US Inches Towards Bitcoin & Ethereum Accounting Clarity, Leaving NFTs and Stablecoins for Later
In a bid to develop transparent accounting rules for digital assets, the US Financial Accounting Standards Board (FASB) has revealed what assets the industry body will include in its crypto rule-making project, leaving NFTs and certain stablecoins outside its scope.
After years of being asked by businesses and investors to take a position on how to account for crypto holdings, the organization added the crypto project to its rule-making priority agenda last May. And on Wednesday, the FASB disclosed what assets are to be covered by a forthcoming rule, The Wall Street Journal reported.
While the leading cryptoassets such as bitcoin (BTC) and Ethereum (ETH) will be covered by the project, accounting for NFTs and certain (unspecified) stablecoins is likely to continue creating problems for companies who have invested in such assets. Until now, such investments have predominantly been accounted for based as indefinite-lived intangible assets, similar to website domains and trademarks, with the use of the non-binding guidelines issued by the Association of International Certified Professional Accountants (AICPA).
Under the plan, the FASB intends to finalize its initial discussions on the crypto project by the end of this year, when the industry body’s board could vote on whether to issue a proposal, according to a spokeswoman for the organization.
Susan Cosper, a board member at the FASB, defended the decision to exclude NFTs from the project, declaring they could slow it down. According to her, "it’s not pervasive or material at this juncture” and “it’s certainly something that we can focus on later if need be
In a bid to develop transparent accounting rules for digital assets, the US Financial Accounting Standards Board (FASB) has revealed what assets the industry body will include in its crypto rule-making project, leaving NFTs and certain stablecoins outside its scope.
After years of being asked by businesses and investors to take a position on how to account for crypto holdings, the organization added the crypto project to its rule-making priority agenda last May. And on Wednesday, the FASB disclosed what assets are to be covered by a forthcoming rule, The Wall Street Journal reported.
While the leading cryptoassets such as bitcoin (BTC) and Ethereum (ETH) will be covered by the project, accounting for NFTs and certain (unspecified) stablecoins is likely to continue creating problems for companies who have invested in such assets. Until now, such investments have predominantly been accounted for based as indefinite-lived intangible assets, similar to website domains and trademarks, with the use of the non-binding guidelines issued by the Association of International Certified Professional Accountants (AICPA).
Under the plan, the FASB intends to finalize its initial discussions on the crypto project by the end of this year, when the industry body’s board could vote on whether to issue a proposal, according to a spokeswoman for the organization.
Susan Cosper, a board member at the FASB, defended the decision to exclude NFTs from the project, declaring they could slow it down. According to her, "it’s not pervasive or material at this juncture” and “it’s certainly something that we can focus on later if need be
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Georgia Follows EU’s Crypto Regulation Lead, Hopes to Become a ‘Hub’ for the Sector
Georgia’s government is taking steps to update its crypto regulation in line with the European Union – and hopes that the move will help this country at the intersection of Europe and Asia become a “hub” for the global industry.
Per iXBT and News Georgia, the nation’s Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili, claimed that a “bundle” of draft bills had already been sent to parliament.
The minister was confident that these bills would be approved, and that legal “changes” would be OKed during the upcoming autumn parliamentary session.
Davitashvili stated that all of the bills are amendments to existing laws that will “provide for the convergence” of Georgian legislation with a number of EU directives that pertain to crypto.
Namely, these include:
The Payment Service Directive (PSD2), which requires exchange customers to submit additional information before buying crypto
The Capital Requirements Directive (CRD), which requires financial regulators to apply certain criteria when assessing crypto-related license requests
Virtual Asset Service Provider (VASP) directives, which pertain to the way exchanges and other crypto service providers communicate with one another and monitor customer transactions for suspicious-looking transfers or trades
Davitashvili was quoted as explaining that this would mean that Georgia-based crypto traders would be able to enjoy new legal rights, and that the measures would help the government and law enforcers ensure that crypto is not used in money laundering or terrorist financing efforts.
Davitashvili also pointed out that the VASP-related legislation was “one of the most important steps” the country needed to take in its journey toward a “sustainable regulation of the crypto industry in Georgia.”
The Deputy Prime Minister claimed that streamlining Georgian crypto legislation with the EU directives was “only the first step” on the nation’s crypto journey.
The government has previously stated that it wants Georgia to become a “crypto hub” by 2025
Georgia’s government is taking steps to update its crypto regulation in line with the European Union – and hopes that the move will help this country at the intersection of Europe and Asia become a “hub” for the global industry.
Per iXBT and News Georgia, the nation’s Deputy Prime Minister and Minister of Economy and Sustainable Development, Levan Davitashvili, claimed that a “bundle” of draft bills had already been sent to parliament.
The minister was confident that these bills would be approved, and that legal “changes” would be OKed during the upcoming autumn parliamentary session.
Davitashvili stated that all of the bills are amendments to existing laws that will “provide for the convergence” of Georgian legislation with a number of EU directives that pertain to crypto.
Namely, these include:
The Payment Service Directive (PSD2), which requires exchange customers to submit additional information before buying crypto
The Capital Requirements Directive (CRD), which requires financial regulators to apply certain criteria when assessing crypto-related license requests
Virtual Asset Service Provider (VASP) directives, which pertain to the way exchanges and other crypto service providers communicate with one another and monitor customer transactions for suspicious-looking transfers or trades
Davitashvili was quoted as explaining that this would mean that Georgia-based crypto traders would be able to enjoy new legal rights, and that the measures would help the government and law enforcers ensure that crypto is not used in money laundering or terrorist financing efforts.
Davitashvili also pointed out that the VASP-related legislation was “one of the most important steps” the country needed to take in its journey toward a “sustainable regulation of the crypto industry in Georgia.”
