China accounts for 84% of all blockchain patent applications, but there’s a catch

China accounts for 84% of all blockchain applications filed worldwide, according to the latest data shared by the country’s government official. China has steered clear of the cryptocurrency market. However, the Beijing government has been supportive of the underlying blockchain technology. The country has actively promoted the use of blockchain tech over the years, and thus the high percentage of blockchain patents isn’t surprising. President Xi Jinping has also played a key role in promoting the nascent blockchain technology. In 2019, the President called upon citizens, tech companies and stakeholders…

Read More

Indian authorities unfreeze millions in locked WazirX bank accounts

The Enforcement Directorate of India (ED) unfroze the bank accounts of the Indian crypto exchange WazirX, according to a statement from the exchange released on Sept. 12. WazirX says it has been cooperating with local authorities during their anti-money laundering (AML) investigation by providing all of the necessary documents and details requested. The investigation targeted 16 fintech companies and instant loan apps, some of which solicited services from the exchange. The exchange, however, said it has a no-tolerance stance towards any illegal activities on the platform. Additionally, it said that…

Read More

Twitter brings back suspended NFTs accounts as Solana threatens to pause ad spend

Early Wednesday, Twitter suspended access to nine accounts associated with promoting nonfungible tokens, or NFTs, on the Solana (SOL) ecosystem. The move comes just ahead of the highly anticipated launch of the y00ts NFT collection, a follow-up to DeGods, the most popular NFT collection on Solana, this Friday. Shortly after the suspension, Austin Federa, head of communications at the Solana Foundation, stated: “Hey Twitter, bring back @y00tlist; I’ve paused all Foundation adspend until they’re back. Twitter’s gotta reinstate em, or show solid cause for suspension.” The said accounts have been…

Read More

Fed teases master accounts for crypto banks: Law Decoded, Aug. 15-22

Last week, the United States Federal Reserve Board turned its eye to banks and crypto, making (or promising to make) several clarifications, one of them pretty long-awaited. It announced that the final version of guidelines for reserve banks to access Reserve Bank master accounts and services is ready.  For crypto, these guidelines hold a prospect of “the most stringent review,” to which non-federally insured institutions that do not have a holding company subject to Fed oversight would be exposed. It is still unclear whether the crypto banks will finally get…

Read More

Fed to issue long-awaited guidelines for granting master accounts to crypto banks

The United States Federal Reserve Board announced Monday that it had finalized its guidelines for the factors reserve banks are to consider when reviewing requests for Federal Reserve accounts and payment services. The guidelines create a three-tiered review framework with the level of due diligence to be provided, depending on the applicant’s risk level.  Guidelines were first proposed in May 2021, with a supplemental proposal released in March, and the final guidelines, which come into force after their publication in The Federal Register, are “substantially similar” to them. The Fed…

Read More

dYdX confirms blocking (and unblocking) some accounts linked to Tornado Cash

Cryptocurrency derivatives trading platform dYdX said it blocked some users’ accounts with funds linked to Tornado Cash, including mistakenly suspending some that never directly engaged with the controversial mixer. In a Wednesday blog post, dYdX said it had “unbanned certain accounts” that the derivatives platform had blocked in response to the Office of Foreign Assets Control of the United States Treasury Department adding Tornado Cash to its list of Specially Designated Nationals, or SDNs. According to dYdX, its compliance provider flagged many accounts believed to be linked to Tornado Cash,…

Read More

How to earn interest from crypto saving accounts?

The cryptocurrency industry has offered developers and investors the opportunity to introduce new financial tools providing plentiful options to earn passive income. Simply holding crypto has offered patient investors the chance to make gains over the years. However, there are various other ways to increase crypto assets’ stacks, even in bear markets. Other than staking, crypto savings accounts allow retail investors to accrue their funds by earning interest on the crypto assets they deposit on specific cryptocurrency platforms if they agree to lend out their coins or tokens. Crypto interest…

Read More

Portuguese Banks Begin Closing Of Crypto Accounts, Cites Risk Management Issues

All exchanges that have had their accounts terminated, including Criptoloja, Mind The Coin, and Luso Digital Assets, have been licensed by the Bank of Portugal. Several prominent banks in Portugal are shutting bitcoin exchange accounts due to “risk management” concerns, indicating a reversal in Portugal’s pro-crypto stance. Portugal’s central bank seems to have given the financial institutions permission to act. Several of Portugal’s leading banks recently canceled the accounts of CriptoLoja, the country’s first licensed cryptocurrency exchange. According to Bloomberg, BCP (Banco Comercial Portugues), Santander Bank, Caixa Geral de Depósitos,…

Read More

Portuguese banks shutting crypto accounts citing risk management concerns

Several large banks in Portugal have reportedly begun closing the accounts of cryptocurrency exchanges due to “risk management” concerns, suggesting a shift in Portugal’s pro-crypto position. The country’s central bank appears to have given the financial institutions the green light to take action. Several of Portugal’s top banks recently closed the accounts of CriptoLoja, the country’s first cryptocurrency exchange to obtain a license to operate. According to a Bloomberg report, at least four domestic cryptocurrency exchanges have seen their accounts shut by BCP (Banco Comercial Portugues), Santander Bank, Caixa Geral…

Read More