Namibia joined other African nations in embracing cryptocurrencies and digital assets by approving a bill in the National Assembly this week.
Also, according to a Fortune report on Thursday, at least three senior officials departed crypto exchange Binance this week as the company prepares to defend itself on multiple fronts.
Here are some of the major crypto stories from around the world this week
UK’s new bill for seizing crypto
Lawmakers in the upper house of the Parliament of the United Kingdom are moving forward with legislation aimed at expanding authorities’ ability to target cryptocurrencies used for illicit purposes.
According to reports, lawmakers conducted a third reading of the Economic Crime and Corporate Transparency Bill in a meeting of the UK Parliament’s House of Lords on Tuesday. The bill was introduced in September 2022 as part of efforts to streamline law enforcement’s authority to crack down on crypto-related financial crime.
Namibia passes crypto regulation bill
According to reports this week, Namibia has passed a significant milestone by approving a crypto bill in the National Assembly. The bill, which passed Namibia’s lower house of parliament, aims to regulate digital assets, cryptocurrencies and virtual asset service providers (VASPs) in the country.
Related post:
Crypto Kiosk, Namibia’s first crypto ATM, is live
The legislation aims to establish a framework for licensing and regulating VASPs in Namibia. It also seeks to appoint a regulatory authority responsible for supervising these providers and their activities.
According to Namibia local media reports, the bill is now awaiting official publication before coming into effect.
Crypto community reacts as Justin Bieber NFT crash over 99%
This week, the crypto community reacted to a tweet which ignited discussions around pop star Justin Bieber’s purchase of a Bored Ape NFT. The tweet features a screenshot of the purchased NFT which was once valued at $1.31 million but has now depreciated 99% to a mere $59,090.
The post garnered 1.5 million engagements, fueling speculation and debate among cryptocurrency enthusiasts. Not all responses were supportive. One commenter dismissed NFTs as a pandemic scam from the beginning, implying a lack of faith in their long-term viability.
Justin Bieber’s multimillion-dollar investment is a reminder of how the NFT market is grappling with volatility and public scepticism.
Top executives depart Binance
According to a Fortune report on Thursday, Binance General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie are among those that have resigned from the company.
Additionally, Binance’s Global Vice President of Marketing and Communications Steve Milton left the company in June, according to his LinkedIn profile. Their departure follows Senior Director of Investigations Matthew Price’s recent decision to part ways with the exchange.
Read also:
South African regulator warns Crypto exchanges to get licensed by November 30
Amidst reports of strained relationships behind the scenes, Binance CEO Changpeng Zhao has said the departures of key executive personnel from Binance are part of the company’s usual staff turnover in a tweet on Friday morning:
“More FUD about some departures. Yes, there is turnover (at every company). But the reasons dreamed up by the “news” are completely wrong. As markets and the global environment for crypto changes, as our organization evolves, and as personal situations change, there is turnover at every company.”
BlackRock refiles Bitcoin ETF
The Nasdaq exchange has submitted an amended application for a Bitcoin spot ETF on behalf of BlackRock after the SEC found trouble with its initial attempt. The filing reads:
“The Spot BTC SSA is expected to be a bilateral surveillance-sharing agreement between Nasdaq and Coinbase that is intended to supplement the exchange’s market surveillance program.”
The Wall Street Journal reported last week that the SEC told Nasdaq and Cboe that recent ETF filings from BlackRock, Fidelity, and others were not “clear and comprehensive.”
That is all from us this week, see you same time next week.
Credit: Source link
