Indian crypto exchanges will store user data for five years

Cryptocurrency News

India’s Ministry of Information Technology has issued a directive that requires cryptocurrency exchanges, data centers and VPN providers to store user data for five years. The directive, which will come into force on June 22, should help the country’s authorities to more effectively combat cybercrime. Cryptocurrency exchanges in India will store customer names, ownership, contact information and other user data. In addition, exchanges and VPN providers will be required to report any out-of-band incident to…

Bloomberg: G7 countries are tightening their monetary policy

Cryptocurrency News

Analysts at Bloomberg reported that the central banks of the G7 countries are reducing their balance sheets and raising interest rates to prevent inflation from rising. As Bloomberg analysts note in the report, the G7 countries are tightening their monetary policy – central banks are reducing their balance sheets and raising interest rates. By the end of the year, the G7 countries will reduce their balance sheets by about $410 billion, experts say. Banks added…

Hawaii Advocates Dedicated Task Force to Regulate Cryptocurrencies

Cryptocurrency News

The Commerce and Consumer Protection Committee (CPN) and the Ways and Means Committee (WAM) of the State of Hawaii have approved the creation of a specialized task force to study and regulate digital currencies. According to the announcement, a task force will be set up at the Ministry of Budget and Finance to analyze and collect data on cryptocurrencies and blockchain. In the future, the group will be required to present research findings and draft…

Swiss Central Bank: “We do not see the need to buy bitcoin”

Cryptocurrency News

The management of the Swiss National Bank (SNB) considers it inappropriate to invest in bitcoin and keep it as a reserve of the regulator. SNB Chairman Thomas Jordan said at the annual board meeting that buying bitcoin is not a problem for the central bank, it can do so either directly or by purchasing bitcoin-linked investment products. The head of the Central Committee is quoted by Reuters. If necessary, the regulator will be able to…

Bankless: The value of assets in second-level blockchains on Ethereum increased by 964%

Cryptocurrency News

Experts from the analytical resource Bankless note that against the backdrop of an increase in the value of assets in scaling services on Ethereum, Arbitrum and Optimism blockchains attracted the most fees. The Bankless report says that in the first quarter, the value of assets locked on second-tier blockchains or Ethereum-based scaling services increased by 964%, reaching $7.3 billion, up from $686.9 million in the first quarter of 2021. The authors of the report note…

Fidelity Cryptocurrency Pension Plans caused concern to the US Department of Labor

Cryptocurrency News

The US Department of Labor has expressed concerns about an initiative by US holding company Fidelity to include cryptocurrencies in US retirement accounts. Ali Khawar, Acting Assistant Secretary of the Employee Safety Authority (EBSA), told The Wall Street Journal that the agency does not know the implications of Fidelity’s initiative. The company announced on Tuesday that it will allow members of its 401(k) retirement savings program to invest up to 20% in bitcoin. After that,…

Belgian regulator tightens supervision of the crypto industry

Cryptocurrency News

The Belgian Financial Services and Markets Authority (FSMA) is introducing licensing for local companies that provide crypto-currency services to citizens. The Belgian regulator has announced that under the new rules, all local cryptocurrency trading platforms and custodial wallet operators are required to obtain a license to work with digital assets from May 1. The appeal states that the new regulation is being created to regulate the ever-growing crypto industry. According to the regulator, the registration…

Texas Fort Worth city will mine bitcoin

Cryptocurrency News

Fort Worth, Texas will launch a bitcoin mining pilot project using three Bitmain Antminer S9 ASIC miners. They were donated to the city administration by the Texas Blockchain Council. Fort Worth Mayor Mattie Parker told CNBC that the mining equipment will operate 24/7 in a safe manner. Parker estimates that each ASIC miner consumes the same amount of electricity as a regular vacuum cleaner. The mayor believes that the use of three miners will not…

Fidelity Investments Will Give Retirement Account Holders the Opportunity to Invest in Bitcoin

Cryptocurrency News

Fidelity Investments, a large American asset management firm, will allow its clients to invest part of the funds from retirement accounts in bitcoin. According to The Wall Street Journal and The New York Times, these are 401(k) retirement accounts – these are corporate savings retirement accounts. The funds are not taxed and are automatically transferred by the employer to the funds chosen by the employee. Fidelity will provide an opportunity to invest up to 20%…

Robinhood lays off 350 employees due to falling shares of the company

Cryptocurrency News

Vlad Tenev, CEO of stock and cryptocurrency trading platform Robinhood, said the firm is laying off 9% of its employees — roughly 350 people — as the company’s stock plunges. According to a blog post, this decision had to be made due to changing customer behavior. The company monitors how its clients invest in the face of global conflict, economic uncertainty and high inflation. According to TradingView, the company’s shares are down 38% in the…