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This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

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October 27, 2022

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\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

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\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

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Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

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November 24, 2024

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\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

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Banking

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November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

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Banking

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November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

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November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

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Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

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Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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By subscribing, you agree with our privacy and terms.

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\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

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Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

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Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Follow The Distributed

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\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

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November 24, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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Banking

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November 24, 2024

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November 24, 2024

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\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Follow The Distributed

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\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Follow The Distributed

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ADVERTISEMENT

\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Follow The Distributed

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\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

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Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Follow The Distributed

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\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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November 24, 2024

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\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Follow The Distributed

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\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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Banking

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November 24, 2024

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\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

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Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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November 24, 2024

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\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

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\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

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Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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ADVERTISEMENT

\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
$\"\"$ <\/figure>\n\n\n\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n","post_title":"South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-watchdog-goes-after-crypto-whales-to-enforceaml-compliance","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2022-10-27 17:31:06","post_modified_gmt":"2022-10-27 06:31:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7869","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7450,"post_author":"7","post_date":"2022-09-28 21:53:22","post_date_gmt":"2022-09-28 11:53:22","post_content":"\n
$\"\"$ <\/figure>\n\n\n\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The agency concluded that there was not enough compliance with these standards. It has promised to report on illicit transactions and behaviors frequently. Additionally, it motivates exchanges to set up a suitable AML system.<\/span><\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n","post_title":"South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-watchdog-goes-after-crypto-whales-to-enforceaml-compliance","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2022-10-27 17:31:06","post_modified_gmt":"2022-10-27 06:31:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7869","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7450,"post_author":"7","post_date":"2022-09-28 21:53:22","post_date_gmt":"2022-09-28 11:53:22","post_content":"\n
$\"\"$ <\/figure>\n\n\n\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The Financial Intelligence Unit (FIU) of South Korea recently completed a study on cryptocurrency exchanges focusing on AML breaches and requirements related to countering terrorist funding. FIU is an organization that works to stop money laundering and unauthorized financial transfers.<\/li><\/ul>\n\n\n\n
The agency concluded that there was not enough compliance with these standards. It has promised to report on illicit transactions and behaviors frequently. Additionally, it motivates exchanges to set up a suitable AML system.<\/span><\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n","post_title":"South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-watchdog-goes-after-crypto-whales-to-enforceaml-compliance","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2022-10-27 17:31:06","post_modified_gmt":"2022-10-27 06:31:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7869","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7450,"post_author":"7","post_date":"2022-09-28 21:53:22","post_date_gmt":"2022-09-28 11:53:22","post_content":"\n
$\"\"$ <\/figure>\n\n\n\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

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December 19, 2024

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November 24, 2024

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\n
South Korea is renowned for its stringent enforcement of crypto-related rules, particularly in the aftermath<\/a> of the Terra ecosystem's collapse. Its financial authorities have intensified their work to safeguard investors and pass crypto law by the beginning of 2024.<\/span><\/li><\/ul>\n\n\n\n
The Financial Intelligence Unit (FIU) of South Korea recently completed a study on cryptocurrency exchanges focusing on AML breaches and requirements related to countering terrorist funding. FIU is an organization that works to stop money laundering and unauthorized financial transfers.<\/li><\/ul>\n\n\n\n
The agency concluded that there was not enough compliance with these standards. It has promised to report on illicit transactions and behaviors frequently. Additionally, it motivates exchanges to set up a suitable AML system.<\/span><\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n","post_title":"South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-watchdog-goes-after-crypto-whales-to-enforceaml-compliance","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2022-10-27 17:31:06","post_modified_gmt":"2022-10-27 06:31:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7869","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7450,"post_author":"7","post_date":"2022-09-28 21:53:22","post_date_gmt":"2022-09-28 11:53:22","post_content":"\n
$\"\"$ <\/figure>\n\n\n\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

Previous 1 … 12 13 14 15 16 … 18 Next

Most Read

Regulation

South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance

October 27, 2022

Artificial Intelligence

Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

December 19, 2024

Artificial Intelligence

Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

August 15, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Type your email here

