OMG NEWS OF THE DAY
India’s Crypto Ban in Apple Store
India’s Financial Intelligence Unit (FIU) issued show cause notices to nine offshore crypto exchanges, including major players like Binance, Kraken, and Huobi, for non-compliance with anti-money laundering laws. This prompted Apple to remove these apps from its App Store in India, signaling a pivotal shift in crypto accessibility within the country. Users are now urged to transfer assets to FIU-registered Indian exchanges for better control and security.
Phoenix Group Boosts Bitcoin Mining Presence with $187M Acquisition
Phoenix Group PLC, a crypto mining and blockchain firm listed in Abu Dhabi, invested $187 million to enhance its Bitcoin mining sector. Through a deal with Bitmain Development PTI Ltd, the company acquired cutting-edge mining machines, solidifying its position in the global market. This follows a $380-million hardware purchase in December 2023, showcasing Phoenix Group’s commitment to expanding its portfolio.
CFTC Outlines Strategies to Mitigate DeFi Risks
The U.S. Commodity Futures Trading Commission (CFTC) emphasizes the “promising opportunities” of decentralized finance (DeFi) but highlights its complex risks. The CFTC’s report suggests measures to mitigate these risks, including increasing technical capacities, understanding DeFi, and fostering collaboration between regulators and builders. The call for a balanced regulatory approach aims to ensure the benefits of DeFi while minimizing unintended consequences.
Turkey’s Crypto Regulations Near Completion
Turkey’s Minister of Treasury and Finance, Mehmet Şimşek, reveals that the country’s crypto regulations are in the final stages. The framework aims to legally define critical crypto concepts, license trading platforms, and align with Financial Action Task Force (FATF) standards. The guidelines will require crypto platforms to obtain licenses from Turkey’s Capital Markets Board, providing legal clarity to terms such as “crypto assets” and “crypto wallets.”
TWEETS OF THE DAY
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