Laos state-owned electricity distribution company Électricité du Laos (EDL) has announced that it will suspend electricity supply to crypto mining operations in the country, citing various reasons such as the struggle to generate enough power amid drought conditions. According to the announcement, Laos experienced drought in the first half of 2023. The extreme heat resulted…
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The Chinese special administrative region of Hong Kong is aiming to become a leading crypto hub, as the region started to promote the development of Web3. At the same time, its securities regulator has begun to actively regulate the crypto space, awarding licenses for retail crypto trading. On June 30, the Hong Kong government announced…
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The founders of the collapsed digital asset hedge fund Three Arrows Capital (3AC) Kyle Davies and Su Zhu are now facing a fine issued by Dubai’s dedicated crypto regulator over the OPNX exchange. On Aug. 16, Dubai’s Virtual Asset Regulatory Authority (VARA) published a notice of fines for the OPNX exchange. The regulator said that…
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A public filing released by the United States Federal Bureau of Investigation (FBI) shows that the law enforcement agency seized around $1.7 million worth of digital assets from March to May. According to the Filing, the FBI seized $147,000 in Bitcoin (BTC), $800,000 in Ether (ETH), $307,000 in Tether (USDT), 469,000 in Dai (DAI) and…
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Potential evidence linking an anonymous scammer to a Canadian group was highlighted by blockchain security firm CertiK in a report sent to Cointelegraph; however, the company has so far failed to confirm the name or identity of the perpetrator(s). On Aug. 16, CertiK released its findings from its investigation of a pseudonymous crypto scammer known…
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Five executives from a Filecoin mining service are facing a lawsuit at the People’s Court of Pingan County in China over allegations that they pocketed millions of dollars and left investors in ruin. On Aug. 14, local media reported that the court held a public hearing on a case that could potentially set a precedent…
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While blockchains continue to revolutionize payments by allowing instant transfers, Singapore’s central bank believes that three business days is a “timely transfer” for single-currency stablecoins (SCS), which is similar to transfer speed requirements for domestic money transfers. On Aug. 15, the Monetary Authority of Singapore (MAS) released its regulatory framework for stablecoins in the city-state.…
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The United States Federal Reserve’s instant payment system, FedNow, has added a company powered by the distributed ledger technology (DLT) platform Hedera Hashgraph to its list showcasing service providers. On Aug. 14, FedNow’s official website added Dropp — a micropayments platform built on Hedera — to its FedNow Service Provider Showcase section. The section aims…
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Hong Kong’s Securities and Futures Commission (SFC) has issued an in-principle approval to Hong Kong Virtual Asset Exchange (HKVAX) to operate a virtual asset trading platform under the region’s securities laws. On Aug. 11, HKVAX announced that it had received an “approval-in-principle” from the SFC to carry out Type 1 and Type 7 regulated activities.…
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As the United States Securities and Exchange Commission (SEC) seeks an interlocutory appeal in its case against Ripple Labs, lawyers working in the crypto space expressed confidence in Ripple’s case, with some underscoring that the XRP (XRP) token is not a security. On Aug. 9, the SEC sent a letter to Judge Analisa Torres stating…
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