Iran Offers Bounty for Illicit Cryptocurrency Mining Operations

Iranian authorities are offering a bounty to anyone who exposes unauthorized mining operations in the country, Iranian news outlet PressTV reports on Nov. 13. A spokesman of the Energy Ministry announced the bounty program during an interview with local news outlet IRIB News, while illustrating the new electricity pricing mechanism for miners. Mostafa Rajabi, the spokesman in question, said yesterday that people who expose cryptocurrency mining operations that are illicitly using subsidized electricity will receive up to 20% of the recovery of damages. Rajabi told reporters that new regulations ban…

Can Cryptocurrency Create a New Niche in Music Streaming?

The music streaming industry has come a long way since the old days of Napster and the first-ever downloadable music. The new technology that was the internet, combined with faster download speeds, made music sharing possible. Since those early days, regulations and structure have provided a way for companies to monetize digital content while protecting it and putting new technology to work. As the industry evolved, a few major platforms exploded into the market. These early growth leaders received huge boosts as users began tossing out their CDs and flocking…

Hong Kong Unveils New Rules for Cryptocurrency Exchanges

Today, Hong Kong’s financial regulator — the Securities and Futures Commission (SFC) — has published a new set of regulations for Bitcoin (BTC) and cryptocurrency exchanges. The initial announcement, reported by Reuters, was made by Chief Executive Ashley Alder at a local fintech event on Nov. 6.  Regulatory clarity for crypto exchanges The new requirements detail how exchanges much approach custody and compliance, particularly with regards to Know Your Customer (KYC) and Anti-Money Laundering rules. Specifically:  “A platform operator should comply with the KYC requirements which are applicable to a…

Binance.US Cryptocurrency Exchange to List NEO and ATOM

The United States-focused wing of leading cryptocurrency exchange Binance will add support for Neo (NEO) and Cosmos (ATOM). Binance.US announced on Oct. 30 that it will add full trading support for the two tokens on Oct. 31, both of which are among the top-20 tokens by market capitalization according to Coin360. Per the announcement, users can already start depositing funds before trading commences at 9:00 p.m. EST tomorrow.  Cosmos provides a blockchain-based platform that works as a mediator between different blockchains. It launched its first ecosystem hub in March 2019…

Wales to Develop Local Cryptocurrency to Underpin Mutual Credit System

Wales plans to test and subsequently launch its own cryptocurrency to boost the local Small and Medium Enterprises (SME) economy.  Local news outlet Business Cloud reported on Oct. 15 that the Welsh Government awarded £100,000 from the £4 million Foundational Economy Challenge Fund to develop the system. The funding will cover both a consultation and a pilot program in North Wales. Not a new idea The idea behind the project is based on the Sardex: a mutual credit system implemented on the Italian island and region of Sardinia.  Eifion Williams,…

Cryptocurrency Wallets MyCrypto and Ambo Add Multiple New Features

Cryptocurrency wallet MyCrypto and its recent acquisition Ambo have both announced major updates of their software — with MyCrypto adding a multi-account management system. A major overhaul According to a news release shared with Cointelegraph on Oct. 10, MyCrypto’s software has seen a major overhaul with a new user interface and a new homepage, dashboard, screen lock, an updated address book and outgoing transaction procedure. The new features have only been included in the beta (early access) version of the wallet so far, and there is no timeline for when they will…

Cryptocurrency Faces Challenges in Cuba Despite Growing Crypto Adoption

Cuba rolled out mobile across the country last year, and this has resulted in increased usage of cryptocurrency. Most Cubans are increasingly using cryptocurrencies to circumvent economic sanctions levied by the US to access the global marketplace. However, despite this increasing adoption, crypto still faces several challenges in Cuba. Some of the challenges include restricted access to cryptocurrency exchanges, lack of proper regulations, as well as the growing acceptance of the gold-backed MLM stablecoin. Using Crypto to Circumvent Sanctions A report published on September 12 by Reuters included passages from…

Cryptocurrency and Blockchain News From Brazil: Sept. 22-28 in Review

Brazil has seen another tumultuous week in the cryptocurrency industry as the central bank of Brazil wants to use blockchain technology starting in 2020, the president of Unick Forex continues to claim they pay customers on time, and the Brazilian Securities Commission investigates the alleged fraudulent activities of more crypto-related companies. Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph Brasil. President of Unick Forex says it pays customers on time  On Sept. 23, Cointelegraph Brasil reported that president of alleged investment…

Cryptocurrency Exchange Seed CX Cuts Trading Fees to Gain Market Share

Institution-oriented cryptocurrency exchange Seed CX has cut its trading fees to what it claims to be the most competitive levels globally. Competition heats up in crypto trading space On Sept 16, the Chicago-based crypto exchange Seed CX announced that it was lowering its trading fees to some of the lowest levels in the industry. The fee cuts follow a week of purported record trading volumes for the exchange, briefly overtaking other top exchanges like Bittrex and the Winklevoss brothers’ Gemini.  Seed CX co-founder and CEO Edward Woodford said that thanks…