The Deputy Prime Minister claimed that streamlining Georgian crypto legislation with the EU directives was “only the first step” on the nation’s crypto journey.
The government has previously stated that it wants Georgia to become a “crypto hub” by 2025
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Saudi Arabia Hires Crypto Chief, Signaling Warming to Digital Assets
The potential for growth in Saudi Arabia's fascination with cryptocurrencies is real. Former Accenture executive hired by Saudi Central Bank to head crypto and CBDC initiatives. Previously, the Kingdom of Saudi Arabia treated cryptocurrency with more caution.
After bringing in a former managing director from Accenture to promote bitcoin adoption, Saudi Arabia is starting to see the promise of digital currency. According to Bloomberg, the Saudi Central Bank has recruited Mohsen AlZahrani, a former Managing Director at Accenture, to head the bank's cryptocurrency and cannabidiol (CBD) initiatives.
According to his LinkedIn profile, AlZahrani has been working at the bank since July. While at the central bank from March 2015 until October 2018, AlZahrani oversaw the innovation center's cryptocurrency and CBDC projects.
Several sources have told Bloomberg that Riyadh has recently shown an interest in digital assets and has begun talking to the industry's largest companies to gauge the United Arab Emirates policy toward cryptocurrency. Aber is a Central Bank Digital Currency (CBDC) program that is part of the countries' coordinated efforts to develop digital assets.
Aber, a "joint digital currency and distributed ledger" experiment announced in 2019, is a digital currency trial issued jointly by two national central banks. The project was developed by the Central Bank of the United Arab Emirates (CBUAE), the Saudi Central Bank (SAMA), and six commercial banks.
The potential for growth in Saudi Arabia's fascination with cryptocurrencies is real. Former Accenture executive hired by Saudi Central Bank to head crypto and CBDC initiatives. Previously, the Kingdom of Saudi Arabia treated cryptocurrency with more caution.
After bringing in a former managing director from Accenture to promote bitcoin adoption, Saudi Arabia is starting to see the promise of digital currency. According to Bloomberg, the Saudi Central Bank has recruited Mohsen AlZahrani, a former Managing Director at Accenture, to head the bank's cryptocurrency and cannabidiol (CBD) initiatives.
According to his LinkedIn profile, AlZahrani has been working at the bank since July. While at the central bank from March 2015 until October 2018, AlZahrani oversaw the innovation center's cryptocurrency and CBDC projects.
Several sources have told Bloomberg that Riyadh has recently shown an interest in digital assets and has begun talking to the industry's largest companies to gauge the United Arab Emirates policy toward cryptocurrency. Aber is a Central Bank Digital Currency (CBDC) program that is part of the countries' coordinated efforts to develop digital assets.
Aber, a "joint digital currency and distributed ledger" experiment announced in 2019, is a digital currency trial issued jointly by two national central banks. The project was developed by the Central Bank of the United Arab Emirates (CBUAE), the Saudi Central Bank (SAMA), and six commercial banks.
ETC Group Physical Ethereum PoW (ZETW) ETP Launching on Deutsche Borse
An exchange-traded product (ETP) that tracks an Ethereum (ETH) proof-of-work (PoW) hard forked token is already being planned for listing in Europe, despite no such token existing as of now.
The new investment product is being prepared by the London-based crypto firm ETC Group, and will be listed on Deutsche Borse’s Xetra marketplace under the ticker ZETW shortly after a potential hard fork, if all goes according to plan.
According to an announcement from the company behind the planned fund, investors in its existing ETH ETP with the ticker ZETH will automatically receive shares of the new fund on a one-to-one basis if a hard fork occurs. The firm expects the new fund to be listed on September 16, the announcement said.
The full name for the new fund will be ETC Group Physical EthereumPoW.
Both the existing ETH ETP and the planned ETP are backed directly by digital tokens. This stands in contrast to the Bitcoin (BTC) futures-backed exchange-traded funds (ETFs) that are listed in the US, where regulations have made it impossible to list physically backed ETPs or ETFs for now.
A potential new token that arises as a result of a hard fork as Ethereum’s main chain transitions from proof-of-work to proof-of-stake is tentatively called ETHPoW.
“When we launched ETC Group, we committed to holders of our digital asset-backed securities that they would benefit from hard forks to the underlying digital assets and cryptocurrencies,” Bradley Duke, founder and co-CEO of ETC Group, said in a comment, while adding:
“We believe that it is only right that investors in our products should receive the proceeds of this fork.”
ETC Group is one of several companies that offer ETPs backed by digital assets in Europe. Other companies include WisdomTree, 21Shares, CoinShares, and VanEck. Notably, European crypto ETPs have remained popular among investors despite bitcoin futures ETFs now being widely available in the US
An exchange-traded product (ETP) that tracks an Ethereum (ETH) proof-of-work (PoW) hard forked token is already being planned for listing in Europe, despite no such token existing as of now.
The new investment product is being prepared by the London-based crypto firm ETC Group, and will be listed on Deutsche Borse’s Xetra marketplace under the ticker ZETW shortly after a potential hard fork, if all goes according to plan.
According to an announcement from the company behind the planned fund, investors in its existing ETH ETP with the ticker ZETH will automatically receive shares of the new fund on a one-to-one basis if a hard fork occurs. The firm expects the new fund to be listed on September 16, the announcement said.
The full name for the new fund will be ETC Group Physical EthereumPoW.
Both the existing ETH ETP and the planned ETP are backed directly by digital tokens. This stands in contrast to the Bitcoin (BTC) futures-backed exchange-traded funds (ETFs) that are listed in the US, where regulations have made it impossible to list physically backed ETPs or ETFs for now.
