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Continuous Crackdown on Crypto by US SEC is a Bullish Factor for Investors – Report

by Blockchain NewsOctober 26, 2022

Investors in the digital currency ecosystem have varying reasons to inject their capital into the emerging industry and the current crackdown from the United States Securities and Exchange Commission (SEC) is one of the main pushes for investors per a recent Bloomberg survey.

The results from the latest MLIV Pulse survey showed that of the 564 respondents surveyed, as many as 60% affirmed that the crackdowns present a positive push for investing in the industry. The SEC has not tapered down its enforcement actions in recent times as it has launched lawsuits against crypto firms, employees, and even celebrities that have contravened the law.

In one of its highest-profile actions, the SEC charged reality TV superstar, Kim Kardashian for non-disclosure of her earnings for the promotion of EthereumMax tokens (EMAX) considered a security by the regulator. When the indictment was brought against her, Kim Kardashian agreed to pay all of the fines worth $1.26 million without admitting or denying any wrongdoing.

According to the survey, around 65% of retail investors say they are more likely to invest in the industry with more enforcement action, a number that compares to 56% for professional investors.

“I’m in the ‘yes’ camp. As a professional investor, you need a regulated investment opportunity and it opens the doors for more professional investors to get involved in crypto, if it’s more regulated,” said Chris Gaffney, president of world markets at TIAA Bank. “The more they can get crypto out of the Wild West and into traditional investing, the better off it’s going to be.”

The rate of fraud and cybercrime in the industry is growing at a frantic pace and the fact that developers in the crypto industry have a watchdog to make them accountable will help in driving additional due diligence that can guarantee peace of mind for investors across the board.

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Argentina Halts Crypto Operations Undertaken by Financial Institutions

by Blockchain NewsMay 6, 2022

Days after Argentina’s largest private bank Banco Galicia opened crypto trading services, the nation’s central bank cracked the whip by banning financial institutions from carrying out crypto transactions.

The central bank noted that its decision to stop crypto transactions in the entire financial sector was reached to “mitigate the risks” involved when using digital assets, such as money laundering, cyberattacks, and high volatility.

Financial institutions will only be allowed to finance investment, consumption of goods and services, and production. Argentinians, therefore, will lose opportunities to undertake crypto operations through banks as the blanket ban on unregulated digital assets takes effect.

Recently, Banco Galicia rolled out the new service based on growing demand. It was to enable users to buy, send, and receive Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and USD Coin (USDC).

To tame runaway inflation, Argentinians have been seeking shelter in crypto.

This can be illustrated by the fact that Argentina is among the world’s top 10 nations with the highest crypto adoption rates. Therefore, the latest development is a big blow.

With annual inflation rates surging by more than 50%, crypto exchange Lemon Cash had stipulated that it would roll out three million Visa crypto cards earlier this year.

Franco Bianchi, the chief marketing officer at Lemon Cash, said:

“Latin America is a good place for these services. Several of the countries have unstable economies and devalued currencies, and the people seek access to cryptocurrencies as a refuge.”

Economists speculate that the inflation rate on Argentinian soil will hit 55% this year from the current 50.7%.

Therefore, the crypto ban will undermine Argentinians because they were using cryptocurrencies as hedges against a cyclical economic crisis that includes a recession, hyperinflation, and repeated currency devaluations.

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Tagged : Argentina / Banks / Crackdown / Crypto Ban / Cryptocurrencies / Inflation / Regulation

Bank of England Solicits Funds to Enhance Crypto Crackdown

by Blockchain NewsApril 22, 2022

Britain’s apex bank, the Bank of England, through the Prudential Regulation Authority (PRA), is looking to raise as much as 321 million pounds ($419 million) from the commercial institutions it is regulating as it is planning to shore up its regulatory efforts in the digital currency ecosystem.

With the proposed funds it hopes to raise projected to be 8% above what was pulled by the PRA in 2021, the Bank of England is looking to onboard as many as 100 staff that will help chart its regulatory agenda for the nascent industry moving forward.

The digital currency ecosystem is worth more than $2 trillion at its peak, a figure that is no longer negligible. Despite the fact that this figure is just a fraction of the $469 trillion global financial systems, officials of the Bank of England believe the industry is large enough to upset the financial industry, the way the Mortgage industry did when it ushered in the global financial crisis of 2008.

