New OCC Head Doesn’t Rule Anything Out in Digital Asset Guidance Review
June 3, 2021
The Office of the Comptroller of the Currency (OCC) is looking at “everything” around digital asset guidance issued last year, its current head said.
The OCC is undertaking a broad review of interpretive guidance, conditional trust charters and other issues around digital assets, said Acting Comptroller Michael Hsu in a virtual press conference Wednesday. Hsu, who took office last month succeeding former Acting Comptrollers Brian Brooks and Blake Paulson, has called for a review of a host of issues the federal bank regulator oversees.
https://www.coindesk.com/new-occ-head-doesnt-rule-anything-out-in-digital-asset-guidance-review
Thai SEC Warns DeFi Transactions Could Be Subject to Law Involving Licensing
June 1, 2021
Thailand’s Securities and Exchange Commission may move to regulate decentralized finance (DeFi) projects in the country, including the issuance of digital tokens.
In an announcement on Sunday, the securities regulator said DeFi activity involving digital tokens such as liquidity provider tokens, governance tokens or tokens issued to those transacting in DeFi projects “must be licensed and abide by the specified rules.”
Under the Digital Asset Business Emergency Decree, issuing digital tokens must be authorized by the SEC. The issuer is required to disclose information and offer digital assets through token portals licensed under the decree, the regulator said.
https://www.coindesk.com/thailand-sec-defi-law
Riksbank Governor Sees Good Reason to Believe Regulation of Crypto Will Happen
June 1, 2021
Regulation of bitcoin and other crypto is looking more likely as they become more mainstream, according to the governor of Sweden’s central bank.
“When something gets big enough, things like consumer interests and money laundering come into play,” Stefan Ingves said Monday, according to a Bloomberg report. “So there’s a good reason to believe that [regulation] will happen.”
Regulation will develop at different speeds in different markets, he said.
Swedish finance minister Asa Lindhagen has said that addressing money-laundering risk will require cross-border work, suggesting there will have to be some degree of international cooperation.
https://www.coindesk.com/riksbank-governor-sees-crypto-regulation
Story from Tech Ex-Head of China’s Digital Yuan Effort Says CBDCs Could Operate on Ethereum
May 31, 2021
The former head of the digital currency initiative at the People’s Bank of China (PBoC) said central bank digital currencies (CBDCs) are set to become more “smart” and could one day operate on blockchain networks like Ethereum.
Yao Qian, now director of the Science and Technology Supervision Bureau of the China Securities Regulatory Commission, said at the weekend that CBDCs shouldn’t attempt to be just a digital form of physical cash, but should incorporate smart contract functionality, Sina Finance reported Monday.
Smart contracts are automatically executing pieces of blockchain code that carry out functions when certain conditions are met, and can also be designed to complement or replace legal contracts.
https://www.coindesk.com/ex-head-of-chinas-digital-yuan-effort-says-cbdcs-could-operate-on-ethereum
Human Rights Foundation Gives Out $210K in Bitcoin Development Grants
May 31, 2021
The fresh round will fund Lightning Network development, Utreexo work, and even Bitcoin document translations into Arabic.
Sphinx Chat, a Lightning Network wallet and encrypted messaging service that allows its users to chat using the Lightning Network, will use its grant to build out a directory to connect their users with activists for humanitarian funding.
Breez, another Lightning Network wallet, will use its money to build out its own encrypted chatting capabilities, as well as to improve node backup support and add Tor support for Android and iOS. Arabic _HODL will continue to translate Bitcoin content into Arabic.
https://www.coindesk.com/human-rights-foundation-gives-new-bitcoin-development-grants
UK’s Starling Bank Temporarily Blocks User Payments to Crypto Exchanges: Report
May 31, 2021
Customers of Barclays and Monzo have also been complaining of difficulty making deposits on exchanges, according to The Telegraph.
According to a report from The Telegraph on Saturday, Starling confirmed that it has taken the temporary measure over concerns about “high levels of suspected financial crime with such payment.”
A spokesperson told the newspaper the block would be reversed once additional checks had been put in place.
The Telegraph writes that users are also complaining on social media about similar blocks by high-street bank Barclays and online bank Monzo.
https://www.coindesk.com/starling-blocks-crypto-exchanges
USDC Builder Circle Raises $440M
May 29, 2021
The crypto-native financial services firm behind the USDC stablecoin has raised a massive funding round.
“The financing included investments from leading private equity, institutional and strategic investors, including Fidelity Management and Research Company, Marshall Wace, Willett Advisors, Intersection Fintech Ventures, Atlas Merchant Capital, Digital Currency Group, FTX, Breyer Capital, Valor Capital Group, Pillar VC, as well as Michael J. Price and Friends,” the firm said in a press release.