A potential new token that arises as a result of a hard fork as Ethereum’s main chain transitions from proof-of-work to proof-of-stake is tentatively called ETHPoW.
“When we launched ETC Group, we committed to holders of our digital asset-backed securities that they would benefit from hard forks to the underlying digital assets and cryptocurrencies,” Bradley Duke, founder and co-CEO of ETC Group, said in a comment, while adding:
“We believe that it is only right that investors in our products should receive the proceeds of this fork.”
ETC Group is one of several companies that offer ETPs backed by digital assets in Europe. Other companies include WisdomTree, 21Shares, CoinShares, and VanEck. Notably, European crypto ETPs have remained popular among investors despite bitcoin futures ETFs now being widely available in the US
More Defendants Named in $258 Billion Dogecoin Lawsuit against Elon Musk
The class action suit filed accusing tech billionaire and CEO of Tesla, Elon Musk, of running a pyramid scheme to promote Dogecoin (DOGE) has been amended this week to include more defendants and plaintiffs.
According to a court filing on the case, seven new disgruntled investors have joined the lawsuit, while six more defendants have been added to the list of the accused. Among these newly named defendants are Musk's tunnel construction start-up The Boring Company, and the creators of the dog-themed memecoin Billy Markus and Jackson Palmer.
The plaintiffs also named Dogecoin-related entities including the Dogecoin Foundation and Dogecoin Developers, as well as programmer Ross Nicholl, and popular Dogecoin influence Matt Wallace. This is in addition to the former defendants namely Elon Musk, along with his companies SpaceX and Tesla.
The filing reveals that electronic summonses have been sent to all the named defendants. Meanwhile, the new plaintiffs include Colby Gorog, James Duong, Fernando Uriza, Joshua Flint, Jessica Calkins, Louis Robinson, and Michael Twomey.
The case was first filed in June by Keith Johnson and is docketed as Johnson et al v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037. The New England-resident electrician says he is seeking damages of $258 billion from Musk and his companies on behalf of investors who lost money by investing in DOGE since April 2019.
"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading. Musk used his pedestal as World's Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement," Johnson said in his complaint charging Musk of racketeering.
The damages he is asking for are calculated by tripping the $86 billion all-time high market capitalization that DOGE reached in May 2021 when Elon Musk appeared on NBC's Saturday Night Live Show to talk about Dogecoin
The class action suit filed accusing tech billionaire and CEO of Tesla, Elon Musk, of running a pyramid scheme to promote Dogecoin (DOGE) has been amended this week to include more defendants and plaintiffs.
According to a court filing on the case, seven new disgruntled investors have joined the lawsuit, while six more defendants have been added to the list of the accused. Among these newly named defendants are Musk's tunnel construction start-up The Boring Company, and the creators of the dog-themed memecoin Billy Markus and Jackson Palmer.
The plaintiffs also named Dogecoin-related entities including the Dogecoin Foundation and Dogecoin Developers, as well as programmer Ross Nicholl, and popular Dogecoin influence Matt Wallace. This is in addition to the former defendants namely Elon Musk, along with his companies SpaceX and Tesla.
The filing reveals that electronic summonses have been sent to all the named defendants. Meanwhile, the new plaintiffs include Colby Gorog, James Duong, Fernando Uriza, Joshua Flint, Jessica Calkins, Louis Robinson, and Michael Twomey.
The case was first filed in June by Keith Johnson and is docketed as Johnson et al v. Musk et al, U.S. District Court, Southern District of New York, No. 22-05037. The New England-resident electrician says he is seeking damages of $258 billion from Musk and his companies on behalf of investors who lost money by investing in DOGE since April 2019.
"Defendants were aware since 2019 that Dogecoin had no value yet promoted Dogecoin to profit from its trading. Musk used his pedestal as World's Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement," Johnson said in his complaint charging Musk of racketeering.
The damages he is asking for are calculated by tripping the $86 billion all-time high market capitalization that DOGE reached in May 2021 when Elon Musk appeared on NBC's Saturday Night Live Show to talk about Dogecoin
Starbucks Odyssey Makes Big Bet that Web3 and NFTs Can Make Rewards ‘Immersive’
Starbucks, the world's largest coffeehouse chain, is diving into the Web3 and non-fungible tokens (NFTs) space with plans to launch a blockchain-facilitated loyalty program called Starbucks Odyssey.
In a press release, the American multinational company stated that by leveraging Web3 technology, the loyalty program will allow Starbucks Rewards members to access experiences and ownership that were not possible before.
The Starbucks Odyssey experience will include perks such as unlocking unique digital, physical, and experiential benefits.
Brady Brewer, Starbucks executive vice president and chief marketing officer, said the program is the first of its kind. He added that the vision of the program is to create a place where the Starbucks digital community can engage in immersive experiences and celebrate the heritage and future of the Starbucks brand.
"By integrating into the Starbucks Rewards ecosystem and grounding the experience in coffee, connection and community, we are entering the Web3 space differently than any other brand, while deepening our members’ connection to Starbucks,” Brewer said.
Starbucks, the world's largest coffeehouse chain, is diving into the Web3 and non-fungible tokens (NFTs) space with plans to launch a blockchain-facilitated loyalty program called Starbucks Odyssey.
In a press release, the American multinational company stated that by leveraging Web3 technology, the loyalty program will allow Starbucks Rewards members to access experiences and ownership that were not possible before.
The Starbucks Odyssey experience will include perks such as unlocking unique digital, physical, and experiential benefits.
Brady Brewer, Starbucks executive vice president and chief marketing officer, said the program is the first of its kind. He added that the vision of the program is to create a place where the Starbucks digital community can engage in immersive experiences and celebrate the heritage and future of the Starbucks brand.
