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The Chinese government says theft of digital collections violates the protection law and interests of the crime of illegally obtaining computer information system data. The Chinese government released a statement on Nov. 10 declaring that anyone stealing digital collections, such as nonfungible tokens (NFTs), will be subject to theft sentences.  It outlines three views on the type of crime that theft of digital collections falls under, the first two classifying it as either data or digital property. However, the statement stresses the third view which sees digital collections as both data and virtual property that would fall under the umbrella of “co-offending.” The statement explained that stealing a digital collection includes intrusion into the system on which it is housed, therefore also committing the crime of illegally obtaining computer information system data and theft . “The theft of digital collections violates the protection law and interests of the crime of illegally ob...

Abu Dhabi introduces a trailblazing DLT regulatory framework, setting global standards for blockchain foundations and DAOs. Abu Dhabi Global Market (ADGM) has unveiled the Distributed Ledger Technology (DLT) Foundations Regulations 2023, establishing a pioneering legislative structure for blockchain and DAOs. The Registration Authority of ADGM announced that these regulations will help to bolster the blockchain and Web3 sector, thereby propelling the region and ADGM into the forefront of digital asset regulation . The DLT Foundations Regulations have been crafted to specifically address the complexities of the blockchain ecosystem, allowing for the operation and issuance of tokens by DAOs and blockchain foundations. In this regard, the UAE stands as the world’s first, setting a high bar for regulatory frameworks globally.  You might also like: Tellor account compromised after price surge ADGM emphasized that these regulations are critical as Abu Dhabi has rapidly bec...

The FCA issued a statement on Oct. 25, warning crypto firms that they still need to comply with the new rules on financial promotions for crypto assets. The FCA said it has identified 221 breaches of the rules by crypto firms since then and will take “robust action” against them. The new rules require crypt o firms to provide clear and prominent risk warnings, accurate and balanced information, and appropriate safeguards for consumers when they market their products and services to UK consumers. The papers also classify crypto assets as “Restricted Mass Market Investments, ” meaning they can only be promoted to certain types of investors, such as professional clients or high-net-worth individuals. You might also like: Impact of FCA’s new crypto rules: market shifts and high-profile exits The regulator said it found that many crypto firms still need to comply with these rules and are making misleading or inaccurate claims about the benefits, safety,...

NYU Stern’s Center for Business and Human Rights stresses the need for a comprehensive privacy law, warning of significant privacy threats in the burgeoning metaverse. Despite all of its benefits, the next iteration of the internet poses “unprecedented” risks of the “potential erosion of privacy” and the proliferation of abuse in virtual environments. According to a report from NYU’s Stern Center for Business and Human Rights (CBHR), experiences in virtual reality (VR) may result in profound and lasting psychological harm. The scheme of how VR devices collect data from a user | Source: NYU Stern The report says the main issue is not how emerging devices like VR headsets work but how they use the collected data from users. For instance, scientists at the University of California at Berkeley and Unanimous AI have recently found that even the most basic VR headset with a motion tracker can collect lots of data from a user, including their identity,...

Bitstamp UK Limited and Interactive Brokers Limited have recently become the latest additions to the list of registered organizations in the UK. The registration marks both entities as being among the first companies to join since the Financial Conduct Authority (FCA) included Hidden Road Partners and MoonPay in December 2022. "With mainstream adoption continuing to be our goal, Bitstamp is establishing itself as a driving force in advocating that increased regulation is key to this journey" – our CEO @jb_bitstamp on being FCA registered in the UK Read more https://t.co/pBAxCQGEB6 — Bitstamp (@Bitstamp) June 14, 2023 A secure pathway Bitstamp U.K. Limited received regulatory authorization on June 13, as reported by the FCA, through an update on its crypto register. The FCA confirmed this development, making Bitstamp the second company to secure approval within a span of two days, following Interactive Investors (UK), a broker. Prior to these recent appr...

