Search Results for: Foreign

US Government Plans to Use USDC Stablecoin to Offer Foreign Aid in Venezuela

Venezuela’s opposition leader, who exiled in Spain, has partnered with US-based cryptocurrency companies AirTM and Circle to facilitate the distribution of funds to healthcare workers in the country on the northern coast of South America.   Circle CEO, Jeremy Allaire, stated that the partnership involved “a collaboration with the Bolivarian Republic of Venezuela, led by President-elect … Continue reading US Government Plans to Use USDC Stablecoin to Offer Foreign Aid in Venezuela

HSBC and Wells Fargo Utilize Blockchain Technology, Enhancing Foreign Exchange Transactions

HSBC and Wells Fargo have signed a strategic agreement to use a settlement ledger powered by blockchain technology when undertaking foreign exchange (FX) transactions. This move is deemed a stepping stone towards minimizing settlement risk. In a statement, Mark Jones, co-head of Macro, Wells Fargo Corporate & Investment Bank, welcomed this move and said: “We … Continue reading HSBC and Wells Fargo Utilize Blockchain Technology, Enhancing Foreign Exchange Transactions

Foreign Exchange Service Firm Midpoint Completes Acquisition of Blockchain World

UK-based Midpoint Holdings Ltd, an international payments and peer-to-peer foreign exchange service company, announced that it had completed the acquisition of Blockchain World Ltd (“BWL”). The acquisition was started on December 14, 2021, and Domenic Carosa- founded Blockchain World, is a B2C (“business-to-consumer”) blockchain company. As part of the acquisition, Domenic Carosa will also join Midpoint’s board of directors as … Continue reading Foreign Exchange Service Firm Midpoint Completes Acquisition of Blockchain World

S. Korean Regulators Oppose Busan's Regulatory Measures for Foreign Crypto Exchanges

South Korean financial authorities expressed their opposite stance against Busan City to provide special regulatory support for foreign crypto firms to establish digital asset exchanges, local media outlet Money Today reported Thursday. The Financial Intelligence Unit (FIU) under the Financial Services Commission of South Korea said judicial risks, investor risks and money laundering risks exist … Continue reading S. Korean Regulators Oppose Busan's Regulatory Measures for Foreign Crypto Exchanges

The UAE's Minister of State for Foreign Trade Thani Al-Zeyoudi

Thani Al-Zeyoudi, the minister of state for international trade of the United Arab Emirates, has predicted that cryptocurrency would play a “significant role” in the country’s participation in global commerce in the future. Al-Zeyoudi provided a number of updates regarding the United Arab Emirates’ trade partnerships and policies heading into 2023 during an interview with … Continue reading The UAE's Minister of State for Foreign Trade Thani Al-Zeyoudi

Nigeria's Foreign Investment and Crypto Adoption Dilemma

Nigeria, the largest economy in Africa, has been facing a severe shortage of dollars, leading to a decline in foreign direct investment (FDI). The National Bureau of Statistics (NBS) reported that FDI dropped by 33% in 2021, decreasing from $698 million in the previous year to $468 million. The situation is worrying as FDI has … Continue reading Nigeria's Foreign Investment and Crypto Adoption Dilemma

Hong Kong IFEC Warns Against Trading on Illegal and Foreign Platforms for Virtual Assets

The investor and Financial Education Council (IFEC), a public organisation under the Securities and Futures Commission (SFC), has issued a warning regarding the potential risks connected to unlicensed and foreign virtual asset trading platforms. In reaction to the growing acceptance of virtual assets, which, despite their attraction, present a high-risk investing opportunity, this advise has been offered. … Continue reading Hong Kong IFEC Warns Against Trading on Illegal and Foreign Platforms for Virtual Assets

Taiwan Regulates Crypto Exchanges, Bans Unregistered Foreign Operators

Key Takeaways Taiwan’s Financial Supervisory Commission (FSC) releases new guidelines for Virtual Asset Service Providers (VASPs). Foreign VASPs are prohibited from operating in Taiwan without proper registration. The guidelines were released on September 26, 2023, and aim to improve investor protection. Regulatory Framework Taiwan’s Financial Supervisory Commission (FSC) has taken steps to regulate the cryptocurrency … Continue reading Taiwan Regulates Crypto Exchanges, Bans Unregistered Foreign Operators

US Congress Proposes Bill to Restrict Government Interactions with Foreign Adversarial Blockchain Networks

On November 8, 2023, the United States Congress witnessed the introduction of a significant piece of legislation – H.R.6307. Sponsored by Representative Zachary Nunn [R-IA-3], this bill aims to defend against the economic and national security risks posed by foreign adversarial blockchain networks. The bill has been referred to several key committees, including the House … Continue reading US Congress Proposes Bill to Restrict Government Interactions with Foreign Adversarial Blockchain Networks

Zhao Dong's Conviction Highlights China's Stance on Cryptocurrency and Foreign Exchange Regulation

The over-the-counter (OTC) cryptocurrency trading desk RenrenBit was founded by Zhao Dong, who is notoriously known as the “OTC King.” Zhao Dong was found guilty in China of the charges against him. In the context of China’s increasing crackdown on criminal operations using cryptocurrencies, this conviction is a major event that has taken place. In … Continue reading Zhao Dong's Conviction Highlights China's Stance on Cryptocurrency and Foreign Exchange Regulation

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