"By integrating into the Starbucks Rewards ecosystem and grounding the experience in coffee, connection and community, we are entering the Web3 space differently than any other brand, while deepening our members’ connection to Starbucks,” Brewer said.
South Korean Authorities to Void Do Kwon’s Passport and Expedite Deportation
South Korean prosecutors have intensified their efforts to capture Do Kwon, the co-founder and CEO of Terraform Labs – with the Ministry of Foreign Affairs ready to step in to void his passport.
Munhwa Ilbo reported that the Seoul Southern District Prosecutors’ Office has asked the Ministry of Foreign Affairs to invalidate the passports of five South Korean nationals, including Kwon and a “financial officer” surnamed Han. The ministry has confirmed that it received the request.
Under international law, individuals with voided passports must be immediately deported to their country of origin.
The voiding process typically takes up to a month, but the media outlet reported that the prosecution was “expected to pressure Kwon and others” to return their passports voluntarily to the South Korean Embassy in Singapore and “return before” the ministry completes the process.
Meanwhile, further details have emerged about the arrest warrant South Korean prosecutors yesterday issued to Kwon – with the CEO apparently initially refusing to meet with prosecutors who had traveled to Singapore.
Kwon is now residing in Singapore, where he established Terraform in 2018. The Seoul Southern District Prosecutors’ Office has been investigating him and other Terraform-linked individuals for suspected fraud for several months.
But the investigation appears to have heated up in recent weeks, with prosecutors heading to Singapore to speak with Kwon and other Terraform executives. KBS reported that when Kwon “did not comply with a request to attend” a meeting with prosecutors, they responded by issuing a warrant.
Details about the other five warrants remain scant, but Chosun reported that the individual surnamed Han was Terraform’s “head of finance.” An individual named Han Chang-joon was previously listed as Terraform’s Chief Financial Officer. The only other individual thus far named by the South Korean press is Nicholas Platias, who was identified as a “founding executive” and served as the firm’s Head of Research until 2020.
Further details have also emerged about the charges Kwon faces in his home country. Prosecutors now appear to believe they have enough evidence to prove that LUNC (formerly LUNA) and other Terra ecosystem coins are “securities
South Korean prosecutors have intensified their efforts to capture Do Kwon, the co-founder and CEO of Terraform Labs – with the Ministry of Foreign Affairs ready to step in to void his passport.
Munhwa Ilbo reported that the Seoul Southern District Prosecutors’ Office has asked the Ministry of Foreign Affairs to invalidate the passports of five South Korean nationals, including Kwon and a “financial officer” surnamed Han. The ministry has confirmed that it received the request.
Under international law, individuals with voided passports must be immediately deported to their country of origin.
The voiding process typically takes up to a month, but the media outlet reported that the prosecution was “expected to pressure Kwon and others” to return their passports voluntarily to the South Korean Embassy in Singapore and “return before” the ministry completes the process.
Meanwhile, further details have emerged about the arrest warrant South Korean prosecutors yesterday issued to Kwon – with the CEO apparently initially refusing to meet with prosecutors who had traveled to Singapore.
Kwon is now residing in Singapore, where he established Terraform in 2018. The Seoul Southern District Prosecutors’ Office has been investigating him and other Terraform-linked individuals for suspected fraud for several months.
But the investigation appears to have heated up in recent weeks, with prosecutors heading to Singapore to speak with Kwon and other Terraform executives. KBS reported that when Kwon “did not comply with a request to attend” a meeting with prosecutors, they responded by issuing a warrant.
Details about the other five warrants remain scant, but Chosun reported that the individual surnamed Han was Terraform’s “head of finance.” An individual named Han Chang-joon was previously listed as Terraform’s Chief Financial Officer. The only other individual thus far named by the South Korean press is Nicholas Platias, who was identified as a “founding executive” and served as the firm’s Head of Research until 2020.
Further details have also emerged about the charges Kwon faces in his home country. Prosecutors now appear to believe they have enough evidence to prove that LUNC (formerly LUNA) and other Terra ecosystem coins are “securities
Wall Street Backs New ‘Low Fees’ Crypto Exchange - Is This the Future and Should You Be Worried?
A consortium of leading Wall Street broker-dealers, global market makers, and venture capital firms have announced the launch of a first-of-its-kind crypto exchange called EDX Markets (EDXM) that will be operated like a traditional stock exchange.
In a press statement, early backers of the exchange were revealed to include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial, with more partners expected to back the exchange over time.
EDXM's leadership includes CEO Jamil Nazarali, formerly Global Head of Business Development at Citadel Securities, CTO Tony Acuña-Rohter, formerly Chief Technology Officer at ErisX, and General Counsel David Forman, formerly Chief Legal Officer at Fidelity Brokerage Services and General Counsel for Fidelity Digital Assets.
The crypto exchange will operate as an independent entity by allowing investors to trade cryptocurrencies that have been confirmed to not be securities through their existing brokers.
EDXM says it will leverage technology provided by MEMX, an innovative consumer-centric market operator founded in 2019, to enable a highly liquid crypto ecosystem that aggregates liquidity from multiple market makers to reduce the spread and improve transparency.
This technique is also expected to result in better prices for both retail and institutional investors than those offered by existing crypto exchanges fee-wise. Meanwhile, EDXM intends to secure investors' crypto assets and eliminate expensive bilateral settlements by leveraging a network of select digital custodians and netting and settling trades on the blockchain.
A consortium of leading Wall Street broker-dealers, global market makers, and venture capital firms have announced the launch of a first-of-its-kind crypto exchange called EDX Markets (EDXM) that will be operated like a traditional stock exchange.
