Law Commission proposes crypto reforms and suggests recognising it as new form of property July 28, 2022 The Law Commission of England and Wales today published new proposals to reform the law around crypto and suggested recognising them as a new, distinct form of property known as “data objects.” The Commission highlighted the increasing importance of crypto and its numerous uses as it considered the principles of private law and private [...]
Cryptocurrencies continue to struggle July 27, 2022 In association with Luno. Bitcoin’s (BTC) recent strong momentum stalled in the middle of last week, and the price has been drifting back towards the $20k mark after hitting highs above $24k last week. The leading cryptocurrency by market capitalisation has hovered around $21k since Monday, down almost 10 per cent over the past 7 [...]
Crypto crash does not have major impact on broader financial systems, says IMF July 27, 2022 The sell-off in the crypto market does not have a major effect on global financial conditions, the International Monetary Fund wrote in a report this week. “Crypto assets have experienced a dramatic sell-off that has led to large losses,” the IMF’s World Economic Outlook Update for July 2022 stated. “But spill overs to the broader [...]
EU regulator concerned about ability to hire specialised staff to enforce crypto rules July 27, 2022 The European Union’s banking regulator is concerned about finding specialised staff to oversee the EU’s proposed crypto regulations, the Financial Times reported. The European Banking Authority expressed worries over talent retention in the crypto industry as it gears up to regulate the EU’s MiCa rules for crypto, most of which will come into force from [...]
Spotlight on the week’s top performer: Trust Wallet Token July 27, 2022 As the “crypto winter” continues to grip the industry, there is some positive news for Trust Wallet Token, this week’s top performer. The token has gained 12.33 per cent over the past seven days and was up about 2 per cent today to trade at $0.95 (£0.79). The token from crypto wallet Trust registered a [...]
Tesla’s Bitcoin holdings lead to £141.5m impairment charge and £53.3m profit July 26, 2022 Tesla had an impairment charge of $170m (£141.5m) on the carrying value of its Bitcoin holdings, while making a $64m (£53.3m) profit from selling the cryptocurrency in the first half of 2022, the company reported. In a filing with the Securities and Exchange Commission on Monday, the electric automaker said that it must recognise impairment [...]
SEC investigates Coinbase over crypto listings and securities concerns July 26, 2022 The SEC is investigating Coinbase over whether it allowed the trading of crypto assets that should have been registered as securities, Bloomberg reported. Coinbase maintains that it does not list securities on its platform, with the crypto exchange’s Chief Legal Officer Paul Grewal tweeting last week, “We 100% disagree with the SEC’s assertion that any [...]
National Crime Agency seized almost £27m in crypto over the past year July 25, 2022 The UK’s National Crime Agency seized £26.9m worth of cryptocurrency from 2021-2022. The law enforcement agency did not report any crypto seizures the year before as it seized £40.1m in physical assets and monies, according to its annual report. It seized £32.9m worth of those assets in 2021-2022. “With no change in the volume of [...]
Blockchain.com lays off a quarter of staff as fallout from crypto crash worsens July 21, 2022 Blockchain.com cut 25 per cent of its workforce, about 150 people, as the impact of the “crypto winter” and the Three Arrows Capital collapse worsens. The crypto exchange blamed the sharp crash in the crypto market and high financial losses for the decision, according to CoinDesk. Blockchain.com will lose $270m from a loan to bankrupt [...]
Cryptocurrency payments hold up despite harsh and merciless crypto winter July 21, 2022 Crypto payments have remained stable in the first half of this year, according to new research shared with City A.M. today. Compliance platform Deel said that cryptocurrency payment remained stable at 5 per cent of all global payments withdrawn monthly from the platform. In comparison, in the second half of last year 2 per cent [...]