World News Archives - Times Tabloid https://timestabloid.com/tag/world-news/ Cryptocurrency and Blockchain Tabs Mon, 29 Jul 2024 12:00:39 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://timestabloid.com/wp-content/uploads/2021/08/cropped-Times-Tabloid-Favicon-32x32.png World News Archives - Times Tabloid https://timestabloid.com/tag/world-news/ 32 32 Coinbase to Start Requiring Recipient Information of Canadian Transactions above 1000 CAD; Singapore, Japan Users Included https://timestabloid.com/coinbase-to-start-requiring-recipient-information-of-canadian-transactions-above-1000-cad-singapore-japan-users-included/ Sat, 26 Mar 2022 00:01:21 +0000 https://timestabloid.com/?p=4754 Coinbase, the largest US-based crypto exchange, will soon start to require its customers in Canada who send crypto to another financial institution or exchange to provide recipient’s personal information, such as name and address. The new development also affects users from countries such as Japan and Singapore. The crypto exchange has been sending notices to […]

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]]> Coinbase, the largest US-based crypto exchange, will soon start to require its customers in Canada who send crypto to another financial institution or exchange to provide recipient’s personal information, such as name and address. The new development also affects users from countries such as Japan and Singapore.

The crypto exchange has been sending notices to its customers in the affected countries, stating that the change will take effect in early April.

Read Also: Malaysia Comms Ministry Tells Parliament to Adopt Cryptos like Bitcoin as Legal Tender to Engage the Youth

A user who shared the information on Twitter wrote, “Wait, then what’s the point of crypto/blockchain, being outside of fin.system and all.. I may be better of sending fiat money crypto freaks may not realise but the market is getting extremely regulated.”

As expected, the move has been greeted with tons of backlashes from Coinbase users. Many believe that this will force tons of users to abandon the heavily centralized exchange.

According to a FAQ made available by the crypto exchange, for Canadian users, sending more than 1000 CAD worth $798 in crypto to a financial entity or other crypto exchange will require the name and address of the recipient. This will be effective from 4th April, citing compliance to Canada’s FINTRAC rules.

Read Also: Canada Would Become the Crypto Power House with This Newly Introduced Crypto Bill

For users in Singapore, all crypto transfers from a user’s wallet to an outside address will require the recipient’s full name and country of residence. This will be effective from 1st April 2022, citing local Singaporean regulations.

As for Japan, all transfers of digital assets to recipients outside the country must include the name, address, and destination wallet of the recipient, citing rules established by the Japan Crypto Trading Association (JVCEA). This will also be effective from 1st April 2022.

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]]> US Treasury Secretary Janet Yellen Says Biden’s Crypto Executive Order Supports ‘Responsible Innovation’ https://timestabloid.com/us-treasury-secretary-janet-yellen-says-bidens-crypto-executive-order-supports-responsible-innovation/ Wed, 09 Mar 2022 04:31:21 +0000 https://timestabloid.com/?p=4240 A new statement from Janet Yellen, the United States Treasury Secretary, has revealed that the much-awaited crypto executive order from President Joe Biden will support responsible innovation. The statement highlights how Yellen’s department will implement the provisions of the executive order expected from the White House this week. The statement was issued late Tuesday and […]

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]]> A new statement from Janet Yellen, the United States Treasury Secretary, has revealed that the much-awaited crypto executive order from President Joe Biden will support responsible innovation.

The statement highlights how Yellen’s department will implement the provisions of the executive order expected from the White House this week.

The statement was issued late Tuesday and later removed (archived version is here) from the Treasury Department’s official website.

The statement reads in part as follows:

“Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy. This approach will support responsible innovation that could result in substantial benefits for the nation, consumers, and businesses. It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”

Yellen further stated that the treasury department will partner with interagency colleagues to produce a report on the future of money and payment systems.

She said the department will also “convene the Financial Stability Oversight Council to evaluate the potential financial stability risks of digital assets and assess whether appropriate safeguards are in place and work with our international partners to promote robust standards and a level playing field” given the global nature of the industry. This work will complement ongoing efforts by Treasury.”

“As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts. Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”

It was earlier indicated that Biden’s Executive Order will have several components, all of which are centered on studying cryptocurrency and digital money across multiple United States government departments and agencies. Their topics will be based on central bank digital currency and how cryptocurrencies affect the environment.