Follow The Distributed

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\n
Crypto Whales Facing Extensive AML Rules<\/h2>\n\n\n\n
South Korea is renowned for its stringent enforcement of crypto-related rules, particularly in the aftermath<\/a> of the Terra ecosystem's collapse. Its financial authorities have intensified their work to safeguard investors and pass crypto law by the beginning of 2024.<\/span><\/li><\/ul>\n\n\n\n
The Financial Intelligence Unit (FIU) of South Korea recently completed a study on cryptocurrency exchanges focusing on AML breaches and requirements related to countering terrorist funding. FIU is an organization that works to stop money laundering and unauthorized financial transfers.<\/li><\/ul>\n\n\n\n
The agency concluded that there was not enough compliance with these standards. It has promised to report on illicit transactions and behaviors frequently. Additionally, it motivates exchanges to set up a suitable AML system.<\/span><\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n","post_title":"South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-watchdog-goes-after-crypto-whales-to-enforceaml-compliance","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2022-10-27 17:31:06","post_modified_gmt":"2022-10-27 06:31:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7869","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7450,"post_author":"7","post_date":"2022-09-28 21:53:22","post_date_gmt":"2022-09-28 11:53:22","post_content":"\n
$\"\"$ <\/figure>\n\n\n\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
See Related: <\/em><\/strong>Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
Crypto Whales Facing Extensive AML Rules<\/h2>\n\n\n\n
South Korea is renowned for its stringent enforcement of crypto-related rules, particularly in the aftermath<\/a> of the Terra ecosystem's collapse. Its financial authorities have intensified their work to safeguard investors and pass crypto law by the beginning of 2024.<\/span><\/li><\/ul>\n\n\n\n
The Financial Intelligence Unit (FIU) of South Korea recently completed a study on cryptocurrency exchanges focusing on AML breaches and requirements related to countering terrorist funding. FIU is an organization that works to stop money laundering and unauthorized financial transfers.<\/li><\/ul>\n\n\n\n
The agency concluded that there was not enough compliance with these standards. It has promised to report on illicit transactions and behaviors frequently. Additionally, it motivates exchanges to set up a suitable AML system.<\/span><\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n","post_title":"South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-watchdog-goes-after-crypto-whales-to-enforceaml-compliance","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2022-10-27 17:31:06","post_modified_gmt":"2022-10-27 06:31:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7869","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7450,"post_author":"7","post_date":"2022-09-28 21:53:22","post_date_gmt":"2022-09-28 11:53:22","post_content":"\n
$\"\"$ <\/figure>\n\n\n\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The report also indicated that stablecoins, particularly ones widely utilized by the general population, are more likely to be employed in criminal activity.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
Crypto Whales Facing Extensive AML Rules<\/h2>\n\n\n\n
South Korea is renowned for its stringent enforcement of crypto-related rules, particularly in the aftermath<\/a> of the Terra ecosystem's collapse. Its financial authorities have intensified their work to safeguard investors and pass crypto law by the beginning of 2024.<\/span><\/li><\/ul>\n\n\n\n
The Financial Intelligence Unit (FIU) of South Korea recently completed a study on cryptocurrency exchanges focusing on AML breaches and requirements related to countering terrorist funding. FIU is an organization that works to stop money laundering and unauthorized financial transfers.<\/li><\/ul>\n\n\n\n
The agency concluded that there was not enough compliance with these standards. It has promised to report on illicit transactions and behaviors frequently. Additionally, it motivates exchanges to set up a suitable AML system.<\/span><\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n","post_title":"South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-watchdog-goes-after-crypto-whales-to-enforceaml-compliance","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2022-10-27 17:31:06","post_modified_gmt":"2022-10-27 06:31:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7869","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7450,"post_author":"7","post_date":"2022-09-28 21:53:22","post_date_gmt":"2022-09-28 11:53:22","post_content":"\n
$\"\"$ <\/figure>\n\n\n\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
According to reports<\/a> by local media, the FSC stated that a greater percentage of digital assets and stablecoins<\/a> is associated with a higher risk of money laundering. Therefore, under the new Anti-Money Laundering guidelines, additional attention should be paid to monitoring crypto whales with substantial holdings of digital assets and stablecoins.<\/li><\/ul>\n\n\n\n