Blockware Solutions account executive David Gamble told Market Talks host Ray Salmond that the crypto market will hit a $10 trillion market cap in the next few years. On the latest episode of Market Talks , host Ray Salmond spoke with Blockware Solutions account executive David Gamble about the future of Bitcoin (BTC) mining, expectations for the cryptocurrency’s price , and his views on how the decentralized finance (DeFi) sector needs to evolve.  Gamble described himself as a staunch believer in DeFi, but he added that protocols within the industry need to find ways to incorporate tokenized real-world assets instead of relying on mercenary capital and the attraction of liquid staking. According to Gamble, the steady entry of institutional investors and even central bankers experimenting with tokenized bonds and other yield-bearing assets could be a step in the right direction. The best time to buy Bitcoin is now Bitcoin’s block reward halving is less than 300 days away, and many i...

The United Nations body called on all member states to implement the Travel Rule “without delay” to close “loopholes” not currently protected by regulation. A renewed call from the Financial Action Task Force (FATF) has asked countries to implement the “ travel rule” to combat money laundering and terrorism financing activities enabled by cryptocurrencies. On June 23, the United Nations body — whose role is to promote strategies to combat money laundering and terrorist financing — explained that “many” member states have failed to implement the rule. The call comes after a series of FATF meetings at its headquarters in Paris. The FATF plenary has concluded. Delegates of governments from around the world discussed a range of money laundering and terrorist financing issues. See the outcomes of the plenary here️ https://t.co/s0nmYw1ca6#FATFWeek #moneylaundering #terrorismfinancing #followthemoney pic.twitter.com/DTerSET5QT — FATF (@FATFNews) June 23, 2023 FATF claimed “more than hal...

Data analytics platforms have reported billions of dollars in outflows from Binance over the last week, but this can be misinterpreted, argues Changpeng Zhao. While data suggests that crypto assets have been flowing out of centralized exchange s at an accelerated pace over the last week, Binance CEO Changpeng Zhao argues it may not be as bad as it appears.  Leading analytics platforms such as Nansen and DeFiLlama have all measured increased exchange outflows from Binance over the past seven days after news of the SEC lawsuit against the firm hit the airwaves. According to Nansen, there has been a net outflow of $2.36 billion from Binance over the past seven days along with $123.7 million flowing out of Binance.US. DeFiLlama reported an even larger figure of $3.35 billion in outflows from Binance, while Glassnode data shows the exchange's BTC balance having declined by 5.7% or around $1 billion over the past seven days. CEX asset flows. Source: DeFiLlama However, in a June 10 Twitt...

The country’s supreme court released two decisions for cases in which different crypto users gained profits from sales of BTC “made for the purpose of speculation” and mining. The Justices of the Supreme Court of Denmark have handed down two judgements on whether the sale of Bitcoin (BTC) under certain circumstances qualifies as a taxable event. In a March 30 notice, Denmark’s Supreme Court said a party who gained profits from selling Bitcoin acquired through several purchases and donations was required to report the sale as a taxable event, adding the purchase was “made for the purpose of speculation.” In a separate case, the court ruled a user who mined their own BTC and later sold the coins would be subject to the same tax consideration. Both cases considered by the supreme court involved the acquisition of BTC between 2011 and 2013, with sales between 2017 and 2018, suggesting a price difference in the thousands of dollars. The court cited sections of the country’s National Ta...

Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency. Two lawmakers in one week weighed in against the possibility of a United States central bank digital currency (CBDC). Florida Governor Ron DeSantis — expected by many to throw his hat into the ring for the 2024 U.S. presidential race — has called for a ban on a digital dollar in the state. DeSantis spoke out against the Federal Reserve issuing and controlling a CBDC, claiming the initiative would grant “more power” to the government.  Texas Senator Ted Cruz went even further, introducing a bill to block the Fed from launching a “direct-to-consumer” central bank digital currency. Cruz stated it’s “more important than ever” to ensure U.S. policy on digital currencies protects “financial privacy, maintains the dollar ’s dominance and cultivates innovation.” The anti- CBDC bill is a second attempt by Senators Cruz, Braun and Grassley, who introduced a similar bill on March 30, ...

