Tag Archives: European Union

In a landmark ruling, Hong Kong’s High Court declared crypto as property that can be held in trust. This marks the first time such a decision regarding asset class has been made in the city-state. The ruling, which was handed down in liquidation of a case involving the now-defunct crypto exchange Gatecoin, essentially puts crypto on par with other intangible assets such as stocks and bonds. Cryptocurrencies Constitute Property The judgment was revealed by London-based law...

Societe Generale’s crypto arm – SG Forge – has announced the launch of a stablecoin pegged to the euro on Ethereum, dubbed EUR CoinVertible. The latest offering will be accessible to only those institutional investors qualified on the basis of Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures. The EURCV Stablecoin According to the official press release, EUR CoinVertible is based on the Ethereum blockchain and will be traded under the ticker symbol EURCV....

In the letter, Polygon’s board requests amendments to Article 30 of the EU Data Act, which the board fears could stifle blockchain development in its current format. The company behind Polygon, a Proof-of-Stake multi-chain blockchain platform around its ERC-20 token MATIC, has sent an open letter to representatives of the EU Parliament regarding Article 30 of the EU Data Act. Unintended Consequences Of EU Policy The EU Data Act, whose main purpose is to break up monopolies...

Pierre Wunsch – Governor of the National Bank of Belgium – thinks the European Central Bank (ECB) should keep raising the interest rates to combat the bothersome inflation. The institution lifted the rates to 3.5% in March (the highest since the financial crash in 2008). The Federal Reserve also has a similar strategy in the States, with interest rates currently standing at a range of 4.75% to 5%.  While raising the benchmark aims at limiting the money supply and thus...

Crypto exchange Binance announced the opening a new blockchain hub in Georgia. The establishment of this new “Web3 outpost” is expected to help Binance strengthen blockchain education and accelerate the adoption of crypto in the region. Binance had forged several strategic partnerships, initiatives, as well as community events in the transcontinental country that is known for being crypto-friendly. Blockchain Hub in Georgia According to the official blog post, the blockchain...

European regulators and policy experts are dismayed by how American watchdogs handled the collapse of Silicon Valley Bank last weekend.Certain policymakers take issue with the Fed’s “systemic risk exception,” which they believe could undermine the credibility of banking globally.  Critiques of the Bailout According to the Financial Times, a senior eurozone official said the Federal Reserve showed “total and utter incompetence” in its response to SVB’s failure, turning its...

There has been a tremendous transformation in the Bitcoin mining landscape since. Different countries have become the new harbors of miners. One European country has emerged as the world’s largest hash rate producer per capita. Owing to cheap electricity, Iceland is one of the first countries to see industrial-scale Bitcoin mining. According to Bitcoin mining researcher Jaran Mellerud, the country’s entrepreneurial locals can also be attributed to the growth of the sector....

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On November 13, the European Union Agency for Law Enforcement Cooperation (Europol) announced that it had successfully cracked down on a criminal network engaged in online scams through call centers. The network was spread all around Europe. According to Europol, the operation was carried out on January 11, 2023, following an investigation that began in June 2022 at the request of the German authorities. In conjunction with the national authorities of the other countries,...

The Swedish Financial Supervisory Authority registered the world’s largest cryptocurrency exchange – Binance – as a financial institution for management and trading in virtual currency in the Scandinavian country. This is the seventh EU nation where the platform has received such a license, with the previous six being Italy, France, Spain, Poland, Cyprus, and Lithuania. Binance announced that its Swedish subsidiary – Binance Nordics AB – obtained registration from the...