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UK Contract Seeks Software to Track Cryptocurrency Use
The UK has opened a new contract seeking proposals for a software tool that can track Bitcoin and other major cryptocurrencies that might be used for illicit purposes. According to a report from The Next Web, HM Revenue and Customs plans to prioritize bids from developers who offer tools that can also track the use of Dash, Zcash, and Monero.
Konya, Turkey Plans to Introduce Municipal Digital Currency
Officials in the Turkish municipality of Konya are reportedly working to develop and launch a municipal digital currency they’re calling City Coin, Uzmancoin reports. The city’s mayor, Uğur İbrahim Altay, confirmed that the government plans to use the new currency for tax collection and trading.
Australian Central Bank Reportedly Plans to Continue CBDC Experiments
The Reserve Bank of Australia has confirmed that it has been testing a simulated central bank digital currency to determine its usefulness for intrabank settlement of customer payments. While the central bank continues to question the need for a CBDC in Australia, it apparently plans to continue its experiments, Ledger Insight reports.
SEC Announces Charges in Fraudulent ICO Scheme
The Securities and Exchange Commission (SEC) today announced charges against two individuals and two businesses accused of conducting a fraudulent initial coin offering (ICO). According to the SEC complaint, one of the defendants, convicted felon Boaz Manor, used a disguise and alias to conceal his identity.
Virtual Currency Tax Fairness Act of 2020 Introduced in U.S. House
U.S. Representative Suzan DelBene (D-WA) introduced the Virtual Currency Tax Fairness Act of 2020 in the House of Representatives today, digital asset advocacy group Coin Center reports. The bill is a revised version of a 2017 proposal and would create a de minimis tax exemption for small cryptocurrency transactions.
Report: Blockchain Tech Could Save UAE $3 Billion
In recent years, the United Arab Emirates has been aggressively pursuing emerging technologies like blockchain as it works to become a hub for tech innovation. A new whitepaper suggests that the UAE’s efforts to adopt blockchain technology could net as much as $3 billion in savings each year.
WisdomTree Plans to Launch Regulated Stablecoin in U.S.
WisdomTree is planning to introduce a regulated stablecoin in the United States, according to reports from Financial News. The company will reportedly seek approval from the U.S. Securities and Exchange Commission, as it moves to compete with other financial giants in the emerging digital asset sector.
Coinbase Settles Class Action Suit from Former Cryptsy Users
Cryptocurrency exchange giant Coinbase has reportedly agreed to settle a class action lawsuit brought by former users of the now-defunct Cryptsy exchange, Coindesk reported today. Court documents suggest that the exchange will settle the suit with a $962,500 transfer to an escrow agent charged with handling claims.
Japan’s FSA to Place Limits on Leverage in Cryptocurrency Margin Trading
Japan’s Financial Services Agency intends to implement a new rule that would place limits on leverage in digital asset margin trading, The Japan Times reports. The Times’ sources confirmed that the rule will be inserted in the language of a new Cabinet Office order related to changes in the country’s Financial Instruments and Exchange Act.
UK’s FCA Tasked with Supervising AML/CTF Compliance in Digital Asset Industry
The Financial Conduct Authority (FCA) announced Friday that it will be supervising the digital asset industry’s compliance with anti-money-laundering (AML) and counter-terrorist-financing (CTF) requirements.
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