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Namibia Reverses Bearish Crypto Decision

In a significant move, the Namibian government has officially reversed its previous decision to ban cryptocurrency exchanges in the country.

Instead, it has embraced a new law to regulate Virtual Asset Service Providers (VASPs) operating within its borders. The Namibia Virtual Assets Act 2023 was approved in the National Assembly on July 6 and signed by President Hage Geingob on July 14.

Subsequently, on July 21, the law was inserted into the Gazette of the Republic of Namibia, solidifying its implementation.

This groundbreaking legislation represents the first comprehensive framework in Namibia’s history that governs cryptocurrency-related activities.

The primary objective of the Namibia Virtual Assets Act is to establish a regulatory authority responsible for supervising and overseeing crypto exchanges within the country.

By doing so, the government aims to ensure consumer protection, curb market abuse, and address the risks associated with money laundering and terrorist financing.

The law sets out strict penalties for non-compliant VASPs, with potential fines of up to 10 million Namibian dollars (approximately $671,000) and a maximum prison sentence of 10 years.

However, it is worth noting that the country’s central bank, the Bank of Namibia, remains firm in its stance that cryptocurrencies will not be recognized as legal tender within Namibia.

The journey towards this regulatory environment started in May 2018 when the Bank of Namibia made a significant policy shift by revising its initial decision to ban cryptocurrency exchanges.

Since then, the government has been exploring ways to address the emerging digital asset landscape while safeguarding its citizens and financial system.

Namibia is not alone in its evolving approach to cryptocurrencies in Africa.

Earlier this month, South Africa’s financial regulator announced that all cryptocurrency exchanges in the country must obtain licenses by the end of 2023 to continue their operations legally.

Other African nations, such as Botswana, Kenya, Mauritius, and Seychelles, have also enacted laws to regulate cryptocurrency activities.

In contrast, some countries, including Cameroon, Ethiopia, Lesotho, Liberia, Republic of the Congo, Sierra Leone, Tanzania, and Zimbabwe, have chosen to ban cryptocurrencies altogether, according to information from the International Monetary Fund.

As for Namibia’s new Virtual Assets Act, it will come into force at a date determined by the Ministry of Finance, giving stakeholders time to prepare and adjust to the regulatory framework.

By embracing this progressive approach to cryptocurrencies, Namibia seeks to strike a balance between fostering innovation and protecting its financial system from potential risks associated with the digital asset market.

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KuCoin Denies Layoff Rumors Amidst Crypto Industry Stabilization

Crypto News Today

Cryptocurrency exchange KuCoin has denied rumors about laying off 30% of its workforce, amounting to approximately 300 employees.

The company’s spokesperson clarified that there are no plans for such layoffs and any personnel adjustments will be part of the firm’s broader business development strategy.

These adjustments are a normal process in organizational development, according to the spokesperson.

CEO Johnny Lyu echoed this statement in a tweet on July 25, asserting that KuCoin is operating smoothly and any potential staff cuts would be a result of a semi-annual employee performance evaluation.

He emphasized the importance of staying competitive and dynamic in the fast-paced crypto sector.

The rumors about the layoffs were sparked by a post from independent journalist Wu Blockchain, who claimed that KuCoin would cut its workforce due to a strict Know Your Customer policy in the United States, leading to a decline in profits.

However, Wu Blockchain later retracted the claims after KuCoin’s CEO clarified the actual reason for potential staff adjustments.

KuCoin did not specify the percentage of staff that might be affected or which positions would be impacted. Currently, the company employs around 1,000 staff globally, a number that CEO Johnny Lyu stated is continually increasing.

The crypto industry faced significant challenges in 2022 due to the decline in asset prices. Major players like Binance, Coinbase, and Kraken were forced to reduce their headcounts considerably.

Binance reportedly laid off over 1000 employees since May 31, while Coinbase laid off 18% and then another 20% of its staff in June 2022 and January 2023, respectively.

In November 2022, Kraken released 1,100 employees, accounting for about 30% of its workforce at the time.

However, more recent data from March 2023 indicates that the rate of layoffs in the crypto industry may be decelerating.

As the market stabilizes, companies like KuCoin are focusing on strategic business development to navigate the ever-changing crypto landscape.

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Tennessee Realtor Couple Charged in $6M ‘Blessings of God Thru Crypto’ Investment Fraud

Crypto News Today

A Tennessee husband and wife, Michael and Amanda Griffis, are in hot water as they face charges over an allegedly fraudulent investment scheme named “Blessings of God Thru Crypto.”

