Blockchain Brew (7.15.2022)

Cryptocurrency Regulation News

Aussie FPA supports ‘crypto rule book’ and regulation of exchanges

  • In May, the Australian Law Reform Council (ALRC) proposed to tackle crypto regulation through a rule book-style framework that sets out a series of gradually updated compliance principles for local crypto firms to adhere to
  • Mashan also emphasized a need to roll out greater consumer protections for local Australian crypto users

South Africa to regulate crypto as financial asset

  • South Africa’s Reserve Bank will regulate cryptocurrencies as financial assets, and new laws are expected over the next 12 months
  • Cryptocurrencies fall under the scope of the Financial Intelligence Centre Act (FICA)

Paraguayan Senate Approves Cryptocurrency Bill

  • In the same way, the bill defines that crypto mining companies will have to present a power consumption plan to the national power administration, which will be able to cut the power to these companies if they don’t follow it
  • In the tax area, cryptocurrency companies will be exempted from paying value-added taxes but will have to pay income taxes

Russia Considers Jail Time for People Helping Crypto Scammers Launder Proceeds

  • The Ministry of Internal Affairs of the Russian Federation (MVD) and other security agencies are hoping to introduce criminal liability for citizens providing assistance to scammers that exploit the popularity of cryptocurrency investments
  • In June, a bill introducing penalties for unauthorized issuance of digital financial assets was submitted to the State Duma, the lower house of Russian parliament. The draft law was filed by the Chairman of the Financial Market Committee Anatoly Aksakov who is also involved in the efforts to regulate crypto transactions in the country

Putin Signs Law Prohibiting Payments With Digital Assets in Russia

  • Russian President Vladimir Putin has signed a law imposing direct restrictions on the use of digital financial assets (DFAs) as a means of payment inside his country
  • Along with banning direct payments with digital financial assets, the law also obliges the operators of platforms offering exchange services to reject any transactions that can potentially lead to the use of DFAs to substitute the Russian ruble as a payment instrument

Binance Gets VASP License From the Bank of Spain

  • Binance, one of the largest crypto exchanges worldwide, has secured a license from the Bank of Spain that will let the exchange operate in compliance with the local laws
  • According to statements from Quim Giralt, director of Binance Spain, the company has plans to expand its operations and reach in Spain after this development

Cryptocurrency Capital Raise

A Crypto Hedge Fund Has Moved NFTs Worth Millions to a Single Wallet

  • Founders of the Singapore-based cryptocurrency hedge fund Three Arrows Capital (3AC), which was forced into liquidation proceedings on June 27, have reportedly been avoiding court proceedings and their current location remains unknown
  • Creditors are now asking a New York bankruptcy court to freeze 3AC’s estimated $3 billion in assets, which are largely in the form of cash, cryptocurrency and NFTs, citing concerns that they may be “transferred or otherwise disposed of”

Fintech Stori Joins Mexico’s Unicorn Club after $150 Million Raise

  • Stori, a consumer fintech company founded in Mexico in 2018, has hit a $1.2 billion valuation after raising $150 million in its latest Series C-2 financing round
  • The startup’s new $150 million raise comes less than a year after it raised $200 million from a Series C funding round

Animoca Brands completes $75M raise at $5.9B valuation

  • Animoca Brands said it completed the second phase of a $75.3 million funding round from earlier this year that valued the company at $5.9 billion
  • The blockchain game company will use the funds to invest in more games and advance the vision for the “open metaverse

Start-ups in Mena, Pakistan and Turkey raise record $5bn in H1

  • Start-ups across Middle East, Africa, Pakistan and Turkey raised more than $5 billion in record funding in the first half of 2022, accounting for 70 per cent of the total investment raised in the full year 2021
  • Prevalence of larger-sized rounds led to a sizeable increase in the value of average fund rounds across emerging venture markets

Lightspeed raises $7.1B across four funds and forms new crypto fund with Blockchain Ventures vet

  • Lightspeed has raised $7.1 billion across three U.S. funds and an India fund — and it’s delving further into crypto as it launches a joint partnership with Blockchain Ventures co-founder Sam Harrison

Ava Labs Raises Over $300 million at $5 Billion Valuation

  • Ava Labs, the developer of the increasingly popular Avalanche blockchain, has reportedly raised $350 million from private investors at a valuation of $5.25 billion
  • The price of AVAX — the blockchain’s native token — reacted positively to the news as it advanced 5% during the day

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