Bitcoin News and Finance: What You Need to Know

The United Arab Emirates (UAE) is getting ready to start issuing federal licenses to cryptocurrency service providers in the first quarter. The UAE crypto regulation will take a hybrid approach. The government hopes that a nationwide crypto licensing system will attract big companies to the region. UAE Prepares to Regulate Crypto Sector Nationwide The United Arab Emirates (UAE) is getting ready to start issuing federal licenses to virtual asset service providers (VASPs) by the end of the first quarter, Bloomberg reported Thursday, citing an unnamed government official. The UAE’s Securities and Commodities Authority (SCA) is in the final stage of amending legislation to regulate VASPs. The government hopes that a nationwide crypto licensing system will attract big companies to the region. The country completed a risk assessment of crypto assets late last year. The assessment involved 14 public-sector agencies and 16 private-sector entities. The government concluded that proper regu...

The Federal Bureau of Investigation (FBI) has launched a new unit to tackle crypto exploitation. The new team will work with the National Cryptocurrency Enforcement Team of the Department of Justice (DOJ) to combat “the criminal misuse of cryptocurrencies.” FBI Establishes New Crypto Unit; DOJ Appoints First Director for National Cryptocurrency Enforcement Team The Federal Bureau of Investigation (FBI) has launched a new crypto unit. According to an announcement by the U.S. Department of Justice (DOJ): The FBI’s new Virtual Asset Exploitation Unit [is] a specialized team of cryptocurrency experts dedicated to providing analysis, support, and training across the FBI, as well as innovating its cryptocurrency tools to stay ahead of future threats. In addition, the Justice Department announced Thursday the appointment of Eun Young Choi to serve as the first director of its National Cryptocurrency Enforcement Team (NCET). Choi “is an accomplished leader on cyber and cryptocurrency is...

While the Canadian government and Prime Minister Justin Trudeau try to quell the demonstrations in Ottawa by sending police to the encampment on Friday, a United States version of the Canadian trucker’s Freedom Convoy called the “People’s Convoy” is underway. According to the American Foundation for Civil Liberties & Freedom, the U.S. convoy has raised more than $100K so far. As Trudeau Cracks Down on Trucker’s Protest in Ottawa an American Convoy Is Underway For weeks, the entire world has been watching the Freedom Convoy protests in Canada and the hundreds of truckers participating in the effort. The truckers protested in the streets of downtown Ottawa over the Covid-19 vaccine mandates applied to the trucking industry. In recent times, the Canadian government has enacted the Emergencies Act, after Trudeau said he would do “whatever it takes” to end the protest in Ottawa. The national police in Canada also sent letters to crypto exchanges asking them to single out over tw...

A U.S. congressman has introduced the “Keep Your Coins Act” in order to “preserve Americans’ right to privacy in transacting with crypto assets.” The lawmaker says, “this legislation would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as self-custodian.” US Lawmaker Seeks to Protect Privacy in Crypto Transactions With ‘Keep Your Coins Act’ The office of Congressman Warren Davidson (OH-R) announced Thursday that the lawmaker has introduced the Keep Your Coins Act “to protect transaction privacy.” The announcement explains that the proposed legislation is “designed to preserve Americans’ right to privacy in transacting with crypto assets,” adding: Specifically, this legislation would prohibit any federal agency from promulgating a rule that would impair a person’s ability to act as self-custodian. “A person would then be able to conduct peer-to-peer transactions with their crypto assets without the need to utilize a third-party i...

Binance has reportedly halted services in Israel after the cryptocurrency exchange was approached by the country’s financial regulator inquiring about its activities and the licenses under which it operates. A growing number of regulators have been scrutinizing Binance for operating without a license in their jurisdictions. Binance Halts Crypto Services in Israel Israel’s Capital Market, Insurance, and Savings Authority has reportedly approached Binance regarding the crypto exchange’s activities in the country. The authority, which is responsible for licensing crypto businesses in Israel, has asked Binance for clarification about the services it offers to Israelis and the licenses under which it operates, according to Globes publication. Companies offering crypto services in Israel are required to obtain a license. Binance has not submitted an application to the authority for approval to operate in the country. However, the crypto exchange has activities in Hebrew and it is estim...

