Tag: Blockchain

Bybit is fined $2.4 million by the Dutch Central Bank for a regulatory violation.

In brief

De Nederlandsche Bank (DNB) fined cryptocurrency exchange Bybit $2.4 million for operating in the Netherlands without requiring registration. The fine is an example of how anti-money laundering regulations are strictly enforced in order to prevent illegal financial activities in the bitcoin industry.

X (formerly Twitter) post about Dutch Central Bank

Bybit’s breach of Dutch legislation resulted in their punishment

De Nederlandsche Bank (DNB), the central bank of the Netherlands, fined Bybit €2.2 million ($2.4 million) for providing bitcoin services in the country without the necessary registration. The Anti-Money Laundering and Anti-Terrorist Financing Act requires cryptocurrency providers to register with the DNB in order to prevent illicit financial activity, and Bybit was fined on October 22 for breaking this law.

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In order to prevent illicit money transfers, registration is required

Bybit’s noncompliance, according to DNB, made it more difficult for the business to record odd transactions, which is a crucial legal requirement in the Netherlands. Given that “Bybit was unable to report unusual transactions to the Financial Intelligence Unit-Netherlands during the period of non-compliance,” DNB emphasized the dangers associated with the absence of regulatory control in the cryptocurrency sector.

Consideration of Severity and Mitigation Measures in Fine

The fine amount, according to the central bank, is indicative of the “severity, extent, and duration of Bybit’s non-compliance.” However, DNB pointed out that Bybit’s efforts to resolve the matter resulted in a minor reduction in the punishment, since the company moved its Dutch clients to SATOS B.V., a local partner that possesses the required registration to serve Dutch clients.

Bybit’s Response and Committed Adherence

In reaction to the penalties, Bybit reaffirmed its commitment to regulatory compliance and acknowledged DNB’s ruling. The firm stated in a news release that “remediation efforts were initiated in 2022 to minimize potential financial damage.” Bybit CEO Ben Zhou emphasized the company’s dedication to “responsible growth” within the EU regulatory framework, saying, “We remain committed to working closely with European regulators to build a responsible and transparent ecosystem.”

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STAKING AI Unveils No-Cost Crypto Staking, Bringing Staking Opportunities to Everyone

Summary

STAKING AI just dropped a game-changer with its new Free Crypto Staking Plan. This lets everyone from newbies to crypto pros in on earning staking rewards without risks of pushing any cash down. This daily, zero deposit staking option will make crypto more accessible to normies and even to the ones that don’t know crypto.

STAKING AI, one of the big names in PoS infrastructure space announced the release of its brand new Free Crypto Staking Plan. This plan provides crypto users with a risk-free entry into the staking world, where zero deposits are made which means it allows users to earn without any upfront investment. This plan mostly enhances new players’ staking experience and it is also beneficial for seasoned crypto users.

In short, this free crypto plan offers daily staking opportunities that doesn’t require any deposits, this makes it an ideal choice for anyone new to staking. STAKING AI says this mission will help expand blockchain’s access through its secure infrastructure and unique staking solutions.

Users require to sign up with their respective email, username and optional referral code to start accessing STAKING AI’s staking network which covers major assets and various staking plans. With such simple sign up users can enjoy Crypto Staking without risks. The company’s top tier setup guarantees non-stop access, worldwide reach and full time node support.

The platform also gives non-custodial delegation services, which basically means users have full control over their staked assets throughout the staking process. Additionally they use high quality PoS networks managed by a big international teams who work round-the-clock ensuring platform’s security.

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Bhutan Turns to Bitcoin Mining for Economic Self-Reliance

Bhutan, a small kingdom in south asia, is using bitcoin mining as a part of its strategy to obtain economic self-reliance. Bhutan famous for hydropower, has been secretly building a mining infrastucture using its renewable energy. This project has placed Bhutan on the global stage alongside El Salvador as one of the few countries officially mining bitcoin.

Hydro Power Meets Bitcoin

Hydroelectric power projects have provided Bhutan with vast energy resources, this excess energy initially used to support neighbouring country India, is now being used to mine Bitcoin. This move highlights Bhutan’s intention to secure nation’s future in digital economy.

