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Crypto Debit Card Launch In USA, Announcement Of VASP Cayman, INX Registers To List In Canada
Of: Joanna F. Wasick
Paxful, a peer-to-peer marketplace, and BlockCard, a cryptocurrency fintech platform, recently announced the launch of a crypto debit card that they believe will allow users to convert cryptocurrencies to US dollars at the time of purchase. and will enable payments and withdrawals of funds at more than 45 million merchants and ATM locations around the world. At launch, the card will only be available to US users, but is expected to expand to other regions. The card is touted to fill the void left by traditional banks to serve the bankless populations.
The Cayman Islands recently announced the development of a regulatory framework for virtual asset service providers (VASPs) within their jurisdiction as part of compliance with Financial Action Task Force (FATF) guidelines that have been implemented. last year. According to the October press release, regulation for VASPs will begin in two stages. The first begins immediately and focuses on compliance, oversight and enforcement of anti-money laundering and counter-terrorism financing rules that comply with local FATF and Cayman guidelines. For example, potential and existing VASPs will need to register with the Cayman Islands Monetary Authority. The second phase is scheduled for June 2021 and focuses on licensing requirements and supervision.
And late last week, cryptocurrency and security token exchange INX announced that it intends to trade its INX token on the Canadian Securities Exchange after finishing its initial public offering (IPO). The IPO was the first security token offering registered with the US Securities and Exchange Commission and is seeking to raise $ 117 million from US investors.
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Blockchain developments in telecommunications, transport and digital identity
Of: Robert A. Musiala Jr.
According to reports this week, a major US telecommunications company intends to start recording all of its public statements and press releases on a blockchain ledger in order to “combat online disinformation.” The initiative is called the Full Transparency project and leverages a blockchain platform that would have been developed by the telecommunications company in collaboration with a New York-based digital advertising agency, the blockchain consortium AdLedger and the blockchain company adtech MadNetwork.
In the transportation industry, a major provider of dump truck logistics technology recently announced that it has joined the Blockchain in Transport Alliance (BiTA). BiTA is a blockchain consortium focused on developing blockchain standards for use in the transport sector.
And in the digital identity space, a market research firm recently released an important report on digital identity from a technical, regulatory and market perspective. The report focuses on how consumers are expected to use digital identity, how successful blockchain will be in the digital identity market, the effect of regulations, the emergence of new identity networks, and major identity companies. digital.
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DOJ seizes $ 1 billion in Bitcoin from Silk Road, DOJ and CFTC prosecute crypto fraud
Of: Jordan R. Silversmith
Early Wednesday morning, a blockchain intelligence firm reported that a wallet likely belonging to the first dark web market Silk Road moved more than $ 1 billion in bitcoin. This was the first transaction the address reported since 2015, when it transferred 101 bitcoins to BTC-e, a now-closed cryptocurrency exchange allegedly favored by money launderers. Later on Thursday, the United States Department of Justice (DOJ) announced it had seized more than $ 1 billion in funds. According to a press release, the DOJ used a blockchain analytics firm to identify the seized bitcoin as stolen from Silk Road by an anonymous individual named “Individual X”. The seizure represents the largest cryptocurrency seizure to date by the DOJ. Bitcoin was transferred to a government-controlled wallet and the DOJ filed a civil suit for confiscation of the funds. In the event of a confiscation, the bitcoin will be transferred to the Treasury Forfeiture Fund.
Again this week, the DOJ announced that it had seized cryptocurrencies worth an estimated $ 24 million on behalf of the Brazilian government in connection with a large cryptocurrency fraud scheme. Brazilian authorities estimate that the scheme, dubbed “Operation Egypto”, defrauded tens of thousands of Brazilians for over $ 200 million. The individuals behind the scheme misled investors with the possibility of profitable cryptocurrency investments, allegedly making false and inconsistent promises about how the funds were invested and exaggerating rates of return.
The Commodity Futures Trading Commission (CFTC) this week announced that a federal court has ordered a Colorado company and its principal to pay over $ 900,000 for their role in a digital asset and forex Ponzi scheme. The court ruled that the defendants fraudulently solicited more than 72 customers to invest in pools of commodities allegedly trading foreign currency funds and digital assets, including bitcoin, and then embezzled the money. In addition to the civil fines and the CFTC ban, the order requires the principal and the company to reimburse the defrauded investors.
A hacker reportedly stole over $ 24 million from Harvest Finance, a decentralized financial service that allows users to invest in cryptocurrencies and then calculate price changes for small profits. The hacker ended up stealing $ 13 million of USD Coin and $ 11 million of Tether, even though the hacker returned $ 2.5 million to the platform two minutes after the hack. Harvest Finance authors are offering $ 100,000 to anyone who can return the remaining funds.
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