UK Government Drops Plan to Launch NFT With Royal Mint

The U.K. government has confirmed that it is not proceeding with a plan to launch a non-fungible token (NFT). British Prime Minister Rishi Sunak asked the Royal Mint to create an “NFT for Britain” while he was serving as the Chancellor of the Exchequer last year as part of his efforts to make the U.K. a global hub for crypto-asset technology and investment.

Britain Drops NFT Plan

Parliament Member Harriett Baldwin, chair of the House of Commons Treasury Select Committee and a member of the NATO Parliamentary Assembly, asked the Chancellor of the Exchequer “whether it remains the policy of his department that the Royal Mint issue a non-fungible token.” Wholly owned by His Majesty’s Treasury, the Royal Mint is the official mint of the U.K. and the maker of British coins.

Responding to Baldwin’s question on Monday, Economic Secretary to the Treasury Andrew Griffith stated:

In consultation with HM Treasury, the Royal Mint is not proceeding with the launch of a non-fungible token at this time but will keep this proposal under review.

Rishi Sunak, the current prime minister, asked the Royal Mint to create an “NFT for Britain” in April last year while he was serving as the Chancellor of the Exchequer. The project was part of his ambition to make the U.K. a “global hub for crypto-asset technology and investment.”

Commenting on the cancellation of the government’s NFT project, Baldwin said: “We have not yet seen a lot of evidence that our constituents should be putting their money in these speculative tokens unless they are prepared to lose all their money … So perhaps that is why the Royal Mint has made this decision in conjunction with the Treasury.”

Parliament Member Tulip Siddiq welcomed the decision to drop the NFT project. “I’m glad that the Royal Mint has finally made the Conservatives see sense, but we’ve been calling on the Chancellor to drop this crypto gimmick for months,” she detailed, emphasizing:

This out-of-touch government should be focused on the cost of living crisis, not wasting time and taxpayers’ money on an NFT vanity project and promoting dodgy stablecoins.

Do you think the U.K. government should proceed with the launch of an NFT for Britain? Let us know in the comments section below.

from Bitcoin News

EU Lawmakers Vote to Impose €1,000 Limit on Unidentified Crypto Transactions

EU lawmakers have voted in favor of imposing a €1,000 limit on crypto transactions where the customer cannot be identified. “Entities, such as banks, assets and crypto assets managers, real and virtual estate agents, and high-level professional football clubs, will be required to verify their customers’ identity, what they own and who controls the company,” the European Parliament emphasized.

Lawmakers Vote on New EU Regulation

On Tuesday, members of the European Parliament (MEP) from the Economic and Monetary Affairs Committee (ECON) and the Civil Liberties, Justice and Home Affairs Committee (LIBE) adopted their position on three pieces of draft legislation on the financing provisions of EU Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) policy.

One of the three was the “single rulebook” regulation, which aims to harmonize financial regulation across the EU. It was adopted with 99 votes to 8 and 6 abstentions, according to an announcement by the European Parliament. This regulation contains “provisions on conducting due diligence on customers, transparency of beneficial owners and the use of anonymous instruments, such as crypto-assets, and new entities, such as crowdfunding platforms,” the announcement describes.

“According to the adopted texts, entities, such as banks, assets and crypto assets managers, real and virtual estate agents and high-level professional football clubs, will be required to verify their customers’ identity, what they own and who controls the company,” the European Parliament detailed, adding:

To restrict transactions in cash and crypto assets, MEPs want to cap payments that can be accepted by persons providing goods or services. They set limits up to €7,000 for cash payments and €1,000 [$1,084] for crypto-asset transfers, where the customer cannot be identified.

European Parliament Member Aurore Lalucq explained on Twitter that new legislation specifically affects cryptocurrency trading platforms and non-fungible tokens (NFTs).

She stressed that NFTs, which were not included in the new Market in Crypto-assets Regulation (MiCA), will now be subject to anti-money laundering rules, and NFT platforms must now comply with these legal obligations. Lalucq added that the European Anti-Money Laundering Authority (AMLA) will be able to establish a list of risky platforms based outside the EU.

Moreover, due diligence procedures will be put in place for transactions made with unhosted wallets, she said, emphasizing that purchases over €1,000 will only be authorized if the owner or beneficiary can be identified. Furthermore, the lawmaker noted that relationships with unregistered or unlicensed platforms and entities will be prohibited and AMLA will establish a list of these entities.

