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Politics

Kraken Receives Approval To Create a U.S. Bank

  • Kraken has now become the first SPDI bank in Wyoming to provide comprehensive deposit-taking, custody and fiduciary services for digital assets.
  • SPDI banks have no legal ownership of the assets it's holding, meaning in the event of a bankruptcy, all funds need to be returned to its clients.
Photo from Freepik

  • Kraken has now become the first SPDI bank in Wyoming to provide comprehensive deposit-taking, custody and fiduciary services for digital assets.
  • SPDI banks have no legal ownership of the assets it's holding, meaning in the event of a bankruptcy, all funds need to be returned to its clients.
Narendra Modi, then Chief Minister of Gujarat, India, now Prime Minister of the country, speaks during the welcome lunch at the World Economic Forum's India Economic Summit 2008 in New Delhi, 16 - 18 November, 2008. Norbert Schiller/World Economic Forum

Report: India Plans To Ban Cryptocurrency Trades

  • The ban will affect a lot of locally-operating companies, as well as a large number of citizens interested in trading cryptocurrencies.
  • The government is supposedly adding the new regulations in order to prevent Indians from risking their savings amid the economic slowdown.
Photo from Freepik

Access To Coinbase, MercaDolar Reportedly Blocked In Venezuela

  • It remains unknown why ISPs in the country decided to add these particular platforms to a DNS blacklist.
  • The last time Venezuela restricted access to cryptocurrency exchanges, the government was targeting platform that exchanged the local currency for alternative assets.
Exterior signage on the front of the United States Post Office building in Scottsdale, Arizona on May 25, 2017. Jessica Kirsh/Shutterstock

US Postal Services File For Blockchain-Based Mail-In Voting Patent

  • The USPS has proposed a number of different frameworks and concepts around its central idea of blockchain-based voting.
  • The news follows recent comments from President Donald J. Trump concerning the funding of the mail service.

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Thai Regulator Awards Upbit With 4 Crypto Licenses

  • Although the final audit by the SEC is still pending, the exchange is now eligible to offer all possible combinations of fiat-crypto and crypto-crypto pairs.
  • Upbit can now claim to be the only crypto-related business in the country to obtain all four licenses.

7 Investment, Crypto-Related Websites Blacklisted by Cyprus SEC

  • According to the CySEC memo, none of the seven blacklisted companies had been granted approval for providing investment services in the country.
  • One of the websites went as far as to promote its ability to double a person's BTC in 60 seconds .

Members Of Congress Propose New Tax Method For PoS Staking

  • According to experts, the current methods of taxation could create problems for both regulators and taxpayers.
  • The letter addresses some of the potential changes that could ease the processes connected to tax collection.

20% Tax On Crypto Proposed In Korea

  • If approved, crypto trading profits above 2.5 million KRW (~$2,000) will be taxed at 20% starting October 2021.
  • Non-residents and foreign corporations that trade on South Korean exchanges will also be taxed.

New York State Attorney General Restarts Investigation Of Tether

  • Tether co-founder and presidential candidate Brock Pierce is not officially part of the investigations yet.
  • The attorney general claims that $850 million were already sent to a third-party payment processor.

UK Regulator Lifts Restrictions On Wirecard

  • The firm's U.K. subsidiary was ordered to cease all of its regulated activities last Friday.
  • Wirecard now has a written consent to resume operations and is expecting all of its cards to be operational by 1 July.

Nigeria’s SEC Deems “World’s First Philanthropic Blockchain” Illegal, Unregulated

  • The commission has publicly announced that IBSmartify products are not registered or regulated.
  • Any person dealing with IBSmartify will assume personal responsibility for their actions.

U.K. Regulator Suspends Wirecard’s Card Issuer

  • The FCA started working with Wirecard's subsidiary immediately after it became known it was missing $2.1 billion.
  • As a result of the action, Crypto.com is now about to terminate its card operations in the EU and UK.

New York Financial Watchdog Alerts Crypto Companies About BitLicense Applications

  • The DFS has introduced a checklist of requirements for licenses.
  • With the new rules, the regulator expects that incomplete applications will not be sent, which will result in better usage of its resources.

UK’s Financial Regulator Urges Crypto Firms To Register Before End Of Month

  • Although the deadline for registration is 10 January 2021, the FCA wants to have at least six months to review all applications.
  • If businesses fail to submit an application before the end of June, their registration may not be processed in time.