Category Archive : Asia

Indian exchange, WazirX, had 377 requests from law enforcement agencies in 6 months

China’s ban on crypto transactions pushed the neighboring India to the fore when it came to populous countries seeing a rise in crypto adoption. Boosted by the relatively cheap cost of data, several Indian crypto exchanges have reported tremendous growth in short periods of time.

For its part, the WazirX crypto exchange published its transparency report covering significant activities between April and September 2021.

Rising numbers, rising rules

Noting its own growth, WazirX reported that it had over 8.5 million users as of 14 October, 2021. Furthermore, since the start of this year, the crypto exchange claimed it saw around $30 billion in trade volumes.

Coming to compliance, WazirX stated that it was compulsory for users to provide their passport, driving license, or the biometric identification called “Aadhaar.” Apart from this, a PAN [Permanent Account Number] Card issued by the government was also mandatory.

Furthermore, at the time of sign-up, a “live selfie” is required in order to match the user’s face to their documents.

However, these steps didn’t mean the exchange was able to dodge legal scrutiny. The report stated,

“During the period from April 2021 to September 2021, WazirX has received 377 requests from law enforcement agencies out of which 38 requests are from Foreign Law enforcement agencies for transactional and user information.”

WazirX was quick to confirm that it had replied to the requests and complied with all of them. Furthermore, the crypto exchange noted that the 377 requests from law enforcement agencies were all related to criminal acts. Some examples were “fraud, kidnapping and narcotics-related queries.”

What’s more, WazirX reported that it locked 14,469 accounts between April and September 2021, noting that the legal team initiated only 10% of the locks.

Notes from the ‘Center’

Crypto usage is growing in India’s tier-two and tier-three cities while the Shiba Inu token was recently listed on the Indian…

Read more at ambcrypto.com

3 “Best” Exchanges to Buy Yield Guild Games (YGG)

Yuild Guild Games is a new type of play to earn gaming guild that takes advantage of blockchain technology. It essentially operates as a decentralized autonomous organization (DAO) for investing in NFTs that are used in virtual worlds that incorporate cryptocurrency type economies. The goal of the project is create the biggest virtual world economy, by optimizing its community owned assets for maximum utility with profits distributed to token holders.

We list the top 3 brokers that offer the ability to Buy Yield Guild Games (YGG) cryptocurrency with a credit card, debit card, or Bitcoin (BTC).

Binance is one of the largest and most well-known cryptocurrency exchanges in the world. The benefits of purchasing Yield Guild Games (YGG) here is that you benefit from the lower exchange fees than competing exchanges, and the increased liquidity enables you to buy and sell quickly to take advantage of market moving news.

This exchange is best for Australia, Canada, Singapore, UK & international users. USA residents are prohibited from purchasing YGG.

Read our Binance Review or visit Binance.

Use Discount Code: EE59L0QP for 10% cashback off all trading fees.

Gate.io was established in 2013, while it is not one of the most popular exchanges, they do offer a reputable trading platform with an easy to use interface for beginners while still maintaining robust and advanced charts for various types of skill levels including technical traders. They have a large number of altcoins including Yield Guild Games (YGG) and they are often the first exchange to add new tokens. Best of all, they have a strong stance against any type of market manipulation.

This exchange currently accepts USA residents.

Read our Gate.io Review or visit Gate.io

KuCoin is a well-known name in the industry, and one of the most competitive in the sector when it comes to fees and trading costs. The exchange has grown exponentially from the early days of offering only crypto to crypto trading and they now offer a…

Read more at www.securities.io

bne IntelliNews – Kazakhstan to restrict crypto miners amid power shortages

Kazakhstan’s national grid operator has begun rationing electricity to the country’s biggest consumers, likely targeting cryptocurrency mining farms. Facing a sudden energy shortage, officials must be regretting their recent embrace of the crypto industry.

Nur-Sultan has struggled to land on a consistent policy toward cryptocurrencies and mining – the series of electricity-hungry calculations made by networked computers to verify and record cryptocurrency transactions.

Only three years ago, the National Bank called for a ban on trading cryptocurrencies and mining them.