In addition to the plans of the PRA as detailed in its business plans, it plans to “ask firms to report their crypto-asset exposures, treatments, and future investment plans” to help establish a common international framework for digital currencies.

From its regulatory actions, the Bank of England has a very dominant stance concerning the regulation of cryptocurrencies. In September 2020, the Governor of the BoE, Andrew Bailey, recognised the importance of stablecoins in the monetary ecosystem, adding that Bitcoin has no connections to money.

In its own way of identifying more with the evolution of money, the Bank of England is developing its own Central Bank Digital Currency (CBDC) or Digital Pound. With the growing number of crypto users being recorded in the United Kingdom, stepping up its regulatory moves is a good way for the BoE to register its interest in a more coordinated effort with other regulators in the world as it concerns the developing crypto world.

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Tagged : Bank Of England / Boe / Crackdown / Regulation / Stablecoins

Kazakhstan Energy Ministry Cracks Down on Illegal PoW Mining

by Blockchain NewsFebruary 23, 2022

A short while ago, Kazakhstan was flaunted as a major hub for Bitcoin (BTC) and Proof-of-Work (PoW) mining, but today, the country is fast becoming an intolerant zone for cryptocurrency mining activities.

According to a press release shared by the Committee for Nuclear and Energy Supervision and Control of the Ministry of Energy of the Republic of Kazakhstan, several mining farms have been targeted by the ministry as well as an organized group of law enforcement agencies.

As detailed, a total of 13 mining farms were raided, all collectively consuming a total of 202 MW of electricity. According to the authorities, the collective power consumption tally was cumulative power from mining farms in various regions, including Karaganda, Pavlodar, Turkestan, Akmola, and Kostanay region, amongst others.

Kazakhstan was the immediate and closest option available to Bitcoin miners after the Chinese government banned everything linked to digital assets transactions last year. While Kazakhstan quickly rose in ranking as the second country with the highest amount of BTC Hashrate, the miners who migrated down to the nation soon became targets. The government has employed several tactics to stop their operations, including power cuts and now hunt down.

With the government’s stance in recent times, it is evident that Kazakhstan is not the dream home that many miners had envisaged in the past, and the current crackdown may stir another China-like exodus from the country.

Through the recent hunt down efforts, the energy ministry has confirmed plans to continue these similar raids as it seeks to rid its shores of identified and non-identified mining farms.

“The work of the mobile group to identify and disconnect mining farms from the electrical networks will continue, and the authorized bodies are also carrying out operational and investigative measures on the identified mining farms,” the press release reads.

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Tagged : Bitcoin / Crackdown / Kazakhstan / Mining / Regulation

Singapore Shuts down all Crypto ATMs Operation, following Crypto Public Ads Prohibition Imposed

by Blockchain NewsJanuary 20, 2022

All cryptocurrency ATMs in Singapore have been shut down by the Monetary Authority of Singapore, following the city-state’s prohibition of all crypto-related advertisements in public spaces.

“To comply with the sudden announcement, we have ceased to offer buy or sell services via our five ATMs while seeking further clarification from the MAS,” said Daenerys & Co, the biggest Singaporean crypto ATM operator.

Deodi Pte also announced the shutdown of its ATM in adherence to the new guideline.

The move by the MAS to ban crypto ads in public space for all crypto service providers was hinged on the fact that many of the ads can downplay the risks inherent in investing in the digital currency ecosystem, Blockchain.News reported.

The advice was contained in the newly published “Guideline on the Provision of Digital Payment Token Services to the Public” that was directed to both the licensed crypto service providers as well as those in the transitional period, the report added.

In the guideline issued by the MAS, the central bank said it had “observed that some DPT (digital payment token) service providers have been actively promoting their services through online and physical advertisements or through the provision of physical automated teller machines (ATM) in public areas.”

The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public.

Prior to Singapore’s crackdown on cryptocurrency advertising, Spain and the United Kingdom have also issued similar limitations.

While the Spanish government made it mandatory for crypto businesses to provide ad campaigns for regulatory approval ten days in advance, the UK launched a review of cryptocurrency advertising norms, vowing to crack down on products with deceptive claims.

