US Justice Department seized $500K in fiat and crypto from hackers connected to DPRK government

The United States Department of Justice has seized and returned roughly $500,000 in fiat and crypto from a hacking group tied to the North Korean government, which included two crypto payments made by U.S. health care providers. In a Tuesday announcement, the Justice Department said in conjunction with the FBI it had investigated a $100,000 ransomware payment in Bitcoin (BTC) from a Kansas hospital to a North Korean hacking group in order to regain access to its systems, as well as a $120,000 BTC payment from a medical provider in…

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UK government explores DeFi with a focus on staking and lending

Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week. This past week, the DeFi ecosystem got recognition from the United Kingdom government, as they sought public feedback on taxation of the DeFi ecosystem, especially staking and lending. MakerDAO is looking to collaborate with the traditional banks, which would take place after the proposal gets community approval. Aave (AAVE) is planning to launch an overcollateralized stablecoin called GHO, subject to the community…

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Crypto owners banned from working on US Government crypto policies

US government officials who privately own cryptocurrencies are now banned from working on regulations and policies that could affect the value of digital assets. A new advisory notice released by the US Office of Government Ethics (OGE) on Tuesday stated that the de minimis exemption — which allows for the owners of securities who hold an amount below a certain threshold to work on policy related to that security — is universally inapplicable when it comes to cryptocurrencies and stablecoins. “As a result, an employee who holds any amount of…

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Exodus of pro-crypto financial regulators in UK amid allegations of misconduct in PM’s government

Many officials responsible for regulating the United Kingdom’s financial system have resigned following allegations Prime Minister Boris Johnson exercised “poor judgement” in appointing a member of the government.  In a letter to Johnson posted to Twitter on Wednesday, Economic Secretary to the Treasury John Glen said his decision to resign was prompted by “recent events concerning the handling of the appointment of the former Deputy Chief Whip” as well as the Prime Minister’s “poor judgement” in addressing the incident. Glen added that “vital reforms” to the country’s financial services were…

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Italian government will provide $46 million in subsidies for blockchain projects

The Ministry of Economic Development of Italy has announced that certain blockchain projects will qualify to apply for up to $46 million in government subsidies starting from September. In a Tuesday announcement, the ministry said companies and public or private research firms will be able to apply for funding from the government for the development of projects related to artificial intelligence, the internet of things, and blockchain technology. The fund will have an initial budget of 45 million euros — roughly $46 million at the time of publication — for…

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UK government seeks public input on DeFi taxation

The government of the United Kingdom is asking the public for input on the taxation of crypto asset loans and staking in the context of Decentralized Finance (DeFi). DeFi is an umbrella term that refers to financial applications that are built on top of blockchain technology. This could include anything from lending to borrowing and staking platforms. In particular, the government is interested in gathering information on the taxation of crypto asset loans and staking. Her Majesty’s Revenue and Customs (HMRC) call for evidence paper, published on Tuesday, described its…

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Coinbase denies reports of selling customer data to the US government

Crypto exchange platform Coinbase denied reports alleging that the company is selling its customer information to the United States Immigration and Customs Enforcement (ICE), an agency that works under the country’s Department of Homeland Security.  On Thursday, news that Coinbase has been providing geolocation data to the ICE has circulated online. Because of this, Twitter users like Solobase Mac were shocked and noted that they “didn’t sign up for that.” They tweeted: Now why would they be doing that? So basically invasion of privacy. Sells with out knowledge? They will…

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Iranian government to cut power supply for the country’s legal crypto mining rigs

According to local news outlet Arz Digital, the day prior, Rajabi Mashhadi, a spokesperson for Iran’s Ministry of Energy, said that the entity would be cutting the power supply to all of the country’s licensed crypto mining firms by the beginning of July. Citing an anticipated electricity deficit from the peak-summer season, Mashhadi stated, “There are currently 118 authorized [digital currency] extraction centers in the country, which must cut off their electricity supply from the national grid from the beginning of July.” “Last week, the country’s electricity consumption recorded an…

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NFT platforms in China grow 5X in four months despite government warnings

The popularity of nonfungible tokens is on the rise as recent data shows that the number of digital collectible platforms in China has grown to over 500, a 5X increase from February 2022, when the total number of NFT platforms was just over 100. According to a report published by a local Chinese daily, the sharp rise in the number of NFT platforms comes amid the growing hype and popularity of the digital collectibles in the country. Major tech giants including Tencent and Alibaba have shown interest in the nascent…

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