Bitcoin News and Finance: What You Need to Know

The British Treasury Department has affirmed its commitment to regulate stablecoins after the collapse of terrausd (UST) and terra (LUNA). “This will create the conditions for issuers and service providers to operate and grow in the U.K., whilst ensuring financial stability and high regulatory standards,” said an HM Treasury spokesperson. Regulation of Stablecoins in the UK HM Treasury, the U.K. Treasury Department, is moving forward with plans to regulate payment stablecoins despite a crypto market meltdown last week, The Telegraph reported Saturday. The affirmation followed the collapse of Terra which saw algorithmic stablecoin terrausd (UST) lose its peg to the U.S. dollar and terra (LUNA) fall to near zero. A HM Treasury spokesman said: Legislation to regulate stablecoins, where used as a means of payment, will be part of the Financial Services and Markets Bill which was announced in the Queen’s Speech. “This will create the conditions for issuers and service providers to ...

The effect of Terra’s demise continues to shine a light on the fragility surrounding the decentralized finance (defi) ecosystem. Things have changed a great deal following Terra’s aftermath, as the total value locked (TVL) in defi has plummeted from $231 billion to today’s $112.29 billion, losing 51.38% in 42 days. Defi TVL Plunges More Than 50% Since April 3, Terra Implosion Impacts Defi Economy the Most The total value locked in defi today is just above the $100 billion mark at $112.29 billion. While the TVL has been sliding since almost reaching an all-time high on April 3, last week’s Terra chaos removed most of the TVL held in decentralized finance protocols. In addition to commanding a $231 billion TVL 42 days ago on April 3, the Terra blockchain held $30.45 billion or 13.15% of the $231 billion aggregate at that time. Terra held the second-largest TVL in defi and today, Terra is in the 14th position with only $500.38 million. Out of Sunday’s $112.29 billion, Ethereum domina...

With the nightmare nosedive of Terra’s LUNA and UST, the Shanghai High People’s Court declaring that bitcoin is virtual property protected by Chinese law, a surge in Bitcoin Obituaries, and some hoping for a rare triple top to appear for BCT, the past week has been full of shock, questions, speculation, and broader market resilience in the crypto community. Without further ado, this is your bite-sized digest of the week’s hottest crypto news. Uncovering Terra’s Implosion — Terraform Labs’ Big Name Backers and ‘Zero Exposure’ Claims Terra’s founder Do Kwon revealed a plan on Wednesday, but after some brief healing, Terra’s native tokens LUNA and UST continued to plummet. Now people are beginning to wonder who backed this popular crypto project, and which crypto firms had a lot of exposure to the failing assets. Read More Shanghai High Court Declares Bitcoin Virtual Asset With Economic Value Protected by Chinese Law The Shanghai High People’s Court has declared bitcoin to be a vi...

Since the outbroke of the Russian-Ukrainian war, many celebrities, social activities, and visual artists joined the league of supporting Ukraine by cryptocurrency and NFT artworks. And the trend just doesn’t stop. Now, a group of top-notch artists bring the support and devotion to a brand-new level with long-lasting impact – the avatar NFT series. The absolutely stunning visuals, the breathtakingly painful images, the suffocatingly realistic resemblance of the ongoing cruelty, and the undying power of resilience truly set these artworks apart and earn them a solid place in the contemporary NFT art world. Avatars for Ukraine + MetaHistory A group of top video game industry professionals, credited for game hits Rainbow Six , Warframe , S.T.A.L.K.E.R. , and a billion-downloaded Asphalt franchise, together with the most talented Ukrainian digital artists created a charity NFT collection to help Ukraine. The collection will be released MAY 19 2022 on MetaHistory , an official Ukrai...

An African regulator has told members of the six-nation Economic and Monetary Community of Central Africa (CEMAC) that a ban on cryptocurrencies is still effective. The regulator said the prohibition is designed to ensure financial stability is maintained within the economic bloc. COBAC to Set Up System to Identify Crypto Transactions An African regulator, the Banking Commission of Central Africa (COBAC), has reminded members of a regional economic bloc that includes the Central African Republic (CAR) that its ban on cryptocurrencies remains in effect. The regulator’s latest warning follows the CAR’s recent decision to adopt bitcoin as the country’s “currency of reference.” According to a Reuters report , COBAC — a regulator of the banking sector in CEMAC — believes the prohibition will ensure financial stability. In a statement issued after it held a special meeting on May 6, the regulator reportedly said it will also take steps to identify and report crypto-related transactions. ...