What do you think about the EU’s legislation to impose a €1,000 limit on crypto transactions where the customer cannot be identified? Let us know in the comments section below.

from Bitcoin News

FTX’s Bankman-Fried Is Allegedly Using Alameda Funds to Pay for Legal Defense

According to two sources close to FTX, Sam Bankman-Fried, the disgraced co-founder, gave his father, Stanford Law professor Joseph Bankman, millions of dollars. The funds are reportedly being used to pay for legal costs. The sources said that Bankman-Fried allegedly gave “at least $10 million” from the now-defunct quantitative trading firm Alameda Research to his father.

Sources Claim SBF’s Legal Defense Is Paid for by Alameda Loot

After the latest revised indictment charges against Sam Bankman-Fried (SBF), Forbes reports that funds tied to Alameda Research may be paying for SBF’s legal defense. Forbes contributors Sarah Emerson and Steven Ehrlich explained that two unnamed sources disclosed that SBF directed “at least $10 million from Alameda” to his father, Joseph Bankman. The duo is accused of using a “lifetime estate and gift tax exemption” for the funds, which were allegedly given to Bankman in 2021.

SBF has pleaded not guilty to his indictment charges, and last year, he publicly stated that he had only $100,000 in his bank account. According to Forbes reporters, “it had remained unclear, until now, how the former billionaire would afford his pricey defense.” At the end of 2022, it was disclosed that SBF would be represented by white-collar lawyer Mark Cohen. Cohen and his litigation firm, Cohen & Gresser, are well-known for representing Ghislaine Maxwell, a convicted sex trafficker and confidant of Jeffrey Epstein.

The two sources informed Forbes that in 2021, SBF made a large monetary gift to his father, funded by a loan derived from Alameda Research. The Forbes reporters, Emerson and Ehrlich, noted that Cohen & Gresser “did not respond to a request for comment,” and “Bankman-Fried declined to comment” on the matter. The reporters also stated that SBF’s father “did not respond to a list of questions” sent to him. They further added that despite it being a gift, the funds still need to be filed with the Internal Revenue Service (IRS).

The Forbes article follows federal prosecutors’ addition of bribery charges to SBF’s indictment, accusing him of paying off Chinese government officials. The new charge alleges that the former FTX CEO utilized $40 million to influence “one or more Chinese government officials” in 2021. Prior to the latest charges, bank fraud charges were added to SBF’s indictment at the end of February 2023. Joseph Bankman has not been charged with any wrongdoing. However, current FTX CEO John J. Ray III told members of the U.S. Congress that Joseph Bankman and “the family certainly received payments” from FTX.

What are your thoughts on the latest developments in the SBF case? Share your thoughts about this subject in the comments section below.

from Bitcoin News

Report: Do Kwon Successfully Formed a Company in Serbia Weeks After Interpol Issued Red Notice

According to a report, the recently arrested Terraform Labs co-founder Do Kwon was able to register a company in Serbia just a few weeks after Interpol issued a Red Notice for him. Lawyers that helped Kwon form a company in Serbia reportedly said they were not aware of Interpol’s Red Notice against their client.

Do Kwon Uses Korean Passport to Register Company

Just a few weeks after an Interpol Red Notice for arrest was issued, the former Terraform Labs CEO Kwon was still able to form and register a company in Serbia, a local publication has said. Known as Codokoj22 d.o.o. Beograd, the company which was registered on Oct. 12, 2022, lists Kwon as the owner. The former CEO along with his countryman Han Chang-Joon from Chai Corporation are also named as directors of the company.

According to a report in DL News, the duo’s Serbian company was established with capital equivalent to just under $1 (100 din). The report added that Kwon and Chang-Joon used their Korean passports to register the new company with Serbian Business Registry.

As previously reported by Bitcoin.com News in late Sept. 2022, the global law enforcement agency Interpol kickstarted an international manhunt for Kwon after it issued a Red Notice for the Terraform Labs co-founder. Before the notice was issued, Kwon insisted that he was not on the run and that he was in fact cooperating with “any government agency that has shown interest to communicate.”

However, Bitcoin.com News reported on March 23, 2023, that Montenegro’s interior minister said Kwon was arrested at Podgorica airport. He had a forged Costa Rican passport on him when he was apprehended. Chang-Joon has now also been reported as being arrested.

