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 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.
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.
In South Korea, the Presidential Committee on the Fourth Industrial Revolution (PCFIR) has come out in support of institutional acceptance of digital assets, urging the government to permit the financial industry to launch crypto-derivatives and other cryptocurrency products, local news outlet Business Korea reports.
European Central Bank President Christine Lagarde recently indicated that she’s still open to the idea of an ECB-issued digital currency. During an interview with the French magazine Challenges, Lagarde suggested that the bank would continue to explore cryptocurrency technology’s potential benefits for maintaining citizens’ access to currency as demand for physical cash diminishes over time.
The Securities and Exchange Commission revealed its Office of Compliance Inspections and Examinations (OCIE) priorities for 2020, confirming that regulators intend to continue to scrutinize digital assets and cryptocurrency-related services. In a January 7 announcement, the SEC noted that it will continue to review fintech innovations like digital currencies and electronic investment advice services:
The Qatar Financial Centre Regulatory Authority has announced a ban on all virtual asset services, International Investment reports. The ban will reportedly cover all digital asset trading, transfers, payments, and investments, except digital securities and other instruments regulated by the nation’s central bank or Financial Markets Authority.
The National Payment Corporation of India has announced its blockchain-based Vajra platform for automated payment clearing and settlement. The permissioned platform will reportedly be available only to parties who are approved by the Network Administrator, and is expected to provide improved automation, data sharing, transaction speed, and transparency.
While Venezuela’s government remains focused on its Petro digital currency project, one fast-food restaurant in the Sambil area of Caracas is reportedly now accepting other types of cryptocurrency payments. According to a recent twitter announcement, payment platform Cryptobuyer has partnered with Burger King Venezuela to enable customers to pay using bitcoin, dash, litecoin, ethereum, BNB, and tether.
The Jordan Customs Department has reportedly partnered with Maersk GTD to pilot the blockchain-based TradeLens logistics platform. According to The Jordan Times, JCD and Maersk signed a Memorandum of Understanding that will result in the establishment of a pilot zone in Jordan’s Aqaba Customs Center which will utilize the TradeLens platform for international trade.
Starling Bank co-founder and former CTO Mark Hipperson reportedly plans to launch his new digital bank this year, enabling customers to “transfer funds between fiat money and cryptocurrencies,” Fintech Futures reports. The new bank is called Ziglu and will initially limit its services to customers in the UK.
Turkey’s Istanbul Clearing, Settlement, and Custody Bank (Takasbank) has announced the launch of BIGA Digital Gold, a blockchain-based system that enables peer-to-peer transfers of digitizable gold, Turkish news outlet AA reports.
The Ethereum developer who was arrested in November and accused of trying to help North Korea use cryptocurrency and blockchain to evade sanctions has been released on a $1 million bond, the Inner City Press reports. Reports indicate that the accused, Virgil Griffith, will be required to remain with his parents during his release. The bond was reportedly secured by two family members’ homes.
The Committee of Sponsoring Organizations of the Treadway Commission COSO) has confirmed plans to issue guidance for use of blockchain technology early next year, the Wall Street Journal reports. The guidance will reportedly target leaders in the financial services industry and other sectors and companies where blockchain technology is being utilized.
United Nations secretary-general António Guterres is calling for the UN to fully embrace blockchain technology, Forbes reports. The secretary-general reportedly praised the technology as a vital component in the UN’s efforts to achieve its long-term goals.
In response to new concerns about rising interest in cryptocurrencies, Chinese regulators have issued yet another warning to remind citizens not to engage in cryptocurrency-related activities. That warning, titled Risk Tips on Further Preventing ‘Virtual Currency’ Trading Activities, noted that any activities that violate China’s restrictions on cryptocurrency use are illegal and disrupt the country’s “economic and financial order.”
Swiss president Ueli Maurer told broadcaster SRF that Facebook’s Libra project has failed in its current form, CNBC reports. According to Maurer, the project will need to make serious changes if it hopes to gain the regulatory approval it needs to achieve its vision.
Another Greek court has weighed in on the seemingly never-ending saga of accused Bitcoin fraudster Alexander Vinnik, Reuters reports. Early this week, the nation’s top administrative court issued a ruling that suspended last week’s ministerial decision to give priority to French requests for Vinnik’s extradition.
People’s Bank of China digital currency research institute head Mu Changchun recently said that the central bank’s new sovereign digital currency will be different than private cryptocurrencies and stablecoins, the South China Morning Post reports. Most notably, Mu asserted that the digital yuan will not be open to speculation:
The Associated Press has reported that Greek Justice Minister Konstantinos Tsiarashas signed an order that authorizes former BTC-e head and accused bitcoin fraudster Alexander Vinnik’s extradition to France. The order was apparently signed late this week. As the Miami Herald reports: