The European Central Bank (ECB) has published its first progress report on the digital euro preparation phase, highlighting key design features and ongoing developments. The report emphasizes high privacy standards for both online and offline payments, aiming to provide users with a cash-like level of privacy. First Progress Report on the Digital Euro Preparation Phase […]
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Stand With Crypto Publishes Manifesto to Make UK a Leader in Digital Assets
Stand With Crypto UK has published a manifesto outlining steps for the UK to establish itself as a global leader in fintech, digital assets, and tokenization. “We believe the next government should take meaningful steps to position the UK as a global hub of digital assets, tokenization and fintech,” said Coinbase. Stand With Crypto Publishes […]
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Interpol Publishes Report on Crime in the Metaverse
The International Criminal Police Organization, known as Interpol, has issued a report that examines the metaverse from a law enforcement perspective. The report considers illegality in the metaverse, including metacrime, metaverse forensics, governance, and the opportunities it presents for using it in favor of law enforcement agencies.
Interpol Examines Law Enforcement in the Metaverse
Interpol, the international police organization, is beginning to consider the possibilities of crimes in the metaverse and how to fight them. Last week, the police institution issued a report called “Metaverse: A Law Enforcement Perspective,” which specifies the different crimes that can be committed in the metaverse and the opportunities it presents for improving the response of law enforcement agencies.
Jurgen Stock, Secretary General of Interpol, recognizes that the rise of virtual worlds represents an opening for organizations to expand their crimes to the metaverse. He stated:
The rise of powerful technologies such as the Metaverse is making the criminal landscape increasingly complex and transnational, posing new challenges for law enforcement.
One of these challenges is the lack of unique governance in the metaverse, given that these digital worlds are hosted across many countries. In this sense, the report states that “ensuring the application of the Universal Declaration of Human Rights and other existing international laws in the Metaverse would be fundamental.”
So, Interpol advocates for a holistic approach that involves various stakeholders of the metaverse and cross-border cooperation, deeming it ‘essential’ for orchestrating an effective response to crimes committed within the metaverse.
The report also recognizes that the metaverse can be used to improve the capabilities of police agencies. For example, digital worlds could be used for training purposes for catastrophe response or to practice vigilance tasks on specific landmarks or areas reproduced on the metaverse. Also, meetings can be held on the metaverse to improve interoperability between police agencies.
In addition, reproducing crime scenes in virtual environments could make examining cases across agencies possible. In October 2022, Interpol launched the first police-focused metaverse to act as a central hub and help police members from several organizations familiarize themselves with these new worlds and the crimes that can be committed in them.
What do you think about Interpol’s metaverse report? Tell us in the comments section below.
Hong Kong Securities Regulator Says It Now Publishes Names of Entities Seeking Crypto Trading Licences
The Hong Kong securities regulator has said it now publishes a list of firms seeking to operate crypto trading platforms in the region. Julia Leung Fung-yee, the CEO of the Securities and Futures Commission (SFC), said divulging the names of applicants is intended to help placate an investing public recently ruffled by the Jpex incident.
Pacifying Hong Kong Crypto Users
Hong Kong’s securities regulator has said it will now reveal the names of companies seeking to run crypto platforms that target retailers from the region. Julia Leung Fung-yee, the CEO of the Securities and Futures Commission (SFC), reportedly said the decision was made to pacify the public.
According to a report in the South China Morning Post, the regulator’s decision is viewed as a departure from the regulator’s longstanding stance of not divulging the applicants’ names. The announcement of the changes came just a few days after the crypto exchange Jpex was forced to halt operations.
At the time, a Bitcoin.com News report said the trading halt was then followed by the arrests of multiple people and greater scrutiny of the region’s crypto sector. In a subsequent statement, the SFC said the JPEX incident had highlighted the importance of regulating crypto trading platforms.
Importance of Disseminating Information to Users
The Hong Kong regulator also said the dissemination of information to crypto users via its alert list, warnings, and educational efforts can help investors better understand the risks associated with crypto assets. The regulator added:
The SFC will explore with the Police to set up a dedicated channel to share information on suspicious activities of and breaches by VATPs [virtual asset trading platforms] and to investigate the JPEX incident to bring the wrong-doers to justice.
Meanwhile, when discussing the SFC’s move to reveal the names of the applicants, Fung-yee however insisted being on the list does not mean they are compliant. As shown on the SFC website, only two companies, OSL Digital Securities and Hash Blockchain are licensed to operate as crypto platforms. The SFC said four other entities have applied for the same license. The four are HKVAX, Hkbitex, Hong Kong BGE Limited, and Victory Fintech Company Limited.
What are your thoughts on this story? Let us know what you think in the comments section below.
UK Commission Publishes Recommendations for Reform and Development of the Law on Digital Assets
The Law Commission of England and Wales has published its “recommendations for reform and development of the law on digital assets.” The recommendations, which seek to secure the U.K.’s position as a global crypto hub, are intended “to provide a comprehensive legal foundation for digital assets which will allow these new technologies to flourish.”
Accommodating Digital Assets as They Evolve
The United Kingdom independent body, the Law Commission of England and Wales, has published its “recommendations for reform and development of the law on digital assets.” In a statement, the statutory body added that the recommendations, which seek to help secure the U.K.’s position as a global crypto hub, are intended “to provide a comprehensive legal foundation for digital assets which will allow these new technologies to flourish.”
The recommendations also supposedly seek to enable “a diverse range of market participants to interact with and benefit from” the tech and digital assets.
The Law Commission’s latest statement on digital assets came just under a year after it released a consultation paper proposing to reform the law relating to digital assets. As reported by Bitcoin.com News in late July 2022, the commission’s publication of the consultation paper followed a request by the government asking it “to review the law on digital assets, to ensure that it can accommodate them as they continue to evolve and expand.”
Ensuring the Law Remains ‘a Flexible Tool That Enables Further Technological Innovation’
Commenting on the Commission’s digital asset regulation recommendations, Sarah Green, Law Commissioner for commercial and common law, said:
Our recommendations for reform and development of the law, therefore, seek to solidify the legal foundation for digital assets. We also aim to ensure that the private law in England and Wales remains a dynamic, globally competitive and flexible tool that enables further technological innovation.
Mike Freer, the U.K. justice minister, said the findings of the consultation process show the strength of English and Welsh law “in responding to the fast-paced changes caused by emerging technologies in the law sector.”
Among some of the recommendations is the commission’s call for the enactment of “legislation to confirm the existence of a distinct third category of personal property under the law.” The commission also recommended the creation of a panel of experts “to provide non-binding advice to courts on complex legal issues relating to digital assets.” The creation of a tailor-made framework for facilitating the “operation and enforcement of collateral arrangements relating to crypto-tokens and crypto-assets” is also described.
What are your thoughts on this story? Let us know what you think in the comments section below.
White House Publishes ‘Roadmap’ to Mitigate Cryptocurrency Risks
The White House has published a “roadmap to mitigate cryptocurrencies’ risks.” The roadmap calls for authorities to “ramp up enforcement where appropriate” and Congress “to step up its efforts” to regulate the crypto sector. It also notes that legislation should not greenlight mainstream institutions “to dive headlong into cryptocurrency markets.”
‘The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks’
The White House published a blog post titled “The Administration’s Roadmap to Mitigate Cryptocurrencies’ Risks” Friday under the National Economic Council (NEC), an Executive Office of the President (EOP) established to advise the president on U.S. and global economic policy.
The roadmap is authored by four White House advisors: NEC Director Brian Deese, Office of Science and Technology Policy (OSTP) Director Arati Prabhakar, Council of Economic Advisers (CEA) Chair Cecilia Rouse, and National Security Advisor Jake Sullivan. The CEA is charged with providing objective economic advice on the formulation of both domestic and international economic policy while the OSTP advises the president on all matters related to science and technology.
The White House advisors detailed:
At President Biden’s direction, we have spent the past year identifying the risks of cryptocurrencies and acting to mitigate them using the authorities that the Executive Branch has.
“Experts across the administration have laid out the first-ever framework for developing digital assets in a safe, responsible way while addressing the risks they pose,” they added.
The framework identifies a number of risks, including crypto entities ignoring applicable financial regulations and basic risk controls, misleading consumers, having conflicts of interest, providing inadequate disclosures, and committing outright fraud. Moreover, the authors claimed that “there is poor cybersecurity across the industry” that has enabled North Korea to “steal over a billion dollars to fund its aggressive missile program.”
While encouraging regulators to continue “using their authorities to ramp up enforcement where appropriate and issue new guidance where needed,” the roadmap authors stressed:
The events of the past year underscore that more is needed. Agencies have redoubled their efforts to fight fraud … Enforcement agencies are devoting increased resources to combatting illicit activities involving digital assets.
“In the coming months, the Administration will also unveil priorities for digital assets research and development, which will help the technologies powering cryptocurrencies protect consumers by default,” they revealed.
Congress Needs to ‘Step up Its Efforts’ to Regulate Crypto
The roadmap also calls on Congress to “step up its efforts” in regulating the crypto sector, such as expanding regulators’ powers to prevent misuse of customer assets and mitigate conflicts of interest.
The White House advisors suggested that Congress could also strengthen transparency and disclosure requirements for cryptocurrency firms, increase penalties for violating illicit-finance rules, and subject crypto intermediaries to bans against tipping off criminals. However, they cautioned:
Legislation should not greenlight mainstream institutions, like pension funds, to dive headlong into cryptocurrency markets.
The advisors explained that the limited exposure of traditional financial institutions to crypto over the past year has prevented turmoil in the crypto market from affecting the broader financial system.
In conclusion, they emphasized:
The Administration wholeheartedly supports responsible technological innovations that make financial services cheaper, faster, safer, and more accessible.
Nonetheless, the roadmap authors noted that “to realize these benefits, new technologies need commensurate safeguards,” elaborating: “To put the right safeguards in place, we will keep driving forward the digital-assets framework we’ve developed, while working with Congress to achieve these goals.”
What do you think about the White House advisors’ roadmap to mitigate crypto risks? Let us know in the comments section below.