Lawyers Unaware of Interpol’s Red Notice

Meanwhile, unnamed officials from the Serbian Business Registry and lawyers at Gecic Law Firm are quoted in the report professing their ignorance about the existence of an Interpol Red Notice. Ognjen Colic, a partner at Kwon’s legal representatives in Serbia, claimed that his firm took all the necessary steps before electing to represent him.

“I cannot comment on my client due to confidentiality agreements, but I can say that this client went through all the regular security checks that we conduct for every client, including the Interpol website and he is not on there – you can check it yourself now,” Colic reportedly said.

Milos Petakovic, a lawyer from the same law firm, is quoted in the report stating that he needed to consult his colleagues before commenting on Gecic Law Firm’s decision to work for Kwon.

In addition to South Korea, which issued a warrant for his arrest in Sept. 2022, Kwon was also wanted by authorities in Singapore and in the United States.

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

Bitcoin․com Partners with HAPI to Launch High-Yield Farm on Verse DEX and Enhance Wallet and DEX Security

Bitcoin.com, a global leader in accessible cryptocurrency products and education, has taken another step forward in enhancing user experience by integrating HAPI’s service into the self-custodial Bitcoin.com Wallet and onboarding the HAPI token on its Verse DEX with a USDC/HAPI trading pair. Bitcoin.com and HAPI are now offering highly attractive yield on the USDC/HAPI Farm. Users can stake their liquidity pool tokens to earn these attractive rewards.

This exciting partnership with HAPI Protocol, an innovative cybersecurity and anti-money laundering solution, aims to improve the security of the multichain Bitcoin.com Wallet and Verse DEX. The launch of a high-yield HAPI Farm on Verse DEX also supports the growth of the decentralized trading platform.

HAPI Protocol enables users of the Bitcoin.com Wallet, where over 38 million self-custody crypto wallets have been created, to be warned if an address they interact with has been associated with any suspicious activity. This essential feature is invaluable in an industry where user safety is of utmost importance. Since integrating HAPI’s service into the Bitcoin.com Wallet in October 2022, the system has provided automated warnings to over 11,000 users, helping them avoid high-risk transactions. Bitcoin.com also plans to integrate HAPI to Verse DEX in order to provide additional security for DEX users.

As a decentralized solution, HAPI aggregates data from several trustworthy sources, including Chainalysis. It facilitates and rewards user engagement by allowing address submissions for HAPI token stakers, and is publicly available for anyone to view and use its database.

“The partnership between Bitcoin.com and HAPI highlights the power of collaboration in pursuing the creation of economic freedom. By joining forces, Bitcoin.com and HAPI bring users of Bitcoin.com’s products the benefits of enhanced security and access to financial opportunities”, said HAPI CEO Eugen Pshenychkin.

The combination of the Bitcoin.com Wallet, the Verse DEX, VERSE token, and HAPI’s cybersecurity solution all work together to enable users to safely take advantage of the growing decentralized finance ecosystem in the pursuit of economic freedom.

Dennis Jarvis, Bitcoin.com CEO, emphasizes the importance of this partnership: “Our collaboration with HAPI Protocol not only enhances the security features of the Bitcoin.com Wallet but also provides our users with new opportunities to earn rewards through the Verse DEX. By taking the actions needed to earn these rewards, users are actively contributing to the growth of crucial decentralized infrastructure. This partnership is a testament to our commitment to promoting economic freedom and expanding access to decentralized finance.”

As part of its mission to create economic freedom, Bitcoin.com is also inviting other projects to partner with them and launch partner farms on Verse DEX. Interested parties can apply here.

Start earning high APY on the Verse DEX here. To learn more about Verse Farms, and for step-by-step instructions, start here.

About HAPI Protocol

HAPI is a decentralized security protocol designed to combat malicious activity in the blockchain space. By integrating crypto intelligence data from various sources, HAPI provides accurate information on compromised wallets and malicious actors. The protocol offers a reporting and alert system, address checking functionality, and smart contracts for DEX and DeFi protocols.

About Bitcoin.com

Bitcoin.com is building products that give everyday people access to a vast world of opportunities to generate personal prosperity without limits. Since 2015, Bitcoin.com has been a global leader in introducing newcomers to cryptocurrency, featuring accessible educational materials, timely and objective news, and easy-to-use fully self-custodial products for buying, spending, trading, investing, and earning with crypto.

About Verse VERSE is the rewards and utility token for users who contribute to and participate in the Bitcoin.com ecosystem. Launched in December 2022, the VERSE token is designed to expand access to decentralized finance and help unlock the economic freedom it provides.

