From approving the general framework for the “Cryptocurrency Regulation Plan” to granting a sandbox license to Mazdax for asset tokenization in the capital market.
Brief News
Mazdax Receives Capital Market Sandbox License for Asset Tokenization
Mazdax, as the country’s first trading platform, has obtained the capital market sandbox license from the Securities and Exchange Organization to tokenize Charisma funds. The Capital Market Testing Environments Steering Council’s secretariat announced: “The proposal for tokenizing exchange-traded funds presented by Mazdak Financial Technology Development Company (Mazdax) and Charisma Financial Services Group has been approved by the Supreme Council of the Exchange. Mazdax, in collaboration with Charisma Financial Services Group, can now proceed with tokenizing the investment units of the Kahroba, Kara, and Ahrom funds, owned by Charisma, on the designated platforms within the framework set by the Steering Council for a period of six months.”
Celsius to Transform into a New Bitcoin Mining Company
Celsius, a peer-to-peer network designed to facilitate lending and borrowing in the market, will transition into a new company focused exclusively on Bitcoin (BTC) mining. This follows feedback from the U.S. Securities and Exchange Commission (SEC) on certain aspects of Celsius’ restructuring plan. The bankruptcy court judge has assigned the implementation of this plan to Fahrenheit Holdings, a consortium that includes Arrington Capital (a digital asset management firm) and U.S. Bitcoin Corp, which acquired Celsius in May.
Source: coindesk.com
Belgium Aims to Revitalize EU Blockchain Infrastructure Project
The Belgian government has announced its intent to accelerate the development of European blockchain infrastructure during its EU Council presidency in early 2024. This proposal aims to facilitate secure storage of official documents like driver’s licenses and property deeds. Mathieu Michel, Belgium’s Minister of Digitalization, stated that establishing a public blockchain for EU-wide infrastructure is among the country’s top four priorities for its upcoming presidency. Michel proposed relaunching the European Blockchain Partnership (EBP) project, initiated in 2018 by the European Commission in collaboration with the EBP.
Source: cointelegraph.com
Robert Kiyosaki: Don’t Be a Loser, Exit the Fake Money System
Robert Kiyosaki, the acclaimed author of Rich Dad Poor Dad, urged his followers to step away from traditional monetary systems and invest in alternative assets like gold, silver, and Bitcoin. Kiyosaki posted on X: “Don’t be a loser. Get out of the fake money system. Move into gold, silver, and Bitcoin now before it’s too late.”
Source: u.today
Former Central Bank Governor: Bitcoin Moving Toward Becoming a Global Currency
Tahmasb Mazaheri, former governor of Iran’s Central Bank, stated that within 10 years, we will likely move toward a unified global currency that will transform the banking system. He explained that “electronic banking” consists of three phases: providing online and smart services, using non-physical digital money, and, ultimately, the rise of cryptocurrencies. Mazaheri praised current advancements in digital currency and highlighted the Central Bank’s digital rial as a significant step forward. He noted that Bitcoin and cryptocurrencies drive the transition toward a global currency.
Source: arzdigital.com
Robert F. Kennedy Jr.: Bitcoin is the Most Elegant Solution for Transactional Freedom
U.S. presidential candidate Robert F. Kennedy Jr. stated in an interview with Peter McCormack that central bank digital currencies (CBDCs) could undermine personal freedoms by enabling governments to monitor every aspect of people’s spending. He cautioned that CBDCs could be linked to social credit systems, allowing governments to limit access to funds for specific reasons. Conversely, Kennedy views Bitcoin (BTC) as an “elegant solution” to the potential threats posed by CBDCs.
Source: dailyhodl.com
Arthur Hayes: Zhao Pays the Price for Defying Financial and Political Norms
According to Arthur Hayes, former CEO of BitMEX, Binance’s rapid growth and success outside traditional financial and political control have led to severe regulatory scrutiny. Hayes noted that Binance, under Zhao’s leadership, became the world’s largest exchange by trading volume within six years. Hayes believes that traditional financial and political entities took issue with an intermediary facilitating capital flow in blockchain that wasn’t managed by their members.
