TL;DR Breakdown The UK has enforced the Travel Rule for cryptocurrency starting September 1. Crypto firms in the UK must now gather, verify, and share specifics linked to crypto transfers. Rule mandates a “risk-based assessment” for funds from regions not following the Travel Rule. Description It’s official. The United Kingdom, in its latest regulatory move, has placed a tight leash on the crypto industry. As of September 1, crypto-focused firms within the UK borders will find themselves contending with the Travel Rule for cryptocurrency. And while it might be named the “Travel Rule”, there’s no vacation in sight for these … Read more It’s official. The United Kingdom, in its latest regulatory move, has placed a tight leash on the crypto industry. As of September 1, crypto-focused firms within the UK borders will find themselves contending with the Travel Rule for cryptocurrency. And while it might be named the “Travel Rule”, there’s no vacation in sight for these businesses. Understanding the UK’s New Stance For the uninitiated, this rule mandates virtual asset service providers (VASPs) located within the UK to…

TL;DR Breakdown Kaiko researchers have claimed that USDT has been facing stability issues since August. Proposed solutions for USDT’s stability. Description USDT, the largest stablecoin in the crypto industry by market capitalization, has faced a series of depegging incidents throughout August, according to recent research by Kaiko. Stablecoins, which are digital currencies pegged to specific assets like the U.S. dollar or British pound, are designed to maintain a stable value. However, in times of extreme market … Read more USDT, the largest stablecoin in the crypto industry by market capitalization, has faced a series of depegging incidents throughout August, according to recent research by Kaiko. Stablecoins, which are digital currencies pegged to specific assets like the U.S. dollar or British pound, are designed to maintain a stable value. However, in times of extreme market volatility, they can deviate from their pegged value. Stablecoins role in the crypto industry Stablecoins play a crucial role in the cryptocurrency ecosystem by providing stability and a familiar reference point for traders and investors. These coins are meant to maintain a 1:1 peg with their…

TL;DR Breakdown A People’s Court in China has affirmed that virtual assets are legal despite a crypto ban. Evolving crypto landscape in China. Description In a recent report, a People’s Court in China delved into the legality of virtual assets, examining their attributes within the framework of criminal law. This move marks an intriguing development in a nation that has historically maintained a strict stance against cryptocurrencies. The court’s analysis concludes that, despite China’s blanket ban on foreign digital … Read more In a recent report, a People’s Court in China delved into the legality of virtual assets, examining their attributes within the framework of criminal law. This move marks an intriguing development in a nation that has historically maintained a strict stance against cryptocurrencies. The court’s analysis concludes that, despite China’s blanket ban on foreign digital assets, virtual assets held by individuals are still considered legal property and are protected by existing laws. China court classes virtual assets as properties The People’s Courts in the People’s Republic of China hold significant authority as they exercise judicial power independently, free…

TL;DR Breakdown The United States Department of Commerce has refuted claims about chip exports to the Middle East. International response to export controls. Description The United States Department of Commerce, in an announcement on August 31st, clarified that the Biden administration has not imposed restrictions on chip sales to the Middle East. This statement comes in response to recent revelations in a Nvidia report, indicating that the United States government had expanded the requirements for export licenses related to … Read more The United States Department of Commerce, in an announcement on August 31st, clarified that the Biden administration has not imposed restrictions on chip sales to the Middle East. This statement comes in response to recent revelations in a Nvidia report, indicating that the United States government had expanded the requirements for export licenses related to artificial intelligence (AI) chips. A similar letter from regulators was also received by Advanced Micro Devices (AMD), a direct competitor of Nvidia. United States government rolls out new export requirements While the Department of Commerce did not specify which U.S. companies might be…

TL;DR Breakdown The Colorado Division of Motor Vehicles (DMV) has become the first government agency in the state to accept cryptocurrency as payment for online services like driver’s licenses and vehicle registrations. To enable this, the DMV has partnered with PayPal, which will handle the cryptocurrency transactions by converting digital assets into dollars. A service fee will be applied for using this payment method. Description The Colorado Division of Motor Vehicles (DMV) has started accepting cryptocurrency as a form of payment for its online services. This initiative makes the DMV the first government agency in the state to embrace digital assets for financial transactions. PayPal crypto enables payments for driver’s licenses and vehicle registrations To facilitate this new payment option, … Read more The Colorado Division of Motor Vehicles (DMV) has started accepting cryptocurrency as a form of payment for its online services. This initiative makes the DMV the first government agency in the state to embrace digital assets for financial transactions. PayPal crypto enables payments for driver’s licenses and vehicle registrations To facilitate this new payment option, the DMV…