On Friday, the National Association for Stock Car Auto Racing (NASCAR) announced the firm launched digital collectibles for this year’s Daytona 500. NASCAR’s series of limited-edition Daytona 500 NFT drops is part of a partnership with the Wax blockchain team. NASCAR Reveals 2022 Daytona 500 NFT Collection NASCAR plans to issue Daytona 500 non-fungible token (NFT) collectibles and 500 ticket holders can get one NFT per wallet. The stock car racing company emailed 25,000 Daytona 500 ticket holders about the event prior to the launch. According to the announcement sent to Bitcoin.com News, ticket holders had 24-hour notice to sign up for a Wax blockchain wallet in order to enter the contest. “500 NFT winners were automatically entered into a draw to win one of five autographed NASCAR driver helmets,” a representative told Bitcoin.com News. The stock car racing company announced the official digital collectibles launch on February 16. NASCAR explained that it chose Wax because it w...

The Pakistani central bank governor, Reza Baqir, recently revealed that his organization has determined the risks posed by cryptocurrencies “far outweigh the benefits.” The governor, however, suggested that if solutions that address these potential risks emerge, the central bank “is open to looking at them.” Crypto Said to Have No ‘Real Economic Benefits’ for Pakistan The governor of the State Bank of Pakistan (SBP), Reza Baqir, recently said his institution had concluded that the potential risks that are associated with cryptocurrencies “far outweigh the benefits.” According to Baqir, Pakistan, just like other jurisdictions that have banned or restricted the use of cryptocurrencies, needs more time to “fully understand these technologies not only from the perspective of risk-response.” In his speech at the 2022 MASIC Annual Investment Forum, Baqir defended the SBP’s conclusion, which he said is similar to the ones reached by “large emerging markets including China, India and Russ...

The multinational music corporation  Universal Music Group (UMG) announced the company has partnered with the non-fungible token (NFT) platform Curio on Thursday. UMG says Curio will be a “dedicated global outlet for future officially licensed NFT projects” for the company’s labels and recording artists worldwide. Curio Platform Will Be Universal Music Group’s Dedicated Global Outlet for NFTs Following the UMG’s non-fungible token (NFT) metaverse music group project featuring four Bored Ape Yacht Club (BAYC) NFTs, the music-based entertainment company has revealed a new partnership with the NFT company Curio NFT . The NFT marketplace platform Curio launched in 2020 and has issued more than 75,000 NFTs to date. According to UMG’s announcement , Curio will be used to bolster “future NFT projects from its unrivaled roster of global artists and labels, providing greater scalability and flexibility to issue authentic fan-orientated collectibles, carefully curated for each project.” Un...

Spellfire has packed 30 years of history into an amazing experience and combined it with the latest trends of tomorrow. Defining the future of NFTs and adding new standards to collectible card games has become the core aims of game developers. St. Valentines day has marked an important date in the game’s development. “Massive news for 10 days in a row starting now – celebrities, MV integrations, leaks – be the first to know!” has appeared in their social media channels and made all their fans keep a close eye on the progress, also looking at the green candles appearing in $SPELLFIRE charts. Spellfire has worked, grown, developed, and made many partnerships and deals in recent times. The game’s development has reached incredible speeds and is almost ready to be shown-off. The best news was packed in the ‘10 Days of Growth’ sprint that has just started promising amazing developments every day. New NFT’s, celebrity backers, in-game partnerships, sneak-peaks, integrations of the game, ...

On February 17, the venture capital firm Sequoia Capital announced the launch of a new $500 million to $600 million sub-fund dedicated to “liquid tokens and digital assets.” The company noted during its announcement that the new fund highlights Sequoia’s strategic “commitment to crypto.” Venture Firm Sequoia Capital to Launch a Fund Focused on Liquid Tokens and Digital Assets The American venture capital firm headquartered in Menlo Park, California, Sequoia Capital is starting a fund that will be focused on investing in crypto assets. In a blog post dubbed “A Block Step Forward,” Sequoia says the new liquid token fund “complements” the firm’s ongoing crypto investing. Sequoia’s announcement further discussed prior partnerships with crypto movers and shakers like FTX CEO Sam Bankman-Fried and Michael Shaulov the co-founder of Fireblocks. The venture capital firm also mentioned blockchains like Ethereum, Solana, and “major” decentralized finance (defi) protocols. While investing in ...

Several U.S. lawmakers have introduced a bill to mitigate the risks from El Salvador adopting bitcoin as legal tender. “El Salvador recognizing bitcoin as official currency opens the door for money laundering cartels and undermines U.S. interests,” said a U.S. senator. US Concerned About Risks From El Salvador’s Bitcoin Law The U.S. Senate Committee on Foreign Relations announced Wednesday that Senators Jim Risch (R-Idaho), Bob Menendez (D-N.J.), and Bill Cassidy (R-La.) have introduced a bill titled the ‘‘Accountability for Cryptocurrency in El Salvador Act’’ or ‘‘ACES Act.’’ The proposed legislation requires a report from the State Department on El Salvador’s adoption of bitcoin as legal tender and “a plan to mitigate potential risks to the U.S. financial system,” the announcement details. The State Department report would include an analysis of El Salvador’s bitcoin adoption as legal tender and the risks for cybersecurity, economic stability, and democratic governance in El Sal...

Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s right-hand man, wishes crypto would be banned immediately. He says the government made “a huge mistake” to allow cryptocurrencies, like bitcoin. “It’s like a venereal disease,” he opined. Charlie Munger Says ‘It Was a Huge Mistake’ to Allow Crypto at All Charlie Munger, Warren Buffett’s right-hand man and longtime business partner, talked about bitcoin and cryptocurrency Wednesday in an interview with Yahoo Finance ahead of the annual shareholders meeting at the Daily Journal, where he serves as chairman. Munger previously called bitcoin “rat poison” and said last year that he hated the success of the cryptocurrency. He was asked if he is surprised that bitcoin has gotten even more mainstream since then. The Berkshire Hathaway vice chairman replied: “If you stop to think about it, it’s an ideal currency if you want to commit extortion, or kidnapping, or have a protection racket or something.” He added: “Why should...

The U.S. state of Colorado is preparing to accept cryptocurrency for tax payments, said Governor Jared Polis. “We expect to accept crypto by this summer,” he said, adding that after tax payments, crypto will be accepted for other things like driver’s licenses or hunting licenses. Colorado to Accept Crypto for Tax Payments The governor of the U.S. state of Colorado, Jared Polis, talked about his state’s efforts to become the leader in cryptocurrency acceptance in an interview with CNBC Tuesday. Regarding his state accepting cryptocurrency for tax payments, he said: “We expect by this summer — pretty soon — to accept crypto for all of our state tax-related purposes, and then we plan to roll that out across all of state governments for things like … driver’s license or hunting license, within a few months after that.” He reiterated: The biggest set of transactions are the taxes that people pay. We expect to accept crypto by this summer. However, the governor clarified: “It’s impor...

Nearly seven out of ten surveyed Americans said they were aware of risks that are associated with cryptocurrencies, a new study by Nordvpn has found. However, about 32% of the respondents said they were not aware of any risks. Understanding Cryptocurrencies According to the findings of a new Nordvpn study, about seven in ten Americans, or 68% of study participants, said they were aware of the risks involved with cryptocurrency. The study also found that an almost identical number (69%) of all the respondents “had some understanding of what cryptocurrency is.” Despite being knowledgeable about cryptocurrencies, the surveyed Americans still expressed their uneasiness over the prospect of these digital currencies “becoming the standard for online purchases.” Also, in a breakdown of the risks identified, the study found that 59% of the respondents were aware that trading platforms and exchanges can get hacked. About 57% said they were aware of the risk of an account takeover, while 5...

On Wednesday, the publicly-listed cryptocurrency firm Coinbase announced the launch of a collaborative effort called TRUST, which stands for “Travel Rule Universal Solution Technology.” The plan is described as an “industry-driven solution” developed to comply with the Financial Action Task Force (FATF) Travel Rule. There are currently 18 crypto firms that have joined TRUST so far, and the collaborative effort is welcoming other companies to join the initiative. 18 VASPs Launch TRUST in Order to Comply With FATF’s Travel Rule For quite some time now, FATF’s Travel Rule has been a top concern within the crypto industry as virtual asset service providers (VASPs) have been told they need to comply with the regulatory policy. As cryptocurrency has grown more popular, FATF has been releasing guidelines on the Travel Rule, as the intergovernmental organization believes the rule needs to be applied to VASPs. Essentially, the ‘ Travel Rule ’ is a descriptive label for the regulatory guidel...

PRESS RELEASE. INTERNET CITY, DUBAI, Feb. 17, 2022 – LBank Exchange, a global digital asset trading platform, will list Marhaba Network (MRHB) on February 17, 2022. For all users of LBank Exchange, the MRHB/ USDT trading pair will be officially available for trading at 21:00 (UTC+8) on February 17, 2022. As an ethical decentralized financial platform, Marhaba Network (MRHB) DeFi aims to bridge the gap between the Muslim community and the blockchain world. But as the name Marhaba which means “Welcome” in Arabic indicates, it has a vision of bringing a platform that includes all communities, rather than making it an offering exclusive to only Muslims. MRHB, the utility token of the platform, will be listed on LBank Exchange at 21:00 (UTC+8) on February 17, 2022, to further expand its global reach and help it achieve its vision. Introducing MRHB DeFi MRHB DeFi is an ethical decentralized financial platform that encourages participation in this new era of financial revolution and ai...