In a press statement, early backers of the exchange were revealed to include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial, with more partners expected to back the exchange over time.
EDXM's leadership includes CEO Jamil Nazarali, formerly Global Head of Business Development at Citadel Securities, CTO Tony Acuña-Rohter, formerly Chief Technology Officer at ErisX, and General Counsel David Forman, formerly Chief Legal Officer at Fidelity Brokerage Services and General Counsel for Fidelity Digital Assets.
The crypto exchange will operate as an independent entity by allowing investors to trade cryptocurrencies that have been confirmed to not be securities through their existing brokers.
EDXM says it will leverage technology provided by MEMX, an innovative consumer-centric market operator founded in 2019, to enable a highly liquid crypto ecosystem that aggregates liquidity from multiple market makers to reduce the spread and improve transparency.
This technique is also expected to result in better prices for both retail and institutional investors than those offered by existing crypto exchanges fee-wise. Meanwhile, EDXM intends to secure investors' crypto assets and eliminate expensive bilateral settlements by leveraging a network of select digital custodians and netting and settling trades on the blockchain.
South Korean Prosecutors Turn to Interpol for Help in Hunt for Do Kwon
South Korean prosecutors continue to turn up the heat on the Terraform Labs co-founder Do Kwon – and have asked Interpol to issue the man they now call a “fugitive” with a red notice.
Newsis reported that the Seoul Southern District Prosecutor’s Office’s Financial and Securities Crime Unit has asked requested Interpol for its help in apprehending Kwon, whose current location appears to be unknown.
South Korean prosecutors confirmed that Kwon “fled” his home country for Singapore in April, shortly before the crash of Terra ecosystem coins including TerraUSD (UST).
The office said it was now “in the process of cooperating with Interpol” to “secure” the arrest of Kwon and five other Terraform executives – including the firm’s chief financial officer. However, the same outlet reported that it would likely “take more than ten days” for Interpol to issue a red notice or similar order.
South Korea’s foreign ministry has already stepped in to begin the process of canceling Kwon’s passport – hoping that this will bring about his deportation.
The sticking point is, nobody is quite sure where Kwon is: Singaporean police have stated that Kwon has already left the country.
The Terraform mastermind briefly emerged defiant on Twitter on September 17, but has not been active on social media since.
South Korean prosecutors continue to turn up the heat on the Terraform Labs co-founder Do Kwon – and have asked Interpol to issue the man they now call a “fugitive” with a red notice.
Newsis reported that the Seoul Southern District Prosecutor’s Office’s Financial and Securities Crime Unit has asked requested Interpol for its help in apprehending Kwon, whose current location appears to be unknown.
South Korean prosecutors confirmed that Kwon “fled” his home country for Singapore in April, shortly before the crash of Terra ecosystem coins including TerraUSD (UST).
The office said it was now “in the process of cooperating with Interpol” to “secure” the arrest of Kwon and five other Terraform executives – including the firm’s chief financial officer. However, the same outlet reported that it would likely “take more than ten days” for Interpol to issue a red notice or similar order.
South Korea’s foreign ministry has already stepped in to begin the process of canceling Kwon’s passport – hoping that this will bring about his deportation.
The sticking point is, nobody is quite sure where Kwon is: Singaporean police have stated that Kwon has already left the country.
The Terraform mastermind briefly emerged defiant on Twitter on September 17, but has not been active on social media since.
South Korean Taxman Has Seized $186m Worth of Crypto from Tax Dodgers in Past 2 Years, Says Gov’t
South Korean tax authorities have seized over $186 million in crypto from tax-evading individuals since 2021.
According to data released by the Ministry of Strategy and Finance, the Ministry of Public Administration and Security, the National Tax Service, and 17 cities and provinces nationwide, almost $125 million of the total was seized from individuals who failed to pay national levies – such as income tax.
Yonhap reported that the remainder was seized from individuals who defaulted on local tax payments or was confiscated in foreclosures – instances where, for instance, individuals failed to honor certain loan repayments.
The data also showed that the vast majority (30%) of all the cryptoassets seized by tax authorities came from individuals based in Seoul and the surrounding area (Gyeonggi Province).
The data was made public after a request for information made by Kim Sang-hoon, an MP representing the incumbent People’s Power Party.
The data also showed that in one instance, an individual based in Seoul saw almost $9 million worth of coins confiscated from their wallets – including some $2.3 million worth of bitcoin (BTC) and over $1.3 million worth of XRP.
The authorities revealed that in many cases, they had returned the coins to their owners after the individuals in question had paid their tax bills in fiat. In the case of those who failed to pay, however, the tax body liquidated coins “at the market rate
South Korean tax authorities have seized over $186 million in crypto from tax-evading individuals since 2021.
According to data released by the Ministry of Strategy and Finance, the Ministry of Public Administration and Security, the National Tax Service, and 17 cities and provinces nationwide, almost $125 million of the total was seized from individuals who failed to pay national levies – such as income tax.
Yonhap reported that the remainder was seized from individuals who defaulted on local tax payments or was confiscated in foreclosures – instances where, for instance, individuals failed to honor certain loan repayments.
The data also showed that the vast majority (30%) of all the cryptoassets seized by tax authorities came from individuals based in Seoul and the surrounding area (Gyeonggi Province).
The data was made public after a request for information made by Kim Sang-hoon, an MP representing the incumbent People’s Power Party.
The data also showed that in one instance, an individual based in Seoul saw almost $9 million worth of coins confiscated from their wallets – including some $2.3 million worth of bitcoin (BTC) and over $1.3 million worth of XRP.
