May 30, 2024 By Sharan Kaur Phillora The stablecoin sector is gaining significant traction as it facilitates Russia in settling deals with China. This shift towards crypto is driven by international sanctions challenges. Here’s what we know: Recent media reports highlighted that Russian firms are increasingly using stablecoins like Tether (USDT) to execute financial transactions […]

May 29, 2024 By Sharan Kaur Phillora An investigation has revealed that non-fungible tokens (NFTs) from Damien Hirst’s “The Currency” collection were mass-produced later than initially claimed. Launched in 2021, Hirst stated that the artwork for the collection was created in 2016. However, reports indicate that at least 1,000 of these artworks were actually produced

May 29, 2024 By Anjali Kochhar Hong Kong is preparing to trial its retail digital currency, e-HKD, in the mortgage sector. The Hong Kong Monetary Authority (HKMA) plans to pilot e-HKD with select participants to enhance the pricing and distribution of mortgages, according to media reports. This trial aims to streamline mortgage processes, potentially allowing

May 28, 2024 By Sharan Kaur Phillora Cryptocurrencies have transformed global finance, becoming both tools for innovation and means for illicit activities. Even with laws and regulations in place, some exploit these digital assets to skirt legal boundaries. A recent case in China exemplifies this issue, involving a bank allegedly using the USDT stablecoin to

May 28, 2024 By Anjali Kochhar Despite China’s ban on cryptocurrency trading in 2021, recent searches on underground gangs exploiting digital assets for illegal foreign exchange operations highlight the ineffectiveness of the restriction. Chengyi Ong, Chainalysis Inc.’s head of policy for the Asia-Pacific region, underlined that the prohibition is mostly ineffectual because crypto activity is

May 27, 2024 By Anjali Kochhar The United States House of Representatives enacted the Financial Innovation and Technology for the 21st Century Act, which has the potential to transform the landscape of digital currencies. The bill, supported by Republicans, seeks to create a new legal framework for digital assets. Despite warnings from the United States

May 27, 2024 By Sharan Kaur Phillora Hong Kong is actively exploring the integration of staking services into Ethereum-based exchange-traded funds (ETFs). The Securities and Futures Commission (SFC) and local ETF issuers are in discussions to evaluate this potential enhancement, as reported by Bloomberg on May 23. While these discussions are ongoing, no fixed timeline for

May 24, 2024 By Anjali Kochhar Donald Trump’s presidential campaign has declared that it will accept bitcoin payments, intending to build a “crypto army” ahead of the 2017 elections. The campaign launched a dedicated fundraising page where supporters could donate using a variety of digital assets, including Bitcoin, Ether, US Dollar Coin, Shiba Inu Coin,

May 24, 2024 By Sharan Kaur Phillora Hong Kong’s privacy watchdog, the Office of the Privacy Commissioner for Personal Data (PCPD), has ordered Worldcoin to cease all operations in the city due to concerns over “excessive” data collection. The PCPD’s investigation revealed that Worldcoin’s requirement for users to provide face and iris scans to verify their

May 23, 2024 By Sharan Kaur Phillora Hong Kong’s stringent licensing regulations for crypto exchanges have led to a significant number of withdrawals, with seven exchanges, including IBTCEX and Huobi HK, pulling their applications ahead of the May 31 deadline. The Securities and Futures Commission of Hong Kong (SFC) has enforced these regulations, requiring all non-compliant