Afghan Authorities Shut Down 16 Crypto Exchanges in One Week: Report
The Afghanistan police force shut down 16 cryptocurrency exchanges and arrested staff in the country's western Herat province over the past week, local media outlet Ariana News reported on Wednesday. Although multiple reports have so far suggested the demand for crypto in the country has been rising since the Taliban came to power last year, Afghan residents quoted in the article seem to be in favor of the government monitoring digital currency trade. (Read more) Wounded Crypto Traders Desperate for Clues From Fed’s Big Meeting This Week Despite its original value proposition as an inflation and/or chaos hedge, crypto markets have largely moved in sync with traditional financial markets. Investors are hoping that Federal Reserve Chair Jerome Powell may be more dovish after central bankers gather in Jackson Hole, Wyoming this weekend than he has been after the last Federal Open Markets Committee meeting. This is important as it suggests the Fed's influence on crypto extends far past potentially offering crypto companies the opportunity to be banks and conversations about central bank digital currencies. (Read more) Former SEC Head Clayton Joins Crypto Investment Firm: Bloomberg Former Securities and Exchange Commission Chair Jay Clayton is joining crypto-focused venture capital firm Electric Capital. He continues a trend of former federal regulators joining crypto companies after leaving public service, an evolution of the so-called "revolving door" often seen in Washington, D.C. (Read more) Former South Korea Finance Vice Minister Becomes CEO of Blockchain Research Entity Former South Korean Ministry of Economy and Finance First Vice Minister Yong-beom Kim is the new CEO of Hashed Open Research, a blockchain research firm backed by the venture capital firm Hashed. He continues a trend of former federal policymakers joining crypto companies after leaving public service, an evolution of the so-called "revolving door" often seen in Washington, D.C. (Read more) $100 Million in NFTs Stolen Over Past Year: Elliptic Cybercriminals have stolen more than $100 million worth of non-fungible tokens (NFTs) between July 2021 and July 2022, according to crypto analytics firm Elliptic. Furthermore, a significant chunk of value was laundered through crypto mixers, like Tornado Cash. If this type of criminal activity keeps up, regulators may decide they have no choice but to try and impose sanctions or penalties on other mixers. (Read more) SEC Extends Comment Period on Yet Another Spot Bitcoin ETF Bid: SEC The Securities and Exchange Commission extended the amount of time it has to approve or reject a spot bitcoin exchange-traded fund application from VanEck and Cboe BZX. This is a procedural move that happens every time someone applies for a spot bitcoin ETF, and I still haven't seen any signs that such an ETF will get the SEC's approval. (Read more) SEC Briefly Mentions Crypto in List of 2022-2026 Strategic Plan: SEC The Securities and Exchange Commission mentioned crypto in its 2022-2026 strategic plan. The regulator will examine what sort of risk the growth of crypto might pose to future market volatility; and continue to build its expertise in crypto. Not a lot of meat here. (Read more) Financial Action Task Force Finds the Netherlands' Crypto Banks Largely Do What They're Supposed To: FATF The Financial Action Task Force, an international money laundering watchdog, found taht while the Netherlands' approach to regulating crypto had "moderate shortcomings," bringing it in line with other major European powers such as Denmark. Still, crypto companies in the Netherlands are themselves fairly compliant with the country's laws. This is interesting but not particularly significant. (Read more) BitBoy Crypto Says He’s Dropping Defamation Suit Against Fellow YouTuber This could have been an interesting defamation lawsuit to follow; YouTuber Ben Armstrong, otherwise known as "BitBoy Crypto," filed a lawsuit against fellow YouTuber Erling Mengshoel, otherwise known as "Atozy," accusing Atozy of defaming BitBoy by basically calling him a scammer. Armstrong said he would withdraw the suit after an immense public backlash. (Read more) (Read more) The Ethereum Merge Has an Official Kick-Off Date Some fairly large markets now revolve around the Ethereum blockchain and ether cryptocurrency, so regulators should pay attention to how its upcoming shift from proof-of-work to proof-of-stake is executed, and whether there are any major issues. Financial product providers offering ether-related products (such as futures) should also pay close attention. (Read more) (Read more) Siam Commercial Bank Scraps $500M Purchase of Stake in Thailand’s Largest Crypto Exchange
One of Thailand’s oldest lenders, the Siam Commercial Bank (SCB), has abandoned a plan to buy 51% of the country’s largest crypto exchange, Bitkub Online, citing unresolved regulatory issues. In May, Bitkub was hit with fines from Thailand’s securities regulator for not complying with digital asset listing rules when adding KUB Coin, the exchange’s native token. Although the bank said a due diligence investigation of Bitkub didn’t highlight any major problems, the move to withdraw the deal reflects the intensifying regulatory caution around crypto in the wake of the recent market crash. (Read more) Philippines Authorizes 2 New Digital Banks: Forkast The Philippines' central bank issued certificates of authority to UnionDigital Bank and GoTyme Bank, bringing its total number of digital banks to six. While there isn't a huge crypto component to this specific news, the Philippines is making an effort to move more of its retail payments volume to digital transactions, which could open a door for crypto transactions. (Read more) | 