The report also indicated that stablecoins, particularly ones widely utilized by the general population, are more likely to be employed in criminal activity.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
Crypto Whales Facing Extensive AML Rules<\/h2>\n\n\n\n
South Korea is renowned for its stringent enforcement of crypto-related rules, particularly in the aftermath<\/a> of the Terra ecosystem's collapse. Its financial authorities have intensified their work to safeguard investors and pass crypto law by the beginning of 2024.<\/span><\/li><\/ul>\n\n\n\n
The Financial Intelligence Unit (FIU) of South Korea recently completed a study on cryptocurrency exchanges focusing on AML breaches and requirements related to countering terrorist funding. FIU is an organization that works to stop money laundering and unauthorized financial transfers.<\/li><\/ul>\n\n\n\n
The agency concluded that there was not enough compliance with these standards. It has promised to report on illicit transactions and behaviors frequently. Additionally, it motivates exchanges to set up a suitable AML system.<\/span><\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n","post_title":"South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-watchdog-goes-after-crypto-whales-to-enforceaml-compliance","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2022-10-27 17:31:06","post_modified_gmt":"2022-10-27 06:31:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7869","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7450,"post_author":"7","post_date":"2022-09-28 21:53:22","post_date_gmt":"2022-09-28 11:53:22","post_content":"\n
$\"\"$ <\/figure>\n\n\n\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The Financial Service Commission of South Korea has announced new regulations for the cryptocurrency market requiring the surveillance of owners of more than $100 million won in this asset class in cryptocurrency holdings. This is one of the measures the financial regulator is taking to implement AML and aims to prevent money laundering.<\/li><\/ul>\n\n\n\n
According to reports<\/a> by local media, the FSC stated that a greater percentage of digital assets and stablecoins<\/a> is associated with a higher risk of money laundering. Therefore, under the new Anti-Money Laundering guidelines, additional attention should be paid to monitoring crypto whales with substantial holdings of digital assets and stablecoins.<\/li><\/ul>\n\n\n\n
The report also indicated that stablecoins, particularly ones widely utilized by the general population, are more likely to be employed in criminal activity.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
Crypto Whales Facing Extensive AML Rules<\/h2>\n\n\n\n
South Korea is renowned for its stringent enforcement of crypto-related rules, particularly in the aftermath<\/a> of the Terra ecosystem's collapse. Its financial authorities have intensified their work to safeguard investors and pass crypto law by the beginning of 2024.<\/span><\/li><\/ul>\n\n\n\n
The Financial Intelligence Unit (FIU) of South Korea recently completed a study on cryptocurrency exchanges focusing on AML breaches and requirements related to countering terrorist funding. FIU is an organization that works to stop money laundering and unauthorized financial transfers.<\/li><\/ul>\n\n\n\n
The agency concluded that there was not enough compliance with these standards. It has promised to report on illicit transactions and behaviors frequently. Additionally, it motivates exchanges to set up a suitable AML system.<\/span><\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n","post_title":"South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-watchdog-goes-after-crypto-whales-to-enforceaml-compliance","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2022-10-27 17:31:06","post_modified_gmt":"2022-10-27 06:31:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7869","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7450,"post_author":"7","post_date":"2022-09-28 21:53:22","post_date_gmt":"2022-09-28 11:53:22","post_content":"\n
$\"\"$ <\/figure>\n\n\n\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
South Korea's Financial Service Commission will keep an eye on cryptocurrency \"whales\" with holdings worth more than KRW$100M (US$70,600) It aims to stop any illegal or money-laundering behaviour.<\/p>\n\n\n\n
The Financial Service Commission of South Korea has announced new regulations for the cryptocurrency market requiring the surveillance of owners of more than $100 million won in this asset class in cryptocurrency holdings. This is one of the measures the financial regulator is taking to implement AML and aims to prevent money laundering.<\/li><\/ul>\n\n\n\n
According to reports<\/a> by local media, the FSC stated that a greater percentage of digital assets and stablecoins<\/a> is associated with a higher risk of money laundering. Therefore, under the new Anti-Money Laundering guidelines, additional attention should be paid to monitoring crypto whales with substantial holdings of digital assets and stablecoins.<\/li><\/ul>\n\n\n\n