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Tagged : Advertisement / Atm / Ban / Crackdown / Crypto / Regulation / Singapore

Singapore Shuts down all Crypto ATMs Operation, after Crypto Public Ads Prohibition Imposed

by Blockchain NewsJanuary 20, 2022

All cryptocurrency ATMs in Singapore have been shut down by the Monetary Authority of Singapore, following the city-state’s prohibition of all crypto-related advertisements in public spaces.

Deodi Pte also announced the shutdown of its ATM in adherence to the new guideline.

The move is part of a broader effort by the Singaporean watchdog to regulate advertising cryptocurrency to the public.

Prior to Singapore’s crackdown on cryptocurrency advertising, Spain and the United Kingdom have also issued similar limitations.

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Tagged : Advertisement / Atm / Ban / Crackdown / Crypto / Regulation / Singapore

Singapore Bars Crypto Service Providers for Public Ads

by Blockchain NewsJanuary 18, 2022

In a bid to protect members of the investing public, the Monetary Authority of Singapore (MAS) has prohibited all outdoor advertisements for all cryptocurrencies or digital payment tokens (DPT) service providers.

Curbing Misinformation in Crypto Ads

The move to ban crypto ads in public space for all crypto service providers was hinged on the fact that many of the ads can downplay the risks inherent in investing in the digital currency ecosystem. The advice was contained in the newly published “Guideline on the Provision of Digital Payment Token Services to the Public” that was directed to both the licensed crypto service providers as well as those in the transitional period.

According to the MAS, “DPT service providers should conduct themselves with the understanding that trading of DPTs is not suitable for the general public. These Guidelines set out MAS’ expectation that DPT service providers should not promote their DPT services to the general public in Singapore.”

However, the prohibition of public ads is not a blanket ban on advertisement for crypto players as a whole. According to the MAS, those who wish to publish ads can do so through the dedicated website or via any operating mobile apps they control.

More Countries, More Crypto Ads Crackdown

Regulators and lawmakers worldwide are quite wary of fraudulent ads or those that downplay the risks of excessive exposure to unregulated and volatile crypto assets. Last, the unknown developers behind the Floki Inu memecoin flooded the streets of London and the transport unit with the token’s ads, a move that drew swift criticism from one of the city’s outspoken lawmakers, Sian Berry.

Beyond the United Kingdom and Singapore, other European regulators, particularly the French Ads watchdogs, have also placed a blanket ban on public advertisements for digital currency service providers respectively. While it is not a global affair yet, there is an expectation that more regulators will trail this path with the rising rate of scams in the nascent ecosystem.

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Tagged : Advertisement / Ban / Crackdown / Crypto / Mas / Regulation / Singapore

Thailand Sees PoW Mining Surge As China Ban Lingers On

by Blockchain NewsJanuary 3, 2022

As the popular proverb saying goes, one man’s food is another man’s poison, the same can be said of crypto mining which is largely on the rise in Thailand amidst the persistent ban on related activities in China.

According to an exclusive report by Al Jazeera, small entrepreneurs in Thailand, and neighbouring countries are taking advantage of the crash in the price of mining machines to fuel the interests of local miners in the region.

Citing a local Thai entrepreneur, Pongsakorn Tongtaveenan, the Chinese ban caused the price of mining machine, Bitmain’s Antminer SJ19 Pro, to plunge by almost 30 percent. This slump not only just created a business opportunity for Pongsakorn, but it also notably afforded many local operators to get their hands on the machines at a relative discount.

Getting a hold of Bitmain’s Antimers, the most popular mining gear for Proof-of-Work (PoW) is typically very tough, going by the competition that breeds demand that far outstripped supply. Big multinationals are more likely to get their hands on the miners going by the large quantities of orders they place, and despite this, delivery also literally takes a lot of time.

The ban on mining activities created an equal footing for Thai miners who according to the Al Jazeera report now numbers more than a hundred thousand. The profitability of the PoW mining venture is very evident as each running miner, according to Pongsakorn returns as much as $30-$40 on a daily basis.

One Thailand-based miner who set up a solar-powered mining rig worth $30,000 told Al Jazeera that he broke even within three months of operating the rig. Just as crypto mining surged in Thailand, large-scale mining corporations operating from the United States are also shoring up their influence in the mining game, a scenario that is shifting the global mining hash rate to the US in place of China.

