The Avanti Financial Group has announced that it has raised $37 million in a Series A round, bringing the company closer to launch as a digital asset bank. In a March 25 announcement, Avanti stated that it will use the proceeds to fund the required regulatory capital needed for launch, in addition to funding development
While the legal status of cryptocurrencies remains undecided in India, companies in the country involved in virtual assets must now report their activities as part of their financial statements. The new rule follows amendments made by the country’s Ministry of Corporate Affairs to Schedule III of the 2013 Companies Act. According to the document published
Everything is bigger in Texas, but when it comes to crypto-friendly legislation, this doesn’t seem to be the case… just yet. On March 12, 2021, Texas Representative Tan Parker introduced the Uniform Commercial Code, also known as UCC, amendment bill (House Bill 4474) to better adapt commercial law to blockchain innovation and digital asset regulations.
Leading U.S. cryptocurrency exchange Coinbase has announced it is “establishing a business presence in India” despite uncertain regulatory headwinds for crypto in the country. In a March 25 blog post, Coinbase revealed it is planning to house “some IT services, including engineering, software development and customer support operations in India,“ noting the country’s “huge pool
Agustín Carstens, general manager of the Bank for International Settlements, has called for even more crypto regulations stating that virtual currencies are a tool for circumventing financial laws. In an interview with CNBC on Wednesday, the BIS general manager identified money laundering and terrorism financing as areas that require more robust cryptocurrency regulations. Carstens’s comments,
For Brad Smith, president of the Microsoft Corporation, fintech firms have no business issuing private digital currencies. According to Bloomberg, Smith gave these remarks while speaking at an online conference organized by the Bank for International Settlements. As part of his address, Smith argued that money supply should exclusively be under the aegis of governments
Prominent Indian entrepreneur and government advisor Nandan Nilekani has spoken in favor of cryptocurrencies as the government reportedly mulls a ban on private digital assets. Nilekani joined a Clubhouse session with angel investor Balaji Srinivasan to discuss the state of crypto in India, local business news publication Moneycontrol reported Monday. Nilekani is a co-founder of major
A federal judge has implied that an individual may not have the right to force the Internal Revenue Service, or IRS, to expunge financial records it obtains from crypto exchanges. In granting a motion to dismiss filed in December, Judge Joseph DiClerico in the District of New Hampshire suggested the Internal Revenue Service has no
South Korea is heading into a new period for its crypto industry, with stringent new rules coming into effect on March 25 that will require all cryptocurrency businesses to comply with new crypto reporting regulations and registration rules. As an article from the Korea Herald outlines, industry experts fear that the impact of the new measures —
A former navy seal and bodyguard to the banged-up abroad McAfee antivirus software founder, John McAfee, has pleaded not guilty to charges alleging he was involved in two wholesale crypto scams that duped investors out of roughly $13 million. Jimmy Gale Watson Jr, the former executive advisor of the “McAfee Team” — a website offering
Google searches for Bitcoin (BTC) emanating from Turkey exploded in the past 24 hours, after the value of the Turkish lira dropped 14% following the firing of a central bank governor. According to data from Google Trends, the number of searches for Bitcoin spiked 566% in the hours immediately following news of the lira’s demise.
The first-ever virtual version of Blockchain Africa delivered an optimistic outlook for the cryptocurrency and blockchain space in the continent as the world settles into a new normal dictated by COVID-19. The conference featured a number of well-known industry commentators, participants and thought leaders from around the world who addressed a completely virtual audience. The
On Dec. 22, 2020, the United States Securities and Exchange Commission filed a complaint against Ripple Labs. The complaint essentially alleged that Ripple had engaged in a multi-year, sustained practice of illegally selling unregistered, non-exempt securities in the form of its XRP tokens. This complaint, having been filed on the last day of former SEC
Godwin Emefiele, governor of Nigeria’s central bank which previously banned banks from servicing crypto exchanges, has reportedly clarified the bank’s position on the use of cryptocurrencies in the country. According to local news outlet TodayNG, Central Bank of Nigeria, or CBN, deputy governor Adamu Lamtek said on behalf of Emefiele that the bank had not
Recent political developments in the United States demonstrate the critical challenges that centralized technology platforms pose to democracy — in stark contrast to the powerful role social media played in pro-democracy movements in the Middle East and Hong Kong. U.S. election misinformation and disinformation, as well as white nationalism, spread throughout online groups, and prominent
After settling charges of improper reporting of exchange volume and “self-trading” with the CFTC yesterday, reports have emerged that cryptocurrency exchange giant Coinbase is set to push back its stock listing to next month. The company had previously been expected to go public some time in March. Yesterday, March 19 the Commodity Futures Trading Commission