There is currently $22 billion in USDC in circulation, according to Circle and CoinGecko. The digital dollars can be zapped around internet outside of traditional banking rails are used on popular consumer platforms like Dapper Labs’ NBA Top Shot and a number of other services.
https://www.coindesk.com/usdc-builder-circle-raises-440m
Fed chair Powell floats central bank digital currency and more regulation of cryptocurrencies
May 20, 2021
Federal Reserve Board Chair Jerome Powell released a lengthy video and statement on Thursday announcing that the Federal Reserve will get more involved in cryptocurrency and may even create its own digital currency down the road. Alongside further research into cryptocurrencies, Powell said the Federal Reserve will be releasing a discussion paper this summer that will “explore the implications of fast-evolving technology for digital payments, with a particular focus on the possibility of issuing a US central bank digital currency.”
PayPal Will Let Customers Withdraw Crypto, Exec Says
May 26, 2021
Speaking Wednesday at CoinDesk’s Consensus 2021 conference, Jose Fernandez da Ponte told moderator Jeff John Roberts that a withdrawal function is in the works. At present, PayPal does not let users move cryptocurrency holdings off-platform, though it has let customers buy bitcoin and other cryptocurrencies since October 2020.
https://www.coindesk.com/paypal-will-let-customers-withdraw-crypto-exec-says
Gov. Jared Polis Wants Colorado to Accept Crypto for State Taxes “I’d love to set that up,” the blockchain-friendly governor said at Consensus 2021.
May 26, 2021
Colorado Gov. Jared Polis said he’s hopeful state residents can pay their taxes with crypto, and he wants it to happen soon.
“Colorado is and will be the center for blockchain innovation in the United States, attracting investments and good jobs and innovators in infrastructure, digital identity, [and] individual data security in the private and public sector,” he said.
https://www.coindesk.com/jared-polis-colorado-governor-consensus-2021
Market Wrap: Ether Trading Volume Up, Closing In on Bitcoin; Crypto Market Struggles
May 26, 2021
“Traders’ outlook on Ethereum switched yesterday to highly positive after being negative for weeks,” said Nick Mancini, research analyst for crypto analytics platform Trade the Chain. “Such a jump in sentiment implies a hyper focus on Ethereum and ERC-20, or Ethereum-based, assets.”
https://www.coindesk.com/market-wrap-ether-volume-bitcoin-crypto-struggles-gains
Hong Kong seeks power to jail unlicensed bitcoin trading as city looks to combat money laundering via crypto-exchanges
May 25, 2021
While the government has affirmed its initial position of subjecting crypto-exchanges to the licensing requirements of the Securities and Futures Commission (SFC), it has also added details on how it will enforce and implement the regime.
It hopes to introduce an amendment bill into the city’s legislature during its 2021 to 2022 session. Most notably, it has proposed imposing a HK$5 million (US$644,054) fine and up to seven years of imprisonment as a deterrent against non-compliant and unlicensed activities.
Those that flout the AML and counterterrorist financing requirements will face a fine of HK$1 million and up to two years in prison.
Major bitcoin mining region in China sets tough penalties for cryptocurrency activities
May 25, 2021
China’s Inner Mongolia region has proposed punishments for companies and individuals involved in digital currency mining as it looks to further crack down on the practice.
The move comes after Chinese Vice Premier Liu He said last week in a statement that it is necessary to “crack down on Bitcoin mining and trading behavior” to prevent the “transmission of individual risks to the social field.”
There are also harsh punishments for individuals involved in money laundering of fundraising via digital currencies.
Why It’s Tough to Send Aid Money to Palestine During the Latest Israel-Hamas Conflict
May 22, 2021
Banks in Israel and around the world are restricting business relationships with what they consider to be risky clients, along with Israel’s ongoing, severe controls on the movement of people and goods to and from Gaza, undermine Palestine’s economy and hinder development, according to Marmur.
“They also impact humanitarian and human rights organizations working in the region as well as businesses who have employees in Gaza, and block families from sending remittances to the Strip,” Marmur said.
Story from Markets Market Wrap: China Breaks Crypto as Bitcoin Falls to $36K, ETH Drops $300 in Two Hours
May 22, 2021
The main catalyst for the move down Friday was a statement from a China’s State Council on BTC: “We should crack down on bitcoin mining and trading activities and prevent individual risks from being passed to the whole society.”
https://www.coindesk.com/market-wrap-china-bitcoin-eth-drops
Hong Kong to restrict crypto exchanges to professional investors
May 21, 2021
Cryptocurrency exchanges operating in Hong Kong will have to be licenced by the city’s markets regulator and will only be allowed to provide services to professional investors, according to government proposals published on Friday.