The Commodity Futures Trading Commission (CFTC) lodged a complaint on July 24, revealing that the couple used their real estate business connections to lure over 100 victims into investing more than $6 million into a digital assets commodity pool between July 2022 and January 2023.

According to the CFTC, the victims included mortgage brokers and former customers of the Griffis’ real estate business.

Despite having no experience in trading or relevant expertise, the couple managed to convince these individuals that their funds would be used to trade cryptocurrency futures contracts in the commodity pool.

However, the CFTC’s investigation revealed that not a single trade was conducted, and the funds were misused by the Griffis.

Approximately $4 million from the pool was transferred to digital wallets beyond their control, while over $1 million was misappropriated to pay off personal debts and purchase expensive items over several months.

This included $10,000 spent on family members’ college tuition, $20,000 for an all-terrain vehicle, and a whopping $335,000 to pay off credit card debts.

The CFTC accused the couple of falsely reassuring participants that their funds were secure and would yield high profits through crypto futures trading.

However, the reality was far from their claims, and the victims fell prey to the scheme.

As a result of their actions, the Griffis’ have been charged with defrauding over 100 victims and also for failing to register with the CFTC, which is required when operating such investment schemes.

In response to the complaint, the CFTC is seeking a permanent injunction against the Griffis and any potential collaborators, prohibiting them from engaging in any future transactions involving commodity interests.

They are also pushing for full restitution to be provided to the victims who sustained losses due to the scam.

Additionally, the CFTC has requested the court to impose civil penalties against the couple.

However, the CFTC cautioned that securing full restitution may prove to be challenging as the alleged wrongdoers are likely to have insufficient funds or assets to cover the losses incurred by the victims.

Michael and Amanda Griffis are affiliated with Exit Realty Screamin’ Eagle based in Clarksville, Tennessee, according to their LinkedIn profiles.

Amanda is listed as a “Broker/Co-Owner,” while Michael holds the title of “Realtor.”

Cointelegraph reached out to the Griffis for comment but did not receive an immediate response.

The investigation and legal proceedings are ongoing as authorities seek justice for the victims affected by this deceitful crypto investment scheme.

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PacWest Bank Shares Flash Crash 27% before Swift Recovery

Crypto News Today

On July 25, PacWest bank experienced a sudden and alarming flash crash, with its shares plummeting by 27%.

The stock value dropped from $10.33 to $7.50 during late trading, raising concerns among investors and the finance community. Some even feared it could mark the beginning of a banking collapse.

However, the panic was short-lived as share prices quickly rebounded during after-hours trading on the same day.

As of the time of writing, the stock had recovered and was priced at $10.10, as reported by Google Finance.

The reason behind the rapid recovery was the merger announcement between PacWest and the Banc of California on July 25.

Both banks appeared to be seeking stability in response to the turmoil that had affected the banking industry earlier in 2023.

The merger was an all-stock deal and received the backing of two private-equity firms, Warburg Pincus and Centerbridge.

These firms injected $400 million in equity, securing themselves a 19% stake in the newly combined business.

The merged entity is expected to hold assets worth approximately $36 billion, along with over $25 billion in total loans.

The market capitalization of PacWest stood at around $1.2 billion, while Banc of California’s was roughly $764 million.

Following the merger, the combined market capitalization reached about $2 billion, as per Reuters.

Shareholders of PacWest will receive 0.66 shares of Banc of California common stock for each of their PacWest shares.

Additionally, the merged company plans to repay approximately $13 billion in wholesale borrowings, with the funds obtained from the sale of assets.

PacWest had faced a significant setback in May, witnessing a more than 60% plunge in its stock value.

This decline raised worries that the bank might be at risk of becoming the next one to fail in the United States.

Earlier in the year, Silicon Valley Bank, Signature Bank, and First Republic Bank had already collapsed.

Furthermore, in late June, the Federal Reserve’s emergency bank bailout loan facility, the Bank Term Funding Program, surpassed $100 billion, reflecting the severity of the challenges faced by the banking sector.

With the merger now underway and the backing of private-equity firms, PacWest and Banc of California aimed to fortify their positions and weather the storm that had shaken the financial landscape.

Investors and the market were keeping a close eye on their progress as they sought stability in an industry that had faced significant uncertainties and shocks.