The tourism organization in Portorož, a summer resort on the Adriatic coast of Slovenia, has decided to promote the destination using non-fungible tokens (NFTs). The project represents the digital component of this year’s campaign to attract visitors to the region. Tourists in Portorož to Collect NFTs and Win Prizes Shortly after the Slovenian Tourist Board ( STB ) issued a “sLOVEnia NFT” last month, Portorož, in the southwestern municipality of Piran, has now become the country’s first resort with its own non-fungible tokens. The main goal of the initiative is to showcase the two coastal towns as progressive, digital, and sustainable destinations, local media reported. “The door to the metaverse is opening, which will be a new market for future generations,” Alexander Valentin, director of the Portorož Tourist Association, has been quoted as stating during a presentation devoted to the innovations in Portorož. The new “destination NFTs” are meant to win visitors’ loyalty. Tourist...

The Nigerian securities regulator has announced new rules that govern the issuing of digital assets. The new rules also include registration requirements for platforms that offer digital assets. Initial Assessment Filing The Nigerian Securities and Exchange Commission (SEC) has announced new rules that govern the issuing of digital assets as securities. The regulations also include rules on the registration requirements for digital assets offering platforms (DAOPs). Virtual asset service providers (VASPs) and digital assets exchanges are covered in the new set of rules that were recently published by the commission. According to the new regulations , individuals or entities seeking to raise funds via a coin offering or a private sale of tokens must first submit an initial “assessment form and the draft white paper.” In the draft white paper, the commission says an entity seeking permission to operate must furnish it with “complete and current information regarding the initial digit...

Global market regulators are likely to launch a joint body within the next year to better coordinate cryptocurrency regulations, said a top executive of the International Organization of Securities Commissions (IOSCO). A Global Body to Coordinate Crypto Rules Top executives at the International Organization of Securities Commissions (IOSCO) discussed cryptocurrency regulation this week. Members of the global organization regulate more than 95% of the world’s securities markets in more than 130 jurisdictions. Emphasizing the need for a global group to align crypto rules, IOSCO Chair Ashley Alder said global market regulators are likely to launch a joint body within the next year to better coordinate cryptocurrency regulations, Reuters reported. Noting that similar setups are already in place for climate finance, including one set up by the G20 countries, Alder described: There isn’t anything like that for crypto at the moment … But I do think now it’s seen as one of the three C’s...

A commissioner with the U.S. Securities and Exchange Commission (SEC) expects to see stricter regulation on stablecoins. However, Treasury Secretary Janet Yellen says stablecoins are currently “not a real threat” to the country’s financial stability. SEC Commissioner on Stablecoin Regulation The regulation of stablecoins has been a hot topic this week following the Terra fiasco which saw UST losing its U.S. dollar peg and LUNA plunging to near zero. A commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, talked about cryptocurrency regulation Thursday during an event hosted by the London-based Official Monetary and Financial Institutions Forum policy think tank. Peirce, who is known in the crypto community as “crypto mom,” indicated that tighter regulations on cryptocurrency, particularly stablecoins, could be coming soon. She was quoted as saying: One place we might see some movement is around stablecoins … That’s an area that has obviously this we...

Officials from the U.S., U.K., Canada, Australia, and the Netherlands have shared data and identified more than 50 crypto-related criminal leads, including one case that could be a $1 billion Ponzi scheme. Officials Share Data on Global Crypto Crime The heads of tax enforcement from the Joint Chiefs of Global Tax Enforcement (J5) countries met in London this week to share intelligence and data to identify sources of illegal cross-border crypto activity, Bloomberg reported Friday. The J5 was formed in response to the call to action from the Organisation for Economic Co-operation and Development (OECD) for countries to do more to tackle the enablers of tax crime. It’s comprised of the Australian Taxation Office (ATO), the Canada Revenue Agency (CRA), the Fiscale Inlichtingen- en Opsporingsdienst (FIOD), HM Revenue & Customs (HMRC), and the Internal Revenue Service Criminal Investigation (IRS-CI). During the meeting, the officials identified more than 50 crypto-related criminal l...

The Argentinian Senate has approved a bill that would allow the government to tax non-declared assets held in foreign countries by citizens of the country. This includes stocks, properties, bonds, and even cryptocurrencies. The purpose of the legistlation would be to collect more funds to pay the $45 billion debt that Argentina has with the International Monetary Fund (IMF). Asset Tax Bill Approved by the Argentinian Senate The Argentinian Senate has approved a new bill that would allow the government to tax assets held by citizens in foreign countries. The approved text determines that the government will tax all kinds of assets that have not been declared to the tax authorities before, including real estate, stocks, cryptocurrency, and any assets with economic value. The policy establishes these funds collected will be directly managed by the Economy Ministry. Depending on the time period and the goods owned, if approved, Argentinian citizens will have to pay up to 50% on these ...

