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...

Telefónica Tech launch document verification service using blockchain

Person signing document

Telefónica Tech, the Madrid-based telecoms company behind O2 and Vivo, has launched its own blockchain-based document certification service.

The new service utilises Telefónica’s in-house TrustOS platform to generate certificates that combine the digital signature of the user with a trace of the content to be certified, alongside a time stamp to establish the date of certification.

It will allow companies to generate digital evidence of authorship, ownership, and...

Microsoft devises blockchain-based piracy solution ‘Argus’

Copyright Claim

Researchers from Microsoft have found a new way to fight online piracy using a proposed bounty system called ‘Argus’ that runs on the Ethereum blockchain.

In a recent article, titled ‘Argus: A Fully Transparent Incentive System for Anti-Piracy Campaigns’, the software giant’s research department introduced the blockchain-based bounty system that could potentially see development.

Piracy does not just hurt major copyright holders like Microsoft and other tech...

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...

How an idea of blockchain for power of attorney turned into a full document management solution

Smart contracts are a key method of digitising supply chains through blockchain technologies - but innovation does not have to stop at a single use case.

One example which has the potential to be transformed through blockchain is power of attorney (POA). It is an idea which has taken shape at certain hackathons, as well as being cited in certain legal blogs. Alongside the process being streamlined, it could also counteract potential issues with fraud.

As a Wikiversity...

EY launches cryptocurrency tax calculator for US customers

Global professional services firm EY (Ernst & Young) has developed a tax calculator as part of its blockchain analyser product suite that automatically calculates capital gains from cryptocurrency transactions.

The new software as a service (SaaS) application simplifies the process of US tax filings for those who hold cryptocurrency assets and need to report so on their US tax returns.

Expanding on the capabilities of the EY CryptoPrep tool released in summer 2020,...

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...

Generation Z: How post-millennial young people are engaging with blockchain

Feature In 2019, Gen Z surpassed millennials and baby boomers to become the largest generation in the world, making up a third of the global population. This demographic dominance alone makes those born between 1995 and 2010 an important consideration for cryptocurrency markets and blockchain tech firms. What’s more, Gen Z’s comfort with and strong preference for digitised transactions makes them an even more important demographic in these growing markets. 

A...

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...