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The European Union (EU) has confirmed it will continue collaborating with ChromaWay to develop blockchain-based sustainability solutions.

This announcement came on July 12, following ChromaWay’s presentation at the EU Pre-Commercial Procurement (PCP) final review meeting.

The presentation highlighted advancements in decentralized applications for Digital Product Passports (DPP) and intellectual property (IP) rights.

During the review meeting in Brussels, ChromaWay showcased its relational blockchain technology.

This technology enhances efficiency by improving the organization and complexity of on-chain data, combining the flexibility of relational databases with the decentralized security of blockchain.

It supports enterprise solutions and underpins Chromia, a public layer-1 platform for decentralized applications, which is set to launch its mainnet on July 16.

Or Perelman, co-founder of Chromia, told Cointelegraph, “By fostering collaboration among governments, regulators, institutions, and blockchain innovators, we can unlock the full potential of Web3 technology and drive widespread adoption.”

This statement reflects the platform’s eagerness to develop innovative solutions for institutional applications alongside the EU.

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The EU’s positive assessment of ChromaWay’s contributions highlights the significant potential of relational blockchain technology in both public and private sectors.

This aligns with the EU’s broader strategy to integrate innovative blockchain solutions, promoting sustainability and efficiency.

The EU has consistently emphasized its commitment to fostering technological advancements for economic and environmental benefits across Europe.

In July 2024, representatives from RBN Eco and ChromaWay will be interviewed by the European Blockchain Association to assess their compatibility with upcoming EU initiatives.

Additionally, the team will participate in a follow-up workshop in Brussels this September to outline the next steps for Q4 2024 and into 2025.

The EU has also partnered with other blockchain solutions, such as Iota. In June 2024, the European Commission selected Iota for its Web3 ID in the blockchain sandbox, further demonstrating the EU’s dedication to leveraging blockchain technology for various applications.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

The Law Commission of the United Kingdom has concluded that decentralized autonomous organizations (DAOs) do not require separate legal oversight and can be integrated within existing financial regulations and tax frameworks.

This decision was detailed in a scoping paper that highlighted the lack of a unified definition for DAOs.

The commission, which focuses on law reforms, noted the impracticality of a blanket law for DAOs due to their diverse nature and tendency to adapt to local judicial requirements.

DAOs encompass a wide range, from pure DAOs to hybrid arrangements and digital legal entities, complicating efforts to characterize them for legal reforms.

These organizations often function as trustless entities, adding to the regulatory challenge.

“The Law Commission has already agreed with Government to undertake a review of trust law.

“This will consider — in general terms rather than in the DAO context specifically — the arguments for and against the introduction of more flexible trust and trust-like structures in England and Wales.”

In addition, the commission recommended reviewing the Companies Act 2006 to better oversee DAOs operating as limited liability partnerships.

They also proposed examining reforms for nonprofit DAOs and current Anti-Money Laundering (AML) regulations.

The commission emphasized the need for international cooperation to develop a global AML and tax framework for DAOs.

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Parallel to these developments, the Solicitors Regulation Authority (SRA) in the United Kingdom issued a warning regarding a Bitcoin scam involving fake lawyers.

Scammers impersonated legitimate law firms, Attwaters Solicitors and Attwaters Jameson Hill Solicitors, using personal data and Bitcoin payments from potential victims to prevent information leaks.

The SRA advised the public to exercise caution and verify the authenticity of any suspicious correspondence.

This can be done by directly contacting the law firm through reliable means and checking the SRA’s records to confirm the firm’s authorization.

These steps are crucial in ensuring the public does not fall victim to such fraudulent schemes, especially with the rise of digital and decentralized technologies like DAOs.

The commission’s recommendations and the SRA’s warning highlight the need for robust regulatory and security measures in this evolving landscape.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

The Institute of Certified Public Accountants of Cyprus (ICPAC) has urged accounting and auditing professionals to play a crucial role in detecting and preventing terror financing.

This alert highlights five primary methods terrorists use to transfer funds, including cryptocurrencies.

ICPAC, which regulates the accountancy profession in Cyprus, issued a “terror financing alert” to enhance efforts against such activities.

While law enforcement agencies usually handle financial crimes such as money laundering and terror financing, ICPAC emphasizes the need for accounting professionals to participate in monitoring. The regulator stated:

“These days, given the nature of services provided and the role of professionals as gatekeepers, it is a requirement for obliged entities to take an active role in the prevention phase.”

ICPAC identified five fund transfer methods used by terrorists: donations through nongovernmental organizations (NGOs), cash, bank transfers and gift cards, cryptocurrencies, and shell companies.

Regarding cryptocurrencies, ICPAC advises accountants to watch for anonymous cross-border peer-to-peer transfers, crowdfunding, charitable donations, and anonymous online fundraising campaigns.

ICPAC instructed its members, firms, and compliance officers to report suspicious activities, warning that failure to do so constitutes an offense.