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Significant Bitcoin Holdings

Bhutan is the fourth largest government holder of Bitcoin globally with over 13,000 BTC. Bhutan has surpassed El Salvador with an appropriate holding of 0.122 BTC per citizen. Meanwhile, Bhutan’s reserve amounts to nearly $8,000 per citizen. This tactical investment has given Bhutan a Financial support as it continous to grow its Crypto mining capabilities.

A Future Bitcoin Standard?

Experts have speculated that Bhutan could adopt a blockchain standard. This would mean pegging Bhutan’s Currency Ngultrum, to Bitcoin. This would offer a stable decentralized alternative to national currencies.

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Bhutan’s Global Economic Role

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By expanding its Bitcoin mining Infrastucture, Bhutan has put itself on a favourable position for future decentralized finances (DeFi). As the world shifts away from fiat currencies, bhutan’s Bitcoin Reserves could serve as a blueprint for other nations. This could enhance Bhutan’s economic sector despite it’s small size and population.

Blockchain Democracy App Released by Georgia Opposition Party Prior to Elections

In brief The United National Movement has introduced United Space, a blockchain-based application intended to encourage civic engagement and voter turnout by providing incentives for participation, ahead of Georgia’s parliamentary elections. The app, which is powered by Rarimo, presents a liquid democracy paradigm and allows anonymous voting.

Blockchain Voting with United Space

In a move to address low voter turnout, Georgia’s United National Movement, an opposition party, has launched United Space, a blockchain-powered identity app. United Space leverages the Rarimo zero-knowledge protocol to reward citizens for participating in democratic processes and enable anonymous voting. The party plans to better link United Space with the country’s Public Service Hall in order to investigate experiments with Universal Basic Income and other digital governance alternatives if elected.

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Voting Security and Anonymity

Rarimo’s Freedom Tool, a zero-knowledge proof technique for confirming citizenship, is the foundation upon which the app is based. Voters can take part in the democratic process with unparalleled privacy by uploading their encrypted identification documents onto a safe, on-chain registry. Given Georgia’s political unrest stemming from authoritarian worries, this degree of anonymity is essential.

Civic Involvement and Benefits

Through a points system, United Space promotes greater civic engagement in addition to voting. By participating, citizens can accrue points and become stakeholders in strategic assets and public services. While Kitty Horlick of Rarilabs highlights the app’s function in transforming citizens into direct stakeholders in public resources, Giorgi Vashadze, MP and head of the United National Movement, views United Space as a tool to strengthen democracy in Georgia and beyond.

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D3 Global Unveils .APE Domain Names for ApeCoin Community

Summary

D3 Global has released .APE domain names providing ApeCoin holders to create a new web3 identity through newly created ApeChain. This initiative is part of an effort to make an interoperable name service for for the Apecoin ecosystem.

.APE Domains Go Live on ApeChain

D3 Global, which is a worldly known company for their specialization in web3 domain has officially launched .APE domain names for ApeCoin community which started as a memecoin. This initiative was announced on October 22, these domains will allow ApeCoin users to create their own tokenized web3 identities with the help of ApeChain layer-2 network.

Proposal Backed by ApeCoin Community

The launch follows a community-approved proposal that is in symmetry with the Internet Corporation for Assigned Names and Numbers (ICANN)‘s rollout of new generic top level domains (TLD)s. This effort is part of a larger initiative to enhance the utility and branding of ApeCoin users.

Multiple Uses for Tokenized .APE Names

ApeCoin holders can use these tokenized .APE names for several purposes, including email addresses, wallet addresses, decentralized identifiers, and as usernames across web3 platforms. This brings added functionality and personalization to ApeCoin’s growing ecosystem.

Building the Future of Web3

Gerard Hernandez of the APE Foundation expressed his excitement about the partnership with D3 Global stating:

“There is an imminent need for a comprehensive, all-in-one name solution that not only facilitates the growth of the APE brand and community, but also ensures futureproof utility for users.”

The domains will be available first to ApeCoin holders, with public availability set to follow soon.

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