The authorities revealed that in many cases, they had returned the coins to their owners after the individuals in question had paid their tax bills in fiat. In the case of those who failed to pay, however, the tax body liquidated coins “at the market rate
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LCX aims to build a new infrastructure for digital finance that focuses on compliance as well as regulation. Furthermore, it regularly engages with policymakers, regulators, and financial institutions, and will participate in financial, security, and regulatory compliance audits.
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🌐More info: lcx.com/
🌐Twitter: twitter.com/lcx
🔥Battle Infinity Is Now Listed On PancakeSwap, LBank & CoinMarketCap - With Huge 7X Price Pump! 🔥
💎 With further listings on Coin98Exchange and Gate.io, IBAT is cementing itself as one of the best new cryptocurrencies to buy in September 2022.
🔥Fill Your Bags With $IBAT & Become A Holder Of A Token That Sold Out Its Pre-Sale 65 Days Early & Raised 16500 BNB, And Is Expected To Continue Rocketing! 🚀 📈
🚀 Battle Infinity Has Also Seen A 700% Gain From Presale Price Since Its Listing On PancakeSwap. Don't Miss This Bear Market Opportunity!
🚀 You Don’t Want To Miss Out On This Gaming Revolution With Battle Infinity. A P2E NFT Gaming Platform For Creators & Gamers.
✅ Battle Infinity has also recently announced that Battle Infinity staking would be live soon.
🖇This Staking feature will be live on the 24th of September, 16:00 UTC. Once live, investors can conduct solo staking activities on the Battle Stake site to accumulate interest in IBAT.
🚀 That's Right- IBAT holders will now have the opportunity to earn a high yield on their tokens. IBAT Battle Stake gives holders the chance to lock up their tokens for a certain amount of time, and in exchange, they are entitled to rewards.
💎Duo staking options also allow traders to earn interest on IBAT against the value of other tokens.
🔥 Don't Miss Out! Now Is An Opportunity To Buy A Token With A Huge Community And A Great Platform, With The Backing Of The Largest Crypto Marketing Agency Globally 🚀
TOKEN INFO:
💲Current Price On LBANK -$0.003601
🖇 Trading Pair: IBAT/BNB
🤖Battle Infinity is a new metaverse platform with play-to-earn (P2E) mechanics.
🔥Built-in fantasy sports league with NFT integration
💎BAT has a total token supply of 10 billion
💵$IBAT is also liquidity locked (1-year Lockup)
🚀 IBAT rocked to over 5x the listing price after launch and is currently sitting at over 3x
🔥Yes-More Exchange Listings On The Way (So Don't Miss Out!)
🚫Rug-pull protected - KYC’d on Coinsniper
‼️ Buy IBAT NOW‼️
💎 With further listings on Coin98Exchange and Gate.io, IBAT is cementing itself as one of the best new cryptocurrencies to buy in September 2022.
🔥Fill Your Bags With $IBAT & Become A Holder Of A Token That Sold Out Its Pre-Sale 65 Days Early & Raised 16500 BNB, And Is Expected To Continue Rocketing! 🚀 📈
🚀 Battle Infinity Has Also Seen A 700% Gain From Presale Price Since Its Listing On PancakeSwap. Don't Miss This Bear Market Opportunity!
🚀 You Don’t Want To Miss Out On This Gaming Revolution With Battle Infinity. A P2E NFT Gaming Platform For Creators & Gamers.
✅ Battle Infinity has also recently announced that Battle Infinity staking would be live soon.
🖇This Staking feature will be live on the 24th of September, 16:00 UTC. Once live, investors can conduct solo staking activities on the Battle Stake site to accumulate interest in IBAT.
🚀 That's Right- IBAT holders will now have the opportunity to earn a high yield on their tokens. IBAT Battle Stake gives holders the chance to lock up their tokens for a certain amount of time, and in exchange, they are entitled to rewards.
💎Duo staking options also allow traders to earn interest on IBAT against the value of other tokens.
🔥 Don't Miss Out! Now Is An Opportunity To Buy A Token With A Huge Community And A Great Platform, With The Backing Of The Largest Crypto Marketing Agency Globally 🚀
TOKEN INFO:
💲Current Price On LBANK -$0.003601
🖇 Trading Pair: IBAT/BNB
🤖Battle Infinity is a new metaverse platform with play-to-earn (P2E) mechanics.
🔥Built-in fantasy sports league with NFT integration
💎BAT has a total token supply of 10 billion
💵$IBAT is also liquidity locked (1-year Lockup)
🚀 IBAT rocked to over 5x the listing price after launch and is currently sitting at over 3x
🔥Yes-More Exchange Listings On The Way (So Don't Miss Out!)
🚫Rug-pull protected - KYC’d on Coinsniper
‼️ Buy IBAT NOW‼️
Want a $1 Million Job in Crypto? How About Chief Metaverse Officer - They Are all the Rage
Metaverse technology has continued to be the rage among big-name brands that are now dolling out million-dollar paychecks to so-called "chief metaverse officers" to think up their metaverse adoption strategy.
According to a Bloomberg report, brands such as Disney, Proctor and Gamble (P&G), LVMH, Creative Artists Agency (CAA), Spanish telecom carrier Telefonica SA, and wedding-registry retailer Crate & Barrel are among giants that have invested in a CMO of recent.
These firms, while each having modified job descriptions for their CMO, are all making the appointment with a view not to be left behind in the adoption of the emerging technology. Hamza Khan, the co-lead of metaverse efforts at management and consulting firm McKinsey & Co., said:
“Brands need to get closer to their customers, and the metaverse is a channel to do that. Compared to the early days of e-commerce, this time around brands are a lot more active, a lot earlier.”