The People’s Bank of China (PBOC), the Chinese central bank, has revealed how its central bank digital currency (CBDC) is being used at the Beijing Winter Olympics. A top PBOC official says, “It seems all the foreign users are using hardware wallets.” Digital Yuan’s Latest Trial A top official from the Chinese central bank, the People’s Bank of China (PBOC), provided an update of the latest trial of the Chinese central bank digital currency (CBDC) during a webinar arranged by the Atlantic Council Tuesday. The digital yuan, or e-CNY, is currently being tested at the Beijing Winter Olympics. According to Mu Changchun, director-general of the PBOC’s Digital Currency Research Institute, the Chinese CBDC is being used to make 2 million yuan ($315,000) or more of payments each day at the Olympics. While admitting, “I have rough idea that (there are) several, or a couple of million RMB (yuan) of payments every day, but I don’t have exact numbers yet,” Mu said: It seems all the foreign...

Famous actor Ryan Reynolds says crypto is “emerging as a huge, huge player.” The Hollywood star added that “companies are doing a good job of bringing it into a sort of safer, more mainstream light.” Ryan Reynolds Sees Crypto as a Huge Player Hollywood actor Ryan Reynolds shared his view on cryptocurrency in an interview with Bloomberg Tuesday. Reynolds is also the chief creative officer of the self-service ad platform MNTN. He claims that his company can give clients Super Bowl-level attention whenever they want. Regarding cryptocurrency, the actor said: “I think companies are doing a good job of bringing it into a sort of safer, more mainstream light.” He added, “90% of the word ‘crypto’ is ‘crypt’ so I see why certain folks might be put off or intimidated by it.” Nonetheless, Reynolds said: I think it’s emerging as a huge, huge player. He further opined: “It’s been emerging for a long time as a huge player so I’m not super surprised.” However, Reynolds would not disclose ...

A globally consistent crypto regulatory framework is urgently needed to allow banks to handle crypto assets on behalf of large customers, said a JPMorgan executive. “We need a globally consistent regulatory framework. It’s important that we get to a solution as quickly as possible.” Global Regulatory Framework Urgently Needed to Allow Banks to Offer Crypto Exposure to Clients, Says JPMorgan Debbie Toennies, managing director and head of Regulatory Affairs at global investment bank JPMorgan Chase & Co., talked about global cryptocurrency regulation applicable to banks Tuesday at an event held by the International Swaps and Derivatives Association. The JPMorgan executive said that new rules are urgently needed to give banks certainty in handling crypto assets on behalf of large customers who seek exposure in this asset class. A growing number of large institutions, including hedge funds, are interested in investing and gaining exposure to the crypto asset class. According to We...

Payments giant Mastercard is expanding its payments-focused consulting service to include cryptocurrency. It covers “a range of digital currency capabilities, from early-stage education, risk assessments, and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs.” Mastercard’s Crypto Consulting Service Mastercard announced Tuesday the expansion of its payments-focused consulting service. Among the new practices is one dedicated to “crypto & digital currencies,” the company wrote. Noting that it is “helping banks navigate the adoption of digital currencies,” the payments giant detailed: Mastercard’s consulting efforts with banks and merchants cover a range of digital currency capabilities, from early-stage education, risk assessments and bank-wide crypto and NFT strategy development to crypto cards and the design of crypto loyalty programs. “Mastercard has curated partnerships with digitally native firms that offer best-of-br...

President Alexander Lukashenko has signed another decree regulating the crypto economy of Belarus. It envisages the establishment of a register for cryptocurrency wallets and addresses certain legal aspects pertaining to the circulation of cryptocurrencies in the country. Presidential Decree Aims to Prevent Use of Crypto Wallets in Criminal Activities Belarusian President Alexander Lukashenko has signed a new decree that expands his country’s regulatory framework for cryptocurrencies. The move will allow the Belarus High-Tech Park ( HTP ), which oversees the nation’s crypto space, to create a register for crypto wallet addresses that are or can be used for illicit purposes. The stated goal is to “protect participants in the digital asset market from loss of property and prevent unintentional involvement in activities prohibited by law,” the president’s press service noted in an announcement . Decree № 48 , “On the register of addresses (identifiers) of virtual wallets and features ...

PRESS RELEASE. This was the title of a recent talk by Serge Var, CEO and Co-Founder of Point Labs, at the 2022 Web 3.0 Conference in January. Serge presented arguments that despite numerous projects calling themselves “Web 3.0” and “decentralized”, we are not quite there yet: we’re still relying too heavily on centralized systems, using centralized domains that can be taken away by governments or hijacked, untrusted centralized storage where the UI is stored, and browser extensions that can disappear tomorrow at Google’s whim. The only decentralized part of a typical “decentralized application” turns out to be the smart contract, with everything else open to being compromised. Such Frankenstein’s monsters crossbred from Web2 and Web3 parts (what many nicknamed Web 2.5) lead not only to multiple security fiascos, such as BadgerDAO recently losing $120M of participants’ funds because of a centralized UI that had been hijacked, but also gives a premature bad rap to the Web 3.0 conce...