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Best Crypto Projects to Invest in For The Next Bull Run

Reviews

With the next bull run seemingly being around the corner, we have put together a list of some of the best crypto projects to invest in.

These cryptocurrency projects are likely to deliver above-market returns in the next bull run, and they have the potential to outperform Bitcoin (BTC) by a high multiple.

XRP

XRP, developed by the company Ripple Labs Inc., is one of the most well-known and widely used cryptocurrencies in the digital finance world. It was created with the aim of facilitating faster, more secure international transactions compared to traditional financial systems like SWIFT.

Ripple Labs introduced XRP in 2012 to complement their existing real-time gross settlement system, currency exchange, and remittance network, known as the Ripple protocol.

Unlike Bitcoin, which was designed to replace traditional currencies, XRP was designed to facilitate transactions in both cryptocurrencies and fiat money. Ripple positioned XRP as a “bridge currency,” which means it can be used to facilitate transfers between two different currencies.

The Ripple network differs significantly from most other cryptocurrencies because it doesn’t require the intense computational process known as “mining.”

Instead, all 100 billion XRP that will ever exist were minted when the network was launched. Ripple Labs holds a significant portion of these coins, periodically releasing portions into the market.

As a result, XRP has some distinct advantages. For one, it’s incredibly fast. Transactions are completed within 3-5 seconds, significantly faster than Bitcoin or even traditional bank transfers. It’s also scalable, capable of handling 1,500 transactions per second, which is on par with Visa’s capabilities.

Another advantage is its focus on working with the existing banking system, rather than attempting to replace it. Ripple has formed partnerships with over 300 financial institutions globally, including American Express and Standard Chartered, to facilitate international money transfers.

Ripple’s approach has always been to work with banks, payment service providers, and liquidity providers, to create a more seamless and less costly environment for cross-border payments.

However, XRP has faced its fair share of challenges. In December 2020, the U.S. Securities and Exchange Commission (SEC) sued Ripple Labs, alleging that they conducted an unregistered securities offering by selling XRP. The SEC considers XRP a security and not a currency because, in their view, it was issued by Ripple Labs and sold to investors with the expectation of profit based on Ripple’s efforts.

This lawsuit caused several exchanges to delist or suspend trading of XRP and led to significant drops in its price. While the outcome of this lawsuit is still pending, it has significantly impacted XRP’s reputation and standing in the cryptocurrency community.

Despite this, Ripple Labs has continued its international operations, and XRP remains a prominent digital asset globally. Ripple’s XRP Ledger also focuses on energy efficiency, which is particularly relevant given the increasing focus on the environmental impact of cryptocurrencies.

The consensus algorithm used by XRP is significantly less energy-intensive than the Proof-of-Work mechanism used by Bitcoin, making XRP a “greener” option in the digital currency space.

Moreover, the RippleNet system offers features such as On-Demand Liquidity (ODL) that leverages XRP for instant cross-border payments, providing financial institutions with the ability to free up capital usually tied up in nostro/vostro accounts.

Key Points:

While XRP has faced regulatory challenges, it remains an important player in the global digital currency space due to its unique positioning as a bridge currency, its speed and scalability, and its partnerships with existing financial institutions.
As discussions around the future of digital currencies continue, XRP will undoubtedly be a significant part of these conversations.
It is essential to do comprehensive research and consider all aspects of XRP, including its technological innovations, its role within the Ripple network, and its ongoing legal and regulatory challenges.

Filecoin

Filecoin is a decentralized storage system that aims to “store humanity’s most important information.” Launched in October 2020 by Protocol Labs, it has rapidly grown into one of the most prominent projects in the field of decentralized storage.

Filecoin is essentially a blockchain-based, open-source, decentralized network that allows users to buy and sell unused storage on an open market. Data is distributed across a network of computers worldwide, similar to how data is stored on the internet. Still, with an added layer of security and privacy made possible through blockchain technology.

The network employs the InterPlanetary File System (IPFS), a protocol also developed by Protocol Labs, to address and move data around the network. IPFS is a peer-to-peer data storage system that aims to make the web faster, safer, and more open. Unlike traditional file storage systems, IPFS is based on a distributed, decentralized model, making it resilient against failures and censorship.

Filecoin’s blockchain records transactions made on the network and ensures that data stored through the network remains tamper-proof and consistently available. The use of blockchain technology allows the creation of a marketplace for data storage and retrieval.