McKinsey estimates that annual global spending related to the virtual world could reach as much as $5 trillion by 2030. Analysis by Gartner Inc. supports the position that the metaverse is the next big innovation with its forecast that one in four people will spend at least an hour a day in the metaverse within a few years.
Despite the "digital FOMO" trend, companies are still treading cautiously in their metaverse adoption as the sector is yet to prove itself to be a big earner. Bloomberg found that it is presently not uncommon to see newly named chief metaverse officers having additional responsibilities in order not to constrain company resources, although their paychecks still run into millions in some cases
Metaverse technology has continued to be the rage among big-name brands that are now dolling out million-dollar paychecks to so-called "chief metaverse officers" to think up their metaverse adoption strategy.
According to a Bloomberg report, brands such as Disney, Proctor and Gamble (P&G), LVMH, Creative Artists Agency (CAA), Spanish telecom carrier Telefonica SA, and wedding-registry retailer Crate & Barrel are among giants that have invested in a CMO of recent.
These firms, while each having modified job descriptions for their CMO, are all making the appointment with a view not to be left behind in the adoption of the emerging technology. Hamza Khan, the co-lead of metaverse efforts at management and consulting firm McKinsey & Co., said:
“Brands need to get closer to their customers, and the metaverse is a channel to do that. Compared to the early days of e-commerce, this time around brands are a lot more active, a lot earlier.”
McKinsey estimates that annual global spending related to the virtual world could reach as much as $5 trillion by 2030. Analysis by Gartner Inc. supports the position that the metaverse is the next big innovation with its forecast that one in four people will spend at least an hour a day in the metaverse within a few years.
Despite the "digital FOMO" trend, companies are still treading cautiously in their metaverse adoption as the sector is yet to prove itself to be a big earner. Bloomberg found that it is presently not uncommon to see newly named chief metaverse officers having additional responsibilities in order not to constrain company resources, although their paychecks still run into millions in some cases
Brazilian Police Raid Six Crypto Exchanges in International Money Laundering Ring Bust
Police and tax officers in Brazil have launched a major operation that has seen them raid six domestic crypto exchanges. They believe the platforms may be implicated in a massive international crime and money laundering ring.
In a joint announcement, the Special Department of Federal Revenue of Brazil (known locally as the Receita Federal, or the federal revenue service agency) and the Federal Police Force, stated that the raids took place as part of what they are calling “Operation Colossus.”
Officers explained that they believe some $380 million worth of dirty money has been laundered through domestic crypto trading platforms – and that a single “criminal organization” is behind this.
They wrote:
“The operation will combat a criminal organization dedicated to money laundering that has used an intricate system of remittances. The organization has sent illicit resources abroad via the purchase and sale of cryptoassets.”
The agencies stated that the organization had made use of a network of “shell companies” and “passed funds through transit accounts” – before purchasing “cryptoassets.”
They claimed that the money comprised “embezzled funds, drug trafficking profits, laundered money,” and the revenues of various “crimes against the national financial system.”
A total of 158 officers were dispatches to addresses in São Paulo, Rio de Janeiro, Bahia, and Santa Catarina.
Police and tax officers in Brazil have launched a major operation that has seen them raid six domestic crypto exchanges. They believe the platforms may be implicated in a massive international crime and money laundering ring.
In a joint announcement, the Special Department of Federal Revenue of Brazil (known locally as the Receita Federal, or the federal revenue service agency) and the Federal Police Force, stated that the raids took place as part of what they are calling “Operation Colossus.”
Officers explained that they believe some $380 million worth of dirty money has been laundered through domestic crypto trading platforms – and that a single “criminal organization” is behind this.
They wrote:
“The operation will combat a criminal organization dedicated to money laundering that has used an intricate system of remittances. The organization has sent illicit resources abroad via the purchase and sale of cryptoassets.”
The agencies stated that the organization had made use of a network of “shell companies” and “passed funds through transit accounts” – before purchasing “cryptoassets.”
They claimed that the money comprised “embezzled funds, drug trafficking profits, laundered money,” and the revenues of various “crimes against the national financial system.”
A total of 158 officers were dispatches to addresses in São Paulo, Rio de Janeiro, Bahia, and Santa Catarina.
Affyn will become the NUMBER 1 blockchain metaverse in the entire industry. Can’t wait for their upcoming BIG UNVEILS in 2 Days!
TELEGRAM:
https://t.me/affynofficial/
TELEGRAM:
https://t.me/affynofficial/
MPs to Question Terra Co-founder Daniel Shin Amid Ongoing Investigation
Do Kwon and other Terraform Labs executives may still be “on the run” – but South Korean lawmakers have announced they want to question the Terraform co-founder Daniel Shin and other individuals linked with the Terra ecosystem.
Newsis reported that Shin has been summoned to appear as a “witness” at the National Assembly’s financial audit committee, which will focus on the crypto industry’s reaction to the crash of Terra ecosystem coins in May this year. The committee will convene late next week.
Shin is also the founder of the payments firm Chai, which previously held business relationships with Terraform. His home was raided by prosecutors in July as part of their ongoing probe into Terra and Do Kwon.
The prosecution has issued an arrest warrant for Kwon, who they say is “clearly” evading justice. An Interpol Red Notice has also been issued – although on social media this week, Kwon appeared to poke fun at the notice.
MPs have also summoned Kim Ji-yoon, the CEO of a firm named DSRV Labs. New Daily reported that DSRV performed “blockchain validation” services for Terraform
Do Kwon and other Terraform Labs executives may still be “on the run” – but South Korean lawmakers have announced they want to question the Terraform co-founder Daniel Shin and other individuals linked with the Terra ecosystem.
Newsis reported that Shin has been summoned to appear as a “witness” at the National Assembly’s financial audit committee, which will focus on the crypto industry’s reaction to the crash of Terra ecosystem coins in May this year. The committee will convene late next week.
