FameEX Afternoon Crypto News Recap | April 5, 2023
Development of a National Policy for Virtual Assets Underway in Seychelles
Seychelles is developing a national policy for virtual assets to create a legal framework to better supervise cryptocurrency activity and protect the public, according to finance minister Naadir Hassan. The move follows an increase in complaints related to cryptocurrency activity in the country. The new policy aims to establish legal provisions to register businesses engaging in virtual asset activities and create licensing provisions based on the types of activities allowed in Seychelles.
Malaysia Seeks China's Assistance in Reducing Reliance on USD for Trade
Asian countries, including China and Malaysia, are exploring proposals for an Asian Monetary Fund to reduce reliance on the US dollar. Malaysia's central bank is collaborating with the People's Bank of China to conduct trade using their own currencies. This initiative is part of a broader effort by Asian nations to decrease their dependence on the US dollar. As more concepts and proposals emerge, it seems that distancing from US dollar hegemony is becoming a greater priority in the region.
US State Regulators Accuse AI Trading DApp of Being a Ponzi Scheme
YieldTrust.ai, a cryptocurrency trading platform that allegedly claimed to leverage AI for generating returns of up to 2.2% per day, has been accused of running a Ponzi scheme by securities regulators from Montana, Texas, and Alabama. The regulators filed enforcement actions against the platform, alleging that it was deceiving investors by promising high profits and using the funds from new investors to pay existing ones, as in a Ponzi scheme.
Digital Asset Firms Are Being Locked Out by Banks in UK
UK virtual asset service providers (VASPs) are facing difficulties in finding banking partners and having their accounts frozen and closed, according to a report. The banks in the country have reportedly restricted their services to VASPs, making it harder for them to operate. Even those that had secured banking partners in the past are now facing account restrictions and fund freezing, the report noted. The move is seen as a pushback against Prime Minister Rishi Sunak's aim to establish the UK as a digital asset hub.
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