Blockchain Association boosts lobbying power with $4m funding injection

Capitol Building

The Blockchain Association, a lobbying group for improving public policy towards crypto and decentralised ledgers, has raised $4 million (£2.97m) in new funding.

A decentralised web advocate group, the Filecoin Foundation, provided half the funding with the promise of an additional $2 million (£1.49m) if the Blockchain Association can match it through outside funding.

Crypto exchange Kraken and Digital Currency Group – the parent company of CoinDesk – contributed...

China declares all crypto-related activity illegal

Shanghai, China

China has renewed its crackdown on cryptocurrencies by declaring that all crypto-related activities are now illegal.

In a Q&A posted to its website, the People’s Bank of China said services offering trading, order matching, token issuance and derivatives for virtual currencies are all strictly prohibited. Overseas exchanges providing services in mainland China are also illegal.

The move comes to close a legal loophole that has existed since May, when China’s...

Wyoming advances DeFi adoption with landmark recognition of American CrytpoFed

An American flag waving in the wind.

The State of Wyoming has legally recognised the American CryptoFed DAO, making it the first decentralised autonomous organisation (DAO) to receive legal recognition in the US.

Such recognition comes hot on the heels of Wyoming becoming the first state to pass landmark legislation that defines DAO’s as a kind of limited liability company (LLC).

Speaking on the decision, Wyoming’s Secretary of State, Edward Buchanan, reflected on the state’s history of being at the...

UK police seize £114 million of cryptocurrency

A police sign.

Scotland Yard detectives have arrested a woman accused of money laundering, and have seized £114 million of cryptocurrency.

It is thought to be one of the largest seizures of cryptocurrency in the world.

The 39-year-old woman, dubbed ‘moneybags’, was arrested at an address in London and taken into custody at a London police station. She has since been bailed to a date in late July.

The cryptocurrency was captured as part of an ongoing money laundering...

Analysis: The increasing scope of UK cryptocurrency regulation

Analysis With the price of Bitcoin rising past US$50,000 in February, the profile of - and investor interest in – cryptoassets continues to increase. With this, the global regulatory landscape is swiftly evolving with recent calls for cryptocurrency to be subject to tightened rules and HM Treasury releasing an important new consultation.

Less than three years ago, Parliament’s Treasury Committee referred to cryptoasset markets as a “Wild West”, in which consumers were...

Tether and Bitfinex reach $18.5m settlement with New York’s Attorney General

Crypto firms Tether and Bitfinex have reached a settlement with the New York Attorney General’s (NYAG) Office over a controversial case that began in April 2019.

As part of the settlement, both firms must discontinue any trading activity with New York citizens and are also required to provide quarterly reports and public disclosures on core business functions. Finally, the firms are required to pay $18.5 million (£13.1m) in penalties to the NYAG.

In April 2019, the...

Chinese courts are increasingly using blockchain to help settle legal cases

china blockchain court cases legal

According to a report from Xinhua news agency, smart courts in China are increasingly making use of a number of innovative technologies such as artificial intelligence and blockchain in order to settle millions of pending legal cases. 

The report also highlighted the fact that more than 3.1m litigation activities in China from March to October were settled through the blockchain and AI-powered smart internet courts. 

What happens in these ‘courts of the...