Shin is also the founder of the payments firm Chai, which previously held business relationships with Terraform. His home was raided by prosecutors in July as part of their ongoing probe into Terra and Do Kwon.
The prosecution has issued an arrest warrant for Kwon, who they say is “clearly” evading justice. An Interpol Red Notice has also been issued – although on social media this week, Kwon appeared to poke fun at the notice.
MPs have also summoned Kim Ji-yoon, the CEO of a firm named DSRV Labs. New Daily reported that DSRV performed “blockchain validation” services for Terraform
🚨The most anticipated IEO for UCO Network is finally here, exclusively available at one of the top world exchanges P2PB2B🚨
https://p2pb2b.com/token-sale/UCOIL-442/
UCO Network, which has just announced #VeChain partnership, provides Used Cooking Oil traceability solutions, focusing on automatic compliance with European Union’s Renewable Energy Directive II and solves the lack of trust issues.
They have created a compliant, reliable, and trustless way for Biofuel Producers and Waste Management & Collection companies operating their used cooking oil business.
UCO Network is bringing Trust, Transparency & Traceability in the UCO sector Like Never Before!
Sale details:
🗓Start date: September 27th
💰IEO price: 0.16$/0.2$
📊Total supply: 100,000,000 $UCOIL
📈Initial market cap: 2.9M$
Learn more about the project:
🔸Website: uco.network/
🔸Telegram group: t.me/UCO_Network_UCOIL
https://p2pb2b.com/token-sale/UCOIL-442/
UCO Network, which has just announced #VeChain partnership, provides Used Cooking Oil traceability solutions, focusing on automatic compliance with European Union’s Renewable Energy Directive II and solves the lack of trust issues.
They have created a compliant, reliable, and trustless way for Biofuel Producers and Waste Management & Collection companies operating their used cooking oil business.
UCO Network is bringing Trust, Transparency & Traceability in the UCO sector Like Never Before!
Sale details:
🗓Start date: September 27th
💰IEO price: 0.16$/0.2$
📊Total supply: 100,000,000 $UCOIL
📈Initial market cap: 2.9M$
Learn more about the project:
🔸Website: uco.network/
🔸Telegram group: t.me/UCO_Network_UCOIL
Ripple Labs XRP Secures Victory in Ongoing Legal Battle Against SEC
In another installment of its legal struggle against the U.S. Securities and Exchange Commission (SEC), US blockchain firm Ripple has obtained a positive ruling from a U.S. District Court Judge in Manhattan who overruled the regulator’s attempts to withhold documents from the fintech.
The document, shared by Ripple’s lawyer James K. Filan, shows that Judge Analisa Torres overruled the agency’s objections and directed the SEC to comply with Ripple’s request. The regulator is now required to disclose drafts of a 2018 speech made by William Hinman, the former Director of the SEC’s Division of Corporation Finance, in which he declared that bitcoin (BTC) and ethereum (ETH) are not securities, and for this reason, they are not subject to the regulator’s oversight.
The SEC’s case against Ripple is based on its claim that the company’s token, Ripple (XRP), should be considered a security, and its sale to investors violated the U.S. securities regulations. In contrast with the SEC’s stance, the blockchain business maintains that XRP cannot be considered a security, as there is no “investment contract” that would grant rights to investors.
Among others, in his speech from June 15, 2018, Hinman said ethereum was “not a security because, putting aside its 'fundraising', it had become 'sufficiently decentralized,’” as noted by crypto legal analysis site Crypto-Law
Earlier this month, both entities asked for a swift judgment, raising hopes among XRP investors that Ripple’s legal trouble could end relatively soon, potentially boosting its native token’s price. This said, Ripple subsequently filed a motion seeking the dismissal of the suit before trial in a federal court.
The market has demonstrated a positive reaction to the latest announcement, with XRP’s price increasing to roughly $0.49 as of 08:30 a.m. UTC, an increase of 11.21% over a 24-hour period, according to data from CoinMarketCap
In another installment of its legal struggle against the U.S. Securities and Exchange Commission (SEC), US blockchain firm Ripple has obtained a positive ruling from a U.S. District Court Judge in Manhattan who overruled the regulator’s attempts to withhold documents from the fintech.
The document, shared by Ripple’s lawyer James K. Filan, shows that Judge Analisa Torres overruled the agency’s objections and directed the SEC to comply with Ripple’s request. The regulator is now required to disclose drafts of a 2018 speech made by William Hinman, the former Director of the SEC’s Division of Corporation Finance, in which he declared that bitcoin (BTC) and ethereum (ETH) are not securities, and for this reason, they are not subject to the regulator’s oversight.
The SEC’s case against Ripple is based on its claim that the company’s token, Ripple (XRP), should be considered a security, and its sale to investors violated the U.S. securities regulations. In contrast with the SEC’s stance, the blockchain business maintains that XRP cannot be considered a security, as there is no “investment contract” that would grant rights to investors.
Among others, in his speech from June 15, 2018, Hinman said ethereum was “not a security because, putting aside its 'fundraising', it had become 'sufficiently decentralized,’” as noted by crypto legal analysis site Crypto-Law
Earlier this month, both entities asked for a swift judgment, raising hopes among XRP investors that Ripple’s legal trouble could end relatively soon, potentially boosting its native token’s price. This said, Ripple subsequently filed a motion seeking the dismissal of the suit before trial in a federal court.
The market has demonstrated a positive reaction to the latest announcement, with XRP’s price increasing to roughly $0.49 as of 08:30 a.m. UTC, an increase of 11.21% over a 24-hour period, according to data from CoinMarketCap
