Ukraine to Legalize Crypto Mining + 10 More Crypto News

Adoption Exchange Mining Regulation retail Ukraine

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Tim Alper

Author

Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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June 26, 2023 06:53 EDT

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Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Regulation news

• The Ukrainian cabinet says it plans to legalize cryptocurrency mining “within the next two to three years,” and will attempt to “attract international cryptocurrency exchanges” to the country. The Ministry for Digital Transformation posted on Facebook, stating that over 50 parliamentarians were joined by business leaders and government officials for a briefing session on blockchain policy. The move will also see the Ministry of Finance work on “the development of virtual assets” at an “urgent” pace.
• British and international exchanges have asked UK regulatory board the Financial Conduct Authority (FCA) to ditch its proposed ban on the sale of cryptocurrency derivatives to retail consumers. The FCA has expressed a desire to place restrictions on crypto derivative offerings, but the World Federation of Exchanges has called for a review, alleging that the FCA’s move would unfairly restrict customer choice.
• “Europe needs a common approach on crypto-assets, such as Libra. I intend to propose new legislation on this,” Valdis Dombrovskis, the Executive Vice President-Designate of the European Commission, said during European Parliament hearings today.

Adoption news

• South Korean convenience store chain CU will introduce blockchain-powered payments via the Chai app, using Terra’s blockchain platform. CU has over 8,000 stores in the country. Per EDaily, CU’s operator BGF Retail will co-develop an app with Terra that will allow customers to make in-store payments. Terra says the Chai app already has 400,000 users.
• Chainlink says it has partnered with Intel and Hyperledger for a framework that leverages public blockchains. In a blog post, Chainlink stated, “Ethereum smart contracts are reinventing the infrastructure that powers multi-party transactional contracts.”
• South Korean telecoms giant KT says it will launch a blockchain-powered halal certification platform. The company operates its own mainnet, and says it will work with domestic startup B-square, according to DDaily. KT says forgery is currently rife in the world of paper-based halal certification. South Korea is one of the world’s largest suppliers of instant food to Muslim countries.
• The South Korean city of Gwangju wants to move its military and civil service conscription operations onto a blockchain platform. All able-bodied males in the country must serve around 18 months in the armed forces, with citizens in exceptional situations allowed to instead serve as police conscripts or civil service staff. However, Ilyo Seoul reports that Gwangju authorities feel the current conscription platform is inefficient and costly – with blockchain providing a more viable solution. The local authorities are working with government ministries on a pilot project for the blockchain-powered plan.
• The Enterprise Ethereum Alliance, the consortium charged with creating standards for businesses to build applications using the Ethereum blockchain, has created a system of reward tokens to incentivize groups of companies, Coindesk reported, adding that the system is backed by Microsoft and Intel.
• TipJar, a crypto micropayment service, said it will shutdown on April 10, 2020. After that point, TipJar accounts will no longer be accessible and funds cannot be transferred. “I have been paying the monthly server fees for several years, and although they are pretty minimal, at this point it doesn’t make much sense for me to continue putting money into the service when it’s going unused,” according to the the developer of the service.

Cryptocurrency exchange news

• Crypto advocate and IT security entrepreneur, John McAfee, launched its second crypto trading platform. This time it’s the beta launch of McAfee DEX, a non-custodial exchange, which requires “no name, no documents, no email,” and “no bank info.” In June, McAfee launched “Magic Crypto Platform.”

• Jennifer Robertson, the widow of the QuadrigaCX founder has agreed to help compensate the now-defunct exchange’s out-of-pocket customers. Per CBC, Robertson says she “was upset and disappointed with [her late husband] Gerry Cotten’s activities.” Robertson says she was totally unaware of Cotten’s misdeeds, which allegedly involved transferring customer funds to his own accounts.