Bank of Thailand (BOT) has disclosed plans to allow virtual banks to operate in the country for the first time. Financial firms will be able to provide services by 2025, a Bloomberg report shows. The ‘Consultation Paper on Virtual Bank Licensing Framework’ has been published by the central bank, and applications shall be available later in 2023, allowing virtual banks to act as financial services providers. The move focuses on boosting competition and Thailand's economic growth. The BOT will issue three different licenses for interested companies by 2024. There are at least 10 parties interested in granting permissions, the report …

Siika Mileva, a spokesperson for Bulgaria’s chief prosecutors, denied political motivations behind the probe against the crypto lending firm Nexo, according to local reports. The comments were made in response to claims that the investigation had a connection to the company's political donations. Almost all cases where a prosecution launches an investigation that affects someone's financial interests result in attacks and accusations, Mileva said, adding that "it has become a national sport to attack the institutions." On Jan. 12, a group of prosecutors, investigators and foreign agents searched the company’s offices in the Bulgarian capital city of Sofia. The operation …

The case of LBRY highlights a wave of renewed regulatory pressure that could affect both blockchain token-issuing companies and their investors. In November, an over year-long court battle between the United States Securities and Exchange Commission (SEC) and blockchain development company LBRY and its LBRY Credits (LBC) token culminated in the ruling of the token as an unregistered security, despite the company's argument of its use as a commodity within the platform. The court’s decision in this case sets a precedent that could influence not only the regulatory perception of blockchain-based platforms, but cryptocurrencies as well. The old Howey Old …

Former FTX US President Brett Harrison has lashed out at Sam Bankman-Fried for manipulating and threatening colleagues who proposed solutions to reorganize FTX US' management structure. Harrison shared his experiences with Bankman-Fried and FTX US on Dec. 14, explaining how he was hired “casually over text” in Mar. 2021 after working together at New York-based trading firm Jane Street for a few years. But six months into Harrison's tenure at FTX US, “cracks began to form” between the two, he said. Despite recalling Bankman-Fried to be a “sensitive and intellectually curious person” at first, Harrison said he saw “total insecurity …

Classroom adoption of Bitcoin and cryptocurrency courses continue to skyrocket, with Texas A&M now being the latest U.S. College to offer a Bitcoin course to some of its 74,000+ students. The news was announced on Jan. 13 by Associate Professor Korok Ray of Mays Business School at Texas A&M, who will be teaching the “Bitcoin Protocol” course to students in the College of Engineering and Mays Business School when the Spring Semester starts on Jan. 17. I will be teaching the first ever Bitcoin class at Texas A&M this spring! — Korok Ray (@KorokRay) January 12, 2023 Ray stated in …

The New York Public Service Commission (PSC) was sued by environmental activists on Jan. 13 for approving the takeover of a cryptocurrency mining facility in the state. According to The Guardian, the state Public Service Commission (PSC) is responsible for regulating public utilities, and authorized in September 2022 the conversion of the Fortistar North power plant into a crypto mining site. The facility is located in Tonawanda, a city less than ten miles from Niagara Falls, and was set to be taken over by the Canadian crypto mining firm Digihost. Plaintiffs claim that the approval violates New York's climate law …

As the World Economic Forum brings global leaders together to tackle global issues, a number of cryptocurrency and blockchain events will create a vibrant sideshow in the snowy ski destination in the Swiss Alps. Cointelegraph will be on the ground to cover the World Economic Forum (WEF) as well as a host of blockchain-focused events taking place. Key members from global governments, businesses and civil society converge on the town annually for the WEF conference, but cryptocurrency and blockchain events are beginning to make their mark during the exclusive event. The official WEF agenda for 2023 has made provision for …

Canada has remained a peculiar regulatory alternative to the neighboring United States in regard to cryptocurrency. While its licensing process has become more stringent than in some countries, Canada was the first to approve direct crypto exchange-traded funds. State pension funds have invested in digital assets, and crypto mining firms have moved to the country to take advantage of the cool temperatures and cheap energy prices. But the gold rush for miners in Canada may be slowing down. In early December, the province of Manitoba — rich in hydroelectric resources — enacted an 18-month moratorium on new mining projects. This …

Grayscale filed a reply brief in its appeal of the United States Securities and Exchange Commission (SEC) denial of its application to convert its $12-billion Grayscale Bitcoin Trust (GBTC) into a spot-based Bitcoin (BTC) exchange-traded fund (ETF). The brief, filed in the District of Columbia Circuit Court, addressed points made in the SEC reply brief filed in December and restated its own arguments. The SEC based its decision on findings that Grayscale’s proposal did not sufficiently protect against fraud and manipulation. The agency had made similar findings in a number of earlier applications to create spot-based BTC ETFs. 1/ As …

Less than 48 hours after a raid on cryptocurrency lender Nexo’s offices in the Bulgarian capital of Sofia, prosecutors have reportedly charged four people. According to a Jan. 13 report by Bloomberg, authorities charged four Bulgarian nationals with forming an organized crime group, which may have included activities related to money laundering and unlicensed banking. The country’s National Police Service reportedly seized a number of assets as part of the investigation, including cryptocurrency, cash, and computers. Following the Jan. 12 raid, Nexo described prosecutors’ actions as a “kick first, ask questions later” approach. The company reportedly planned to file a …

The United Arab Emirates (UAE) Cabinet has decided to pass a new law that governs virtual assets, setting up the country's initial regulatory regime for the cryptocurrency space at the federal level. Before the federal-level regulation, the UAE already introduced several supervisory initiatives for digital assets in financial free zones like the Abu Dhabi Global Market (ADGM). Last year, Dubai also established its own crypto regulator called the Virtual Asset Regulatory Authority. Irina Heaver, a UAE-based crypto and blockchain lawyer, explained that the move has several implications in the space. According to Heaver, the new law makes sure that entities …

The judge in charge of overseeing the FTX bankruptcy proceedings has given the embattled crypto exchange the approval to sell some of its assets to aid its efforts in repaying its creditors. According to a court filing, Delaware Bankruptcy Court Judge John Dorsey has approved the sale of four key units of FTX. This includes the derivatives platform LedgerX, the stock-trading platform Embed, and its regional arms FTX Japan and FTX Europe. Interested bidders can now contact investment bank Perella Weinberg, which is tasked to begin the sale process, representing FTX and its assets. Earlier this week, 117 parties have …