Then, in 2020, parliament passed a law legalising mining and creating welcoming conditions for the industry. The bill introduced the concept of a “digital asset” and laid the groundwork for licensed cryptocurrency brokers to set up shop. The legislation also established rates for taxes to be collected from miners and new, increased electricity tariffs to begin next January.

Speaking shortly after the bill passed, Digital Development Minister Bagdat Musin told a government meeting that 13 mining farms had already begun operating in Kazakhstan with investments totalling 80bn tenge ($188mn). By 2025, mining investments would reach 500bn tenge ($1.2bn), he said.  

Then China offered a reality check this summer when it banned cryptocurrency use and mining on its territory. Many farmers simply moved operations across the border, turning Kazakhstan into the world’s second-largest crypto…

Read more at www.intellinews.com

U.S. lawmakers say Facebook cannot be trusted to manage cryptocurrency

By Kanishka Singh

(Reuters) – A group of U.S. lawmakers said Facebook Inc cannot be trusted to manage cryptocurrency and urged the social media platform to discontinue immediately a small pilot of its cryptocurrency wallet named Novi, which was launched on Tuesday.

U.S. Democratic senators Brian Schatz, Sherrod Brown, Richard Blumenthal, Elizabeth Warren and Tina Smith voiced their opposition to Facebook’s two-year-old effort to launch a cryptocurrency and digital wallet.

“Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape,” the senators wrote in a letter to Facebook Chief Executive Mark Zuckerberg.

“Facebook cannot be trusted to manage a payment system or digital currency when its existing ability to manage risks and keep consumers safe has proven wholly insufficient,” the senators wrote.

The letter by the senators indicates that even Facebook’s small pilot of its cryptocurrency wallet will face scrutiny from lawmakers and regulators, who have previously raised antitrust and other concerns.

A Novi spokesperson said: “We look forward to responding to the committee’s letter.”

Facebook unveiled a cryptocurrency project in June 2019, as part of an effort to expand into e-commerce and global payments.

But the project immediately ran into fierce opposition from policymakers globally, who worried it could erode their control over the money system, enable crime and harm users’ privacy.

In December, the project was rebranded in a renewed effort to gain regulatory approval, with its scope scaled back further to a single dollar-backed digital coin.

(Reporting by Kanishka Singh in Bengaluru; Editing by Cynthia Osterman)

Read more at uk.news.yahoo.com

Bitcoin Miners Blamed for Energy Issues as Kazakhstan Looks to ‘Limit’ Mining

Nur-Sultan, the capital of Kazakhstan. Source: AdobeStock/rm

Bitcoin (BTC) and altcoin miners fleeing China’s crypto crackdown to neighboring Kazakhstan have been hit with a fresh setback – with signs the nation’s grid may be struggling to deal with an increase in demand.

As the cold winter months approach, warning bells have begun to ring, with the Ministry of Energy announcing that disruptions had been experienced at three of the country’s biggest power plants.

Per Plus World, the ministry has responded by creating a “draft law” that would “limit the total capacity of [crypto] mining installations operating in Kazakhstan to a maximum of 100 MW.”

The news will hit industrial miners hardest of all: if adopted, the draft bill would also cap production at individual centers, with “facilities” told they “can consume no more than 1 MW of electricity.”

A special rate for crypto miners would also be introduced: Miners would be told to pay an additional USD 0.0024 per kilowatt of energy consumed.

Crypto mining is a major business and growth area in Kazakhstan, which per University of Cambridge figures from August 2021 now accounts for 18.1% of the global average monthly bitcoin hashrate.

However, it appears that the growth of domestic mining businesses and an influx of Chinese miners may have already stretched the grid to the breaking point.

Elsewhere in the CIS (Commonwealth of Independent States) region, crypto mining has caused chaotic scenes, with mining-related power outages leading to months of social unrest in the de facto state of Abkhazia. Russian regions have also been complaining of power-related issues of late, with miners blamed again.

