Weekly Update #32
Mark Collins & Demetrius TSEAS
regulation:
Korea National Pension Fund invests $20 million in Coinbase stock: November 16th at the National Pension Service Korea’s National Pension Fund (NPF) is According to reports According to local media, nearly $20 million worth of Coinbase (COIN) stock was purchased in the third quarter. News 1. NPF said it is the world’s third-largest pension under management by 2023. $775 billion.
New Zealand Dollar Fixed stablecoinStablecoins can also be privately issued cryptocurrencies or algorithms. Start live: New Zealand-based Easy Crypto launched on November 22nd NZDD Stablecoin, Issuer ECDD Company Ltd., linked one-to-one with the New Zealand dollar (NZD). The underlying assets are held in local bank accounts regulated by the Financial Markets Authority of New Zealand. Initially, NZDD will be available on Ethereum. blockchainBlockchain is a shared digital ledger or… Read MoreWe plan to expand to other blockchains.
The EBA issues guidance to AML/CFT supervisors of CASPs.: Announced by the European Banking Authority (EBA) on November 27 new guidelines Extends risk-based anti-money laundering and counter-terrorism financing (AML/CFT) supervisory guidance to AML/CFT supervisors of cryptocurrency asset service providers (CASPs). The new guidance sets clear expectations on the steps supervisors should take to identify and manage money laundering and terrorist financing (ML/TF) risks in the sector, and is a significant step forward in the EU’s fight against financial crime. “ CASP can indicate high levels. ML/TF risk. They also operate across borders. This is why a common supervisory approach to addressing ML/TF risks in the sector is important. By extending the scope of the AML/CFT Supervision Directive to CASP supervisors, the EBA promotes a common understanding among all Member States on the risk-based approach to AML/CFT supervision of CASPs and how it should be applied..”
Paxos secures a basic license to issue USD and other stablecoins in Abu Dhabi. On November 28, stablecoin issuer Paxos presentation It has secured a basic license to issue USD and other currency-backed stablecoins and provide cryptocurrency brokerage and custody. serviceGeneral services including non-profits, forums, news sheets…See more At the Abu Dhabi Global Market, two weeks ago, the Monetary Authority of Singapore (MAS) approved Paxos’ new entity, Paxos Digital Singapore, to issue digital payment tokens.
FSB assesses the risks of multi-functional crypto asset brokers.: November 28 Financial Stability Committee (FSB) announced. Report on the Financial Stability Impact of Multifunctional Cryptocurrency Brokers (MCI). An MCI is a group of individual companies or affiliates that combine a wide range of crypto asset services, products and capabilities, typically centered around operating a trading platform. Many of these activities are similar to traditional finance, but are often not provided by the same entities or are limited or controlled to avoid conflicts of interest and promote market integrity, investor protection, and financial stability. The report warns that combining different activities within a multi-functional cryptoasset intermediary (MCI) can exacerbate MCI vulnerabilities. The financial stability impact of MCI’s failure will depend on the effective implementation and enforcement of comprehensive and consistent regulations for global crypto asset markets. strengthen cross-border cooperation and information sharing; addressIn the context of cryptocurrency, an address is encrypted information. Information gaps identified in the report.
The U.S. Treasury Department calls for more authority to combat illicit financial activities related to cryptocurrencies.: On November 29, Deputy Treasury Secretary Wally Adeyemo asked Congress to significantly expand oversight and enforcement powers. Bank Secrecy Protection ActThe Bank Secrecy Act (BSA) is a U.S. law that targets the Bank Secrecy Act (BSA)., speaking 2023 Blockchain Association Policy Summit (Washington, DC) “ Treasury provided Congress with a series of common-sense recommendations to expand authority and expand tools and resources to pursue illegal actors in the digital asset space. “said the U.S. Undersecretary of the Treasury. He also said: “Illicit finance authorities need to be updated to meet the challenges we face today, including those presented by the evolving digital asset ecosystem.” And that “ In addition to working with Congress, we have the Financial Action Task Force (FATFThe Financial Action Task Force (FATF) is a global funding agency.) Engage allies and partners around the world in updating our regulatory approach. “
Brazil proposes bill to impose 15% tax on foreign cryptocurrency profits: November 30th, brazilian senate Reportedly passed A bill introducing a 15% income tax on cryptocurrency profits earned on foreign exchanges exceeding $1,200. If signed by the country’s president, cryptocurrency profits exceeding this amount will be subject to this tax starting January 1, 2024.
Cryptocurrency News:
all mining poolA mining pool is a group of cooperative miners who agree to: Released with support from Jack Dorsey: sea at bitcoinThe term “Bitcoin” refers to the Bitcoin network,…See more The mining pool, which has secured $6.2 million in seed funding and is led by former Twitter CEO Jack Dorsey, has implemented a filtering mechanism for ordinal inscriptions in transactions. The swimming pool utilizes Bitcoin, Knots. wordIn the world of digital currencies, nodes are…More Developed by Luke Dashjr to exclude specific transactions. This was confirmed at the pool relaunch conference, which sparked debate within the pool. cryptocurrencyCryptocurrency (or cryptocurrency) is a digital asset. A community about labeling filtered data as spam or censorship. Bitcoin.com
Blockchain-based video games are becoming less popular. A recent study by CoinGecko found that more than 75% of Web3 games released in the past five years have failed, with only 690 out of 2,817 games maintaining an active player base. The average annual failure rate for Web3 games is around 80%, with the highest number of games failing in 2022, with the trend likely to slow in 2023, suggesting the state of Web3 games is likely to potentially stabilize. CoinGecko
Miami conman sentenced to 64 months in prison for $3.5 million fraud cryptocurrency exchangeCryptocurrency exchanges allow customers to… See more: Esteban Cabrera Da Corte has been sentenced to 63 months in prison for masterminding a scheme to steal millions of dollars worth of cryptocurrency. The scheme involved defrauding U.S. banks and cryptocurrency exchanges by falsely claiming unauthorized transactions, resulting in banks canceling more than $4 million worth of fraud and causing cryptocurrency exchange losses of more than $3.5 million. U.S. Attorney Damian Williams emphasized that this ruling sends a clear message that cryptocurrency fraudsters and money launderers will be vigorously prosecuted. DOJ
Sinbad mixer approved:The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned cryptocurrency mixer Sinbad.io. It claims North Korean hacking group Lazarus used high-profile hacks to launder hundreds of millions of dollars. U.S. citizens are now prohibited from using Sinbad and any property associated with the mixer must be reported to OFAC, with potential sanctions still imposed on individuals who engage in certain transactions with Sinbad, the latest move against Blender.io’s sanctioned mixing service. represents . Tornado Cash for the past 18 months. Reuters