The cryptographic asset and blockchain landscape arguably evolves more swiftly than any industry. Amid shifts in regulatory environments, security incidents, operational alterations and technology advancements, investors need to stay continually updated. The following cryptographic asset and blockchain news highlight key ongoing developments.
Certain crypto businesses in Hong Kong have reportedly run into an unexpected roadblock in their banking relations with HSBC-owned Hang Seng Bank. Their banking privileges are limited to ‘simple’ services, although it’s unclear what services have been excluded.
Nevertheless, digital criminality continues to mar this advancing technology, with an elderly couple in North Carolina, USA becoming recent victims. Posing as construction workers, armed assailants held the couple hostage, robbing them of more than $156,000 in cryptocurrency according to a report by NBC News.
Digital exchanges are also caught up in a whirlwind of activity. Binance, for example, has been granted permission to operate in Dubai after meeting pre-conditions and securing a preliminary license in September 2022. This authorization allows Binance to offer services such as facilitating virtual assets conversion to fiat currency. However, in Nigeria, Binance activities have been declared unlawful by the country’s Securities and Exchange Commission as Binance is neither registered nor regulated in the country.
With transactions back in order following a brief hiccup in Ethereum’s funding gateway, Kraken, another prominent exchange, has stated that all systems are operational. Despite the issue having led to a slight delay in transactions, action was taken swiftly to remedy the situation.
Further in the East, the central Bank of Korea is making strides towards launching a central bank digital currency (CBDC). Jeju, Busan, and Incheon have been shortlisted as pilot locations, and the chosen area will see tests of the CBDC system, allowing tourists and residents to participate as well.
Moreover, in the sports realm, Web3 fantasy-sports firm Sorare announced partnering with Mangopay to launch Cash Wallet. Sorare’s five million users can now directly store, deposit, buy and sell cards with fiat currencies.
Lastly, authorities in Miri, Borneo, acted on a public tip-off to shut down an illicit cryptocurrency operation. The culprits were allegedly appropriating electricity to the tune of $1,330 per month to mine digital currency.
With this slew of news, the key takeaway is the seeming tug-of-war between the swift advancement of blockchain technology and the challenges that regulatory and criminal activities pose. The future promises to deliver ever more intriguing stories from the world of crypto and beyond.
Source: Cryptonews