Chainalysis, a cryptocurrency security and blockchain auditing firm, has announced it has completed a new funding round for its operations. The company raised $170 million in its Series F funding round, which was led by GIC — the Government of Singapore Investment Corporation — and also had the participation of earlier investors. With this capital influx, the company reached a valuation of $8.6 billion. Chainalysis Gets Investment From GIC Chainalysis, a cryptocurrency and blockchain auditing firm, has announced it raised $170 million in its latest funding round, with investments led by GIC, the Government of Singapore Investment Corporation. The Series F funding round also had the participation of earlier and new investors, including Accel, Blackstone, Dragoneer, Fundersclub, the Bank of New York Mellon, and Emergence Capital. With this new investment, the company reaches a valuation of $8.7 billion, in a context where crypto regulation is starting to be adopted by more countries ...

A push to prohibit the energy-intensive proof-of-work mining of cryptocurrencies in Norway has been rejected by the majority of lawmakers. The ban had been suggested by the far-left Red Party which also didn’t win backing to raise an electricity tax for crypto miners. Norway Will Not Ban Bitcoin Mining The parliament of Norway has considered and voted against a draft law banning the minting of digital currencies based on the proof-of-work concept. The legislation, which was proposed by the communist Red Party in March, was supported only by two other leftist parties, SV (the Socialist Left Party) and MdG (the Green Party). “We are obviously disappointed with the majority here,” Red lawmaker Sofie Marhaug told the E24 news portal. She added that the Norwegian society must determine its priorities regarding power usage. Her party says bitcoin mining is extremely energy-intensive and insists on putting an emphasis on the needs of other industries and climate change goals. However, as...

It normally takes a newly formed esports team 12-18 months to gel and experience success, however GAIMIN Gladiator’s Dota 2 team only formed in January 2022 and they are already rising in the Dota 2 rankings, qualifying in the Top 14 for the ESL One DOTA 2 Major this May in Stockholm, increasing their following and generating significant brand awareness for GAIMIN. Arseny Kuzminsky recently interviewed the founders of GAIMIN Gladiator’s about their Dota 2 team and its formation. In readiness for the DOTA 2 ESL One Major in Stockholm, we are proud to re-publish his article and interviews. In 2020 a breath of fresh air came to competitive Dota. Vikin.gg. These guys were able to fight back against the strongest teams for almost a year during the online era; brazenly, without fear or reproach, breaking well-known lineups in numerous tournaments. Upon closer acquaintance, it turned out that the players and the coach have unique chemistry — a mixture of strict discipline, fatherhood, brot...

The European Commission disagrees with some provisions in the crypto regulatory proposal approved recently by the European Parliament. The executive arm in Brussels is unhappy with certain anti-money laundering measures, according to a media report quoting unofficial correspondence. European Commission Working on Compromise Proposal for EU Crypto Rules Europe’s upcoming Markets in Crypto Assets ( MiCA ) legislation is facing challenges in the trilogue stage , less than two months after the European Parliament voted on the draft. Since then, discussions have been underway with the other two parties in the European Union’s legislative process — the Council of the EU and the European Commission (EC). An unofficial letter seen by the German crypto news portal BTC Echo has indicated that the Commission does not agree with some points in the texts approved by the lawmakers and is preparing amendments. The executive body expresses concerns specifically about certain measures aimed at com...

The African startup, Mara, recently said it has raised about $23 million in funding from organizations ranging from Coinbase Ventures to individual angel investors like Amit Bhatia and Hamad Alhoimaizi. Mara has also partnered with the Central African Republic (CAR) and will act as an adviser to the country’s president. Enhancing Africa’s Competitiveness An Africa-focused crypto startup, Mara, has raised $23 million in funding for building a so-called pan-African cryptocurrency exchange, a report has said. Participating in the startup’s capital raise were Coinbase Ventures, Alameda Research, Distributed Global, TQ Ventures, DIGITAL, Nexo, Huobi Ventures, Day One Ventures, and Infinite Capital. According to a report by Venture Beat, the funding round also attracted angel investors like Amit Bhatia and Hamad Alhoimaizi. In addition, about 100 crypto investors are said to have participated in the round. In his comments following Mara’s successful fundraise, the startup’s CEO Chi Nna...

One of the United Arab Emirates (UAE)’s leading airlines, Emirates Airline, said it has plans to add “bitcoin as a payment service.” The airline is planning to recruit personnel to create applications that monitor client needs. Two Different Applications and Approaches The United Arab Emirates (UAE)’s leading airline, Emirates Airline, will soon embrace “bitcoin as a payment service,” the company’s chief operating officer (COO) Adel Ahmed Al-Redha has said. In addition, the airline will add non-fungible token (NFT) collectibles on its webpage. Reports of the airline’s plan to embrace bitcoin come just a few weeks after it revealed its NFT and metaverse plans. As reported by Bitcoin.com News, the company’s goal with the metaverse launch is to ensure the airline is “aligned with the UAE’s vision for the digital economy.” In remarks published in Arab News, Al Redha hinted that his company may have to recruit employees to assist it in creating applications which monitor customer ne...

