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VeChain Announces Launch of Blockchain-Based Digital Platform at Cyprus Hospital

In light of COVID-19, VeChain announced the launch of a blockchain-based medical platform at the Mediterranean Hospital of Cyprus.

As social distancing and quarantine restrictions are highly reinforced worldwide, blockchain technology appears to be the ultimate solution during this pandemic. On June 20, VeChain introduced on Twitter their newly established decentralized ledger technology (DLT) platform, which would employ blockchain to deliver a more secure and efficient medical experience.

VeChain ecosystem manager vouches for the benefits of the app by stating that “more than 1200 people have downloaded the E-HCert App at the Larnaca airport and have asked to receive their novel coronavirus test results on it.”

As opposed to public blockchains, this decentralized medical platform, dubbed E-NewHealthLife, is private. The company states that with the adoption of this e-wallet, the cost of data storage will be reduced, and the digital transformation of healthcare facilitated. In addition, patients’ information will be quickly and securely provided to health professionals.

With the permissioned blockchain platform, only network participants will have access to information on the ledger, making personal data more secure. This platform will also enable medical staff to better accommodate patients, as it gathers data on each patient for research purposes.

Blockchain innovations at Cyprus Hospital

The choice to divulge information for research purposes is entirely up to each individual. The E-HCert App is also made up of a Digital Healthcare Passport, which is an encrypted NFC card allowing patients to digitally check-in for their appointment, verify their queue status in the waiting line, and keep a securely encrypted medical record.

VeChain broadens its horizons

With the digital age moving forward, VeChain’s very own cryptocurrency might soon be added to Coinbase. The cryptocurrency platform has expressed its desire to include VeChain’s token on its exchange, should it pass the security and compliance evaluation of Digital Asset Framework.

DOJ Extradites Bitcoin Thief From Cyprus Along With Hezbollah Terrorist

The US Department of Justice has extradited two criminals from Cyprus—one with known connections to terrorism and the other on suspicion of stealing thousands in Bitcoin.

Two accused criminals have been extradited from Cyprus by the DOJ, one for stealing thousands of dollars worth of Bitcoin, and the other is a money launderer connected to the terrorist organization Hezbollah.

According to the DOJ, a Cypriot national named Joshua Polloso Epifaniou stands accused of conspiracy to commit wire fraud, identity theft, and extortion. The DOJ alleges that Epifanou, along with his co-conspirators, targeted a Californian online game publisher, a hardware company in New York, an online sports website and an employment website in Virginia—to steal users personal information between 2014 and 2016. Epifaniou allegedly gained access to these networks and managed to defraud them of over $55,000 dollars in Bitcoin.

Per the report, “After obtaining the personal identifying information, Epifaniou allegedly used proxy servers located in foreign countries to log into online email accounts and send messages to the victim websites threatening to leak the sensitive data unless a ransom was paid. He is alleged to have defrauded the entities of $56,850 in bitcoin, and two victims incurred losses of over $530,000 from remediation costs associated with the incident.”

In addition, Epifaniou has been accused of organizing a brute force attack on Ripoff Report in 2016. A brute force attack is a trial-and-error method used to obtain information, such as a user password or personal identification number. Epifaniou allegedly used the attack to successfully override Ripoff Report’s login and password protection to access its database through an existing account for a ROR employee. He then allegedly held the database ransom for $90,000.

The other man extradited from Cyprus is Ghassan Diab who has been identified by the DOJ as a member of Hezbollah. The Lebanese national, Diab is suspected of money laundering over $100,000 and conspiring to launder a further $100,000 as well as standing accused of the unlicensed transmission of currency.

The news comes just days after another criminal complaint was filed on July 9 by the DOJ charging a New York resident—Douglas Jae Woo Kim, 27 years old, with wire fraud in where he allegedly conned three investors out of over $4.5 million of Ethereum and Bitcoin.

