The Central Bank of the Bahamas is preparing a national push for its digital currency this summer to get more Bahamians signing up for the Sand Dollar. In another move toward the adoption of the Bahamas’ central bank digital currency, the CBOB is now focused on connecting mobile Sand Dollar wallets with commercial banking systems, CBOB Governor John Rolle announced. According to a Wednesday report by the Nassau Guardian, Rolle said that the Bahamian government has initiated a number of measures to prepare itself and the Sand Dollar ecosystem. “There is a focus now on enrolling individuals on those various …

An opinion poll conducted by South Korean television station YTN has shown significant support for the planned cryptocurrency tax regime in the country. According to a report by The Korea Herald, 53.7% of the 500 participants polled by South Korea survey firm Realmeter expressed support for the crypto tax law coming into effect in January 2022. However, respondents in their 20s — the most active crypto trading age demographic in South Korea — were most likely to oppose the cryptocurrency tax law. Figures compiled by South Korean lawmaker Kwon Eun-hee show that an estimated 2.35 million crypto traders aged between …

The global landscape of crypto-asset regulations is diverse and, even though it is getting more complex, many regulators are still choosing to wait and see how this space develops and what others will do. Right now, all eyes are on the European Union and its bespoke approach to regulating crypto assets. As part of an expansive digital finance package announced in September 2020, the European Commission, or EC, issued a regulatory proposal titled Markets in Crypto-Assets, or MiCA. The proposal is now making its way through the legislative process and is subject to intense debates. This important regulatory step has …

A major governmental agency in Uzbekistan seems to be rethinking its stance on cryptocurrencies. The National Agency for Project Management under the President of the Republic of Uzbekistan, or NAPM, issued an official document proposing several amendments to licensing procedures for crypto trading. The NAPM proposed to officially allow local residents to conduct “all types of crypto exchange trades involving crypto assets and tokens in exchange for the national currency and the foreign currency.” The authority stressed that crypto investors would trade and invest at their own risk. The proposal also aims to establish processes for the registration, issuance and …

The United States Securities and Exchange Commission new enforcement chief, Alex Oh, has resigned from her position with the SEC just days after taking the role. According to an official SEC announcement, Oh stepped down for personal reasons. However, in Oh’s resignation letter to Chairman Gary Gensler — as seen by Bloomberg — the former enforcement chief revealed she was stepping down to avoid becoming a distraction as she deals with controversies arising from a case she worked in the past. Oh was previously a partner at the Paul, Weiss, Rifkind, Wharton & Garrison private law practice, where she represented, …

This weekly roundup of news from Mainland China, Taiwan and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. Huobi Asset Management is looking to be the Grayscale of Asia with the launch of four cryptocurrency-related tracker funds. The funds include a Bitcoin Fund, an Ethereum fund, a multi-asset basket of digital currencies, and a private equity fund for mining businesses. The aim is clearly to entice major institutional investors into the space with a product that feels familiar. The fund and asset management company is set …

Beijing authorities are reportedly conducting inspections of crypto mining data centers to better understand their impact on energy consumption, Reuters reported on Thursday. The Beijing Municipal Bureau of Economy and Information Technology on Tuesday sent an emergency notice to the city’s data center operators asking them to report whether they are involved in mining Bitcoin (BTC) and other cryptocurrencies. The notice required data centers to report the amount of power consumed by crypto mining, the report notes. A bureau official said that notice recipients include China’s top-three telecom operators. He noted that he was unaware of the reason behind the …

Amid growing concerns over the energy sector in Kyrgyzstan, a former government official has argued that cryptocurrency mining is a major factor driving the energy crisis. Daniyar Akmatov, former director of the state investment protection organization, the Investment Promotion and Protection Agency, addressed the challenges in Kyrgyzstan’s energy sector at a roundtable in Bishkek, local news agency Tazabek reported on Wednesday. The former official said that crypto mining is causing issues for the country’s energy sector, alongside other factors like the devaluation of the Kyrgyz som and poor promotion of energy investment. “Consumption of electricity due to cryptocurrency mining has …

Major American investment bank JPMorgan is working with Singapore’s largest bank, DBS, and state investment firm Temasek to launch a new blockchain company focused on global payments and interbank transactions. Dubbed Partior, the new firm will use blockchain technology and digitize commercial bank money to reduce the existing friction in cross-border payments, trade transactions and foreign exchange settlements. Such functionality would enable instant settlement of payments for various types of transactions, helping banks overcome global payment-related challenges in the current financial system, JPMorgan said in a Wednesday announcement. The new platform builds on JPMorgan and Temasek’s past work as part …

Following the arrests of several employees at Turkey-based crypto exchanges Thodex and Vebitcoin last week, government officials are reportedly planning to establish a central bank authority that could custody digital assets. According to a Bloomberg report, an unnamed senior official in the Turkish government said local authorities may be creating a central custodian bank aimed at eliminating counterparty risk for dealing in cryptocurrencies. The same source claimed that the government was also looking at instituting a capital threshold for exchanges and requiring executives at crypto firms to have a certain foundational knowledge of digital currencies. The report comes as Thodex …

Iran is continuing to explore the potential use of cryptocurrency as a tool for mitigating the devastating impact of economic sanctions imposed by the United States. According to a report from the English-language Iranian economic news source Financial Tribune, the Central Bank of Iran, or CBI, is authorizing banks and licensed forex shops to use cryptocurrency as payments for imports. Under its regulatory framework, the cryptocurrency must derive from licensed crypto miners only. These mining operations are officially permitted by the Iranian state as an industrial activity and require operators to secure a license from the Ministry of Industry, Mine …

Russia’s space agency, Roscosmos, aims to fight intellectual property infringement in the space industry with blockchain technology. Roscosmos started testing an IP protection solution based on the Waves Enterprise blockchain platform, a hybrid blockchain platform developed by the eponymous local blockchain firm. Dubbed IP Guard, the blockchain-based tool detects violations of IP belonging to Roscosmos and other industry organizations. Using the tool, Roscosmos can reportedly maintain and verify a database of IP data objects as well as coordinate IP experts, such as lawyers, patent specialists and auditors. Waves Enterprise chief commercial officer Igor Kuzmichev said: “The most notable properties of …