Ruja Ignatova, mastermind of the notorious pyramid Onecoin, is now one of Europe’s most wanted fugitives. Also known as the “Crypto Queen,” she disappeared almost five years ago, after the Ponzi scheme she led collected billions of dollars from defrauded investors around the world. Europol Seeks Information on Onecoin Inventor’s Whereabouts The European Union Agency for Law Enforcement Cooperation, Europol, is now offering a reward of up to €5,000 ($5,200) for any information that could lead to the arrest of Ruja Ignatova, suspected of masterminding one of the largest scams in crypto history, Onecoin. The announcement describes Ignatova, a doctor of law, as the “driving force and intellectual inventor of the alleged cryptocurrency Onecoin.” She is suspected of inducing investors all over the world to put money into “this actually worthless ‘currency’,” Europol notes. The agency also points out that the fraud-related losses to the Ponzi scheme that have been established so far ar...

The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, believes bitcoin could crash to $17K. However, he also believes the cryptocurrency “will win” because America is led by the three stooges. He has been recommending bitcoin to investors alongside gold and silver. Kiyosaki Thinks Bitcoin Could Test the Bottom at $17K The author of Rich Dad Poor Dad, Robert Kiyosaki, has shared his latest price expectation and future outlook for bitcoin. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Thursday that bitcoin is crashing and he is waiting for the price of the cryptocurrency to fall to the $20K level. He explained that he will then wait for BTC to test the bottom, which might be at $17K, before he starts buying. “Crashes are the best times...

Warren Buffett-backed Nubank, one of the world’s largest digital banking platforms, has launched cryptocurrency trading. S tarting with bitcoin and ether, the bank explained that its 54 million customers can “buy, hold and sell cryptocurrency all from the same app, with no need to open new accounts or transfer money.” Nubank Now Offers In-App Crypto Trading Nubank, one of the world’s largest digital banking platforms, announced Wednesday that it is entering the crypto trading market. The bank serves around 54 million customers across Brazil, Mexico, and Colombia. The announcement details: The company launched today in Brazil an exclusive in-app crypto trading experience, offering initially bitcoin and ethereum trading starting at BRL $1.00 (~U.S. $0.20). The new service aims to enable “customers to buy, hold and sell cryptocurrency all from the same [Nubank] app, with no need to open new accounts or transfer money,” the bank explained. Prior to this launch, Nubank clients coul...

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Tanzania is getting closer to launching a central bank digital currency (CBDC) which gives the country’s residents a “safe alternative,” the central bank governor has said. However, no date for the digital currency launch has been given. Growing Interest in Cryptocurrencies According to Florens Luoga, the governor of Tanzania’s central bank, his country is inching closer to the launch of a central bank digital currency (CBDC). When launched, the CBDC is expected to counter the growing interest in privately issued cryptocurrencies, a report has said. In remarks made during an interview , Louga suggested the Bank of Tanzania (BOT) is also preparing for the launch of a CBDC because it cannot ignore the technological advances in money. The governor claimed that BOT’s digital currency will provide users with an alternative that is safer than cryptocurrencies. He said: It’s important for us to provide a central bank digital currency as a safe alternative because many people are being a...

Russia’s Bitriver, one of the largest operators of crypto mining data centers, may take legal action against the U.S. over the decision to place it under sanctions. The company insists it does not help the Russian government to circumvent international restrictions. Bitriver Rejects US Accusations as Unfounded, Sees No Legal Ground for Sanctions Leading Russian mining enterprise Bitriver is considering filing a lawsuit against the U.S. Treasury Department, which recently designated the Swiss-registered company and a number of affiliated entities in a new round of sanctions against Russian businesses and individuals. Russia’s coin minting potential was specifically targeted with the new penalties imposed over the war in Ukraine. In comments to the RIA Novosti news agency, Bitriver stated that the actions of the department are damaging its reputation and international business since the accusations are unfounded. The company is also convinced there are no legal grounds for the rest...

Masterminds of one of South Africa’s biggest bitcoin Ponzi schemes, Mirror Trading International (MTI), have been asked by the scheme’s liquidators to pay back over $291 million to cover the scam operation’s debts. Liquidators’ Influence Liquidators of the South African bitcoin Ponzi scheme, Mirror Trading International (MTI), have issued summonses against eighteen individuals believed to be the masterminds behind the now-defunct scheme. The liquidators want the named individuals to pay back more than $291 million (4,666,077,528 rand) to cover the scheme’s debts, a report has said. The move to summon the alleged MTI masterminds comes just a few months after liquidators unsuccessfully tried to have the online bitcoin trading platform declared an unlawful business by a South African court. As per a report by Bitcoin.com News, the move was frustrated by a slew of late court filings by lawyers representing MTI investors. Investors were reportedly worried that the liquidators’ motion ...