Miners, or the entities providing the storage, earn Filecoin tokens (FIL) by providing storage to clients. The more storage a miner contributes to the network, and the longer they commit that storage to the system, the more Filecoin they earn.

Simultaneously, clients spend Filecoin to store their files and to retrieve them. They can choose different levels of redundancy, different geographic locations for storage, and different speeds of retrieval, each influencing the cost. They can also choose to store their data with specific miners they trust or let the protocol choose for them.

Unlike other blockchain-based platforms, where miners earn rewards through computational heavy tasks (like Bitcoin’s Proof of Work), Filecoin miners earn rewards by providing a useful service – data storage and retrieval. This mechanism also means that Filecoin’s Proof of Storage algorithm is more energy-efficient compared to other blockchain networks.

The importance of data privacy and security in the contemporary digital era cannot be overstated. As a decentralized storage network, Filecoin provides a robust solution to centralized data storage systems, which can be subject to attacks, data losses, or censorship.

By distributing data across a vast network, it reduces the likelihood that any single attack could compromise a substantial amount of data.

Filecoin’s value proposition extends to providing reliable and verifiable data storage at competitive prices. Given that data storage needs are growing exponentially, with businesses and individuals generating more data every day, the need for secure and reliable data storage solutions will continue to grow. Filecoin aims to address this demand.

Moreover, Filecoin’s decentralized storage model gives ordinary users the opportunity to become a part of the network and earn FIL tokens. This democratization of storage is a significant departure from traditional cloud storage systems, which are primarily controlled by large corporations.

Despite the promising prospects, Filecoin also faces some challenges. It requires a substantial initial investment to become a storage miner due to the high computational power needed for sealing and storing data. This high barrier to entry could potentially lead to centralization of power in the hands of few miners who can afford to contribute significant storage resources.

Furthermore, the ongoing development and updates to the Filecoin network and its reliance on IPFS, which is still under active development, represent a level of uncertainty. Changes and improvements in the technology need to be carefully managed to ensure they don’t disrupt the network or compromise its security.

Filecoin has also received criticism concerning its initial coin offering (ICO), which raised over $200 million in 2017. Some critics claim that the four-year gap between the ICO and network launch gave early investors an unfair advantage.

Key Points:

Filecoin presents an innovative solution to data storage, leveraging blockchain technology to provide a decentralized, secure, and potentially more efficient alternative to traditional data storage methods.
While it faces certain challenges and criticisms, the continued development and increasing adoption of its network indicate its potential to revolutionize the data storage industry.
As with all technological investments, a thorough understanding of Filecoin’s workings and potential risks is essential for anyone looking to participate in its network or invest in its tokens.

Dogecoin

Dogecoin is a digital currency that began as a joke but has since grown into one of the world’s most recognized cryptocurrencies. The coin was launched in 2013 by software engineers Billy Markus and Jackson Palmer, who wanted to create a fun, less serious alternative to Bitcoin. The logo of the Shiba Inu dog from the “Doge” meme was chosen for the cryptocurrency’s image, making it instantly recognizable and contributing to its popularity.

While Dogecoin was initially intended as a lighthearted and fun way to introduce people to the concept of cryptocurrencies, its growth and acceptance have outpaced even the wildest expectations. What once started as an internet joke has become a crypto phenomenon, with a vibrant and active community of users.

Dogecoin uses a Scrypt-based proof-of-work algorithm, similar to Litecoin. This means that miners use computing power to solve complex mathematical problems and validate transactions on the Dogecoin blockchain. Once a problem is solved, the miner adds the transaction to the blockchain and is rewarded with Dogecoin. Unlike Bitcoin, Dogecoin does not have a maximum supply limit, with over 130 billion coins in circulation as of mid-2023.

One of the reasons for Dogecoin’s popularity is its committed and passionate community. Supporters of the coin, known as “Shibes,” have undertaken several charity initiatives and fundraising events using Dogecoin. This includes the sponsorship of the Jamaican Bobsled Team to attend the 2014 Winter Olympics and the funding of a NASCAR driver.

Dogecoin transactions are fast, and transaction fees are quite low compared to other cryptocurrencies, which makes it attractive for small online transactions. Moreover, the cryptocurrency has been integrated into various social media platforms, allowing users to tip each other for creating or sharing quality content.

