UK gov’t introduces bill aimed at empowering authorities’ to ‘seize, freeze and recover’ crypto

The government of the United Kingdom has introduced a bill aimed at cracking down on money laundering and fraud, specifically by expanding the authorities’ ability to target cryptocurrencies used for illicit purposes. In a Thursday announcement, the U.K. government said lawmakers had introduced the Economic Crime and Corporate Transparency Bill in Parliament as part of efforts to drive “dirty money” out of the country. The bill contained provisions forcutting down on the “red tape around confidentiality liability” and granting law enforcement the authority “to compel businesses to hand over information…

Read More

Florida govt warns against auto warranty scammers asking crypto payments

The Florida Department of Agriculture and Consumer Services (FDACS) issued a warning sharing insights into identifying robocall scam marketing auto warranties, which includes being asked to pay for the services via gift cards and cryptocurrencies.  Consumer complaints against increasing robocall scams — wherein scammers use prerecorded calls to market and sell fraudulent services — led the Enforcement Bureau to order phone companies to avoid carrying robocall traffic. Regardless of the methods used by scammers to contact potential victims, the FDACS newsletter highlighted five red flags that indicate scams. Five red…

Read More

Japanese gov’t issues NFTs to reward local authorities’ work

The Japanese government has become one of the first to issue nonfungible tokens (NFTs) as a form of supplementary rewards to recognize the work of local authorities who have excelled at using digital technology to solve local challenges. The awards were handed out by the cabinet secretariat, a government agency that is headed by the nation’s chief cabinet secretary Hirokazu Matsuno during the “Summer Digi Denkoshien 2022” ceremony. The event was also attended by the country’s prime minister Fumio Kishida, reported Coinpost. Seven mayors received recognition for their cities’ ideas…

Read More

Russian gov’t working on stablecoin settlement platform between friendly nations: State media

Russia’s Finance Ministry has reportedly begun working with the governments of “friendly” nations to establish a cross-border stablecoin-based payments platform.  According to a Tuesday report from Russia state-owned news agency TASS, Deputy Finance Minister Alexey Moiseev said the government was looking to create the settlement platform to avoid the use of U.S. dollars and euros. The finance minister reportedly said the Russian government would need to impose additional regulations to enact the platform between itself and friendly nations — possibly including China, Belarus and North Korea. “We offer mutually acceptable…

Read More

Country-specific crypto markets a bad idea, CZ says after gov’t talks

Binance CEO Changpeng ‘CZ’ Zhao has highlighted the shortcomings of segregated cryptocurrency markets after recent talks with governments from different countries. The global cryptocurrency exchange’s CEO has become increasingly involved in policy discussions with various governments as Binance continues its global expansion. Binance most recently obtained a license to operate in Spain, Italy and Dubai to add to a global list of countries it now operates in. As CZ continues to consult with government organizations as a proponent of cryptocurrencies, he’s highlighted the need to maintain large liquidity in cryptocurrency…

Read More

US govt delays enforcement of crypto broker reporting requirements: Report

The provision in the U.S. infrastructure bill signed into law in November, which will require financial institutions and crypto brokers to report additional information, could reportedly be delayed. According to a Wednesday report from Bloomberg, the United States Department of the Treasury and Internal Revenue Service may not be willing to enforce crypto brokers collecting information on certain transactions starting in January 2023, citing people familiar with the matter. The potential delay could reportedly affect billions of dollars related to capital gains taxes — the Biden administration’s budget for the…

Read More

Here’s how much Kazakh gov’t made off crypto mining in Q1 2022

The government of Kazakhstan, one of the world’s largest countries by the Bitcoin (BTC) mining hash rate distribution, has reported budget earnings derived from cryptocurrency mining. On May 30, Kazakhstan’s state revenue committee of the Ministry of Finance released a report on the amount of total energy fees paid by local crypto miners in the first quarter of 2022. According to the report, Kazakhstan’s budget added 652 million Kazakhstani tenge ($1.5 million) in energy fees from crypto mining in Q1 2022 after the government introduced a digital mining fee on…

Read More

Gov’t says crypto miners consume 2% of total electricity in Russia

Crypto miners account for two percent of the total electricity consumption in Russia, according to the latest government estimate. The energy consumption share of the crypto mining industry has exceeded the country’s agricultural sector, showing signs of recovery after Russia fell out of the top three in the global Bitcoin (BTC) mining hash rate share. Russia’s deputy minister of trade and industry Vasily Shpak called for bringing the mining industry under the purview of law in the wake of the recent mining estimate. He said: “Do you know how much…

Read More

Regulations enter critical stage as gov’t shows interest

The crypto community and Wall Street converged last week in Nassau, Bahamas, to discuss the future of digital assets during SALT’s Crypto Bahamas conference. The ​​SkyBridge Alternatives Conference (SALT) was also co-hosted this year by FTX, Sam Bankman-Fried’s cryptocurrency exchange. Anthony Scaramucci, founder of the hedge fund SkyBridge Capital, kicked off Crypto Bahamas with a press conference explaining that the goal behind the event was to merge the traditional financial world with the crypto community: “Crypto Bahamas combines the crypto native FTX audience with the SkyBridge asset management firm audience.…

Read More

Crypto Twitter reacts as Russian gov’t reviews finalized crypto bill

The Ministry of Finance (MinFin) of Russia finalized a draft bill named “On Digital Currency” and has sent it to the Russian government for approval to be passed as law. The draft of the federal law clarifies regulations related to the trading and mining of cryptocurrencies.  On Apr. 8, Russia’s finance ministry announced the amendment and finalization of an impending crypto bill, which provides regulatory clarity related to the circulation, issuance, trading, mining and other activities within the crypto market.  While unconfirmed reports of Russia legalizing cryptocurrency surfaced early Apr…

Read More