The report also indicated that stablecoins, particularly ones widely utilized by the general population, are more likely to be employed in criminal activity.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes<\/a><\/p>\n\n\n\n
Crypto Whales Facing Extensive AML Rules<\/h2>\n\n\n\n
South Korea is renowned for its stringent enforcement of crypto-related rules, particularly in the aftermath<\/a> of the Terra ecosystem's collapse. Its financial authorities have intensified their work to safeguard investors and pass crypto law by the beginning of 2024.<\/span><\/li><\/ul>\n\n\n\n
The Financial Intelligence Unit (FIU) of South Korea recently completed a study on cryptocurrency exchanges focusing on AML breaches and requirements related to countering terrorist funding. FIU is an organization that works to stop money laundering and unauthorized financial transfers.<\/li><\/ul>\n\n\n\n
The agency concluded that there was not enough compliance with these standards. It has promised to report on illicit transactions and behaviors frequently. Additionally, it motivates exchanges to set up a suitable AML system.<\/span><\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>South Korean Government To Invest $187M Into The Metaverse<\/a><\/p>\n","post_title":"South Korean Watchdog Goes After Crypto Whales To Enforce AML Compliance","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"south-korean-watchdog-goes-after-crypto-whales-to-enforceaml-compliance","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2022-10-27 17:31:06","post_modified_gmt":"2022-10-27 06:31:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7869","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7450,"post_author":"7","post_date":"2022-09-28 21:53:22","post_date_gmt":"2022-09-28 11:53:22","post_content":"\n
$\"\"$ <\/figure>\n\n\n\n
Binance, the world's largest cryptocurrency exchange, has introduced a new and dedicated law enforcement program to detect and combat financial and cyber crimes in the crypto industry. This article provides more information.<\/p>\n\n\n\n
Binance launched an industry-first 'Global Law Enforcement Training Program.' The program will connect law enforcement worldwide to seek out malicious actors in the crypto world. Further, the program is designed to assist law enforcement in prosecuting these actors who exploit digital assets<\/li>
This law enforcement training program came into effect due to increased rates of cryptocurrency scams. The exchange platform believes this program will improve working hand-in-hand with law enforcement and regulators across the globe.<\/li>
Binance exchange carried out an extensive workshop<\/a> in the past year to orientate authorities in different countries regarding this program. These countries include Argentina, Brazil, Canada, France, Germany, Israel, Netherlands, Philippines, Sweden, South Korea, and the U.K.<\/li>
Binance reported that its investigation team has responded to over 27,000 law enforcement requests since 2021. In addition, Binance has also worked closely with international regulatory agencies, addressing important compliance issues such as anti-money laundering.<\/li>
The Binance Investigation Team has scored recent victories against crypto crimes. 0n September 3, the CEO of Binance, CZ, revealed that the Investigation team had identified two suspects<\/a> involved in a $265,000 theft from KyberSwap. He further announced<\/a> that Binance is making a resumed effort with the U.S. Department of Justice to return over 100,000 ETH stolen from over 170,000 victims of Centra Tech Fraud.<\/li><\/ul>\n","post_title":"Binance Introduces New Law Enforcement Programs To Detect Crypto Crimes","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-introduces-new-law-enforcement-programs-to-detect-crypto-crimes","to_ping":"","pinged":"","post_modified":"2022-10-03 15:07:02","post_modified_gmt":"2022-10-03 04:07:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7450","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7439,"post_author":"7","post_date":"2022-09-28 21:16:09","post_date_gmt":"2022-09-28 11:16:09","post_content":"\n
Interpol issued a Red Notice against the founder of Terraform Labs, Do Kwon, in the early hours of Monday, September 26, 2022. This red notice results from Do Kwon losing more than $45 billion in investors\u2019 funds.<\/p>\n\n\n\n
Earlier this year, the Terra LUNA ecosystem collapsed<\/a>, losing more than $45 billion in investors\u2019 funds. The crash affected the crypto market, with other financial markets feeling the effects of Terra\u2019s collapse. He became a person of interest when Terra\u2019s algorithmic stablecoin<\/a> ($USTC formerly $UST) dropped to almost $0 within weeks.<\/li><\/ul>\n\n\n\n
After the crash, he relocated Terraform Labs HQ from South Korea to Singapore due to being under investigation for tax evasion charges. The Terra founder said he would cooperate with investigative agencies in the Terra crash and as nothing to hide. Further, Do Kwon posted on Twitter<\/a> describing himself with an \u201cextremely high bar of integrity.\u201d <\/li><\/ul>\n\n\n\n
