Page 32 - Cryptocurrency

Top headlines: India faces high power cut risks, Apple to focus on India

Business Standard brings you the top headlines at this hour

Silvergate plans to wind down bank ops, liquidate after crypto metldown

Silvergate collapsed amid scrutiny from regulators and a criminal investigation by the Justice Department's fraud unit into dealings with fallen crypto giants FTX and Alameda Research

Biden to urge 25% billionaire tax, levies on rich investors & corporations

Biden's budget request to Congress, which is slated to be released Thursday, calls for a 25% minimum tax on billionaires, according to a White House official familiar with the proposal

Centre brings crypto assets under PMLA, wrongdoing can be probed by ED

India, as G20 president, is looking to drive the narrative on dangers of cryptos

Crypto exchanges, intermediaries need to perform KYC of clients, users

Crypto exchanges and intermediaries dealing with virtual digital assets will now be required to perform KYC of their clients and users of the platform. The Finance Ministry on March 7 notified that entities dealing in virtual digital assets will now be considered 'reporting entity' under the Prevention of money laundering Act (PMLA). Entities involved in the exchange between VDAs and Fiat currencies or transfer of VDAs or safekeeping and administration of VDAs, and participation in financial services related to an issuer's offer and sale of a VDA would be 'reporting entity' for the purpose of the PMLA. Under the anti-money laundering law, reporting entities are required to maintain KYC details or records of documents evidencing the identity of its clients and beneficial owners as well as account files and business correspondence relating to its clients. AMRG & Associates Senior Partner Rajat Mohan said all such intermediaries need to maintain a record of all transactions, and such

India imposes money laundering provisions on cryptocurrency sector

The Finance Ministry said in a notice on Tuesday that anti-money laundering legislation has been applied to crypto trading, safekeeping and related financial services

More than crypto, I am interested in artificial intelligence: Elon Musk

Twitter CEO Elon Musk has said that his interest has been switched from cryptocurrencies to artificial intelligence (AI)

Crypto wrap: Silvergate fallout pulls market down, Bitcoin at two-week low

Silvergate has been a go-to bank for the biggest crypto players but has come under fire since the collapse of FTX late last year

Indian-origin engineer at FTX, Nishad Singh, pleads guilty to fraud charges

Nishad Singh, a 27-year-old Indian-origin former top executive of failed cryptocurrency trading platform FTX has pleaded guilty to the charges of alleged billion-dollar fraud at the now collapsed exchange. Singh was the former co-lead engineer of FTX Trading Ltd. He has pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finances laws. Singh is the third top executive and close confidante of FTX founder Sam Bankman-Fried to plead guilty and cooperate with prosecutors. Gary Wang, co-founder of FTX, and Caroline Ellison, the former head of FTX's sister hedge fund Alameda Research, both pleaded guilty last year and are cooperating against Bankman-Fried. In December last year, federal authorities charged Bankman-Fried with orchestrating a scheme to defraud equity investors in FTX. The Securities and Exchange Commission charged Singh on Tuesday. In a parallel action, the

G20: India walks tightrope to form consensus amongst competing interests

At the media briefing on Saturday, a visibly pleased Reserve Bank of India Governor Shaktikanta Das said that most of the G-20 partners agreed that cryptocurrencies should be regulated

India's G20 presidency received strong support for all our priorities: FM

Finance Minister also said that she is grateful for the USA and UK, who were very supportive of the global coordination framework, particularly on the crypto

Progressing towards regulation on Crypto under India's G20 presidency: FM

Recognizing the risks attached to the private virtual assets, G20 nations moved a step closer to developing a coordinated and comprehensive policy approach to deal with the crypto assets, she said

India asks IMF, FSB to prepare technical paper on regulating crypto

India, which is currently holding G20 Presidency, has asked the IMF and Financial Stability Board (FSB) to jointly prepare a technical paper on crypto assets, which could be used in formulating a coordinated and comprehensive policy to regulate them. The international organisations are expected to present their joint paper during the 4th Finance Ministers and Central Bank Governors Meeting in October 2023, said a finance ministry release. "To complement the ongoing dialogue on the need for a policy framework, the Indian Presidency has proposed a joint technical paper by the International Monetary Fund (IMF) and the FSB, which would synthesise the macroeconomic and regulatory perspectives of crypto-assets. This would help in the formulation of a coordinated and comprehensive policy approach to crypto assets," it said. In their entirety, the IMF's discussion paper, the policy seminar and the joint IMF-FSB paper are expected to integrate the policy questions pertaining to macro-financi

Banning cryptocurrency should be an option: IMF's Kristalina Georgieva

Georgieva also said that there are some disagreements between the nations on the issue of debt restructuring of low and middle income countries

Crypto wrap: January Fed meet minutes pull Bitcoin back from six-month high

The minutes, released on Wednesday, said that the members believe "ongoing" rate hikes will be necessary

Sam Bankman-Fried now charged with unlawful political contributions

Sam Bankman-Fried former CEO of collapsed crypto exchange FTX, has now been charged with 4 additional counts of fraud, including unlawful political contributions leading up to the 2022 elections

FM pitches framework to regulate crypto in meeting with G20 ministers

Finance minister Nirmala Sitharaman on Thursday pitched for a global framework to regulate cryptocurrencies, besides firming up ways to tackle global debt vulnerabilities and strengthening multilateral development banks during bilateral meetings with her counterparts, including from US and Japan, ahead of the G-20 meeting. The finance ministers of the G20 countries, which is a grouping of developed and developing nations, are here to participate in the two-day meeting of G20 finance ministers and central bank governors (FMCBG) beginning February 24. Under the G20 Presidency, India will be pressing for a global framework to regulate the cryptocurrencies, ways to tackle the aggravated debt vulnerabilities facing the developing nations mainly on account of the continuing geopolitical tensions and the pandemic. It is feared that if left unaddressed, the mounting debt vulnerabilities of developing nations could trigger global recession and push millions to extreme poverty. The minister

Bitcoin extends rebound with year-to-date gain at 50%; defies macro peril

Bitcoin's year-to-date gain has now reached 50% after a further jump in February, contrasting with a retreat in global equities this month courtesy of a macroeconomic environment replete

Binance moved $400 mn from US partner to firm managed by CEO Zhao

Over the first 3 months of 2021, more than $400 mn flowed from the Binance.US account at California-based Silvergate Bank to this trading firm, Merit Peak Ltd, according to records for the quarter

FTX bankruptcy judge denies request for independent examiner in the case

The judge presiding over the bankruptcy of cryptocurrency exchange FTX has denied a request by the U.S. bankruptcy trustee to appoint an independent examiner in the case. The trustee, who serves as a government watchdog in Chapter 11 reorganizations, argued that the company's financial affairs and business operations, including allegations of unprecedented fraud leading to its collapse, should be reviewed by a disinterested person, not left to an internal investigation. But Judge John Dorsey rejected the request on Wednesday. He agreed with FTX and its official committee of unsecured creditors that an examiner's work would be too costly and would duplicate investigations already under way by FTX's new leadership, the creditors committee and several federal agencies. "There is no question that if an examiner is appointed, the cost of the examination, given the scope suggested by the trustee at the hearing, would be in the tens of millions of dollars and would likely exceed 100 millio