Month: September 2021

Elliptic, Prime Trust Team on Transaction Security

Elliptic, which works in blockchain analytics and cryptocurrency compliance solutions, has partnered with financial infrastructure provider Prime Trust to bolster Prime Trust’s dealings with crypto, according to a press release.

Prime Trust recently closed a Series A round with $64 million to expand its B2B market share in crypto, the release stated. Elliptic, as part of the partnership, will integrate several of its products, letting Prime Trust perform pre- and post-analysis checks to make sure cryptoasset transactions and funding are legitimate.

Elliptic’s Navigator product will look at cryptoasset transactions for anti-money laundering (AML) or sanctions risk, and its Lens product will screen crypto wallets for issues, according to the release. Its Forensics product will facilitate investigations into crypto wallet activities.

These services come from the need for retail investors and businesses to have more risk management, compliance and analytics in order to facilitate above-board transactions with crypto, prevent illicit use and operate well under strict financial industry standards, the release stated.

“We continue to see an increased demand of crypto services from established financial institutions and a booming interest from retail investors in a digital world,” said Prime Trust Chief Security Officer Tom Brandl in the release. “With the support of Elliptic, we’ve gone a step further to ensure that our customers can manage risk and scale securely with peace of mind so they can focus on the core of their business.”

In other news, Elliptic said in June that it identified the bitcoin wallet used by the DarkSide criminal group, which received $4.4 million in crypto from the Colonial Pipeline in a hacking episode earlier in the year.

Read more: Crypto’s Troubling Rise and Role in Growing Ransomware Attacks

“Our analysis shows that the wallet has been active since March 4 and has received 57 payments from 21 different wallets,” Elliptic…


Stakes rise for Singapore’s big crypto bet

Outlawed by ChinaFaced with crackdowns in South Korea and new restrictions in Hong Kong, the cryptocurrency industry has seized Singapore as an unlikely Asian alternative.

A country with a population of 5.5 million has long relied on financial services to support its $ 344 billion economy. Currently, we are involved in fierce competition with Hong Kong and Tokyo over the crown of Asia’s global financial hub.

Efforts in this sector extend to FinTech, which is trying to disrupt traditional banking operations.In socially conservative countries, authorities not only praised the potential benefits of cryptography, but also backed it up. By legislation.

Since January 2020, cryptocurrency companies have been able to apply for operational licenses under the Payment Services Act, a law that regulates companies that process digital payments and transactions of tokens such as Bitcoin.

Loo Siew Yee, Assistant Managing Director of the Monetary Authority of Singapore’s Policy, Payments and Financial Crime Group, told the Financial Times:

But under receptivity is a cold calculation from policy makers. Opening Singapore’s door to the mushroom hunting crypto industry is Asia’s dominant financial hub and could ultimately prove an important weapon in the quest for a globally valued country.

Singapore’s openness contrasts with the ever-increasing exchanges in other jurisdictions. Coinbase, the largest cryptocurrency exchange listed in September Fired Broadside On Twitter, the US Securities and Exchange Commission complains about “rough behavior.”

Discomfort with Binance

But as Beijing, Seoul and Hong Kong cool cryptocurrencies, the potential dangers of that approach are emerging. This is clearer than the following controls: Binance, Influential founder Changpeng “CZ” Zao is one of the largest global crypto exchanges based in Singapore.

The company has been criticized by other regulators this year for issues such as consumer protection and compliance with…


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COTI to Release Bank Accounts and Visa Debit Cards

The digital fintech platform COTI has announced its latest products that will provide Visa debit cards and bank accounts to users. Its partner in the initiative is the financial institution Simplex.

COTI’s New Services

COTI (Currency Of The Internet) – a blockchain platform allowing organizations to build their own payment solutions – has expanded its product line. According to an announcement shared with CryptoPotato, it teamed up with the fintech firm Simplex to introduce Visa debit cards and bank accounts to customers.

The new services would help users to access the monetary ecosystem easier and would serve as a bridge between fiat currencies and digital assets.

Clients would be able to open a new bank account with an IBAN and order a COTI Visa debit card. On it, they could convert crypto to fiat for global spending. Cash withdrawal from ATMs, both in SWIFT and SEPA regions, as well as topping up the account with crypto assets would also be possible.

The debit card would be implemented into COTI Pay. The blockchain platform added that in the future, it would integrate other features and loyalty-based plans into the offering.