Source: cointelegraph.com
U.S. Deputy Treasury Secretary Calls for Greater Power to Pursue Bad Actors in Digital Currency
Wally Adeyemo, U.S. Deputy Treasury Secretary, announced that the Treasury Department is asking Congress for additional authority to pursue illegal actors in the digital assets sector: “We are requesting Congress to establish a secondary sanctions regime, which not only cuts a company off from the U.S. financial system but also exposes any company that continues to do business with a sanctioned entity to the same risk.” Both Republicans and Democrats have sent letters to President Joe Biden and the Department of Justice, expressing concerns about the use of digital assets to finance terrorism and requesting a thorough assessment of Binance and Tether’s potential material support for terrorism. Adeyemo also stated that stablecoin providers backed by the U.S. dollar but operating outside the U.S. should not be able to use the U.S. currency.
Source: theblock.co
Brazil Imposes 15% Tax on Cryptocurrency Income Held in Foreign Exchanges
The Brazilian Senate has approved new income tax regulations, which could mean that citizens will face a 15% tax on cryptocurrency income held in international exchanges. If signed by President Luiz Inácio Lula da Silva, the regulation could take effect from early 2024. This bill has already passed in the House of Representatives. Affected individuals include Brazilians earning over 1,200 from foreign exchanges and investment funds with a shareholder. According to Yahoo Finance, the government has set a revenue target of $4 billion from this tax in the new year.
Source: coindesk.com
South Korea Asks Users to Report Unlicensed Cryptocurrency Exchanges
Financial regulators in South Korea have issued a notice asking users to report any information about unlicensed cryptocurrency exchanges that offer services to users in the region. According to the Association of Digital Asset Exchanges, five exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—currently operate in the country. The goal of these reports is to identify domestic and international digital asset service providers targeting South Korean citizens who do not comply with Article 7 of the Special Financial Information Act.
Source: cointelegraph.com
General Outline of “Cryptocurrency Regulation” Plan Approved in Economic Commission
The Economic Commission of Parliament recently sent a draft of the cryptocurrency regulation plan to entities such as the Judiciary, the Vice Presidency for Science and Technology, the Central Bank, the Ministry of Communications, the Ministry of Intelligence, the IRGC, the National Cyberspace Center, and NASR (National Association of Software and IT Companies). Mohammadreza Pour Ebrahimi, the head of the Parliamentary Economic Commission, noted that after a long process, a finalized version of the report on cryptocurrency regulation was prepared following Article 45 of the Parliament’s internal regulations. The general outline of the cryptocurrency regulation plan has been reviewed and approved by the commission, with further details to be discussed in Parliament in the coming weeks.
Source: ICANA
MP: Central Bank’s Role in Cryptocurrency Field Causes Harm
Rahim Zare, spokesperson for the Parliamentary Budget Consolidation Commission, criticized the Central Bank’s recent assignment as regulator of cryptocurrencies and their exchanges under new banking law. In his post on X, he stated, “Under Article 22 of the strategic document of the cyber policy system, which was presented to the Supreme Leader last year, the Ministry of Economy is responsible for cryptocurrencies. I warn again that the Central Bank’s leadership in this field will cause harm.”
Source: ICANA
Federal Judge Rules Changpeng Zhao Cannot Leave the US
Federal Judge Richard Jones in Seattle has ruled that Changpeng Zhao, founder of Binance, must remain in the US until his trial for allegations related to anti-money laundering violations. The judge accepted the federal prosecutor’s request to impose travel restrictions on Zhao, rejecting a previous ruling that allowed him to return to his home in the UAE before the February trial. Judge Jones noted that Zhao’s vast wealth abroad and the lack of an extradition treaty between the US and the UAE increased his risk of fleeing. Zhao’s hearing is currently scheduled for February 23.
Source: decrypt.co
Vice President of Iran-Russia Chamber of Commerce: Some Iranian Companies Trade with Cryptocurrency
In an interview, Kambiz Mirkarimi, Vice President of the Iran-Russia Chamber of Commerce, said: “Some Iranian companies trade with Russia using the Russian ruble, although currencies such as the dirham, dollar, and euro are also used. A few companies also engage in cryptocurrency transactions, but the culture of trading with cryptocurrency is not yet well established, and the volatility of cryptocurrencies increases transaction risk.” He noted that the number of companies conducting transactions with digital currencies is low, and these transactions are not conducted formally.