However, it is essential to note that Dogecoin has seen considerable price volatility. Various factors, including tweets from Tesla CEO Elon Musk, have led to significant fluctuations in the price of Dogecoin. While some have made substantial gains during these spikes, others have experienced heavy losses. This volatility reflects the speculative nature of investing in cryptocurrencies and the risk associated with them.

Despite its success, Dogecoin faces some criticism. For one, its infinite supply means that it is an inflationary currency, contrasting with Bitcoin’s deflationary nature due to its supply limit. This ongoing coin production could potentially lead to decreased value over time if demand doesn’t keep pace with supply.

Moreover, Dogecoin’s development has not kept up with other leading cryptocurrencies. While Bitcoin and Ethereum see regular updates and improvements from dedicated development teams, Dogecoin’s development has been slow, with few updates over the past few years. This lack of development raises questions about the long-term viability and security of the coin.

Despite these challenges, Dogecoin has retained its popularity. Its simplicity, combined with its strong and active community, has enabled it to remain one of the top cryptocurrencies by market capitalization.

In the end, Dogecoin embodies the paradoxical world of cryptocurrencies: a project that started as a joke but grew into a multi-billion dollar digital asset. It serves as a testament to the power of community involvement and the unpredictable nature of the cryptocurrency market.

As with any cryptocurrency, potential investors in Dogecoin should do their due diligence and understand the risks associated with such investments. The world of cryptocurrencies is filled with examples of dramatic rises and falls, and while Dogecoin has been a remarkable success story, it is not immune from risk.

Dogecoin is a unique phenomenon in the cryptocurrency world. It is a testament to the power of community engagement and the potential of decentralized digital currencies.

Key Points:

Dogecoin is a unique phenomenon in the cryptocurrency world. It is a testament to the power of community engagement and the potential of decentralized digital currencies.
However, its future, like that of many cryptocurrencies, remains uncertain, and potential investors should approach with a clear understanding of the risks involved.
Dogecoin is riskier than the other tokens on this list, as it is a meme coin.

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UK National Crime Agency Recruits Blockchain Investigators to Combat Crypto Crimes

Crypto News Today

The United Kingdom’s National Crime Agency (NCA) has recently established a specialized digital assets team under the Complex Financial Crime Team (CFCT) to combat cryptocurrency-related offenses, and they are now in the process of hiring two blockchain investigators for this crucial task.

The main responsibility of these investigators will be to oversee intricate investigations dealing with cryptocurrency and digital assets, particularly from the perspective of the Proceeds of Crime Act (POCA).

The POCA pertains to the seizure and redirection of criminal funds towards benefiting the community, making it an essential component in the fight against financial crimes involving crypto.

The NCA is specifically looking for candidates who are already part of the police staff and hold the certification of an accredited financial investigator (AFI).

In addition to this requirement, expertise in blockchain analysis, criminal investigation, and a comprehensive understanding of relevant legislation will be necessary for potential candidates.

The selected candidates can anticipate a competitive salary, with an approximate amount of 47,380 British pounds ($61,076.37), in addition to other civil service benefits.

In a significant move towards addressing cyber incidents involving cryptocurrencies like Bitcoin, the NCA established the NCCU Crypto Cell in January 2023.

This dedicated unit is aimed at intensifying regulatory efforts concerning crypto assets in the UK, aligning with the government’s determination to eradicate illicit funds within the nation.

The emphasis on eliminating “dirty money” highlights the seriousness with which the UK government views the potential risks associated with cryptocurrency-related crimes.

Chris Lewis-Evans, the director of NCA infrastructure investigations, expressed enthusiasm about this employment opportunity.

He described it as a thrilling chance to be part of a team at the forefront of safeguarding the UK against cybercrime, highlighting the vital role that these blockchain investigators will play in securing the country’s financial landscape.

In conclusion, the NCA’s formation of a specialized digital assets team and their pursuit of blockchain investigators signifies the growing importance of addressing crypto crimes in the UK.

As cryptocurrencies continue to evolve and gain widespread adoption, regulatory agencies are recognizing the need for expertise in investigating and combatting illicit activities involving digital assets.

By bringing in skilled professionals to tackle these challenges head-on, the NCA aims to bolster its efforts in protecting the UK’s financial integrity and overall security.

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Ant Group Plans Restructuring for Potential Hong Kong IPO, Earlyworks Sets Nasdaq Pricing for Blockchain IPO

Crypto News Today

Ant Group, backed by billionaire Jack Ma, is reportedly planning a strategic restructuring to streamline its Chinese financial business in preparation for a potential initial public offering (IPO) in Hong Kong.