However, South Korean prosecutors stated that Do Kwon was not cooperating, and he is on the run. As a result, Interpol has issued<\/a> a Red Notice on the Terra founder, thereby declaring him wanted in over 196 countries.<\/li><\/ul>\n\n\n\n
Despite being a wanted man, Do Kwon remains active on social media, with his current location in Singapore. In turn, governmental authorities are working on a new bill<\/a> to place a two-year ban on algorithmic stablecoin to prevent another Terra collapse.<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>Terra\u2019s Do Kwon Wanted For Arrest By Seoul Court<\/a><\/p>\n","post_title":"Interpol Issues Red Notice On Terraform Labs Founder Do Kwon","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"interpol-issues-red-notice-on-terraform-labs-founder-do-kwon","to_ping":"","pinged":"","post_modified":"2023-04-30 21:29:51","post_modified_gmt":"2023-04-30 11:29:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7439","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7397,"post_author":"7","post_date":"2022-09-26 18:55:51","post_date_gmt":"2022-09-26 08:55:51","post_content":"\n
The Internal Revenue Service (IRS) is moving on crypto holders who fail to report their crypto gains on their taxes. If you are a US taxpayer who holds crypto, here are some facts you should know.<\/p>\n\n\n\n
Despite the cryptocurrency market\u2019s bearishness, many bitcoin holders reportedly hold<\/a> the cryptocurrency at a profit. Consequently, the IRS requires US taxpayers who sold bitcoin or any cryptocurrency at a profit to file it in their tax reports.<\/li><\/ul>\n\n\n\n
Many crypto holders are failing to do so. The IRS is using every means available to enforce compliance on US taxpayers who hold crypto. A significant reason for strict compliance is that the IRS considers crypto property for tax purposes. Once a US taxpayer sells his cryptocurrency, the US tax code requires they report their gains or losses on their income statement. The \u201cproperty\u201d gains or losses are additional or decreased income.<\/li><\/ul>\n\n\n\n
No IRS code section exempts like-kind exchanges for cryptocurrencies. Like-kind payments allow tax deferment, and IRS section 1031 does not include crypto in like-kind exchanges. So, suppose a US taxpayer is trading Bitcoin for Ethereum. In that case, the transaction does not defer tax obligations on capital gains.<\/li><\/ul>\n\n\n\n
Taxpayers who trade cryptocurrencies in the United States must report their gains or losses in their tax reports. This is necessary to avoid facing severe actions from the US Government or the IRS resulting in the seizure of crypto assets. \u00a0<\/li><\/ul>\n\n\n\n
See Related: <\/em><\/strong>D.C. Attorney General Seeks To Collect $100M In Unpaid Taxes From Michael Saylor<\/a> <\/p>\n","post_title":"Are You Skipping Taxes As A Crypto Holder? What You Should Know","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"are-you-skipping-taxes-as-a-crypto-holder-what-you-should-know","to_ping":"","pinged":"","post_modified":"2022-09-26 18:57:39","post_modified_gmt":"2022-09-26 08:57:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7397","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7328,"post_author":"7","post_date":"2022-09-25 00:40:28","post_date_gmt":"2022-09-24 14:40:28","post_content":"\n
According to reports, Russia is currently legalizing digital assets for cross-border settlements. This new policy was agreed upon by the Ministry of Finance and the Central Bank of Russia.<\/p>\n\n\n\n
The Russian Government is reversing its stance<\/a> on cryptocurrency. The country\u2019s deputy Finance Minister, Alexei Moiseev, believes the cryptocurrency market requires regulation. However, with new sanctions from foreign countries such as the UK, the US, and the European Union, they are considering making crypto legal for cross-border payments.<\/li><\/ul>\n\n\n\n
The ministry of finance in Russia still calls for regulation, so there is no room for laundering, paying for drugs, and other criminal activities. Moiseev describes this crypto adoption as a unique opportunity for Russian citizens to open cryptocurrency wallets.<\/li><\/ul>\n\n\n\n
He explained that the Central Bank of Russia would supervise the wallets opened by the citizens to ensure they are compliant with anti-money laundering legislation. Also, the entities must perform a know-your-customer<\/a> evaluation to know their clients.<\/li><\/ul>\n\n\n\n
Russia faces specific issues despite crypto adoption. Their major \u2018friendly\u2019 partner in trade is China, which has banned the use of cryptocurrency. This situation could limit the payment and transaction potential of cryptocurrencies.<\/li><\/ul>\n\n\n\n
