Bitcoin News and Finance: What You Need to Know

The Securities and Exchange Commission (SEC) of Thailand has issued new regulations on custodied cryptocurrencies. Companies offering crypto custody services are now required to “establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure safety of clients’ assets,” the regulator described. Thai SEC’s New Crypto Rules Thailand’s Securities and Exchange Commission (SEC) announced Tuesday that it has issued new rules on the “management of digital wallets for custody of digital assets and keys.” The new regulations went into effect on Jan. 16. The Thai SEC explained that businesses that provide custody services for clients’ digital assets must: Establish a digital wallet management system to accommodate efficient custody of digital assets and keys and ensure safety of clients’ assets. They must also have a “policy and guidelines” in place for the management of “digital wallets and keys as well as communication to clarify such...

South Korea’s financial regulator is developing new tools to regularly monitor crypto risks. The regulator warned that while the impact of the crypto market on the traditional financial system is still low, the risks posed by crypto to the country’s financial stability could increase sharply in the future. Korean Regulator Developing Crypto Monitoring Tools South Korea’s Financial Supervisory Service (FSS) is planning to develop crypto monitoring tools and regularly inspect the risks associated with crypto assets, FSS Governor Lee Bok-hyun reportedly revealed Monday at a conference on the interconnectedness between the crypto market and the traditional financial market. He was quoted by local media as saying: The Financial Supervisory Service is planning various initiatives for the risk management of the virtual asset market this year. Regarding the crypto monitoring tools, Lee explained that the supervisory authority currently lacks data to identify potential risks from crypto ...

Japan has reportedly urged other countries, including the U.S., to regulate crypto exchanges like they do banks. A top official at the Financial Services Agency explained that the recent FTX implosion wasn’t brought on by crypto technology but by “loose governance, lax internal controls, and the absence of regulation and supervision.” Bank-Level Cryptocurrency Regulations Japan’s Financial Services Agency (FSA), the country’s top financial regulator, has urged regulators globally to subject cryptocurrency exchanges to bank-level regulations, Bloomberg reported Monday. Mamoru Yanase, deputy director-general of the FSA’s Strategy Development and Management Bureau, was quoted as saying: If you like to implement effective regulation, you have to do the same as you regulate and supervise traditional institutions. The FSA has called for stronger crypto regulation following the collapse of crypto exchange FTX and subsequent fraud charges filed against its former CEO Sam Bankman-Fried (...

While the second-largest crypto asset by market capitalization, ethereum, has risen 27% against the U.S. dollar in the last two weeks, the network’s average and median-sized gas fees have increased by more than 50%. On the first day of 2023, the average fee to spend ether was around $2.93 per transfer, but today the average cost is 54% higher at $4.52 per transfer. Rise in Ethereum Value Leads to Increased Onchain Transaction Costs Sending ethereum (ETH) is becoming more costly as the crypto asset’s value has risen greatly over the last 14 days. At the time of writing, ether is trading at $1,542 per unit, after reaching a high of $1,606 per unit during the same 24-hour period on Jan. 18, 2023. As ethereum’s value in U.S. dollars has increased, the cost to move ether and the myriad of ERC20 tokens has also risen. Data from bitinfocharts.com indicates that on Jan. 1, 2023, the average ether gas fee was $2.93 per transfer. 18 days later, the average fee to send ethereum is 54% highe...

Cryptocurrency exchange Bitzlato, better known to the Russian-speaking segment of the market, has been taken down as part of an “international cryptocurrency enforcement action,” the U.S. Justice Department announced. The Russian owner of the platform has been arrested for his role in the alleged transmission of illicit money. Bitzlato claimed it was hacked. US, France Hit Cryptocurrency Exchange Bitzlato, Russian Co-founder Detained in Miami U.S. authorities have apprehended Anatoly Legkodymov, a resident of China, on charges that his Hong Kong-registered crypto trading platform, Bitzlato, processed illicit funds worth hundreds of millions of dollars. The Russian, a co-founder and majority owner of the exchange, was arrested by three e FBI in Miami on Tuesday, a high-ranking official from the United States Department of Justice (DOJ) revealed. Speaking during a press conference, Deputy Attorney General Lisa Monaco said that Justice Department agents and prosecutors, working with t...

PRESS RELEASE. LONDON, ENGLAND – January 18th, 2023 – Neon Link , a new blockchain and ecosystem, is about to launch on mainnet in Q1 2023. Coming out of stealth after over a year of development, many important features are launching throughout this year: the NEON multi-chain Wallet, Decentralised Exchange, Marketplace, Bridge, Block Explorer, NEON Gaming ID (Naming Service), and the $NEON token that powers the entire ecosystem. Alongside the ecosystem, Neon Link has numerous projects in the late stages of development. One of these is a triple-A game, Ascend The End. This game is a 3rd person shooter that delivers a unique experience from its integration with Neon Link’s fast and fee-free network. This includes a variety of game modes and an in-game economy where you can gather resources to craft weapons, ammo, and armour! Ascend the End will offer the opportunity to earn exclusive in-game assets and crypto asset rewards for consistently ranking well in competitive gameplay. Neon...

The city of Shanghai is bringing metaverse activities to 20 urban locations, that will allow citizens to use digital tools in different ways according to the area. The initiative is part of a pilot program of the Shanghai Municipal Commission of Economy and Informatization to push more metaverse applications to the population. Shanghai Takes the Metaverse to 20 Urban Spots Shanghai, China is quickly moving to integrate the metaverse as part of the lives of its citizens. The Shanghai Municipal Commission of Economy and Informatization recently announced a pilot program to turn 20 different urban locations into “major metaverse application scenarios,” that will feature digital tech in several ways. The implementation of this tech will cover various social fields, including business operations, education, branding, and entertainment. The city hopes this will allow citizens to receive smarter services from city facilities in these areas. For example, in the area of healthcare, Ruijin H...