Search Results for: Crypto Business

In an open letter to President Kassym-Jomart Tokayev, Kazakhstan-based digital asset miners, including eight major entities, urgently request a decrease in energy prices. They warn of industry-wide dessertion caused by untenable fees and increasing operational challenges, threatening an extinction of the country’s thriving mining ecosystem.

Korbit’s research suggests the reported value of international digital assets declared to the South Korean National Tax Service may be exaggerated during regulation procedures. Many corporations could be retaining their crypto assets without means to distribute them wider, especially after the 2017 ICO boom.

“Crypto miners in Kazakhstan, the third-largest global market for Bitcoin mining hash rate, warn of extinction due to high energy prices. This situation highlights the balance between promoting growth in the crypto industry and its role in contributing to national resources and taxes.”

Silvergate Bank’s demise, largely due to over-reliance on high-risk cryptocurrency deposits and internal managerial faults, raises questions about the risk exposure involved in being a single-industry lender. Amidst this, the crypto lender, Celsius Network, plans a recovery with a reorganisation plan, a move which is closely watched by regulators and businesses banking on crypto.

“Celsius Network, a crypto entity facing legal proceedings, aims to repay its customers by year-end with a blend of Ethereum and Bitcoin worth $2.03 billion and stock in an emerging offshoot company. A success would represent a rare instance of a failed crypto platform’s revival through a Chapter 11 bankruptcy case, pointing to groundbreaking possibilities in crypto’s future.”

The Monetary Authority of Singapore (MAS) granted GSR Markets, a crypto liquidity provider, a Major Payment Institution license. GSR, like Coinbase, can now provide crypto and fiat-linked services to Singaporean entities and residents, expanding crypto regulation. Despite potential challenges, including transaction irreversibility and crypto’s inherent volatility, Singapore’s balance of fostering innovation while ensuring safety allows over 700 Web3 companies to thrive, indicating a significant crypto future for finance.

“The revelations about FTX founder Sam Bankman-Fried’s struggle with mental health issues and his approach to them within his company sparks a debate about the crypto industry’s stance on mental health. As industry pioneers become the faces of their enterprises, their personal narratives become inherently tied to their businesses, making the handling of mental health challenges a crucial business as well as a moral imperative.”

GSR Markets, a subsidiary of cryptocurrency market maker GSR, has secured in-principal approval for a Major Payment Institution (MPI) license from the Monetary Authority of Singapore. This may speed up the adoption of Web 3.0 and boost business investments in the APAC region, while demonstrating Singapore’s favorable stance toward cryptocurrencies.

“In a shocking revelation, FTX founder considered offering $5 billion to dissuade former U.S. President Donald Trump from re-running. This idea fell apart due to FTX’s financial crisis. Now, significant fraud charges against FTX’s founder await trial, causing huge uncertainty in the crypto industry.”

“Institutional involvement in the crypto world is pressing for straight answers from regulators on aspects like taxation and compliance. This need for regulatory clarity, driven by greater institutional adoption, brings more than just capital into the sector – it ultimately ushers in regulatory certainty, even as the industry continues to tussle with regulators.”

The arrest of 3AC’s co-founder, Su Zhu, following the fund’s dramatic collapse, evidences the power regulators hold over cryptocurrency activities. For some, it confirms the need for regulatory frameworks in the volatile crypto world, protecting against violations and malpractice, whilst critics argue against measures that could stifle crypto market innovation.

European cryptocurrency investment firm CoinShares disputes the notion that the U.S. lags in cryptocurrency adoption and regulation. CoinShares argues that due to U.S regulators evaluating digital assets similarly to traditional asset classes, the U.S. is a leader in digital asset development. The company also references the integration of emerging and traditional financial players as evidence of this.

“New York-based crypto exchange, Gemini, is ending its operations in the Netherlands due to inability to meet the regulatory requirements. However, it plans to return once it aligns with the new crypto-asset rules under the Markets in Crypto-Assets Regulation (MiCA).”

Russian entrepreneurs aim to use “digital assets” and a “unified digital currency” for trade with BRICS and other nations. The idea of utilizing digital financial assets (DFAs), which may encompass digitized commodities, CBDCs, digital securities, cryptoassets, and stablecoins, in international payments is garnering attention. The possibility of creating a unified digital currency for cross-border transactions is also being evaluated.

The World Federation of Exchanges (WFE) suggests stronger regulation to boost the credibility and safety of crypto-asset trading platforms (CTPs). However, concerns linger as practices like CTPs trading against their customers exist. Interestingly, the WFE is inclined towards embedding transparency through regulation, hence flagging the need for standards and regulation in the crypto markets.

Former FTX CEO, Sam Bankman-Fried, has been denied temporary release ahead of his trial, with concerns about him being a flight risk. Meanwhile, BTC lending platform, Ledn, introduces an Ethereum yield product, highlighting the interplay between regulation and innovation in blockchain.

Hong Kong authorities detained 12 individuals linked to the JPEX cryptocurrency exchange scam, seizing $9.8 million in digital currency among other assets. The incident has thrown a spotlight on regulatory actions, raising concerns about the readiness of security and regulatory firms to tackle such scams, emphasising the importance of “transparent and clear” information from crypto firms to investors, and the need for robust security measures to protect users’ interests. Only two trading services in Hong Kong have successfully acquired the license to operate as retail cryptocurrency trading.

“The decentralised nature of cryptocurrencies is colliding with regulatory restrictions, as evidenced by Binance’s recent challenges. Big payment providers like Paysafe are halting operations, reflecting the global shift in the crypto industry towards greater regulatory scrutiny. However, it remains unclear whether this increased regulation will help or hinder the market’s organic growth.”

“Recent charges against IcomTech’s CEO underscore the need for robust regulation in the crypto world. The company, an alleged counterfeit crypto mining business, collapsed in 2019, with investors unable to withdraw their profits. While this gloomy picture may paint a grim future for blockchain, new regulations can provide a safety net that nurtures innovation and ensures fair play.”

“SAB 121, the SEC’s new regulatory bulletin concerning crypto assets, faces criticism and controversy. Issued without involving key industry bodies, this document has stirred skepticism due to its broad implications for digital asset custody, inherent risks, and the broader crypto space.”

“Illegal crypto mining operations in the residential areas of Sarawak, Malaysia, have resulted in recurrent power disruptions. Investigations revealed 74 unauthorised cryptocurrency mining servers connected to direct tapping cables, risking short circuits, fires, and even loss of life. Unrecorded consumption caused substantial economic damage, prompting utility firms, police, and anti-corruption agencies to develop new electricity theft detection methods.”

Hong Kong’s security chief, Chris Tang Ping-keung, pledges swift action in the JPEX crypto exchange fraud case involving over 2300 victims with losses exceeding $175 million. This incident brings into focus the need for stringent regulations and transparent operation in the largely volatile digital currency market.