Crypto.com Gets the Greenlight to Operate in Cyprus Through CySEC

Crypto.com, a fast-rising exchange platform has secured regulatory approval to operate in the Cyprus crypto market, thereby expanding its European presence.

The exchange on July 22 says the Cyprus Securities and Exchange Commissions (CySEC) have given it the green light to operate in the space. With this nod from CySEC, crypto.com can now provide a range of services in Cyprus in accordance with the local regulations.

The approval marks Crypto.com’s commitment to expansion while also complying with native regulators to reach broader customers, especially in Europe. Kris Marszalek, CEO, and co-founder of Crypto.com says Europe is key to the exchange’s expansion plan.

“Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers,” Kris noted.

Famed as one of the renowned exchanges serving Web3.0 users, crypto.com has rigorously pursued its expansion campaign. The CySEC approval follows that of the Hellenic Capital Market Commission in Greece and also Organismo Agenti e Mediatori in Italy.

While it still awaits a full-scale license to operate, crypto.com has a provisional license to provide its services in Dubai. It also has an in-principle approval for a Major Payment Institution in Singapore. Established in 2016, Crypto.com allows its users to trade over 250 cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH).

Crypto exchanges continue with expansion plans

Despite the bearish run in recent times, several exchanges have continued to strengthen their positions in the European market.

FTX was approved to operate in Cyprus after it won an operational license from CySEC in March. Although Cyprus continues to see several global exchanges operate on its shores, regulations on cryptocurrencies are still not very clear.

Just last year, the Bank of Cyprus and other major financial institutions were reportedly against transactions in BTC.

The regulators are also trying to increase the oversight of digital assets including cryptocurrencies through the integration of EU anti-money-laundering rules.

Scammers Target Australians in Cryptocurrency Call Center Scheme

It has come to light that people of Australia are the principal targets of a sophisticated multinational network of con artists that operate out of call centers focused on bitcoin. The network is believed to have originated in China. The heart of operations for the network may be found on the continent of Australia. It is commonly believed that the administration of this network is being handled by criminal syndicates that have their headquarters in Israel.

As part of a large-scale operation, law enforcement officers from the countries of Serbia, Germany, Bulgaria, and Cyprus carried out house searches in a total of eleven locations across the country of Serbia, including four call centers. These locations included the country’s capital city of Belgrade. Officials from the island nation of Cyprus were responsible for the operation’s coordination. During the course of this operation, they discovered evidence showing that Australians were among the citizens of all of the other countries who were exposed to the highest degree of examination. This information suggests that Australians were among those subjected to this level of inspection. The material was made available to the general public on February 23 via the dissemination of an article that had been authored by The Australian and published on that day.

Fifteen individuals and about 1.46 million dollars’ worth of cryptocurrencies were seized into custody as a direct result of the operations, which were carried out as a direct consequence of the acts.

It would seem that con artists who work out of these contact centers are using advertisements on social media in an effort to persuade fresh victims into falling for their schemes. They achieve this goal by ensuring prospective investors that any investments they make would result in a significant return on the cash that they have invested. The findings of the research reveal that individuals do engage in this activity, which testifies to the notion that it is prevalent since it indicates that people do participate.

Cyprus Tightens Crypto Regulations with Hefty Penalties for Non-Compliance

Cyprus is set to introduce stringent penalties for unregulated cryptocurrency service providers (CSPs), according to the Cyprus Mail. The government has submitted a legislative amendment to the “Prevention and Suppression of Money Laundering Law,” aiming to align the country with international anti-money laundering (AML) and combating the financing of terrorism (CFT) standards. The amendment was presented to the Parliamentary Committee on Legal Affairs on October 10, 2023.

The proposed amendments stipulate that all CSPs dealing with crypto assets must register with the Cyprus Securities and Exchange Commission (CySEC). Failure to comply will result in penalties ranging from fines of up to €350,000 to imprisonment for up to five years, or a combination of both. This move reflects Cyprus’s commitment to minimizing risks associated with money laundering and terrorist financing.

