Present Finance

2022-07-25 16:12:33 Crypto Purchases Using Credit Cards To Be Banned In Taiwan

Cryptocurrency transactions using credit cards will no longer be allowed in Taiwan, as the island nation’s watchdog believes digital currencies are risky and speculative assets, local reports disclose.

In a letter sent to the banking industry association earlier this month, Taiwan’s Financial Supervisory Commission urged them not to extend “merchant status” to digital asset providers that support credit card holders. Open / Comment

2022-07-22 14:26:58 Dubai Unveils Metaverse Strategy, Aims To Create 40,000 Virtual Jobs

Dubai is already home to nearly 1,000 companies operating in the blockchain and crypto space, adding $500 million to the national economy. Open / Comment

2022-07-21 17:42:59 Tesla Sells 75% of Its Bitcoin Holdings, Adds $936M to Its Books

Tesla has converted 75% of its bitcoin purchases into fiat currency in Q2, the company said Wednesday (July 20) in an earnings statement, adding $936 million in cash to the balance sheet.

This comes as the company, and CEO Elon Musk, have been publicly in support of cryptocurrency over the years, including investing $1.5 billion in bitcoin last year, saying the coin had “long-term potential.” But that was before the recent bear market and troubles with crypto. Open / Comment

2022-07-15 15:59:16 Shanghai Plans to Cultivate $52B Metaverse Industry by 2025

By 2025, the Shanghai City Government intends to intensify its efforts to establish a metaverse industry.
The metaverse is evolving as a technology that is garnering the attention of the world’s leading nations and cities.
Shanghai, the most populous city in China, has released a paper outlining its intention to become a major center for metaverse activity. Open / Comment

2022-07-14 16:16:27 Sri Lanka has warned its citizens against using cryptocurrency

The country’s central bank, CBSL, said Tuesday it does not consider cryptocurrencies as legal tender in the country and reminded the country that it has not given license or other authorization to any entity to operate in the nation.
Citing its previous warnings released in 2018 and 2021, the central bank said it had also not authorized any initial coin offerings (ICO) or mining operations and virtual currency exchanges in the nation. Virtual currencies are considered as “unregulated financial instruments and have no regulatory oversight or safeguards relating to their usage” in the country. Open / Comment

2022-07-10 20:32:10 US Treasury issues framework addressing engagement on crypto with foreign regulators

The United States Department of the Treasury has delivered to President Joe Biden a framework on crypto for U.S. government agencies to work with their foreign counterparts.
In a Thursday announcement, the U.S. Treasury said it had reported on a framework for cryptocurrencies in consultation with the Secretary of State, the Secretary of Commerce, the Administrator of the U.S. Agency for International Development and other government agencies. According to the Treasury Department, the framework aimed to encourage the development of digital assets while respecting “America’s core democratic values” and ensuring the stability and safety of the global financial system and international monetary system. Open / Comment

2022-07-08 18:34:18 Binance Secures Registration in Spain Through Its Moon Tech Subsidiary

Crypto exchange Binance's Spanish subsidiary, Moon Tech Spain, has been granted registration as a virtual asset services provider by the country's central bank.

Registration allows Binance to offer crypto exchange and custody services in Spain in compliance with the country's anti-money laundering and counter-terrorist financing rules Open / Comment

2022-07-07 20:17:04 UAE’s First Hospital in the Metaverse to Open in October

Thumbay Group, a private healthcare organization based in the United Arab Emirates (UAE), intends to launch the Gulf region's first virtual hospital. According to a top executive at the healthcare organization, the Group is working hard to complete the project by October. Open / Comment

2022-07-06 19:23:32 EU reached the agreement on the markets in crypto-assets (MiCA)

“Recent developments on this quickly evolving sector have confirmed the urgent need for an EU-wide regulation. MiCA will better protect Europeans who have invested in these assets, and prevent the misuse of crypto-assets, while being innovation-friendly to maintain the EU’s attractiveness. This landmark regulation will put an end to the crypto wild west and confirms the EU’s role as a standard-setter for digital topics.”

Bruno Le Maire, French Minister for the Economy, Finance and Industrial and Digital Sovereignty Open / Comment

2022-07-06 09:45:02 Cambodia got Binance to assist in cryptocurrency regulation

More countries are taking steps towards crypto regulations around the world. In Asia nations like Singapore, Thailand, the Philippines and Malaysia have already engaged in the digital space. Open / Comment