 

 

 

from Bitcoin News

Report: UAE Central Bank Implements Digital Currency Strategy

The central bank in the United Arab Emirates said it has started implementing its digital currency strategy with partners G42 Cloud and R3. According to the central bank, the digital currency initiative is expected to “further position and solidify the UAE as a leading global financial hub.”

CBDC Strategy to Focus on Three Pillars

The United Arab Emirates (UAE) central bank recently said it would start implementing its digital currency strategy with its two partners G42 Cloud and R3. According to a report, the UAE’s apex bank’s two partners are expected to play a key role in helping the central bank achieve CBDC implementation.

As explained in a recent Arabian Business report, the first phase of the central bank’s strategy, which is expected to take place in the next 12 to 15 months, will focus on three key pillars. The proof-of-concept work for bilateral central bank digital currency (CBDC) bridges with India, as well as the soft launch of the M-bridge, are two of the key pillars. The proof-of-concept work for domestic CBDC issuance covering wholesale and retail usage is the third key pillar that will be considered.

Commenting on why the Central Bank UAE (CBUAE) has chosen to proceed with its CBDC initiative, the bank’s governor Khaled Mohamed Balama touted this as a move that likely bolsters the country’s position as a leading global financial hub. He also suggested the implementation of the CBDC will likely promote financial inclusion.

“CBDC is one of the initiatives as part of the CBUAE’s FIT [Financial Infrastructure Transformation] programme, which will further position and solidify the UAE as a leading global financial hub. The launch of our CBDC strategy marks a key step in the evolution of money and payments in the country. CBDC will accelerate our digitalisation journey and promote financial inclusion. We look forward to exploring the opportunities that CBDC will bring to the wider economy and society,” the governor said.

Prior to its latest CBDC announcement, the CBUAE engaged in several digital currency initiatives including its collaboration with the Saudi Central Bank in 2020. The bank’s other initiatives include its cross-border CBDC pilot with the Hong Kong Monetary Authority and the Bank of Thailand in 2022. The Digital Currency Institute of the People’s Bank of China, and the Bank for International Settlements were also part of this initiative, the report added.

What are your thoughts on this story? Let us know what you think in the comments section below.

from Bitcoin News

Noble Partners With Circle Financial to Integrate USDC on Cosmos Blockchain

According to the token protocol startup Noble, the second-largest stablecoin, USDC, will be integrated into the Cosmos blockchain, as the company has partnered with Circle Financial for the rollout. Noble details that the integration will give access to Circle’s USDC stablecoin to more than 50 Inter-Blockchain Communication (IBC) networks.

USDC Native Support Is Coming to the Cosmos Blockchain

Noble, a token issuance protocol startup, has revealed the Cosmos network of IBC protocols will support USDC. The team introduced Noble last week in a blog post that describes the protocol as an “app-chain purpose-built for native asset issuance in Cosmos and the boundless Inter-Blockchain Communication (IBC) ecosystem.” On Tuesday, Noble announced its partnership with Circle Financial to bring USDC to the Cosmos ecosystem.

“This is a huge moment for our ecosystem,” Noble said on Tuesday. “Cosmos has never had a native, fiat-backed stablecoin that is highly liquid [and] fully collateralized. For the first time in Cosmos history, 50+ IBC-enabled blockchains will soon be able to access USDC natively via IBC,” Noble added. Circle Financial also confirmed the partnership on Tuesday and said, “We’re excited to bring USDC to Cosmos. USDC is expected to launch on [Noble] soon, stay tuned for details.”

After USDC becomes native to Cosmos, it will be the ninth blockchain where the stablecoin is natively hosted. Currently, USDC is hosted natively on Ethereum, Solana, Avalanche, Tron, Algorand, Stellar, Flow, and Hedera. Additionally, USDC is bridged to Arbitrum, Near, Fantom, and Polygon. While it was previously bridged to Cosmos, it was not hosted in a native manner. Noble says that this new native support will help overcome challenges with bridging techniques.

“This integration will catalyze hundreds of millions of dollars in liquidity over the coming months in Cosmos, and will seek to rectify the challenges that users and appchains face when interacting with bridged assets,” Noble detailed. Neither Noble nor Circle have disclosed the official launch date, but Noble stated that further announcements on asset integrations are coming, including the official launch date for USDC on Noble.

What impact do you think the integration of USDC on the Cosmos blockchain will have on the overall stablecoin market? Share your thoughts about this subject in the comments section below.

from Bitcoin News