Legal

Japan Passes New Bill on Crypto

Japan Passes New Bill on Crypto

A bill titled, “A draft bill to amend some of the fund settlement laws” has been passed by Japan’s House of Representatives, this move will make the government to incorporate it into a act. The bill will be amending the Act on Fund Settlement and the Financial Instruments and Exchange Act. A spokesperson from FSA commented, “The passing of the bill depends on the deliberation process in the Diet.”

WEF Makes Council To Form Policy On Blockchain, AI, IoT

WEF Makes Council To Form Policy On Blockchain, AI, IoT

The World Economic Forum (WEF) has formed fourth industrial revolution councils which will work to bring out a new technology policy guidance. The council will be keeping an eye on development on artificial intelligence, autonomous mobility, blockchain, drones, internet of things and precision medicine. The board is composed of 200 leaders from the public and private sectors to lay clearly defined rules.

Russian Police Catch Big Crypto Scammer From Kazakhstan

Russian Police Catch Big Crypto Scammer From Kazakhstan

A unidentified person has been arrested by Russian cops, who has international arrest warrant for international arrest warrant. Ministry of Internal Affairs (MOI) officially declared the arrest and is in process of extradition from Kazakhstan. The accused has fled Kazakhstan in early 2019 and has since been declared wanted by Interpol and has at least 300 fraud cases in connection with pyramid scheme.

Bitcoin MegaCity Endorser Ends Up In Jail

Bitcoin MegaCity Endorser Ends Up In Jail

Morgan Rockwell, the guy behind the ‘Bitcoin MegaCity’ at Nevada has been sentenced to 21 months prison term for wire fraud as well as operating an unlicensed money transmitting service using bitcoin. It is also revealed that he only owned 4.9 acres in Nevada, but sold 18 acres till last July. He promised a mega city where Bitcoin would be legal tender at Nevada’s Elko County.

IOSCO Is Exploring Option On Crypto Regulation

IOSCO Is Exploring Option On Crypto Regulation

The International Organization of Securities Commission (IOSCO, a federation of that regulators of securities and futures) has been actively seeking consultation and feedback for regulating crypto trading platforms (CTP). It has released a a consultation paper, titled “Issues, Risks, and Regulatory Considerations Relating to Crypto-Asset Trading Platforms.” An IOSCO member said, “Many of the issues related to the regulation of CTPs are common to traditional securities trading venues, but may be heightened by how CTPs are operated,”

Guidelines for Writing Blockchain-Related Terms

Guidelines for Writing Blockchain-Related Terms

Major New York news outlet, the Associated Press (AP) has announced that its latest version of The Associated Press Stylebook and Briefing on Media Law has a new section on cryptocurrencies. The 2019 AP Stylebook which was also announced for sale and additionally has entries on blockchain and Bitcoin, which provide definitions for the terms and explains how they are related.

Researchers find 50,000 Servers Infected With Cryptojacking Malware

Researchers find 50,000 Servers Infected With Cryptojacking Malware

Guard core Labs has discovered that as many as 50,000 servers worldwide have allegedly been infected with an advanced crypto jacking malware that mines the privacy-focused open-source cryptocurrency turtle coin (TRTL). Guard core Labs notes that the malware campaign is not a regular typical crypto-miner attack, as it relies on techniques commonly seen in advanced persistent threat groups, including fake certificates and privilege escalation exploits.

All Unlicensed Crypto Companies Pushed Out From Egypt

All Unlicensed Crypto Companies Pushed Out From Egypt

The Central Bank of Egypt (CBE) will ban all crypto-related companies that perform their activities without obtaining the necessary licenses in advance and has mandated all crypto players to get a license before the operation. The new bill reveals that the Board of Directors of CBE will have the authority to determine what happens in the crypto sector.

Coinbene Gets Warning From BaFin

Coinbene Gets Warning From BaFin

Germany’s financial watchdog the Federal Financial Supervisory Authority (BaFin) has issued a statement, according to which, Japan-based cryptocurrency exchange Coinbene has no juridical right to operate within the jurisdiction filed of Germany since it has not obtained permission from BaFin to operate banking or financial services transactions in accordance with section 32 of the German Banking Act (KWG).

Californian Man faces Charges From SEC For $26 Mn Crypto Pyramid Scheme

Californian Man faces Charges From SEC For $26 Mn Crypto Pyramid Scheme

Daniel Pacheco, 45 of California is facing charges from the U.S. Securities and Exchange Commission (SEC) for allegedly selling unregistered securities and masterminding multi million dollar crypto pyramid scheme. He duped his investors through his IPro Solutions LLC and IPro Network LLC based in California by offering e-commerce lessons and IPro’s own ‘cryptocurrency’, Pro Currency.