Cryptocurrency Regulations: Seychelles Government Working on a National Policy for Virtual Assets
Seychelles is working on a national policy for virtual assets to create a legal framework that can enhance the supervision of cryptocurrency activity and safeguard the public, as per Finance Minister Naadir Hassan. This decision comes as the country is witnessing a surge in complaints associated with cryptocurrency activities. The new policy is aimed at introducing legal provisions for registering businesses that are involved in virtual asset activities and establishing licensing provisions based on the types of activities permitted in Seychelles.
Malaysia turns to China to decrease dependence on USD in trade
Asia, including China and Malaysia, considers proposals for an Asian Monetary Fund to decrease reliance on the US dollar. Malaysia's central bank is collaborating with the People's Bank of China to enable trade in their respective currencies, as part of the broader effort by Asian nations to reduce dependence on the US dollar. The increasing number of concepts and proposals suggest that distancing from US dollar hegemony is a growing priority in the region.
Ponzi Scheme Allegations Levelled at AI Trading DApp by US State Regulators
US regulators accuse YieldTrust.ai of operating a Ponzi scheme by promising high returns of up to 2.2% daily through AI trading. Securities regulators from Alabama, Montana, and Texas have filed enforcement actions against the cryptocurrency trading platform, stating that it deceived investors and used funds from new investors to pay existing ones, in a classic Ponzi scheme fashion.
UK Banks Deny Access to Digital Asset Firms
UK virtual asset service providers (VASPs) are struggling to find banking partners and having their accounts frozen and closed due to the banks' restrictions on their services, according to a report. The move is seen as pushback against Prime Minister Rishi Sunak's efforts to establish the UK as a digital asset hub. The report further noted that VASPs, even those with prior banking partners, are experiencing account restrictions and fund freezing.
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