Many Russian citizens are using cryptocurrencies as a lifeline since the country\u2019s currency collapsed<\/a>. With the reports of the Russian Government adopting cryptocurrency, they can continue conducting business transactions without hindrance. Further development awaits all concerned parties regarding crypto adoption in Russia.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Will Russian Banks Blocked From SWIFT Turn To Crypto?<\/a><\/p>\n","post_title":"Russian Government To Legalize Crypto For Cross-Border Payments","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"russian-government-to-legalize-crypto-for-cross-border-payments","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/will-russian-banks-blocked-from-swift-turn-to-crypto\/","post_modified":"2022-09-25 00:41:39","post_modified_gmt":"2022-09-24 14:41:39","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7328","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7308,"post_author":"7","post_date":"2022-09-24 20:12:47","post_date_gmt":"2022-09-24 10:12:47","post_content":"\n
Ripple and the US Securities and Exchange Commission have been in a two-year legal tussle over allegations of breaching securities laws. Yet, many believe Ripple winning this case can have a \"ripple effect\" in the cryptocurrency market.<\/p>\n\n\n\n
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit accusing Ripple of selling $1.3 billion in unregistered securities since 2013. This allegation led to Ripple's decline in price and trading activities in the market ($XRP).<\/li><\/ul>\n\n\n\n
The CEO of Ripple, Brad Garlinghouse, described this allegation<\/a> against Ripple as \"an assault on crypto at large.\" He reasoned that since Ripple is a proxy for other altcoins, such an allegation ruins the reputation of firms working with digital assets.<\/li><\/ul>\n\n\n\n
Ripple has recently been gaining tactical wins over SEC in recent court cases. Many experts believe that subsequent proceedings may turn the tides in favor of Ripple. Recently, the Chamber of Digital Commerce (CDC), is granted the status of acting as an amicus curiae in this case.<\/li><\/ul>\n\n\n\n
Reacting to the amicus curiae status, SEC filed a motion to the court to allow more amicus briefs. However, Ripple strongly objected<\/a> that it was yet another attempt to delay the case's resolution. Consequently, the presiding judge, Analisa Torres, rejected the motion.<\/li><\/ul>\n\n\n\n
Experts believe that with the CDC acting as an amicus curiae, subsequent court rulings will favor Ripple Firm. This legal victory could potentially turn the crypto market condition bullish.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> ISO20022 And Its Compliant Cryptocurrencies<\/a><\/p>\n","post_title":"Ripple vs. SEC: How The Outcome Can Affect The Cryptocurrency Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ripple-vs-sec-how-the-outcome-can-affect-the-cryptocurrency-market","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/iso20022-compliant-cryptocurrencies\/","post_modified":"2022-09-24 20:19:02","post_modified_gmt":"2022-09-24 10:19:02","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7308","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7276,"post_author":"7","post_date":"2022-09-22 16:09:33","post_date_gmt":"2022-09-22 06:09:33","post_content":"\n
Binance, the world's largest cryptocurrency exchange, has been granted a Minimal Viable Product license in Dubai. <\/p>\n\n\n\n
The Virtual Asset Regulatory Authority (VARA) recently granted a Minimal Viable Product (MVP) license to the Binance exchange. This license is a significant accomplishment after Binance's registration to operate in countries in the Middle East, North Africa, and Europe.<\/li><\/ul>\n\n\n\n
VARA's chairman, H.E. Helal Saeed Almarri said, \"we are pleased to have Binance licensed to operate within the VARA MVP program.\" He further explained that the VARA regime balances value creation and risk mitigation<\/li><\/ul>\n\n\n\n
This MVP license means that Binance is fully operational to provide virtual-related services to retail and institutional traders in Dubai. These services include virtual asset exchange services, virtual token offerings, virtual management assets, and trading services.<\/li><\/ul>\n\n\n\n
Binance can also provide local banking services under the VARA program. This initiative will ensure high safety and security measures for customers in Dubai. Changpeng Zhao, founder, and CEO of Binance, commented that The VARA program sets a standard for the global industry. These standards include acknowledging and accepting cryptocurrency-related activities. CZ also believes that this license will enable Binance to develop consistent implementation standards worldwide, just as in Dubai.<\/li><\/ul>\n\n\n\n
The VARA program has introduced regulations relating to cryptocurrency. In addition, under the VARA program, a new metaverse strategy<\/a> announced on Twitter aimed at generating about $4 billion for the economy. The prime minister who made this announcement explained that this venture would generate about 40,000 virtual jobs and contribute to the crypto industry's growth.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Italy\u2019s Registration Has Been Approved<\/a><\/p>\n","post_title":"Binance Granted Minimal Viable Product In Dubai","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-granted-minimal-viable-product-in-dubai","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/binance-italys-registration-has-been-approved\/","post_modified":"2022-09-22 16:17:30","post_modified_gmt":"2022-09-22 06:17:30","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7276","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7141,"post_author":"1","post_date":"2022-09-14 22:57:51","post_date_gmt":"2022-09-14 12:57:51","post_content":"\n
