Uncategorized Archives - Page 38 of 139

WednesdayJul 26, 2023 11:15 am

Indonesia Unveils New Clearing House, Bourse for Cryptos

Indonesia has recently introduced a national platform for crypto assets, aiming to bolster investor protection and furnish regulators with comprehensive transaction records. This move comes as the government seeks to fortify supervision of the thriving sector amid a shift in regulatory oversight, as stated by the Commodity Futures Trading Regulatory Agency (Bappebti). Indonesia permits crypto investment but bans the use of these digital assets for payments. Notably, the sector experienced a significant surge while the pandemic raged. As of June 2023, the number of people investing in digital assets reached an impressive 17.54 million, surpassing the count of registered investors…

MondayJul 24, 2023 11:15 am

Nasdaq Halts Plans to Start Cryptocurrency Custody Business

Adena Friedman, NASDAQ CEO, recently announced that the exchange has made the decision to postpone the launch of its crypto custody business in the United States. Friedman attributed the reason behind the move to the everchanging business and regulatory landscape in the country. As a result, the company has decided to halt its attempts to acquire the necessary license for the custody service. “However, NASDAQ remains committed to advancing in the digital asset space. We will focus on developing and delivering technology solutions, solidifying our position as a leading provider of digital asset software solutions in the global market,” she…

FridayJul 21, 2023 10:30 am

How the Ripple Court Victory Could Impact Other Cryptos

A recent court ruling on the SEC/Ripple case brought a wave of celebration within the crypto industry. Judge Analisa Torres delivered a significant verdict by declaring that XRP should not be categorized as a security. Many crypto enthusiasts perceive this ruling as an encouraging sign that similar assets will thrive in the United States. However, legal experts caution that further regulatory clarity is still necessary. Bitcoin, as a commodity, benefits from a clearer regulatory framework and oversight from specific agencies. Unfortunately, this is not the case for the majority of cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) argues that…

WednesdayJul 19, 2023 11:15 am

Ripple Labs Wins Landmark Suit Filed by the US SEC

In a significant legal win for the crypto sector, Ripple Labs’ sale of its XRP token on open markets was found to have not breached federal securities legislation. The ruling was made by Judge Analisa Torres, and it represented the first win for a cryptobusiness in a legal battle instituted by the U.S. Securities and Exchange Commission (SEC). Despite being unique to this case, the ruling is anticipated to benefit other cryptocurrency companies engaged in similar legal disputes with the SEC over regulatory issues. Brad Garlinghouse, Ripple’s CEO, welcomed the decision as a big victory for both Ripple and the…

MondayJul 17, 2023 9:00 am

Author of ‘Rich Dad, Poor Dad’ Foresees End of USD Dominance as Crypto Grows

Robert Kiyosaki, author of the highly acclaimed personal finance book “Rich Dad, Poor Dad,” expressed a pessimistic view toward the U.S. dollar following reports that BRICS nations have reached an agreement to introduce a currency backed by gold. The BRICS alliance comprises Brazil, China, Russia, India and South Africa, with recent indications suggesting that an additional 41 countries have expressed interest in joining this alliance, according to reports from RT. The agreement, which was disclosed by Russia Today last week, is expected to be officially announced in August during a summit in Johannesburg, South Africa. In response to this development,…

FridayJul 14, 2023 10:30 am

Standard Chartered Expects Bitcoin to Climb to $120,000 Next Year

According to Standard Chartered, the main cryptocurrency, Bitcoin, has the potential to rise to $50,000 in value this year and an impressive $120,000 in 2024. The bank believes the recent uptick in Bitcoin's price may motivate miners to hoard more of the coins they find. This forecast is a revision of the bank's earlier prediction made in April, where it anticipated Bitcoin to reach $100,000 next year. Geoff Kendrick, one of Standard Chartered's leading foreign exchange analysts, believes that their initial forecast has a 20% "upside." According to Kendrick, miners are able to put on the market fewer coins while…

WednesdayJul 12, 2023 10:30 am

Binance Hit as Top Executives Quit

Binance, the world's largest cryptocurrency exchange, has recently experienced a wave of executive departures amid a series of legal and regulatory challenges. Several high-ranking officials have announced their resignations through social media posts and media outlets, dealing another blow to the embattled exchange. Patrick Hillmann, the chief strategy officer, took to Twitter on Thursday to announce his departure from Binance, citing personal reasons as the motive behind his decision. In a similar fashion, Steven Christie, a compliance executive who joined the company in May 2022, tweeted on Friday that he was leaving due to exhaustion and a desire to prioritize…

MondayJul 10, 2023 12:00 pm

Bittrex Wants SEC Lawsuit Dismissed

Bittrex has taken a significant step in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) by filing a request to dismiss. The cryptocurrency exchange had filed for bankruptcy earlier this year citing regulatory pressure from the commission. In its recent filing, Bittrex makes the case that the SEC lacks the jurisdiction to regulate cryptos as securities sans a specific Congressional authorization. This claim contests how the SEC has interpreted current securities laws and aims to create a clearer regulatory framework that considers digital assets’ classification. Bittrex has followed Coinbase's lead in its request to dismiss, closely…

FridayJul 07, 2023 10:30 am

To Protect Investors, Thailand Opts to Ban Lending by Cryptocurrency Exchanges

Thailand has become the second country in southeast Asia to announce a ban on cryptocurrency exchanges that offer lending services, aligning with the country’s commitment to safeguarde investors in the crypto market. The Thai Securities and Exchange Commission (SEC) issued a statement on July 3, 2023, outlining the new rules. The ban explicitly targets "depository services that promise returns to lenders and depositors," effectively barring exchanges from offering both staking and lending options. To enhance transparency and risk awareness, the Thai SEC has introduced a mandatory disclaimer, requiring exchanges to prominently display the message: "Cryptos are high risk. Please thoroughly…

WednesdayJul 05, 2023 9:45 am

King Charles Signs Crypto Bill into Law

Last week, King Charles signed the Financial Services and Markets measure, completing the process for the measure to become law and giving regulators the power to monitor cryptocurrencies and stablecoins. This step, known as royal assent, is merely a procedural formality following the lawmakers' agreement and effectively transforms the bill into the Financial Services and Markets Act. Hailed as a vital component of the government's vision, the HM Treasury asserts that the act plays a central role in fostering an open, sustainable and technologically advanced financial services sector. Financial Services Minister Andrew Griffith emphasized that the act provides the United…