India intends to come up with legislation banning digital currency trading, while other Asian economies have chosen to regulate the market, Bloomberg Qint reported.
It is expected that the Indian federal cabinet will discuss the legislation before it is transferred to parliament, the outlet reported, citing anonymous sources. Blockchain will be encouraged by the federal government, which is not excited about digital currency trading, according to two unnamed sources in the report.
Additionally, the Federal Administration’s think tank is examining potential cases where blockchain technology could be exploited, the report says. South Korea and Singapore regulate digital currency exchanges, while China recently allowed the exchange of bitcoin as virtual property instead of fiat currency.
Separately, the United States Securities and Exchange Commission (SEC) has exposed charges against Washington state-based digital eSports games and games company Unikrn for holding an “initial coin offering. unregistered (ICO), ”according to a press release.
The SEC claimed the company took in around $ 31 million via an offering of the UnikoinGold (UKG) coin. The company agreed to pay the fees through a penalty of $ 6.1 million to be paid through a fair fund to investors.
The press release noted that the company accepted the payment “without admitting or denying the SEC’s findings.”
And Binance Holdings faces a lawsuit from Japan-based Fisco Cryptocurrency Exchange over a lawsuit stemming from the alleged laundering of stolen digital currency, according to Fisco’s complaint.
According to the complaint, Fisco alleged that “cyber thieves” stole a digital currency valued at around $ 63 million during a 2018 hack of the Zaif digital exchange office. Hackers have used a combination of digital currency, including bitcoin. (Fisco had bought the Zaif purse shortly after the incident.)
After the hack, the complaint indicated that the stolen bitcoin had been tracked to a bitcoin address through publicly available scans, and that those scans indicated that the Zaif hackers had ultimately laundered around 1,452 bitcoins through Binance.
“Although it is one of the largest cryptocurrency exchanges in the world, Binance’s ‘Know Your Customer’ and anti-money laundering protocols are incredibly lax and not live up to industry standards, ”Fisco said in his complaint.