The growing popularity of cryptocurrencies has placed Russia among the leaders in adoption. But while it is yet to reach the top of the ranking, the country already has a “disproportionate share” of global activity related to some forms of crime involving cryptocurrency, according to a new study by Chainalysis. Three Quarters of Ransomware Revenue Traceable to Russia, Researchers Say Individuals and groups based in the Russian Federation, which is in the top 20 of the Global Crypto Adoption Index by Chainalysis, can be linked to some $400 million in crypto-denominated ransomware revenue in 2021, the blockchain analytics firm revealed this week. In a preview of its 2022 Crypto Crime Report, Chainalysis elaborated: Overall, roughly 74% of ransomware revenue in 2021 — over $400 million worth of cryptocurrency — went to strains we can say are highly likely to be affiliated with Russia in some way. Platforms operating mainly on the Russian crypto market launder the bulk of extorted f...

The U.S. Securities and Exchange Commission (SEC) has warned investors about the “risks with accounts that pay interest on crypto-asset deposits.” The warning coincides with the first enforcement action the agency took against crypto lending platforms. SEC Warns About Risks in Interest-Bearing Crypto Accounts The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy and the Division of Enforcement’s Retail Strategy Task Force announced Monday that they have jointly issued an investor bulletin “to educate investors about risks with accounts that pay interest on crypto-asset deposits.” On the same day, the SEC announced that it has charged cryptocurrency lending platform Blockfi for failing to register its crypto lending product. Blockfi has agreed to pay $100 million in penalties to settle the charges with the SEC and 32 state regulators. The SEC explained that “an interest-bearing account for crypto asset holdings … are not as safe as bank or credit ...

DBS, the largest bank in Southeast Asia, is planning to launch crypto trading for retail investors this year, the bank’s CEO has revealed. He added that in the first half of this year, DBS will focus on making “access to digital assets a lot more convenient.” DBS Bank to Offer Crypto Trading to Retail Customers DBS, the largest bank in Southeast Asia by assets, is planning to launch cryptocurrency trading services for retail clients this year. During the bank’s fourth-quarter earnings call Monday, CEO Piyush Gupta was asked whether DBS has any plans to expand its digital asset exchange and if there is a roadmap for rolling out digital asset trading for retail investors given the growth in that market. Gupta replied: What we will focus on in the first half, the first two quarters, of this year is to make the access to digital assets a lot more convenient. He detailed: “Today, what happens is that you’ve got 24/7, but the customers still need to call and speak to bankers. So the...

Inflation continues to grip American wallets, according to a recent economic analysis from Moody’s Analytics, which shows inflation is likely costing the average U.S. household between $250 to $276 per month. Meanwhile, the U.S. Federal Reserve is expected to raise the benchmark interest rate in March and St. Louis Fed president James Bullard believes the Fed needs to “front-load” rate hikes. St. Louis Fed President on Inflation: ‘People Are Unhappy, Consumer Confidence Is Declining’ Last week, the U.S. Labor Department published its Consumer Price Index (CPI) report which noted inflation jumped 7.5% higher than it was a year ago. Following the report, Moody’s Analytics notes that the average U.S. household is likely paying $250 to $276 a month due to the added inflation. As the days continue in 2022, the U.S. dollar’s purchasing power has decreased and the price of goods and services has increased. Moody’s senior economist Ryan Sweet explained that a lot of Americans are feeling...

On February 14, Cere Network and Polygon launched a non-fungible token (NFT) marketplace and Web3 platform called Davinci, a project that aims to bolster the security behind NFT data. The platform is described as an “all-in-one Web3 media platform” that leverages Cere’s decentralized data cloud (DDC) platform and the proof-of-stake blockchain network Polygon. Cere Network Launches All-in-One Web3 Media Platform Built on Polygon Non-fungible token (NFT) media has become a big deal and a billion-dollar industry during the last year. However, the space has become filled with controversies as well with issues pertaining to intellectual property and copyrights to things like immutability . In March 2021, there was a furious debate over immutability concerns tied to NFT technology. Fred Jin, the co-founder of Cere Network believes that NFT content that’s not stored properly is an issue. “Most NFT content is not stored securely on the blockchain,” Jin said in a statement during the D...