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]]> U.S. Virginia Senate Passes Bill to Allow State Banks Offer Crypto Custody Services https://timestabloid.com/u-s-virginia-senate-passes-bill-to-allow-state-banks-offer-crypto-custody-services/ Sat, 05 Mar 2022 12:16:20 +0000 https://timestabloid.com/?p=4129 Crypto adoption is becoming widespread in the United States and across the world as earlier predicted by several crypto pundits. The recent adoption is coming from a state in the United States. As a report has it, Virginia Senate has recently passed a bill that will allow state banks to offer crypto custody services. The […]

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]]> Crypto adoption is becoming widespread in the United States and across the world as earlier predicted by several crypto pundits.

The recent adoption is coming from a state in the United States. As a report has it, Virginia Senate has recently passed a bill that will allow state banks to offer crypto custody services.

The bill that was unanimously passed by the state Senate “permits banks in the Commonwealth to provide virtual currency custody services so long as the bank has adequate protocols in place to effectively manage the associated risks.”

Read Also: Jackson, Tennessee, United States is set to become the first City to Add Bitcoin as a Payroll Option

According to Fox News Digital, delegate Chris Head, the proponent of the crypto bill, said he introduced the legislation after being inspired by how issues with cryptocurrency regulation were addressed in Texas.

Chris Head noted:

“By codifying the ability for state-chartered banks to become custodians of cryptocurrency, this will make Virginia the first in the country to provide this ability to banks through legislation.

“Functionally, the bill allows state-chartered banks in Virginia to hold the keys to one’s cryptocurrency purse, similar to how individuals use safety deposit boxes at banks. Ultimately, this will put Virginia at a significant advantage regionally and nationwide.”

According to Head, crypto as a nascent economic asset has the potential to bring about economic growth if adopted.

​​”As a small business owner, I’m always looking for the potential in policies to create opportunities for jobs, business development, and economic success. Cryptocurrency has the potential to do just that,” Head stated.

The bill received tremendous support, which led to its approval by the House of Delegates on 2nd February, and the state Senate passed it on 3rd March by a vote of 39 to 0.

Legislators now anticipate that Governor Glenn Youngkin will sign the bill into law within seven days when it comes to his desk.

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]]> Polkadot Founder Donates $5M in DOT as Ukraine Ready for Airdrop after Receiving $33M Crypto Donations https://timestabloid.com/polkadot-founder-donates-5m-in-dot-as-ukraine-ready-for-airdrop-after-receiving-33m-crypto-donations/ Wed, 02 Mar 2022 10:08:47 +0000 https://timestabloid.com/?p=4025 Ukraine has been receiving support from the crypto community since the news of the Russian Army’s invasion became widespread. The country, through its official Twitter handle on 26th February, requested the support of the crypto community in donations. Bitcoin, Ethereum, and USDT addresses were provided. And millions of dollars worth of cryptocurrencies have been donated. […]

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]]> Ukraine has been receiving support from the crypto community since the news of the Russian Army’s invasion became widespread.

The country, through its official Twitter handle on 26th February, requested the support of the crypto community in donations. Bitcoin, Ethereum, and USDT addresses were provided. And millions of dollars worth of cryptocurrencies have been donated.

Ukraine tweeted, “Stand with the people of Ukraine. Now accepting cryptocurrency donations. Bitcoin, Ethereum and USDT. BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e.”

Ukraine Announced Support for Donations in Polkadot (DOT)

A couple of hours ago, Ukraine, via its official Twitter handle announced support for Polkadot (DOT) donations, assuring that more cryptocurrencies will be accepted soon.

“The people of Ukraine are grateful for the support and donations from the global crypto community as we protect our freedom. We are now accepting Polkadot donations too: $DOT: 1x8aa2N2Ar9SQweJv9vsuZn3WYDHu7gMQu1RePjZuBe33Hv. More cryptocurrencies to be accepted soon.”

Gavin Wood Donates $5 Million Worth of DOT

Ukraine has officially appreciated the founder of Polkadot (DOT), Gavin Wood, for donating $5 million worth of DOT as promised.

Ukraine tweeted, “The people of Ukraine fighting for our freedom are forever grateful to Gavin Wood @gavofyork for the generous donation of $5M of Polkadot $DOT as promised publicly. Thank you from all of us here in Ukraine working for a peaceful future.”

Ukraine Says ‘Airdrop Confirmed’ After Receiving $33M Crypto Donations

Ukraine will conduct an airdrop to donors that have contributed money to its official crypto addresses, the country said on Wednesday through its official Twitter account.

“Airdrop confirmed. Snapshot will be taken tomorrow, on March 3rd, at 6 pm Kyiv time (UTC/GMT +2 hours). Reward to follow!,” the tweet read.

Airdrops involve crypto projects sending free tokens en masse to their communities in a bid to encourage adoption. As earlier reported by CoinDesk, the country has received $33 million in crypto donations so far.

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