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Tagged : Bitcoin / Bitmain / China / Crackdown / Mining / POW / Thailand

Bitcoin’s Hashrate Recovers and Hits New ATH at 182.01 EH/s

by Blockchain NewsDecember 13, 2021

The hashrate of Bitcoin mining reportedly has recovered and even hit an all-time-high, after massive crypto miners experienced an exodus out of China due to the suppression from the Chinese government.

In May, Bitcoin (BTC) miners were pushed to the wall as authorities made it clear that crypto mining was unwelcome in Chinese soil.

BTC miners were forced to leave and shut down operations due to an intensified crackdown, making hashrate to nosedive by more than 50% in July. Meanwhile, more than 90% of China’s Bitcoin mining capacity was hampered.

However, BTC miners have been able to dust themselves off after relocating to other areas like the United States, Kazakhstan, and Iraq. The hashrate has recovered and being reached historic highs of 182.01 EH/s. On-chain analyst Dylan LeClair confirmed:

“BREAKING: Bitcoin hashrate has made a new all time high. A little over six months following the China mining ban, the Bitcoin network is stronger than ever before.”

Crypto analyst Yassine Elmandjra echoed these sentiments and stated:

“We will look back at China’s ban on BTC mining as one of the greatest things to ever happen to Bitcoin. With the hashrate fully recovered, the “China controls Bitcoin” narrative can finally be put to bed. China did not ban Bitcoin mining. China banned itself from mining Bitcoin.”

The hashrate mainly measures the processing power of the BTC network. It allows computers to process and solve problems that enable transactions to be approved and confirmed across the network.

American BTC miners have been the largest beneficiaries

According to data analytic firm IntoTheBlock:

“American miners were among the largest beneficiaries from the Chinese mining ban, with the U.S-based pool Foundry currently generating the largest share of Bitcoin issued. Unknown, independent miners have also grown significantly.”

A previous Cambridge Centre for Alternative Finance (CCAF) study illustrated that the U.S. share of hashrate skyrocketed to 16.8% from just over 4% as the crackdown intensified in the second quarter of this year.

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Tagged : #BTC / Bitcoin / China / Crackdown / Crypto / Hashrate / Mining

China’s CCP Official Expelled for Violation Crypto Mining Ban Provisions

by Blockchain NewsNovember 15, 2021

A former member of the CPPCC (Chinese People’s Political Consultative Conference) got fired by touching Beijing’s nerve. Xiao Yi, a former advisory member of CCP has been expelled from the party in what appears to be the first full-blown sanction of an official that violated Beijing’s stance against cryptocurrency mining.

Per the translated version of the Central Commission for Discipline Inspection (CCDI) report, the sanctioned official was accused of many crimes ranging from abuse of power to illegal monetary transactions and mining digital currencies without recourse to the environmental damage it may have caused.

“[Xiao Yi] violated the new development concept, abused power to introduce and support enterprises to engage in virtual currency “mining” activities that do not meet the requirements of the national industrial policy,” the CCDI report reads.

China implemented its zero-tolerance policy for Bitcoin mining with a series of crackdowns on miners that finally led to the exodus of mining firms from the Asian nation. Beijing’s negative stance about crypto miners is fueled by the supposed environmental impact as the majority of the nation’s power source comes from coal.

With the Chinese Communist Party’s clampdown on mining, party members and especially officials were ethically expected to abstain from Proof-of-Work (PoW) mining, making the Xiao Yi offence more grievous.

“Xiao Yi seriously violated the party’s political discipline, organizational discipline, integrity discipline, work discipline, and life discipline, and constituted a serious job violation and was suspected of taking bribes and abusing power,” the report reads.

In addition to expelling Xiao Yi from the party, the disciplinary committee said it has referred the case for additional legal sanctions.

“He was expelled from public office by the State Supervision Commission; his qualifications as a representative of the 19th National Congress of the Communist Party of China and the 14th Party Congress of Jiangxi Province were terminated; his income from violations of discipline and law was confiscated; his suspected crimes were transferred to the procuratorial organ for review and prosecution in accordance with the law,” the party concluded.

Over the coming months, more related sanctions for offenders of the Bitcoin mining ban may become a trend in no time.

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Tagged : Ccp / China / Crackdown / Cryptocurrency / Mining / Politics / Sanction