The Cyprus Bar Association has expressed reservations about the amendments, particularly the requirement for CSPs registered in other EU member states to also register in Cyprus. In response, the Ministry of Finance highlighted that monitoring responsibility for such entities initially lies with the state where they are registered.

CySEC is also considering issuing guidelines related to the “Travel Rule” to further enhance regulatory oversight. Discussions are ongoing to ensure the proper and timely implementation of this regulation.

The Travel Rule, originally part of the Bank Secrecy Act in the US, mandates financial institutions to share transaction details with other institutions involved in fund transfers. This rule, adapted for the cryptocurrency industry, aims to prevent money laundering and terrorism financing by ensuring transaction details “travel” with the transfer. In cryptocurrencies, exchanges and wallet providers must share customer information, enhancing transparency and regulatory compliance.

The UK’s Financial Conduct Authority (FCA) has outlined compliance expectations for cryptoasset businesses regarding the ‘Travel Rule’ as well, effective from September 1, 2023. The rule mandates the collection, verification, and sharing of transaction information to align with anti-money laundering and counter-terrorist financing standards.

This development is particularly relevant to Cyprus’ recent regulatory tightening, as both countries aim to align their cryptoasset industries with international standards set by the Financial Action Task Force (FATF).

Coinbase to Boost European Derivatives Market Presence with MiFID II License Acquisition

To expand its global influence, Coinbase, a major US cryptocurrency exchange, has announced plans to enter the European Union derivatives market. The year 2024 marks a strategic turn for Coinbase as it aims to acquire a Cyprus-based entity licensed under the Markets in Financial Instruments Directive 2014 (MiFID II). This significant move will enable Coinbase to offer regulated derivatives, including futures and options, within the EU, enhancing its service portfolio and market reach.

The Strategic Acquisition in Cyprus

Coinbase’s decision to acquire a MiFID-licensed entity in Cyprus is pending regulatory approval. Once finalized, this acquisition will significantly bolster Coinbase’s presence in the European market. This strategic move is aligned with Coinbase’s 2024 objectives, indicating a focused expansion into the European derivatives market, a sector experiencing rapid growth and increasing demand for regulated crypto-based financial products.

Understanding MiFID II and its Implications

MiFID II represents the EU’s updated regulations governing financial instruments. It plays a pivotal role in this expansion, as it allows entities to offer regulated trading services across EU member states. By leveraging this license, Coinbase plans to offer a range of derivatives products, a notable extension from its current offerings of spot trading in bitcoin and other cryptocurrencies.

Impact on the European Derivatives Market

The entry of Coinbase into the EU derivatives market is set to create waves, offering more choices to traders and investors in the region. It signifies the growing integration of cryptocurrency products into mainstream financial markets and reflects the evolving regulatory landscape in the EU. Coinbase’s ability to offer regulated derivatives is expected to attract a diverse group of investors, enhancing liquidity and stability in the crypto market.

Anticipating Regulatory Approval and Future Prospects

The acquisition, contingent on regulatory approval, is anticipated to be finalized in 2024. Coinbase’s expansion into the European derivatives market is a testament to its commitment to compliance, innovation, and customer service. This move is not only about business growth but also about adapting to the changing demands of the global financial ecosystem. Coinbase’s expansion is seen as a proactive step in bridging the gap between traditional finance and the burgeoning world of cryptocurrencies.

Conclusion

Coinbase’s planned expansion into the EU derivatives market through the acquisition of a MiFID II licensed entity in Cyprus marks a significant milestone in the company’s growth strategy. This move is set to enhance Coinbase’s service offerings and solidify its position as a leading player in the global cryptocurrency market. As the company awaits regulatory approval, the cryptocurrency and financial sectors eagerly anticipate the impact of this expansion on the European and global markets.