A recent development in the crypto world saw Gemini choose the Republic of Ireland as its new European headquarters. The decision was fueled by a positive meeting with the Irish Prime Minister, Leo Varadkar, and representatives of the Industrial Development Agency (IDA), during which they discussed the potential of crypto and the significance of sensible regulation policies to actualize its full potential.
Meanwhile, cryptoasset custody provider Copper partnered with Bitget to introduce an off-exchange settlement solution for institutional clients. This step will allow trading and settlement across exchanges in near real-time while minimizing counterparty risk and boosting capital efficiency.
In legal news, a former executive of South Korean exchange Coinone admitted to accepting bribes for listing specific coins, with an estimated value of ₩2 billion ($1.51 million). The incident has also been linked to an ongoing kidnapping and murder investigation in Seoul. A lawyer for the accused stated that they would present a final opinion after reviewing all the evidence.
US crypto miner Coinmint filed a lawsuit against Katena Computing and semiconductor designer company DX Corr, accusing them of orchestrating an elaborate scam to entice Coinmint into a $150 million purchase agreement. Coinmint seeks over $23 million in damages.
In metaverse news, China’s city of Zhengzhou unveiled a policy draft aimed at fostering the development of the metaverse industry, including a dedicated fund worth $1.42 billion. Companies relocating their headquarters to Zhengzhou will have access to startup capital investments up to $28.34 million, among other benefits.
Regulatory jurisdictions around the world have been urged to increase collaboration and communication to prevent malicious entities from exploiting loopholes in crypto regulations. Dubai’s Financial Services Authority is planning an update to its rules on crypto tokens, stating that functional communication between regulatory bodies is crucial to avoid potential gaps.
In adoption news, a study by forexsuggest.com reveals that Hong Kong is the most crypto-ready jurisdiction in the world, ranking high in various categories, such as the number of blockchain startups per 100,00 people and the number of crypto ATMs proportional to the population. Hong Kong’s lack of capital gains taxes on crypto further increases its appeal to investors. The USA and Switzerland follow closely in second and third places, respectively.
Source: Cryptonews
