China News by Thebittimes.Com

Chainlink (LINK) co-founder Sergey Nazarov says major financial institutions around the world are primed to start utilizing his project soon. Nazarov notes in a new YouTube video that the decentralized oracle network is arriving at a point where financial institutions have been reaching out for help with various projects. “At this point, I’ve been – between last year and this year so far – almost everywhere. Last year, we covered a lot of Asia, the Middle East, Australia, many of the top environments where cryptocurrencies and blockchains are getting adopted. This year, with the new stance on regulation in the US, we are very heavily covering all of the US institutions in addition to continuing to cover those in Asia and the Middle East. So I can’t mention exact names, because they want to wait to announce, they have all these processes with NDAs (non-disclosure agreements). It’s a very tightly controlled process, but I would say between la...

Tether ( USDT ) is at the heart of a “parallel banking system” created by organized Crime and making use of new technologies, according to a new United Nations (UN) report . As reported by the Financial Times, the report, published on Monday by the UN’s Office on Drugs and Crime, details how USDT has become a popular payment method for criminal gangs, particularly those in the gambling industry, operating in Southeast Asia. According to the report, “Online gambling platforms, and especially those that are operating illegally, have emerged as among the most popular vehicles for cryptocurrency-based money launderers, particularly for those using Tether or USDT on the TRON25 blockchain, while also fueling the intensification of Southeast Asia’s rapidly growing illicit digital economy, and particularly the regional cyberfraud industry.” USDT is also among the currencies of choice for criminals operating so-called ‘ pig butchering ’ or romance scams. These scams involve criminals gai...

Here, we look at the current state of cryptocurrency regulations and talk to experts on what to expect in 2024. As we step into the new year, analysts expect to see a surge in regulatory clampdowns in the crypto space. The rules will expand to cover anti-money laundering and counter-terrorist financing risks, the conduct of companies operating in the crypto space, and supervisory actions concerning token sales. In the U.S., the tempo of regulatory actions shows no signs of abating; likewise, the UK has introduced a set of rules equating the sale of crypto tokens to that of traditional financial products. Similarly, the European Union (EU) is set to become the first significant global jurisdiction to formally enact a broad suite of laws and regulations governing the crypto sector in 2024.  The Markets in Crypto Assets Regulation, or MiCA, aims to establish uniform EU crypto regulation and provide legal certainty for digital assets beyond the scope of current EU financial servic...