California Governor Signs Cryptocurrency Regulation Bill
California Governor Gavin Newsom signed a bill on Friday to regulate the cryptocurrency industry in California. It is reported that nearly a quarter of blockchain companies in North America are located in the state.
California legislators hope to establish new rules around cryptocurrency, as the issue has become more urgent after the collapse of FTX and other market turbulence last year. Since the federal government has not taken action, state lawmakers hope to establish a basic regulatory framework.
South Korea’s FSC Fines Crypto Exchange Hanbitco 1.942 Billion Won for Violating Trading Rules
The Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) of South Korea reported that Hanbitco, a South Korean cryptocurrency exchange, frequently engaged in abnormal trading behavior such as self-registration. On the 13th, the FIU fined Hanbitco 1.942 billion won (1.43 million US dollars) for "violating the obligation to verify customers and restrict transactions" and "violating the obligation to provide information when transferring virtual assets."
Coinbase Has Asked the Court to Ask the SEC to Take Action on the Rulemaking Petition Within 30 Days
Coinbase's chief legal officer, Paul Grewal, tweeted that Coinbase has submitted a response to the U.S. Securities and Exchange Commission (SEC) in the Third Circuit Court, requesting that the SEC take action on Coinbase's rulemaking petition within 30 days.
Former Voyager CEO Faces Lawsuits from CFTC and FTC for Fraudulent Activities
The former CEO of lending platform Voyager, Steve Ehrlich, has been hit with lawsuits from both the Federal Trade Commission (FTC) and the United States Commodity Futures Trading Commission (CFTC) over allegations of fraudulent activities and insincerity about government customer protection.
China's CBDCs Could Incorporate Deposits and Savings with Programmable Features, Says Regulator
China's foreign exchange regulator, Lu Lei, has suggested that programmable features in central bank digital currencies (CBDCs) could transform monetary policy. These features could elevate CBDCs from a mere cash in circulation to incorporating deposits and savings, potentially reshaping the global financial landscape. Lu Lei believes that the People's Bank of China (PBOC) will be at the forefront of exploring these programmable features, enabling the bank to manage the macroeconomy. China has already initiated practical steps in cross-border CBDC utilization, with transactions using China's e-CNY reaching a significant milestone of 1.8 trillion yuan.
RedotPay Opens Support for USD Cards to Reduce Wear and Tear on International Transactions
Hong Kong cryptocurrency payment platform RedotPay announced the opening of support for USD cards. Users outside of Hong Kong will automatically apply for a USD encrypted Visa card. RedotPay stated that by supporting USD cards, international transactions that are not paid in Hong Kong dollars can skip the conversion step between HKD and USD, thereby further reducing transaction friction. For users in Hong Kong, HKD cards will continue to be the default application option.
G20 Leaders Issued a Joint Communique and Unanimously Adopted a Cryptocurrency Regulatory Roadmap
G20 finance ministers and central bank governors released a joint statement at the Marrakech meeting in Morocco, announcing unanimous agreement on a comprehensive roadmap for regulating crypto assets. The roadmap aims to enhance global financial stability and ensure effective management of cryptocurrencies within the international economic framework. The agreed-upon crypto asset roadmap is based on the comprehensive document released last month in Delhi, which is the blueprint for the official G20 crypto asset roadmap.
Secretly Recorded Audio Reveals Alameda Research "Borrowed" User Funds from FTX, Leading to Collapse
A secretly recorded audio clip lasting 75 minutes has been released, revealing the moment 15 former Alameda Research staff learned that the hedge fund was "borrowing" user funds from FTX. The recording, obtained by Cointelegraph, sheds new light on the tension felt by Caroline Ellison and Alameda staff leading up to FTX's collapse.
DefiLlama Founder Launches Anti-phishing Website Plug-In LlamaSearch
On October 13th, DefiLlama founder 0xngmi announced on social media the release of the anti-phishing website plugin LlamaSearch. The plugin replaces the new tab with a custom search that prioritizes safe domains.
Kraken Receives EU E-Money License and VASP Registration in Spain, Expands Fiat Services in Europe
Kraken has been granted an e-money institution license by the Central Bank of Ireland and a virtual assets service provider registration from the Bank of Spain. This will allow Kraken to expand its EUR fiat services with European bank partners and offer exchange and custodial wallet services to Spanish residents. Kraken's vice president of global operations, Curtis Ting, expressed gratitude for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain. Kraken also launched its NFT marketplace in June and believes clear and effective regulation is essential for the mainstream adoption of cryptocurrencies.