Do Kwon, co-founder of Terraform Labs has been issued an arrest warrant by a South Korean court in the wake of Terra Luna's collapse<\/a> earlier this year.<\/p>\n\n\n\n
A report<\/a> from South Korean news outlet Chosun Ilbo details that there were an additional 5 arrest warrants laid out. This includes Nicholas Platias, a founding member of Terraform Labs, and Han Mo, an employee. The charges being faced are for violating the Capital Markets Act. As prosecutors believe that Terra Luna falls under an \u201cinvestment contract security\u201d.<\/li><\/ul>\n\n\n\n
Although the warrant was issued by a South Korean court, key members of Terraform Labs including Kwon and the 5 other individuals are currently located in Singapore. As a result, the warrant is valid for the next year. This comes after South Korean authorities banned<\/a> Terra Luna's main designers from leaving the country.<\/li><\/ul>\n\n\n\n
After LUNA and sister stablecoin<\/a> UST collapsed earlier this year, investors were bought to outrage with a combined US$42B wiped out from the two coins alongside a 99.99% drop in price. In turn, investors were quick to sue Kwon and others for violating various laws and acts as rumors<\/a> were quick to spread in relation to the downfall.<\/li><\/ul>\n\n\n\n
See Related:<\/strong><\/em> War On Code \u2013 Tornado Cash Developer Alexey Pertsev Arrested<\/a><\/p>\n","post_title":"Terra's Do Kwon Wanted For Arrest By Seoul Court","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"terras-do-kwon-wanted-for-arrest-by-seoul-court","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/the-terrable-fate-of-ust-and-its-sister-coin-luna\/","post_modified":"2023-04-30 21:31:32","post_modified_gmt":"2023-04-30 11:31:32","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7141","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7065,"post_author":"6","post_date":"2022-09-10 08:02:48","post_date_gmt":"2022-09-09 22:02:48","post_content":"\n
The White House Office of Science and Technology Policy (OSTP) urged the U.S. to conduct further research on the energy impacts produced by crypto mining<\/a>. The White House alleged that crypto mining is a threat to the U.S. climate commitments and goals.<\/p>\n\n\n\n
The White House published a report pointing out that crypto miners should work on mitigating greenhouse gas emissions. The report alleged that the U.S is hosting about 1\/3 of the global crypto operations which have a relatively comparable electrical usage to all home computers in the United States, hence the claims of these crypto mining operations possessing a threat to the U.S climate change mitigation agenda.<\/li><\/ul>\n\n\n\n
$\"Crypto$
Comparison of Annual Electricity Use of Several Examples, August 2022. Source: OSTP<\/a><\/figcaption><\/figure>\n\n\n\n
The report is a response to President Joe Biden's executive order on cryptocurrencies released in March, to study their impact and analyze what positive or negative aspects they can bring up.<\/li><\/ul>\n\n\n\n
This report has opened the doors to the possibility of banning bitcoin in the US, in a near future, given that blockchains with a Proof-of-Work (PoW) consensus mechanism can't compete in terms of energy efficiency with other consensus mechanisms such as Proof-of-Stake<\/a> (PoS). Moreover, one more reason for The White House's claims is that researchers have found<\/a> that the annual emissions associated with Bitcoin, are similar to those produced by the entire country of Greece.<\/li><\/ul>\n\n\n\n
This document serves as an announcement of a \"soft\" ban on bitcoin by directing agencies and U.S departments to set standards higher than what Bitcoin could ever reach. \"The Administration should explore executive actions, and Congress might consider legislation, to limit or eliminate the use of high energy intensity consensus mechanisms for crypto-asset mining\"- the White House contended.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> CCRI Finds TRON as One of the Top Eco-Friendly Blockchains<\/a><\/p>\n","post_title":"Crypto Mining Is a Threat To The U.S. Climate Commitments And Goals, White House Appraised","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-mining-is-a-threat-to-the-u-s-climate-commitments-and-goals-white-house-appraised","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/proof-of-stake\/","post_modified":"2023-04-30 21:32:01","post_modified_gmt":"2023-04-30 11:32:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7065","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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