10 Latest Crypto Updates And Developments Around the World

The Crypto community has observed significant growth in the past few years. Many countries are adopting new laws on crypto activities. Meanwhile, some are disagreeing and putting bans on crypto payments. Even within the current bear trends, notable crypto events occurred in the last few weeks. Here are the top global crypto updates from the past week.

Putin Puts a Ban On The Use of Digital Assets

Russian President Vladimir Putin has signed a bill prohibiting the acceptance of crypto. This is in deliberation for services and transfer of goods. It also includes enabling speculation and goods payment by a digital financial asset. The ban excludes the ones provided by federal laws.

Although a report in the early months of 2022 suggested that Russia may start using crypto. They may consider crypto payment to circumvent imposed sanctions. But, the country seems to oppose the idea and plans to ban any form of digital assets as a medium of payment.

Also Read: Saudi Arabia to Optimize the Future of Crypto With Increasing Investors

Crypto Firm Voyager to Suspend Withdrawals And Trading

Voyager sent out emails to their customer base at the end of June. It announced withdrawals processed before suspension, will get processed again. The platform delayed trading, withdrawals, and deposits. The firm updated Twitter in the 1st week of July, assuring the asset values and doing its best to resolve the issue. The firm also confirmed that it holds $35 in cash and $ 1.3 billion in crypto assets. At present, they are trying to provide the best long-term service to their customers.

Also Read: HashCash Offers Its White Label Crypto Payment Processor To A Singapore Based Financial Enterprise

Paraguay Senate Approves A Bill That Regulates Crypto Mining and Trading

Last week, Paraguay’s senate authorized an ordinance. It legislates a regulatory framework for crypto trading and mining. The bill saw the green signal in December. But, the Chamber of Deputies added modifications that returned to the higher chamber. Now that both chambers approved the bill, it awaits the executive branch’s approval. It can reject or allow it. Moreover, it anointed the Ministry of Industry and Commerce in charge of law enforcement. Therefore, it will charge the individuals taking up mining services without authorization.

Celsius Owes $439 million From a Lending Firm “EquitiesFirst”

Celsius Networks applied for bankruptcy and faces more charges. There are allegations of owing another $439 million from  EquitiesFirst, a lending platform. Sources confirm the lending firm is repaying five million dollars per month. The total debt is around $361 million in cash and 3765 bitcoins. The obligations are true as per EquitiesFirst.

South African Reserve Bank Plans to Regulate Cryptocurrencies

The South African Reserve Bank showed no interest in crypto before. But, last week in a webinar, the bank announced its plans to regulate digital currency. Kuban Naidoo announced the bank considers crypto as a financial asset. The SAR duty governor also announced plans to prepare a regulatory framework. The SAR is watching the crypto stance of economies like Singapore, the UK, and Australia.  They are also observing recent developments in the framework. The framework may take more than a year to prepare, focusing on the crypto environment.

3ACs Founders Are Hiding From Liquidators

The founder of  Singapore crypto fund Three Arrows Capital is hiding after bankruptcy. Liquidators confirmed they cannot locate the founder Kyle Livingstone Davies and Zhu Su. Last week, Martin Glenn, the US bankruptcy judge, issued an order. It provides 3AC liquidators approval to demand the founder’s court appearance. This was after the founders were not ready to cooperate with the liquidators. But, Zhu Su finally broke the silence stating that the liquidators baited their firm.

Vauld To Suspend Trading And Withdrawals Due to Financial Difficulty

Vauld is a Singapore-based crypto trading and lending platform. The firm announced on Monday that it would postpone trading and withdrawals. It was due to the ongoing financial stress on the crypto community market.

Vauld CEO Darshan Bathija posted in his blog about the volatility of the market. He also highlighted financial challenges among partners. It affects the seamless performance of the platform. This has led to huge withdrawals of up to $196 million since the mid of June. After the crash of TerraUSD, the crypto industry has been through a series of shockwaves. These led to huge losses and Vauld is one such victim.

India Urged G20 to Bring Crypto Under Automatic Exchange of Information

Nirmala Sitharaman, the present Finance Minister of India has discussed Cryptocurrency. It was during the G20 Ministerial Symposium on Tax and Development in Bali, Indonesia. She asserted focusing on tax transparency. Notable progress has been possible with the Automatic Exchange of Information. Investigation suggests many entity layers are set up by tax evaders. This is with a view to hiding the unaccounted belongings.

The automatic exchange of information helps to provide information to various authorities. The tax evaders are smart to divert their non-registered assets through other investments. Thus, she summoned the G20 to check its efficiency.  The focus is on other financial assets. Assets that are not covered under CRS (Common Reporting Standard) including immovable properties.

CAR to Distribute 210 million Sango Coins. To Provide Investors with Citizenship, Real Estate Property, and a Metaverse Location

The Central African Republic announced Bitcoin as a legal tender. It plans on starting the sale of its Sango coins on July 25th at the least rate of $0.10. The investors must pay $500 in Ethereum or bitcoins. CAR Sango investors get access to the first BTC-powered digital monetary system. They will also enjoy an opportunity to become African citizens. The investor will also get a piece of real estate and a location in the metaverse.

Security Regulator in Argentina Launches Innovation Hub to Debate on Regulated Crypto Investments

The National Securities Commission works under the security regulators of Argentina. It reported taking steps to ease new crypto-based investment tools in the market. The organization inaugurated an innovation hub linking private investors with regulators. This will enable information exchange on the product’s requirements before market launch.

Wrapping Up

The collapse of TerraUSD triggered a domino effect. It aggravated bear trends across the crypto markets. Several crypto exchange platforms and DeFi firms are closing down. It is due to market volatility and financial difficulties. Yet, there is a ray of hope among crypto investors for the coming months. With time, more and more countries are adopting crypto. All that’s left is a regulated framework to control market volatility.