Russian oil companies are increasingly using cryptocurrencies to bypass Western sanctions and facilitate transactions with China and India, according to Reuters. Some firms are reportedly using Bitcoin (BTC), Ethereum (ETH), and stablecoins like Tether (USDT) to convert Chinese yuan and Indian rupees into Russian rubles. While still a small portion ...
Hong Kong’s financial sector has taken another step to deepen its blockchain integration with the launch of the city’s first retail tokenized money market fund. China Asset Management (Hong Kong) (ChinaAMC HK), a subsidiary of one of China’s leading fund houses, has introduced the ChinaAMC HKD Digital Money Market Fund ...
China's Central Bank Digital Currency (CBDC) expansion significantly impacts global trade dynamics, placing Australia in a challenging position between Beijing and Washington. Marina Yue Zhang from the University of Technology Sydney suggests that the U.S. digital dollar ban could significantly disrupt global finance as it lags in the digital currency ...
A Chinese court has ruled that BKEX, a crypto exchange known for futures trading, operated as an illegal gambling platform. According to local reports, the People's Court of Pingjiang, Hunan Province, recently ruled BKEX's contract trading as outright gambling. The ruling followed an extensive court proceeding about the exchange's operations, ...
KuCoin has admitted to violating U.S. anti-money laundering and KYC regulations, pleading guilty to running an unlicensed money-transmitting business. The company has been fined $297 million and must suspend its U.S. operations for at least two years. In an official statement from the U.S. Attorney’s Office for the Southern District ...
China's State Administration of Foreign Exchange has rolled out new regulations requiring banks to identify and report high-risk transactions, including those tied to cryptocurrencies. This move is expected to create significant hurdles for mainland investors seeking to trade Bitcoin and other digital assets, according to the South China Morning Post. ...
The People's Bank of China recently released its China Financial Stability Report 2024, which offers a detailed analysis of global cryptocurrency regulations, focusing on Hong Kong's regulatory progress. The report highlights increased global regulatory oversight of crypto assets following market disruptions in 2022. In 2023, the cryptocurrency market rebounded to ...
China's central bank digital currency, known as the digital yuan, is facing challenges in achieving widespread user adoption. Charles Chang, director of the Fintech Research Centre at Fudan University in Shanghai, stated in an interview with the South China Morning Post that consumer hesitancy and competition from platforms like Alipay ...
Irish authorities have reportedly seized more than $3.42 million worth of cryptocurrencies suspected to be linked to a widespread "pig butchering" scam. According to the Irish Independent, the seizure is part of an ongoing investigation by local and foreign law enforcement authorities into money laundering networks that local authorities believe ...
China is advancing the public rollout of its central bank digital currency (CBDC), the digital yuan (e-CNY), by introducing a new payment card designed to function like a traditional debit or credit card. This digital yuan card was reportedly unveiled at the 18th Shenzhen International Financial Expo on November 7. ...