TL;DR Breakdown New court documents reveal that SBF is prepared to pay substantial fees to its expert witnesses, potentially exceeding the compensation offered to prosecution witnesses. One of the most prominent expert witnesses, former Federal Election Commission Chairperson Bradley Smith, is expected to charge SBF’s legal team an impressive $1,200 per hour for his testimony. The compensation offered to expert witnesses on both sides underscores the complexity and significance of the case. Description As the trial date for Sam Bankman-Fried (SBF), the co-founder of FTX, approaches, new court documents reveal that SBF is prepared to pay substantial fees to his expert witnesses, potentially exceeding the compensation offered to prosecution witnesses. The trial, which is currently scheduled for October 2, 2023, centers around allegations of fraud, and SBF intends … Read more As the trial date for Sam Bankman-Fried (SBF), the co-founder of FTX, approaches, new court documents reveal that SBF is prepared to pay substantial fees to his expert witnesses, potentially exceeding the compensation offered to prosecution witnesses. The trial, which is currently scheduled for October 2, 2023, centers around…

TL;DR Breakdown Nearly $1 billion has been lost to cybercrimes in the cryptocurrency market in 2023, with August accounting for $45.8 million in losses, according to reports from CertiK. Exit scams were the largest contributor to August’s losses, amounting to around $26 million, followed by exploits at $13.5 million and flash loans at $6.4 million. Description In a year that has seen the cryptocurrency market continue to mature, a darker narrative has also unfolded. Nearly $1 billion has been lost to various forms of cybercrime in the crypto space in 2023, according to a report by CertiK, a blockchain security firm  August alone sees $45.8 million in losses Data from CertiK, … Read more In a year that has seen the cryptocurrency market continue to mature, a darker narrative has also unfolded. Nearly $1 billion has been lost to various forms of cybercrime in the crypto space in 2023, according to a report by CertiK, a blockchain security firm  August alone sees $45.8 million in losses Data from CertiK, a blockchain security company, revealed that the month of August alone…

TL;DR Breakdown A joint advisory from the FBI, NSA, CISA, and the UK’s NCSC has warned about a new malware called Infamous Chisel, linked to Russia’s GRU military intelligence agency, that targets cryptocurrency wallets and exchange apps on Android devices. The malware specifically seeks out directories related to popular crypto applications like Brave, Binance, Coinbase, and the Trust crypto wallet, as well as communication platforms Telegram and Discord. It also targets the Android Keystore system for storing private keys. Despite its low to medium sophistication and lack of stealth techniques, the malware poses a significant threat to digital assets, especially as it comes at a time when cybercriminals are increasingly targeting valuable digital assets, including cryptocurrencies. Description A joint advisory report from the Federal Bureau of Investigation (FBI), National Security Agency (NSA), Cybersecurity and Infrastructure Security Agency (CISA), and the UK’s National Cyber Security Centre (NCSC) has shed light on a new malware strain known as Infamous Chisel. This malware is specifically designed to target cryptocurrency wallets and exchange applications. The malware … Read more A joint advisory report from…

TL;DR Breakdown Robinhood buys back $605 million in shares from Sam Bankman-Fried’s bankrupt company, Emergent Fidelity Technologies. The buyback occurs as Sam Bankman-Fried prepares for a trial in October with a costly defense team of expert witnesses. Description Robinhood has successfully repurchased $605 million worth of its shares from Sam Bankman-Fried’s Emergent Fidelity Technologies. The share repurchase agreement received approval from the U.S. District Court for the Southern District of New York on August 28, according to a filing with the U.S. Securities and Exchange Commission (SEC) dated August 30. The share buyback … Read more Robinhood has successfully repurchased $605 million worth of its shares from Sam Bankman-Fried’s Emergent Fidelity Technologies. The share repurchase agreement received approval from the U.S. District Court for the Southern District of New York on August 28, according to a filing with the U.S. Securities and Exchange Commission (SEC) dated August 30. The share buyback involved Robinhood repurchasing over 55 million shares from the United States Marshal Service, which acted on behalf of the government. Each share was priced at $10.96. Robinhood’s Chief Financial…

TL;DR Breakdown Nexo has introduced a unique Mastercard for European Economic Area (EEA) residents, featuring both debit and credit functionalities. The card offers up to 9% annual interest on stored balances and up to 2% cashback on credit lines. The company faces regulatory challenges, particularly in its home country of Bulgaria, where it has been scrutinized for alleged legal violations. Despite this, the card is EEA-exclusive and adheres to Know Your Customer (KYC) regulations. Description Nexo, a Bulgaria-based decentralized lending platform, has unveiled a Mastercard offering both debit and credit functionalities exclusively for European Economic Area (EEA) residents. This marks a significant step in financial innovation, aiming to provide a seamless experience for managing digital assets. Nexo’s card with debit and credit capabilities The Nexo Card allows transactions in multiple … Read more Nexo, a Bulgaria-based decentralized lending platform, has unveiled a Mastercard offering both debit and credit functionalities exclusively for European Economic Area (EEA) residents. This marks a significant step in financial innovation, aiming to provide a seamless experience for managing digital assets. The future of #crypto payments is…