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Consequently, flagged transactions will undergo thorough scrutiny, including profiling individuals, screening crypto wallets and transactions, and using specialized blockchain tools.

A U.S. Treasury official revealed that Palestinian militant groups, including Hamas, used small amounts of cryptocurrencies for funding but preferred traditional financial methods.

Blockchain analytics firm Elliptic confirmed that Palestinian Islamic Jihad raised $12 million through crypto fundraising, contradicting a Wall Street Journal report that initially claimed they received between $41 million and $93 million from August 2021 to June 2023.

Elliptic found no evidence of such high amounts raised through crypto, prompting the Journal to correct its report.

“To be clear,” Representative Tom Emmer asked the Treasury’s Undersecretary for Terrorism and Financial Intelligence Brian Nelson, ”Hamas is using crypto in relatively small amounts compared to what’s been widely reported, that’s correct?”

“That’s our assessment, yep,” Nelson confirmed.

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Binance, a leading cryptocurrency exchange, is reportedly in the final stages of negotiating the sale of a majority stake in the South Korean exchange Gopax to the local cloud service provider Megazone.

According to a report by South Korea’s news agency The Chosun Ilbo on July 11, Binance is preparing to reduce its 72.6% stake in Gopax to as low as 10%.

An anonymous industry insider related to Gopax indicated that Binance is pushing the sale to enhance its governance structure as requested by local financial authorities.

Initially, Binance announced the acquisition of a 72.26% stake in Gopax in February 2023, aiming to re-enter the South Korean market after ceasing operations there in 2021.

However, the acquisition faced hurdles as South Korean financial authorities blocked the capital injection by denying the change of the largest shareholder.

Additionally, Binance’s regulatory challenges in the United States, including a lawsuit from the US Securities and Exchange Commission, fueled further regulatory skepticism in South Korea.

The recent news about the potential sale comes just weeks before Gopax is expected to renew its real-name account contract with Jeonbuk Bank, which is due to expire on August 11, 2024.

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Jeonbuk Bank and Gopax had signed a two-year real-name account contract in August 2022.

Cointelegraph reached out to Binance for a comment on the sale of Gopax shares but did not receive a response at the time of publication.

Gopax was significantly impacted by the collapse of Sam Bankman-Fried’s FTX crypto exchange in November 2022.

Shortly after FTX’s collapse, Gopax halted withdrawals of principal and interest payments in its decentralized finance service, which included products from the now-bankrupt crypto lending firm Genesis Global Capital.

Before its bankruptcy, Genesis’ parent company, Digital Currency Group, was reportedly Gopax’s second-largest shareholder and a crucial business partner, supplying its GoFi product.

According to The Chosun Ilbo, Gopax’s total debt was 118.4 billion South Korean won ($86 million) as of April 2024.

Binance’s decision to sell the majority stake in Gopax underscores the complex regulatory landscape and the challenges of maintaining operations in the highly scrutinized cryptocurrency market.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Cryptocurrency derivatives exchange BitMEX has downplayed its violation of the Bank Secrecy Act (BSA) in the United States, calling it “old news” from 2020.

The company plans to request an expedited sentencing hearing, indicating that no additional charges will be pursued.

On July 10, US Attorney Damian Williams announced that BitMEX had admitted to offering crypto trading services without a proper Anti-Money Laundering (AML) program.

BitMEX responded by pointing out that its founders, Arthur Hayes and Benjamin Delo, had already pleaded guilty to the violation and paid fines in 2022.

At the time, Hayes and Delo admitted to “willfully failing to establish, implement and maintain an Anti-Money Laundering program” at their exchange.

This resulted in BitMEX implementing verification systems to prevent US citizens from using the platform.

Both founders agreed to pay $10 million in criminal fines each for the BSA violations.

Consequently, the exchange does not anticipate any further fines from the US Department of Justice (DOJ).

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BitMEX stated, “We have accepted the BSA charge, will seek an expedited sentencing hearing, and argue that no further fine should be imposed, given the substantial amounts already paid by our founders under the BSA charges brought against them, and under our no admission/no denial settlements with the CFTC and FinCEN in 2021.”

BitMEX also mentioned that its Know Your Customer and AML programs have been independently audited. “Needless to say, this charge has no impact on our business operations,” it concluded.

Delo was sentenced to 30 months probation for the BSA violation on June 16, while Hayes received two years probation and six months of home detention on May 21.

Prosecutors had argued that Delo should serve a prison sentence similar to Hayes.

Hayes voluntarily surrendered to US authorities in Hawaii six months after federal prosecutors first levied charges on April 7.

His lawyers stated, “Mr. Hayes voluntarily appeared in court and looks forward to fighting these unwarranted charges.”

In the US, pleading guilty to supporting money laundering is a punishable offense, often carrying a maximum penalty of five years in prison.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.