In a landmark move, Hong Kong has announced its decision to embrace the world of cryptocurrencies, allowing retail investors to trade virtual assets under its new regulatory regime. Recognizing that “virtual assets are going to stay,” the city’s minister overseeing financial services, Christopher Hui, expressed the importance of harnessing the…
The Central African Republic (CAR) has taken a significant step towards economic transformation by passing a law that embraces the use of digital currencies. After adopting Bitcoin as legal tender last year, the CAR introduced its own digital currency called the Sango. Now, the government has enacted a new law…
One of Nigeria’s prominent crypto marketplaces, Patricia, fell victim to a severe security breach, compromising its financial assets. The company has swiftly responded to the incident by implementing urgent measures to protect its user base and fortify its security framework. Withdrawals Temporarily Suspended as Security Measures Strengthened As a direct…
Higher Court Rejects Bail for Do Kwon and Ally A higher court in Montenegro has overturned a previous decision to grant bail in the amount of 800,000 euros to Do Kwon, a cryptocurrency entrepreneur facing charges of a multibillion-dollar fraud in the United States. The court also revoked bail for Kwon’s ally. This development raises concerns about their potential flight from the country. Terraform Labs CEO Detained Do Kwon, a…
The International Organization of Securities Commissions (IOSCO) announced on Tuesday a groundbreaking global approach to regulating cryptoassets and digital markets. The move comes in response to lessons learned from the collapse of the FTX exchange last year, which raised significant concerns over consumer protection and the need for uniform regulations in the industry. Crypto businesses have been advocating for a cohesive global regulatory framework as different jurisdictions currently follow their…
In a significant development, Pakistan has firmly rejected the idea of legalizing crypto trading, highlighting the potential risks it poses for the country. This decision comes in the wake of Pakistan’s recent removal from the Financial Action Task Force’s (FATF) grey list, signaling the nation’s commitment to combat money laundering and terrorist financing. Pakistani authorities have underscored the need for caution, as virtual currencies have the potential to be exploited…
Risks and Volatility Highlighted A panel of UK lawmakers has released a report recommending that cryptocurrencies like Bitcoin and Ether be regulated as gambling due to the risks they pose to consumers. The report emphasizes the potential use of these digital assets by fraudsters and the absence of backing by any currency or asset, leading to price volatility and the risk of total investment loss. With Bitcoin and Ether accounting for a significant portion of the crypto market, the lawmakers…
Study Reveals Extent of Cyberattacks by North Korean Hackers Hacker groups affiliated with North Korea have reportedly stolen $721 million worth of cryptocurrency assets from Japan since 2017, accounting for approximately 30% of the global losses in the sector. This revelation comes from a study conducted by UK-based blockchain analysis provider, Elliptic. The report by Elliptic sheds light on the activities of North Korean hacker groups, showcasing their expertise and pursuit of cryptocurrency theft. The report indicate that the hacker…
A court in Montenegro has approved the release of Do Kwon, the founder of Terraform Labs, and Han Chang Jun, the CFO, on bail of €400,000 each, according to local reports from Robjeda. The court stipulated that both individuals must remain under house arrest at an address provided by their lawyer. As part of their release conditions, Do Kwon and Han Chang Jun have pledged not to evade authorities, or respond to subpoenas, and their wives will be responsible for…
The journalism fraternity is mourning the loss of veteran broadcaster Eusebius McKaiser, who has been remembered for his fierce and determined journalistic style.Renowned columnist, author, and political analyst McKaiser passed away on Tuesday at the age of 45, leaving a void in the South African media landscape. Veteran broadcaster untimely passing leaves South Africans in mourning During his tenure at 702, McKaiser made a name for himself by fearlessly criticizing the government and its policies. He never shied away from…
Toyota Motor Corp has issued an apology after it was discovered that the vehicle data of approximately 2.15 million users in Japan was left publicly available for a decade, from November 2013 until mid-April of this year. The leak was attributed to an error in the cloud environment settings and could have included information such as vehicle locations and identification numbers of vehicle devices. Despite the severity of the situation, Toyota has stated that there were no reports of malicious…
Liechtenstein, a small European country located between Switzerland and Austria, has announced that it will soon allow Bitcoin payments for fees. The announcement was made by Prime Minister Daniel Risch, who stated that the decision was made in response to the growing popularity and adoption of cryptocurrencies. “We are excited to announce that a payment option with Bitcoin is coming to Liechtenstein,” Risch said. “We recognize the potential of cryptocurrencies and are committed to supporting innovation and the development of…
Ishan Wahi, a former product manager at Coinbase Global, has been sentenced to two years in prison in what U.S. prosecutors have called the first insider trading case involving cryptocurrency. The sentencing follows Wahi’s guilty plea in February to two counts of conspiracy to commit wire fraud. Wahi is accused of sharing confidential information with his brother and their friend about which digital assets would be listed on Coinbase, which enabled them to trade 55 digital assets before the listing…
The governor of the Central Bank of Ireland, Gabriel Makhlouf, has recently slammed Bitcoin as a “Ponzi scheme” in a blog post on crypto regulation. While the Irish regulator has been cautious about the crypto industry, it welcomes the European Union’s most comprehensive crypto regulatory framework, the Markets in Crypto Assets Regulation (MiCA). The Central Bank of Ireland’s Caution on Crypto Makhlouf acknowledged the potential of backed crypto, including Electronic Money Tokens (EMTs) and Asset Reference Tokens (ARTs) under the…
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