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Colombian Regulators Urged To Ditch ‘Obsolete’ Draft Crypto Law + More News

Sead Fadilpašić
Last updated: | 3 min read

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.

Source: Adobe/Pincio

Regulation news

  • Colombian regulators have been urged to start drawing up the country’s crypto legislation again from scratch, reports Criptonoticias. The media outlet writes that a consultancy group comprising Columbian crypto and blockchain industry chiefs told Bogotá to abandon earlier plans for regulation that were formulated back in 2018. The group stated that the plans were already outdated, and new debates needed to be held.
  • The CEO of Japanese crypto exchange Bitbank, Noriyuki Hirosue, has been appointed as director of the self-regulatory Japan Virtual and Cryptoassets Exchange Association (JVCEA), per an official announcement. The JVCEA’s leadership also comprises a number of regulatory experts and lawyers.
  • The customers of the cryptocurrency marketplace, one of the companies using Wirecard Card Solutions‘ services, were barred from topping up their cards, after the UK’s Financial Conduct Authority (FCA) suspended Wirecard’s business. In a statement, the country’s finance watchdog said that Wirecard Card Solutions must not dispose of any assets or funds; must not carry on any of its regulated activities, and must notify its customers that it is no longer allowed to operate. Announcing the bad news in a blog post, company said customer funds are safe, and that its team is working on processing credits to the crypto wallets equivalent to the fiat balances held on the cards, something it expects done within two days. It also announced it’s searching for a new provider for its card program.

Blockchain news

  • The research unit of Japan’s Chiba University Hospital says it will co-launch a blockchain-powered medical data management platform, per a press release. The university will team up with Tokyo-based blockchain firm Resika to develop what the parties call a “decentralized platform” for the safe sharing of medical records and other data.
  • City officials in Hangzhou, China, have launched a regulatory fintech and blockchain sandbox, per Hangzhou News. The media outlet says companies have flocked in with requests to join the initiative, which will be policed by the Hangzhou branch of the central People’s Bank of China. A similar initiative has previously been launched in Beijing, with more to follow elsewhere in the country.

Exchanges news

  • Cryptocurrency exchange platform Bitfinex announced a zero-fee offering for the Tether / USD pair. In a mailed press release, the company said the offering applies to users who reach a trailing 30-day trading volume of at least USD 15 million. It applies to both maker and taker orders and gets awarded automatically when the conditions are met.

Adoption news

  • Bitcoin ATM and teller window network DigitalMint has teamed up with ATM operator E Money Commerce to bring Bitcoin ATMs across the US Midwest, it was announced in a press release earlier this week. At the start, 10 new ATMs will be installed in southern Illinois, while another 27 will be coming throughout Illinois and Missouri “in the coming months.”

Investment news

  • Decentralized finance (DeFi) applications platform Avalanche said that it has closed the private sale of its token, raising a total of USD 12 million earlier this week. Galaxy Digital, Bitmain, Initialized Capital, NGC Ventures, and Dragonfly Capital have all participated in the sale, as well as “dozens of other individuals”. The sale closed on June 24.

Legal news

  • Former US Government lobbyist Jack Abramoff, agreed with the court to plead guilty to violating the country’s lobbying disclosure law in connection to potential fraud with the AML Bitcoin cryptocurrency. According to Reuters report, Abramoff was accused, together with the NAC Foundation CEO Rowland Marcus Andrade, of conspiring to defraud potential investors in the AML Bitcoin currency. Abramoff was already convicted of fraud on at least one other occasion.