COTI revealed that it would roll out the cards on two rounds. It will send out 3,000 cards during the initial one, while 5,000 more will be available a month later.

The team behind the blockchain project assured it would distribute the solution to various regions around the globe. As of the moment, though, it applies only to EU and EEA residents.

COTI’s Other Partnerships

Recently, the enterprise-grade fintech platform announced another collaboration. This time with Cardano’s stablecoin hub, Ardana.

The alliance ensured crypto-to-fiat payments aimed at the Cardano community, in addition to consumers and merchants worldwide. Shahaf Bar-Geffen – COTI’s CEO – confirmed the move:

“Today, COTI is doing its first steps in Defi over Cardano, which we believe will be huge. We are happy to collaborate with the…


Litecoin Prediction and Forecast: LTC Over $160 Now!!

Litecoin Prediction and Forecast: For the next 24 hours Price of Litecoin is predicted to be in range of $ 142 and $ 170.

Litecoin Price Prediction Daily: Current Prices

The current price of Litecoin is $ 163.45 which is 8.38% higher than 24 hours ago.

Litecoin Prediction Daily: Technicals

Litecoin Prediction and Forecast: Will Litecoin Rise?

Litecoin recently fell below its support price and tanked to $144. Litecoin which was trading around $200 and which breached the $200 mark recently has been sliding. The slide began after Walmart news of considering Litecoin as one of its payment modes turned out to be fake.

Since then Litecoin has been trading just below $200. However, the recent news of China’s Real Estate collapse led to a blood bath in the Crypto world. Litecoin too suffered a major crash and on Tuesday it was trading below $150.

The bulls need to put their faith in Litecoin if the exchange rate of Litecoin is to rise. The bullish run could help Litecoin rise.

Litecoin Prediction Daily: Future Prediction

In July 2021, the price of Litecoin hit an…


Nigerians unsure of benefits as CBN speeds up enlightenment on eNaira

AMARACHI ORIJIUDE, in this write-up, examines eNaira proposed by the Central Bank of Nigeria and fears expressed by Nigerians

For many Nigerians, the announcement by the Central bank of Nigeria to introduce a digital currency called eNaira has evoked feelings of doubt.

With the uncertainty surrounding cryptocurrency coupled with the unstable CBN policies, many Nigerians have expressed fear over the adoption of the eNaira.

Questions around how the digital currency will work and how similar it will be to crypto currencies also abound.

The CBN first announced its intention to deploy a digital currency during a briefing after the 279th Monetary policy Committee meeting, held in Abuja in May.

The CBN Governor, Godwin Emefiele, said that digital currencies had a place in the country. Emefiele said, “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria.”

This revelation by the CBN aligns with the trend in developed nations in the world. The central banks of China, South Korea, the United States, and a host of other countries are in the process of launching their digital currencies also.

Subsequently, the CBN announced that it would launch the eNaira on October 1. However based on a recent announcement by the CBN Governor at a gathering of foreign investors in New York, Nigerians are to expect the launch of the eNaira on October 4.

Some Nigerians, who spoke to The PUNCH, expressed concerns about the deployment of the eNaira. These concerns border on its viability, sustainability and potential risks.

A researcher, Eric Fredrick states that he has no intention of acquiring the e-naira when it is eventually launched, citing cyber security threats as a major cause of worry.

He says, “I think e-naira is a way for the government to brag about what other nations have started.

“In my opinion, it is a product that is dead on arrival, not because we can’t have such, but the government is not strategically and…


Cryptocurrency has become ‘currency of the alt-right,’ white supremacists, hate groups

The Daily Stormer website advocates for the purity of the white race, posts hate-filled, conspiratorial screeds against Blacks, Jews and women and has helped inspire at least three racially motivated killings.

It also made founder Andrew Anglin a millionaire.

Anglin has tapped a worldwide network of supporters to take in at least 112 Bitcoin since January 2017 — today worth $4.8 million — according to data shared with The Associated Press. He’s likely raised even more.

Anglin is one very public example of how radical right provocateurs are raising big money through cryptocurrencies. Banned by traditional financial institutions, they’ve turned to digital currencies, which they’re using in ever more secretive ways to avoid the oversight of banks, regulators and courts, an AP investigation has found, based on legal documents, Telegram channels and blockchain data from Chainalysis, a cryptocurrency analytics firm.