According to Hong Kong law, an individual must have a portfolio of HK$8 million ($1.03 million) to count as a professional investor.
U.S. SEC chair says more investor protection needed on crypto exchanges
May 21,2021
U.S. Securities and Exchange Commission Chair Gary Gensler said on Thursday he would like to see more regulation around cryptocurrency exchanges, including those that solely trade bitcoin and do not currently have to register with his agency.
His comments came one day after a brutal sell-off in bitcoin on concerns over tighter regulation in China and unease over the extent of leveraged positions among investors.
Futu Plans to Offer Crypto Trading in US, Singapore, Hong Kong
May 21, 2021
Speaking on Futu’s Q1 earnings call Wednesday, Senior Vice President Robin Li Xu said the Tencent-backed trading firm has begun applying for “digital currency–related licenses” in the U.S., Singapore and Hong Kong.
During the earnings call, the Nasdaq-listed Futu, which had not previously disclosed its crypto offering, didn’t elaborate on what the new trading service would look like. Xu said the feature should launch in the second half of 2021.
Figure Technologies, a blockchain-based startup for providing loans is closing a $200 million Series D funding round at a $3.2 billion valuation.
May 20, 2021
10T Holdings and Morgan Creek Digital are co-leading the round, which is joined by DCM, Digital Currency Group, HCM Capital, Ribbit Capital, RPM Ventures, the partners at DST Global.
The company, founded by former SoFi CEO Mike Cagney, uses blockchain technology for products including home lending, capital table management, fund management and administration, banking and payments.
https://www.finextra.com/newsarticle/38100/figure-hits-32bn-valuation-on-200m-fund-raise
Explainer: What Beijing’s new crackdown means for crypto in China
May 20, 2021
Chinese regulators have tightened restrictions that ban financial institutions and payment companies from providing services related to cryptocurrencies, marking a fresh crackdown on digital money.
Compared with a previous ban issued in 2017, the new rules greatly expanded the scope of prohibited services, and judged that “virtual currencies are not supported by any real value”.
https://www.reuters.com/world/china/what-beijings-new-crackdown-means-crypto-china-2021-05-19/
Bitcoin plunged 30% to near $30,000 at one point on Wednesday, continuing a major sell-off in the cryptocurrency markets that began a week ago.
May 18, 2021
The sharp drop means bitcoin had temporarily erased all its gains following Tesla’s announcement that it would purchase $1.5 billion worth of the cryptocurrency. It was also down more than 50% since hitting a record high of $64,829 in mid-April.
https://www.cnbc.com/2021/05/19/bitcoin-btc-price-plunges-but-bottom-could-be-near-.html
Elon Musk says Tesla will stop accepting bitcoin for car purchases, citing environmental concerns
May 12, 2021
Tesla CEO Elon Musk said Wednesday on Twitter that Tesla has “suspended vehicle purchases using bitcoin,” out of concern over “rapidly increasing use of fossil fuels for bitcoin mining.”
The price of bitcoin dropped about 5% in the first minutes after Musk’s announcement.
Jun. 16, 2020 – Hong Kong
2020 GOSS Joint Virtual Crypto with CITYU CB & SDSC, B2, and Crypto Review
The 2020 Virtual Crypto Forum was successfully held on 16 June 2020 at City University of Hong Kong on the theme “The Role of Cryptocurrency – Blockchain in the Post – Pandemic World”. Through Webinar by Zoom, more than 250 participants registered the forum and 170 participants were once online at the same time.
This Forum was the First Joint Crypto Forum, also the fourth biennial GOSS Forum. It was jointly organized by College of Business and School of Data Science at City University of Hong Kong (CITYU CB & SDSC), GOSS, B2 FinTech School (B2) and Crypto Review.
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Sep 30, 2019
Crypto Review – Inaugural Issue
We are pleased to announce the inaugural issue of Crypto Review.
It began in the winter of 2018, when mainstream opinions voiced the end of cryptocurrency. We believed otherwise. Thanks to nearly one year’s effort and contribution from our colleagues, friends, and supporters, Crypto Review is created to bring you cryptocurrency focused, forward looking content with long term impact from both industry and academic perspective…
Aug 14, 2019
China’s Official Digital Currency is on Its Way
Mu Changchun, Deputy Chief in the Payment and Settlement Division of People’s Bank of China (PBOC) announced at the China Finance 40 Group meeting on 10 August 2019 that China’s central bank digital currency (CBDC) will soon roll out…