In a press release, Kazakhstan’s energy ministry wrote that “large power units with a capacity of 500 MW” at its Ekibastuz GRES-1 and Ekibastuz GRES-2 plants had failed, with boiler problems in the EEC JSC plant causing a “decrease in power…

Read more at cryptonews.com

Iran to Pilot ‘National Cryptocurrency,’ Amend Central Bank Law – Finance Bitcoin News

The central bank of Iran is gearing up to begin the pilot phase of its digital currency project in the near future, its new head announced to representatives of local media. The monetary authority is also preparing to move forward with a plan to reform the legislation that governs its own activities.

Iran Preps Pilot for Sovereign Digital Currency

The “national cryptocurrency” of Iran will enter its pilot stage soon, the recently appointed Governor of the Central Bank of Iran (CBI) Ali Salehabadi has unveiled. Speaking to reporters after his first meeting with lawmakers, the high-ranking official said the regulator is now studying potential risks and benefits associated with the initiative. Quoted by IRIB News and the Financial Tribune, he explained:

The pilot trial will start, once the Money and Credit Council approves it.

Salehabadi, who has been heading the CBI since Oct. 6, did not provide any further details regarding the Iranian central bank digital currency (CBDC). According to the English-language business daily, the new phase of the project is likely to be in line with earlier plans for the development of a national crypto.

The report notes that three years ago the Informatics Services Corporation, CBI’s subsidiary operating the country’s banking automation and payment services network, was tasked to develop a sovereign digital currency. A CBDC prototype was designed using the Hyperledger Fabric platform, later statements by its representatives revealed.

It became clear that the digital version of the Islamic Republic’s national fiat, the rial, was being developed on a private blockchain. Unlike cryptocurrencies based on public blockchains such as Bitcoin, the Iranian state-issued coin is not going to be mined.

The public was never updated on the progress of this initial project until more recent announcements came out that a “crypto rial” plan is underway. Officials have emphasized that the Iranian crypto is going to be a digital…

Read more at news.bitcoin.com

Technicorum Holdings Announces Appointment of Chris Cho as Business Development Director

Chris will develop and generate opportunities, nurture, and build rapport with the group’s clients and partners

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SINGAPORE, Oct. 19, 2021 (GLOBE NEWSWIRE) — ( via Blockchain Wire ) –– Technicorum Holdings, an IT and service group specializing in Digital Assets and a successful incubator of the innovative DeFi and NFT project:  KingSwap  today announced the appointment of Chris Cho as Business Development Director. Reporting to the CEO Daniel Daboczy, Chris will develop and generate opportunities, nurture, and build rapport with the group’s clients and partners, besides supporting them to provide Technicorum services on marketing, technology, advisory and legal for the Korean market.

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Chris’s career spans over 20 years working with IT, blockchain and electronic multinationals as business development and Sales personnel with IT integrated products and services. He has over four years of experience in blockchain businesses like Crypto Exchanges, Mining, ICO/IDO and has collaborated with major global crypto exchanges. Chris recently worked with a Chinese crypto mining company having a wide global business network where he completed and closed several blockchain projects. 

“I am excited to be a part of Technicorum, and I look forward to continuing providing the best solutions to Technicorum’s current and future customers,” Chris said, over his appointment.

Earlier, Chris held the position of Business Development Director in Flint Tech, worked with Microsoft Azure and SQL as senior Integrated solution Sales Manager and as Integrated Product manager with Samsung.

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Chris first learned about the immense scope of…

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Technicorum Holdings Announces Appointment of Chris Cho as

SINGAPORE, Oct. 19, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) –– Technicorum Holdings, an IT and service group specializing in Digital Assets and a successful incubator of the innovative DeFi and NFT project: KingSwap today announced the appointment of Chris Cho as Business Development Director. Reporting to the CEO Daniel Daboczy, Chris will develop and generate opportunities, nurture, and build rapport with the group’s clients and partners, besides supporting them to provide Technicorum services on marketing, technology, advisory and legal for the Korean market.

Chris’s career spans over 20 years working with IT, blockchain and electronic multinationals as business development and Sales personnel with IT integrated products and services. He has over four years of experience in blockchain businesses like Crypto Exchanges, Mining, ICO/IDO and has collaborated with major global crypto exchanges. Chris recently worked with a Chinese crypto mining company having a wide global business network where he completed and closed several blockchain projects. 