According to anonymous sources cited by Bloomberg, the company intends to divest non-core operations, including blockchain and database management, from its main entity.

Once this restructuring is completed, Ant Group will apply for a financial holding license in China.

The move comes after the Chinese government intervened in Ant Group’s ambitious IPO plans in 2020, which sought to raise $30 billion and achieve a valuation of $226 billion.

At that time, the IPO was set to be the largest in history, surpassing records set by previous offerings like the Saudi Aramco IPO, which raised $29.4 billion.

With the restructuring and financial license application, Ant Group aims to navigate potential regulatory hurdles and pursue a Hong Kong IPO, rather than the previously intended dual listing in Shanghai and Hong Kong.

However, it’s worth noting that the plans are not yet finalized and could be subject to changes, as stated in the report by Bloomberg.

In a separate development, Japanese blockchain firm Earlyworks has announced the pricing for its IPO on the Nasdaq Capital Market.

Earlyworks focuses on grid ledger systems (GLS) and plans to offer 1.2 million American Depository Shares at $5 each.

The funds raised from the offering will be allocated to research and development for GLS and its System Development Kit (SDK).

Additionally, Earlyworks aims to onboard new talent, strengthen internal governance systems, and invest in other blockchain businesses.

The company’s GLS is a hybrid blockchain that integrates database technology for high-speed processing, with the goal of providing a general-purpose SDK for engineers and leveraging the technology in various industries.

Furthermore, other blockchain-related companies are also exploring IPO opportunities.

Chia Network, a layer-1 blockchain provider, has filed a proposal for an IPO with the United States Securities and Exchange Commission (SEC).

The offering’s price range has not yet been determined, but the IPO is expected to proceed once the SEC completes its review process.

Similarly, Bitcoin Depot, a major crypto ATM provider in the United States, recently announced its intention to go public on Nasdaq through a merger with fintech firm GSR II Meteora.

Upon its debut on the charts, the company’s stocks experienced an impressive rise of nearly 12%.

As the landscape of blockchain and cryptocurrency continues to evolve, companies in the sector are exploring various avenues to raise capital and expand their operations, with IPOs representing a significant option for growth and investment.

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Singapore High Court Rules Cryptocurrency as Property Eligible for Trust Status

Crypto News Today

In a significant ruling on July 25, Judge Philip Jeyaretnam of the High Court of Singapore declared that cryptocurrency is a form of property that can be held in trust.

The judge emphasized that there is no essential difference between cryptocurrencies, fiat money, or even physical objects like shells, as long as they derive their value from the mutual faith vested in them.

The ruling came in response to a case brought by Bybit against its former employee, Ho Kai Xin. Bybit alleged that the employee had transferred approximately 4.2 million Tether (USDT) tokens, valued at $1.00 each, from the crypto exchange to her private accounts.

Following the court’s verdict, Ho has been ordered to return the money to Bybit, although she had claimed that a non-present cousin was in control of the relevant accounts.

While the ruling may seem straightforward, it carries essential implications for the legal status of digital assets. Jeyaretnam categorizes the stolen USDT, along with cryptocurrencies in general, as property, despite their lack of physical existence.

He likened these digital tokens to naming a river, despite the water it contains constantly changing.

This stance counters the common skepticism that cryptocurrencies lack “real” value, as the judge asserts that value is determined by collective human perception.

Furthermore, Jeyaretnam classifies cryptocurrencies as “things in action” under British common law, implying that they are subject to personal rights enforceable through legal action, rather than physical possession.

The judge’s decision refers to the consultation paper issued by the Monetary Authority of Singapore (MAS), which proposes segregation and custody requirements for digital payment tokens.

By stating that if such assets can be identified and segregated in practice, they can be legally held in trust, the judge strengthens the legal framework for cryptocurrencies in Singapore.

Moreover, the ruling cites Order 22 of Singapore’s Rules of Court 2021, which defines “movable property” to include various forms such as cash, debt, deposits of money, bonds, shares, securities, and cryptocurrencies or digital currencies.

This judgment echoes a similar landmark ruling made by the High Court of Justice in London in May 2022, where nonfungible tokens (NFTs) were recognized as “private property.”

Such decisions set essential precedents for individuals investing in NFTs, as they provide greater assurance that their property rights will be protected by the courts.