Ted Cruz said it is “more important than ever” to ensure the financial privacy of American citizens is preserved. Republican Senator Ted Cruz has introduced a bill to block the United States Federal Reserve from launching a “direct-to-consumer” central bank digital currency (CBDC). In a March 21 statement, Cruz said he introduced the bill to prevent the Fed from developing a retail CBDC “which could be used as a financial surveillance tool by the federal government.” Cruz stated it’s “more important than ever” to ensure U.S. policy on digital currencies protects “financial privacy, maintain’s the dollar’s dominance and cultivates innovation,” and added: “CBDCs that fail to adhere to these three basic principles could enable an entity like the Federal Reserve to mobilize itself into a retail bank, collect personally identifiable information on users, and track their transactions indefinitely.” Cruz claimed the federal government has “no authority to unilaterally establish” a CBDC. “We ...

Russia’s existing regulatory stance on the cryptocurrency industry would potentially lead the country to “direct financial losses,” the RACIB argued. As Russia continues to delay adopting crypto currency regulations, local advocates have appealed to Russian President Vladimir Putin to change the government’s approach to regulating the market. The Russian Association of Crypto Industry and Blockchain (RACIB) — a major group of crypto and blockchain enthusiasts in Russia — issued an open letter to Putin on March 6, urging the president to address the risks of ignoring the global development of the crypto industry. In the letter, the RACIB argued that Russia has been too slow to implement experimental legal regimes targeting crypto adoption despite enforcing its first crypto law, “On Digital Financial Assets,” in 2021. In November 2022, lawmakers in Russia introduced a series of legal amendments to the crypto law, proposing to launch a “national cryptocurrency exchange.” According to th...

The firm said it received an investigative subpoena in December regarding its crypto listings, crypto custody and platform operations. Robinhood Markets has confirmed that it had received an investigative subpoena from the United States Securities Exchange Commission (SEC) over its digital asset business' crypto listings , custody and platform operations. In a 10-K filing, the brokerage said it received the investigative subpoena in December shortly after crypto exchange FTX filed for bankruptcy in November, and after "several other major cryptocurrency trading venues and lending platforms earlier in 2022," including Three Arrows Capital, Voyager Digital Holdings and Celsius Network. The investigative subpoena was in relation to its cryptocurrency listings and custody services, which they said came in response to the crypto bankruptcies last year: "In December 2022, following the 2022 Crypto Bankruptcies, we received an investigative subpoena from the SEC regardi...

FTX was one of the key exchange partners for Busan city, but its recent collapse made the administration reconsider its plans of onboarding third-party crypto exchanges. Busan, the blockchain city of South Korea, has moved a step closer to forming a local crypto exchange, but it has dropped most of the global centralized exchange partners. The drastic decision comes in the wake of the recent colossal failure of centralized exchanges. The city announced the steering committee comprising 18 local blockchain experts but none of the five exchanges that had agreed earlier this year to assist the city in establishing its first official digital asset exchange. The five exchanges included Binance, Crypto.com, Gate.io, Huobi Global and FTX. The steering committee is a municipal advisory body tasked with providing advice on the establishment and operation of the digital asset exchange, as well as strengthening the system of external cooperation. The possible elimination of global crypto exchan...

The CEO of Bitgo stated that the Alameda representative failed the security verification process required to convert wrapped-BTC into BTC. Mike Belshe, the CEO of digital asset custodian BitGo has confirmed that Alameda Research attempted to redeem 3,000 Wrapped Bitcoin (wBTC) in the days before FTX’s bankruptcy filing on Nov. 11.  During a Dec. 14 Twitter Spaces hosted by decentralized finance (DeFi) researcher Chris Blec, Belshe confirmed the firm knocked back the redemption request because the unknown Alameda representative involved didn’t pass Bitgo’s security verification process and seemed unfamiliar with how the wrapped-Bitcoin burning process worked. Full convo here. This part starts at 1:09:30. https://t.co/0KQg6bzd8k — Chris Blec (@ChrisBlec) December 14, 2022 “[The security details] didn't match the process. So we held it up and we said no, no, no, no. This is not what the burn looks like. And we need to know who this person was.” “So we held it and while we were hol...