Source: ILNA
Charles Hoskinson: Cryptocurrency Industry No Longer Depends on Bitcoin for Survival
Charles Hoskinson, founder of the Cardano decentralized financial platform, argued that the cryptocurrency industry no longer depends on Bitcoin for its survival. While acknowledging Bitcoin’s role in the industry’s inception, he highlighted that newer technologies and digital assets have made Bitcoin obsolete. Hoskinson cited Microsoft’s Windows experience, noting that as the industry shifted to mobile devices, Windows lost its dominance. He warned that if Bitcoin fails to adapt to technological advances, it may face a similar fate.
Source: finbold.com
Vaneck: Bitcoin Price Expected to Rise if Trump is Elected US President
Asset management firm Vaneck predicts Bitcoin will reach a record high in Q4 of 2024. Among its 15 forecasts for cryptocurrencies next year, Vaneck noted that Donald Trump’s victory in the US presidential election would increase optimism about the end of the SEC’s hostile regulatory approach. They predict Bitcoin’s price will peak on November 9, 2024, exactly three years after its previous record. If Bitcoin’s price reaches $100,000 by December, Satoshi Nakamoto could be named Time Magazine’s Person of the Year.
Source: news.bitcoin.com
Russian Government Plans Special Rules for “Exporting” Cryptocurrencies
the Russian government plans to establish regulations for the sale of cryptocurrencies, allowing miners to sell their assets like exports of goods such as gas. Ivan Chebeskov, Deputy Minister of Finance, said this option is part of the proposed legislation to legalize cryptocurrency mining in 2022.
Source: news.bitcoin.com
Bank of Canada Says Citizens Oppose CBDC Issuance
A survey released by the Bank of Canada shows that Canadian citizens are overwhelmingly opposed to issuing a digital Canadian dollar. Citizens and stakeholders are concerned that this technology could infringe on their financial privacy and is not their preferred payment method. The report states, “About 85% of respondents would not use the digital Canadian dollar. More than 92% prefer using existing payment methods, like cash or cards.” Most respondents worry that the Canadian government is attempting to phase out cash.
Source: cryptopotato.com
Richard Teng Says Binance Has Transformed After Recent Events
Richard Teng, Binance’s CEO, stated that the cryptocurrency exchange has evolved significantly since its settlement with the Department of Justice. Teng, who took over after Changpeng Zhao stepped down following DOJ charges, clarified that Zhao cannot participate in day-to-day operations as part of the settlement. Teng expressed enthusiasm for leading the world’s largest cryptocurrency exchange and committed to collaborating closely with global regulators to further Binance’s growth agenda. He believes recent regulatory issues have begun to dissipate after Binance’s $4.3 billion settlement with US authorities over various regulatory and sanctions compliance issues.
Source: cryptointelligence.co.uk
JPMorgan CEO Supports Cryptocurrency Ban
Jamie Dimon, Chairman and CEO of JPMorgan, called for a ban on cryptocurrencies at the annual Senate Committee on Banking, Housing, and Urban Affairs oversight meeting with Wall Street firms. He criticized the new asset class, stating, “If I were in your position, I would dismantle them.” He argued that the semi-anonymous nature of cryptocurrencies, their capacity for instant money transfers, and their ability to bypass traditional regulatory systems like anti-money laundering checks, identification protocols, and OFAC sanctions make these assets a haven for illegal activities.
Source: u.today
Change and Transformation in Blockchain Association
Following a board dispute within the Blockchain Association, Abbas Ashtiani has been dismissed as the CEO, and Kaveh Moshtagh has been appointed as his replacement. Ashtiani was recently reappointed for a second term. Moshtagh, a cryptocurrency and blockchain researcher, also serves as the Business Development Manager at the Ghoghnous Company. The Blockchain and Crypto Assets Research Newsletter wishes both success.
Source: Blockchain and Crypto Assets Research Newsletter
