S. private investigators and spies from South Korea covertly met in Pangyo, South Korea. The team had been tracking $100 million worth of crypto laundered from a California crypto company, Harmony, for some time in the hopes that hackers would move the crypto into accounts from which it could eventually be changed to Chinese yuan or dollars to be used for financing North Korea’s illicit missile development. The investigators and spies only had a short period to help in the recovery of…

TuesdayApr 11, 2023 11:15 am

Pakistan Banks to Start Using Blockchain for KYC Tasks

On April 6, 2023, Pakistani banks, through the PBA, signed a contract to implement an electronic know-your-customer (KYC) system based on blockchain that will function nationally. The signing event took place at the PBA’s office in Karachi, and several officials, including Waqas Mirza, CEO of the Avanza Group, and association chair Muhammad Aurangzeb, were present. The Avanza Group, a company with expertise in artificial intelligence, modern banking applications, blockchain applications, and client-experience management solutions, will create the platform. Pakistani authorities want to narrow the gap between their country and other Asian countries such as Singapore, Indonesia, Hong Kong and Thailand,…

ThursdayApr 06, 2023 10:30 am

EU Mulls Capping Anonymous Cryptocurrency Transfers

The European Union (EU) is considering the implementation of a cap on anonymous cryptocurrency transactions to combat financial fraud and terrorism funding. The proposed cap is set at $1,083 for transactions where a client cannot be recognized, while the maximum amount for money transfers would be $7,585. The measures are part of a larger push for improved openness in the banking industry and will be subject to negotiations before being approved at a plenary meeting in April. The EU's initiative is a response to the ease with which cryptocurrency transactions can be conducted anonymously, making it difficult to track illegal…

WednesdayApr 05, 2023 11:15 am

CFTC Case Against Binance Could Alter Crypto’s Trajectory in US

Cryptocurrency exchange Binance is no stranger to regulatory issues. In the past, it has successfully navigated these obstacles and eventually worked with regulators on several occasions. The exchange has come under fire from different agencies, though, when it comes to the United States. A number of financial regulators are currently looking into the cryptocurrency exchange, with some investigations going as far back as 2018. Currently, a lawsuit has been filed in connection with an investigation that began in 2021 by the U.S. Commodities Futures Trading Commission (CFTC). The lawsuit seeks to charge Binance, its CEO Changpeng Zhao and Samuel Lim,…