Overall, Judge Jeyaretnam’s ruling in favor of considering cryptocurrencies as property capable of being held in trust represents a significant step forward in defining the legal status of digital assets and may have implications for future cases and regulations in the evolving landscape of cryptocurrency.

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US Senate Overwhelmingly Passes Legislation Related to Investments in Chinese Technologies

Crypto News Today

On July 25, the United States Senate displayed overwhelming support for a bipartisan legislation that will make it mandatory for U.S. companies to disclose any investments made in Chinese technologies.

The amendment, which garnered a remarkable vote of 91 to 6, is an addition to the National Defense Authorization Act (NDAA) and is expected to be put into effect later this year, presumably in 2023.

Under this amendment, U.S. companies will be required to inform federal agencies about their outbound investments in Chinese technologies, specifically targeting semiconductors used in artificial intelligence (AI) applications.

The amendment was jointly proposed by Democratic Senator Bob Casey and Republican Senator John Cornyn, based on a version of the Outbound Investment Transparency Act that seeks to address the risks associated with U.S. foreign investments in countries like China.

Senator Casey expressed his strong support for the amendment, emphasizing the necessity of having outbound investment notification to gain a clear understanding of the critical technology being transferred to potential adversaries through these capital flows.

He further stated that such information would enable the United States to strategically “take control” of its economic future.

The current version of the bill is expected to pass through the Senate by the end of the week, after which it will be reconciled with a related bill that was previously passed in the House of Representatives. Eventually, the final version will be sent to President Joe Biden’s desk for approval.

This legislation comes amid an ongoing tit-for-tat relationship between the U.S. and China concerning emerging technologies.

Notably, on June 28, U.S. officials revealed plans to potentially restrict the computing power in semiconductor chips to limit the availability of AI chips in the Chinese market.

Responding to this, the Chinese government, on July 3, announced its own intentions to impose export controls on metals essential for semiconductor manufacturing.

Continuing this trajectory, on July 5, the U.S. reportedly considered placing controls on the level of access that Chinese companies would have to U.S.-based cloud computing services, impacting products offered by prominent providers such as Amazon Web Services and Microsoft.

These developments reflect the ongoing geopolitical tension surrounding technology and indicate how both nations are taking measures to safeguard their interests and maintain control over critical sectors in the ever-evolving landscape of global innovation.

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Alibaba Embraces Meta’s Llama 2 AI Model for Zero-Cost Program Development

Crypto News Today

Alibaba Group, a leading e-commerce company in China, is making strides in the world of artificial intelligence (AI) by becoming the first Chinese company to utilize Meta’s open-source AI model, Llama, for zero-cost program development.

According to a statement from Alibaba Cloud, the cloud computing arm of the conglomerate, a Llama 2-based solution has been deployed to enable businesses to create software and tools using AI.

This development marks the launch of the first training and deployment solution for the entire Llama 2 series in China, welcoming developers to build custom large models on Alibaba Cloud.

Meta, the company behind Llama 2, introduced this model as a free-to-use service in July 2023, aiming to compete with existing AI models such as OpenAI’s ChatGPT and Google Bard.

For companies with less than 700 million monthly active users, Llama 2 will remain free to use.

Despite this collaboration with Alibaba, Meta emphasized that Microsoft remains its preferred partner for developing its generative AI tool.

However, Llama 2 will be readily available for research and commercial use.

Meta’s approach is open, allowing more businesses worldwide to access foundational AI technology.

This includes supporting companies that are building products on Llama 2, integrating the model into cloud providers’ offerings, and promoting research efforts for the safe and responsible deployment of large generative models.

By leveraging Llama 2’s large language model, Alibaba Cloud joins the ranks of prominent cloud computing services like Amazon Web Service (AWS) in utilizing this cutting-edge technology.

The integration of Meta’s AI model into Alibaba’s operations could also potentially strengthen ties with China. Meta’s Facebook has been banned in the country since 2009, along with other Western-based social media and content platforms like Twitter and YouTube.

This strategic move by Alibaba comes at a time when the United States has restricted the sale of certain AI processing hardware chipsets in June 2023, aiming to maintain a competitive advantage in the rapidly evolving AI tools sector.

Overall, Alibaba’s adoption of Meta’s Llama 2 model represents a significant step forward for Chinese companies embracing AI technologies, and it could have broader implications for international collaborations in the field of AI development.

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