Anglin owes more than $18 million in legal judgments in the United States to people he and his followers harassed and threatened.

Among them, he owes Muslim comedian Dean Obeidallah $4 million. And he’s supposed to pay Taylor Dumpson, the first Black student body president of American University, $725,000 — all the results of litigation over libel, invasion of privacy, inflicting emotional distress and intimidation via the Daily Stormer.

His victims have tried — and failed — to find him to collect. He has no obvious bank accounts or U.S. real estate holdings.

Online, he’s highly visible — most days, dozens of stories on the Daily Stormer homepage carry his name. In the real world, though, Anglin’s a ghost.

“We were able to sue the Ku Klux Klan, a terrorist organization, in essence out of existence,” said Beth Littrell, a lawyer for the Southern Poverty Law Center who’s helping represent one of Anglin’s victims.

But it’s harder, Littrell says, to use the legal system to stamp out hate groups today because they’re…


BIS Turns Attention to Practical Issues of Retail CBDC

The BIS and seven central banks have published three new reports exploring practical policy and implementation issues of general purpose CBDCs.

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Making the jump from Wall Street to bitcoin is easier said than done in 2021, but Kraken’s Juthica Chou took an even larger leap of faith when starting her own crypto business eight years ago.

Chou, who was previously a derivatives trader at Goldman Sachs, co-founded America’s first approved crypto derivatives platform, LedgerX, in 2013 — back when bitcoin was worth just $1,242.

Fast forward to this year, with bitcoin reaching $64,000, it’s been a seismic period for the cryptocurrency sector. Banks such as Goldman, Morgan Stanley and Citigroup are now offering crypto trading access to clients, using derivatives products as a way into the market where regulation prevents them from managing physical digital assets.

“Wall Street will get involved where the money is and where the opportunity is, and I don’t think that’s a bad thing,” said Chou, who is now head of over-the-counter derivatives at Kraken. She spoke with Financial News for the Barron’s Live podcast. “It really speaks to the fact that their clients are interested, and that’s how you know that there’s real client demand, when the banks actually start taking action to offer these products.”

“It’s really good that now there are derivatives products that they can offer their customers to give them exposure to this asset class — that was not the case a few years ago.”

READ Crypto enthusiasts are borrowing to pile more into digital coins

Chou added that advances made in the regulation of cryptocurrency-linked firms “speaks to the infrastructure that has been developed”, which has made it easier for banks to consider getting involved in the space.

“Now firms with a very large base, very sensitive clients and large regulatory restrictions can actually engage with the crypto ecosystem, and they’re comfortable enough with the integrity of the platforms, exchanges and products to offer them to clients,” she said.

But Chou’s journey into cryptocurrencies has yet…


Everything you should know about cryptocurrency regulation in Australia

All innovations bring with a sense of excitement and sometimes uncertainty.

Cryptocurrency is no different and although most Australians are now familiar with the digital currency, many would not be unsure about how it’s regulated.

Is it legal?

Cryptocurrencies were declared legal by the Reserve Bank of Australia in 2017. This means crypto such as Bitcoin, Ethereum, Ripple and Dogecoin are all legal.

How is it regulated?

In 2018, Australia’s financial intelligence agency the Australian Transaction Reports and Analysis Centre (AUSTRAC) introduced new laws to prevent criminal activity in the world of crypto.

Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, digital currency exchanges must register with AUSTRAC and meet anti-money laundering and counter-terrorism financing compliance and reporting obligations.

This means crypto exchanges must collect information about their customers’ identity as part of Know Your Customer (KYC) processes.

They need to monitor transactional activity and report any suspicious activity or large transactions of cash over $10,000.

AUSTRAC has 400 digital currency exchanges registered and has cancelled six registrations in the past year.

Crypto is legal in most developed countries outside of Australia, however it is restricted or illegal in some countries such as China, Russia, Vietnam, Indonesia, Turkey and Bolivia.

Crypto regulation is still evolving and to a certain degree, depends on operators complying with Australia’s laws. Photo: Getty

How is it taxed?

Cryptocurrency became subject to tax in Australia in 2017. It is subject to capital gains tax (CGT) when you dispose of your cryptocurrency either through selling, gifting, trading or exchanging, converting to fiat currency such as AUD or using it to purchase goods or services.

What next?

Crypto regulation is still evolving and to a certain degree, depends on operators complying with Australia’s laws.

The Australian Securities and Investments Commission (ASIC)…


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