Traders Take Note as StormGain Publishes Latest Crypto Market Report
Since launching just three years ago, StormGain has risen spectacularly to become one of the leading names in the cryptocurrency trading space. With over 120,000 active users and more than 25 cryptocurrency pairs available to trade, StormGain is now a major industry player. That’s why people are interested in what StormGain thinks about the current market situation. With this in mind, StormGain asked its crack team of cryptoanalysts to prepare an exhaustive report on the cryptocurrency market and its prospects.
“Here at StormGain, we’re constantly striving to provide our clients with that little bit extra, whether its lower commission, mining opportunities or useful knowledge to help them improve their trading results. Our analytical team is incredibly strong, and we wanted to share some of their expertise and specialist knowledge with our users in an easy-to-digest, accessible format that distills all the crucial information and analysis relevant to digital assets today. We hope that it will not only be of interest to our clients but that they will actually be able to generate tangible gains from it — because when our clients win, so do we,” opined StormGain CEO Alex Althausen.
It’s no secret that the cryptocurrency market has been exploding over the past year or so, and the long-term upward trend looks set to continue for some time. While there has since been a significant correction from the all-time highs recorded this April-May, the 3- to 5-year horizon for substantial projects like Bitcoin and Ethereum is overwhelmingly positive, and the present situation represents an excellent buying opportunity. The analysis in StormGain’s Crypto Research 3.0 report aims to give the company’s users the tools they need to avoid common pitfalls and make excellent returns on their investments.
This nearly 30,000-word dossier starts with a brief introduction to digital currencies and how they work before moving on to recommendations, tips and predictions, with lots of practical examples and explainers that both beginners and experts will surely find helpful. Following a comprehensive round-up of the biggest trading mistakes and how to avoid them, the report’s authors finish on an optimistic note in their look ahead to the new round of development as the crypto market matures. Subscribe to receive your copy of this exclusive report here and take advantage of the combined expertise of StormGain’s top analysts!
Swiss Media Publishes Full-Page Spread Singing Bitcoin’s Praises
Swiss media outlet Handelszeitung has published a full-page spread singing the praises of cryptocurrencies and underlying Distributed Ledger Technology (DLT). Accompanied by a step-by-step guide to help newbies learn how to buy and properly store the coins, the article is a welcome sign that enthusiasm is strong and adoption is still on the rise despite recent price woes in the industry.
Also out of Switzerland, the country’s Federal Council has proposed updates to its banking infrastructure laws to accommodate DLT and help keep the country a top industry destination, moves that have been broadly welcomed by the country’s growing blockchain industry.
Krypto für Dummies
The article provides an optimistic view of the future of digital currencies in Switzerland, and outlines how they make it easier to “trade, exchange, and send” assets across the globe. The author takes readers on a journey from finding and buying cryptocurrency, storing it, and then selling the coins back for Swiss banknotes — all on a smartphone — in an attempt to highlight the ease of using the coins in daily life.
An important distinction is also highlighted: the difference between true cryptocurrencies like Bitcoin — which are decentralized and operate through a “global, boundless, and unregulated” blockchain — and centralized, enterprise or state-controlled ones like Facebook’s Libra or China’s digital Yuan.
Finally, readers are reminded that as this is still a growing industry, trading and transacting in the coins is only going to get easier and more user-friendly.
True coins, like Bitcoin, are “not a speculative phenomenon, but a piece of amazing technology that allows one to suddenly have and control assets and money virtually without relying on other banks or companies.”
![Swiss Crypto](https://www.newsbtc.com/wp-content/uploads/2019/11/pkpdu9l9qa141-860x645.jpg)
So nutzen Sie Krypto = How to Use Crypto
Swiss to Update DLT framework
Swiss blockchain regulations are set for an overhaul, as federal government officials submitted revisions to current banking infrastructure laws at a meeting November 27. The proposal sets to amend the current outdated laws related to blockchain and distributed ledger technology (DLT), and is aimed at decreasing legal uncertainty, removing barriers for applications based on DLT, and reducing the risk of potential abuse.
One example given if the legislation goes through parliament relates to shares, which would become digital-only (not paper), allowing the instant settlement of trades, as opposed to a few days.
“The development of DLT is predicted to have significant potential for innovation and efficiency gains in the financial sector as well as other sectors of the economy,” read the government statement.
Blockchain industry bodies welcomed the proposed legislation, which sets out to amend existing laws rather than create a new legal framework just for DLT; the consultation process has ironed out any major problems presented in the initial proposals, said Jacques Iffland, chairman of the Capital Markets and Technology Association.
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Coinkite Publishes Everything You Need to Build Your Own Coldcard Wallet
Coinkite has published official schematics and guides for users to build their own Coldcard hardware wallet but will it hurt the bottom linenThe post Coinkite Publishes Everything You Need to Build Your Own Coldcard Wallet appeared first on Bitcoin Magazine.n
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Ampleforth Publishes Updated White Paper for Non-Correlated, Price-Stable Digital Asset
n Ampleforth the developer of a new synthetic commodity designed to diversify risk has released an updated white paper for its digital asset protocoln
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