“I am excited to be a part of Technicorum, and I look forward to continuing providing the best solutions to Technicorum’s current and future customers,” Chris said, over his appointment.

Earlier, Chris held the position of Business Development Director in Flint Tech, worked with Microsoft Azure and SQL as senior Integrated solution Sales Manager and as Integrated Product manager with Samsung.

Chris first learned about the immense scope of blockchain technology five years back from an IoT-related blockchain project for the first time and since then believes the technology will bring out enhanced technological advancement and immensely contribute to the digitalized new world. 

“I hope to support more projects related to fintech, entertainment, and healthcare that can maximize Technicorum’s blockchain technology and business capabilities to the global market. I believe Technicorum can…

Read more at www.globenewswire.com

Russia & Belarus to Charge Higher Tariffs for Crypto Miners Due to High Energy Usage

The sheer amount of energy used by miners has caught the attention of governments in Russia and Belarus, prompting them to consider alternate tariffs.

In an announcement last week, Russian energy minister Nikolai Shulginov indicated that higher tariffs could be on the cards for miners, who exploit the subsidized tariffs that apply to the general populace for mining operations. Shulginov responded to complaints made by Igor Kobzev, the governor of Irkutsk Oblast, about illegal crypto miners. Kobzev said that electricity usage reached 4.7 billion kWh in the first half of 2021, compared to 5.7 billion kWh for the whole of 2020. His region has the lowest electricity tariffs in Russia, at under $0.02 per kWh in cities, and slightly above $0.01 in rural areas.

In September 2021, the Russian Financial Market Committee chairman voiced his support for the legal registration of firms taking part in mining activities, in order to tax them fairly.

Belarus already charges separate tariffs for miners, if their annual consumption is greater than or equal to 25 million kWh, and firms can fall into any one of four tariff groups. The cost per kWh for each group has not been disclosed. Mining has been legal in Belarus since March 2018, and the president has expressed a positive attitude toward mining, as opposed to picking strawberries on a foreign farm. In 2019, he dangled the prospect of nuclear power as a source to miners.

Kazakhstan grid under pressure from exiled Chinese miners

Power producers in China found to be selling power to miners face legal penalties, after China’s recent crackdown. Chinese miners have flocked to Kazakhstan, the U.S., and Russia. Kazakhstan now hosts 18% of the global hashrate (collective mining power), which is no coincidence, considering its proximity to mainland China. However, the country’s grid has seen an increase of 7% in annual consumption, 5% more than the expected annual increase. The national grid…

Read more at beincrypto.com

Key Democrat voices concern over Biden bank cop pick, signaling trouble

Omarova, a professor at Cornell Law School, is one of a number of progressive-backed nominees whom Biden has tapped to become regulators, including the heads of the SEC, the FTC and the Consumer Financial Protection Bureau. But her nomination has been the target of especially scathing attacks over her views that the government should play a greater role in the financial system, including rare opposition from the U.S. Chamber of Commerce, which generally stays out of confirmation battles.

“Dr. Omarova would relegate community banks to ‘pass through’ entities that hold their deposits on behalf of the Federal Reserve, effectively eliminating the community banking model that not only provides the U.S. the most diverse and competitive banking system in the world, but also meets the unique and evolving needs of small businesses and consumers in communities across the country,” American Bankers Association President Rob Nichols said in a speech this week.

Omarova would not have the ability, legally or practically, to implement customer accounts at the central bank, which is an entirely separate agency from the Office of the Comptroller of the Currency. But she would bring to the job a deep skepticism about the country’s megabanks and their role as dominant players in financial markets. She has suggested that the current regulatory framework is too slow-moving to properly oversee those firms.

She has also suggested that advocates of financial technology and cryptocurrency — often touted as the wave of the future for finance — have overstated the benefits of those developments for consumers.

The OCC, which has at times been accused of being too cozy with the banks it oversees, is responsible for supervising national banks. The next comptroller would grapple with how to reduce the number of people who are shut out of the financial system and how to regulate the national banking system at a time of technological upheaval, with traditional lenders confronting…

Read more at www.politico.com

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