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Singapore authorities accused Three Arrows Capital of providing false data

Posted by  on  01/07/2022
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The Monetary and Financial Authority of Singapore (MAS) announced that the Three Arrows Capital cryptocurrency fund, which was on the verge of bankruptcy, was engaged in direct deception of the regulator. In 2013, the regulator granted Three Arrows Capital the status of a registered investment fund, provided that the amount of assets under its management does not exceed $250 million. According to the MAS, the amount of funds exceeded the maximum amount allowed between July

The European regulator requires to limit the reserves of fiat-backed stablecoins

Posted by  on  01/07/2022
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The Basel Committee on Banking Supervision (BIS), after the collapse of the UST stablecoin, stated that in order to maintain financial stability, banks should have a limit on the holdings of unsecured crypto assets. The riskiest class of crypto assets, which includes non-backed conventional reserves or asset-pegged stablecoins, will be capped at 1% of Tier 1 capital, the document says. For large banks like JP Morgan Chase, 1% Tier 1 capital can be in the

Spanish regulator: Only 6.8% of Spaniards invest in cryptocurrencies

Posted by  on  30/06/2022
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The National Commission for the Securities Market of Spain (CNMV) commissioned a study, thanks to which it found out that the level of acceptance of cryptocurrencies in the country is quite low. A Grupo Analisis e Investigacion study report says that only three out of four Spaniards have heard of cryptocurrencies. However, people’s knowledge is still very limited: only 1.4% of those surveyed are well versed in digital assets. Most respondents lack knowledge of cryptography

Court issued a decision to liquidate the crypto-hedge fund Three Arrows Capital

Posted by  on  30/06/2022
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The Court of the British Virgin Islands has ruled on the results of a case involving Three Arrows Capital’s loss-making activities as a result of the recent sharp downturn in the cryptocurrency markets. The court ruled to liquidate the crypto hedge fund Three Arrows Capital (TAC). Partners from the New York-based consulting firm Teneo Restructuring were called in to help with the company’s insolvency case. The question of the form of repayment of TAC debt

The Central Bank of Morocco is working on a bill to regulate cryptocurrencies

Posted by  on  29/06/2022
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The Central Bank of Morocco has begun drafting legislation to control cryptocurrencies and combat illegal activities in the digital industry. Central Bank Governor Abdellatif Jouahri said the bill would be submitted soon. The development is carried out by the International Monetary Fund (IMF) and the World Bank. The regulator is also consulting with the central banks of France, Sweden and Switzerland, who share their experience in regulating cryptocurrencies. Juahri assured that the updated regulatory framework,

Top manager of American Express: “Payments in crypto-currencies are unprofitable now”

Posted by  on  29/06/2022
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Director of Government Relations for Southern Europe at American Express believes that it is not profitable to pay with cryptocurrencies now. Gonzalo Pérez del Arco at the European Blockchain Convention 2022 spoke about the plans of the American Express payment system related to cryptocurrencies. He named several factors that hinder the introduction of digital currencies in the field of payments: high commissions for conducting transactions and the unwillingness of most merchants to accept payments in

Yuga Labs accuses Ryder Ripps of counterfeiting Bored Ape NFT collection

Posted by  on  28/06/2022
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Yuga Labs filed a lawsuit over copyright infringement of the Bored Ape series of non-fungible tokens and disruption of economic activity, as a result of which developers may incur losses. Bored Ape, founder of the NFT Yacht Club, tweeted that the application was filed on June 24 in the District Court of Central California. The studio suspects artist Rider Ripps and his partners of infringement, who, the plaintiffs insist, created and sold “fake copies of

Nexo denied the accusation of misappropriation of donations for the children’s fund

Posted by  on  28/06/2022
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Lending platform Nexo, in response to an accusation by a Twitter user of embezzling funds for charity, warned that it could take the slanderer to justice. Otteroooo published a series of posts alleging that the founder of Nexo and members of his family were siphoning off funds from HelpKarma, a children’s health charity in Bulgaria. Nexo representatives allegedly used the donations to buy real estate and fund “lavish personal travel.” Otteroooo elaborated that Nexo has

Tencent launches division to enter the Metaverse market

Posted by  on  27/06/2022
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One of the largest Chinese software developers Tencent announced the creation of a division that will cover all initiatives for the company’s entry into the metaverse market. The company plans to produce both software and hardware products for the Metaverse. This means that Tencent will compete with giants such as Microsoft and Meta. The new division, which will be led by the company’s CTO Li Shen, will be unlike any existing at Tencent. The company

Restaurant Bored & Hungry stopped accepting payments in cryptocurrency

Posted by  on  27/06/2022
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A themed restaurant in California, named after the Bored Ape Yacht Club cryptocurrency project, has stopped accepting ApeCoin and Ethereum from visitors. Bored & Hungry was originally opened to reflect the bored monkey project aesthetic of the Bored Ape Yacht Club (BAYC). The walls are adorned with memes and NFT images in the form of collectible token characters. Recognizable drawings are present even on the dishes. In April, the restaurant announced that it would accept